Limited Waivers. (a) In accordance with Section 10.1 of the Credit Agreement and notwithstanding any of the provisions otherwise set forth in the Credit Agreement, as of the Waiver Effective Date, the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders hereby irrevocably and permanently waive any Default or Event of Default whether now existing or hereafter arising under Section 8 (a)(a) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the disbursement line items for (i) Payroll Taxes and Benefits for the week ended January 4, 2008 and on a cumulative basis for all periods ended on or prior to January 4, 2008, (ii) Chemical payments during the week ended January 4, 2008 and (iii) Tax payments on a cumulative basis for all periods ended on or prior to January 4, 2008. (b) The waiver set forth in this Section 2 shall (i) become effective after satisfaction of the conditions set forth in Section 3, (ii) shall be effective only in this specific instance and for the specific purposes set forth herein, and (iii) does not allow for any other or further departure from the terms and conditions of the Credit Agreement or any other Loan Document, which terms and conditions shall continue in full force and effect.
Appears in 1 contract
Samples: Debtor in Possession Credit and Security Agreement (Pope & Talbot Inc /De/)
Limited Waivers. (a) In accordance with Section 10.1 of the Credit Agreement and notwithstanding any of the provisions otherwise set forth in the Credit Agreement, as of the Waiver Effective Date, the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders hereby irrevocably and permanently waive any Default or Event of Default whether now existing or hereafter arising under Section 8 (a)(aaa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the (A) disbursement line items for (i) Payroll Taxes and Benefits for during the week ended January 4February 29, 2008 and on a cumulative basis for all periods ended on or prior to January 4February 29, 2008, 2008 and (iiB) Chemical payments line item for Cash receipts during the week ended January 4February 29, 2008 and (iii) Tax payments on a cumulative basis for all periods ended on or prior to January 4February 29, 2008.
(b) The waiver set forth in this Section 2 shall (i) become effective after satisfaction of the conditions set forth in Section 3, (ii) shall be effective only in this specific instance and for the specific purposes set forth herein, and (iii) does not allow for any other or further departure from the terms and conditions of the Credit Agreement or any other Loan Document, which terms and conditions shall continue in full force and effect.
Appears in 1 contract
Samples: Debtor in Possession Credit and Security Agreement (Pope & Talbot Inc /De/)
Limited Waivers. (a) In accordance with Section 10.1 of the Credit Agreement and notwithstanding any of the provisions otherwise set forth in the Credit Agreement, as of the Waiver Effective Date, the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders hereby irrevocably and permanently waive any Default or Event of Default whether now existing or hereafter arising under Section 8 (a)(aaa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the disbursement line items for (iA) Payroll Taxes and Benefits for during the week ended January 4February 15, 2008 and on a cumulative basis for all periods ended on or prior to January 4February 15, 2008, 2008 and (iiB) Chemical payments during the week ended January 4February 15, 2008 and (iii) Tax payments on a cumulative basis for all periods ended on or prior to January 4February 15, 2008.
(b) The waiver set forth in this Section 2 shall (i) become effective after satisfaction of the conditions set forth in Section 3, (ii) shall be effective only in this specific instance and for the specific purposes set forth herein, and (iii) does not allow for any other or further departure from the terms and conditions of the Credit Agreement or any other Loan Document, which terms and conditions shall continue in full force and effect.
Appears in 1 contract
Samples: Debtor in Possession Credit and Security Agreement (Pope & Talbot Inc /De/)
Limited Waivers. (a) In accordance with Section 10.1 of the Credit Agreement and notwithstanding any of the provisions otherwise set forth in the Credit Agreement, as of the Waiver Effective Date, the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders hereby irrevocably and permanently waive any Default or Event of Default whether now existing or hereafter arising under Section 8 (a)(aaa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the disbursement line items for (i) Payroll Taxes and Benefits for during the week ended January 4March 14, 2008 and on a cumulative basis for all periods ended on or prior to January 4March 14, 2008, ; (ii) Chemical Payroll during the week ended March 14, 2008; and (iii) Utilities/Energy payments during the week ended January 4, 2008 and (iii) Tax payments on a cumulative basis for all periods ended on or prior to January 4March 14, 2008.
(b) The waiver set forth in this Section 2 shall (i) become effective after satisfaction of the conditions set forth in Section 3, (ii) shall be effective only in this specific instance and for the specific purposes set forth herein, and (iii) does not allow for any other or further departure from the terms and conditions of the Credit Agreement or any other Loan Document, which terms and conditions shall continue in full force and effect.
Appears in 1 contract
Samples: Debtor in Possession Credit and Security Agreement (Pope & Talbot Inc /De/)
Limited Waivers. (a) In accordance with Section 10.1 of the Credit Agreement and notwithstanding any of the provisions otherwise set forth in the Credit Agreement, as of the Waiver Effective Date, the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders hereby irrevocably and permanently waive any Default or Event of Default whether now existing or hereafter arising under Section 8 (a)(aaa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the (i) disbursement line items for (i) Payroll Taxes and Benefits for Lease payments during the week ended January 4April 18, 2008 and on a cumulative basis for all periods ended on or prior to January 4April 18, 2008, 2008 and (ii) Chemical payments line item for Cash receipts during the week ended January 4, 2008 and (iii) Tax payments on a cumulative basis for all periods ended on or prior to January 4April 18, 2008.
(b) The waiver set forth in this Section 2 shall (i) become effective after satisfaction of the conditions set forth in Section 3, (ii) shall be effective only in this specific instance and for the specific purposes set forth herein, and (iii) does not allow for any other or further departure from the terms and conditions of the Credit Agreement or any other Loan Document, which terms and conditions shall continue in full force and effect.
Appears in 1 contract
Samples: Debtor in Possession Credit and Security Agreement (Pope & Talbot Inc /De/)
Limited Waivers. (a) In accordance with Section 10.1 of the Credit Agreement and notwithstanding any of the provisions otherwise set forth in the Credit Agreement, as of the Waiver Effective Date, the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders hereby irrevocably and permanently waive any Default or Event of Default whether now existing or hereafter arising under Section 8 (a)(aaa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the disbursement line items for (i) Payroll Taxes and Benefits for Lease payments during the week ended January April 4, 2008 and on a cumulative basis for all periods ended on or prior to January 4, 2008, (ii) Chemical payments during the week ended January April 4, 2008 and (iiiii) Tax payments Other items on a cumulative basis for all periods ended on or prior to January April 4, 2008.
(b) The waiver set forth in this Section 2 shall (i) become effective after satisfaction of the conditions set forth in Section 3, (ii) shall be effective only in this specific instance and for the specific purposes set forth herein, and (iii) does not allow for any other or further departure from the terms and conditions of the Credit Agreement or any other Loan Document, which terms and conditions shall continue in full force and effect.
Appears in 1 contract
Samples: Debtor in Possession Credit and Security Agreement (Pope & Talbot Inc /De/)
Limited Waivers. (a) In accordance with Section 10.1 of the Credit Agreement and notwithstanding any of the provisions otherwise set forth in the Credit Agreement, as of the Waiver Effective Date, the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders hereby irrevocably and permanently waive any Default or Event of Default whether now existing or hereafter arising under Section 8 (a)(aaa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the (i) disbursement line items for (iA) Payroll Taxes and Benefits for Lease payments during the week ended January 4March 21, 2008 and (B) Other expenditures during the week ended March 21, 2008 and on a cumulative basis for all periods ended on or prior to January 4March 21, 2008, 2008 and (ii) Chemical payments line item for Cash receipts during the week ended January 4, 2008 and (iii) Tax payments on a cumulative basis for all periods ended on or prior to January 4March 21, 2008.
(b) The waiver set forth in this Section 2 shall (i) become effective after satisfaction of the conditions set forth in Section 3, (ii) shall be effective only in this specific instance and for the specific purposes set forth herein, and (iii) does not allow for any other or further departure from the terms and conditions of the Credit Agreement or any other Loan Document, which terms and conditions shall continue in full force and effect.
Appears in 1 contract
Samples: Debtor in Possession Credit and Security Agreement (Pope & Talbot Inc /De/)