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 (aa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the disbursement line items for (A) Payroll Taxes and Benefits during the week ended February 15, 2008 and on a cumulative basis for all periods ended on or prior to February 15, 2008 and (B) Chemical payments during the week ended February 15, 2008 and on a cumulative basis for all periods ended on or prior to February 15, 2008.
Appears in 1 contract
Samples: 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 (aa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the (A) disbursement line items for (A) Payroll Taxes and Benefits during the week ended February 1529, 2008 and on a cumulative basis for all periods ended on or prior to February 1529, 2008 and (B) Chemical payments line item for Cash receipts during the week ended February 1529, 2008 and on a cumulative basis for all periods ended on or prior to February 1529, 2008.
Appears in 1 contract
Samples: 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 (aa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the (i) disbursement line items for (A) Payroll Taxes and Benefits Lease payments during the week ended February 15March 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 February 15March 21, 2008 and (Bii) Chemical payments line item for Cash receipts during the week ended February 15, 2008 and on a cumulative basis for all periods ended on or prior to February 15March 21, 2008.
Appears in 1 contract
Samples: 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 (aa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the disbursement line items for (Ai) Payroll Taxes and Benefits during the week ended February 15March 14, 2008 and on a cumulative basis for all periods ended on or prior to February 15March 14, 2008 2008; (ii) Payroll during the week ended March 14, 2008; and (Biii) Chemical Utilities/Energy payments during the week ended February 15, 2008 and on a cumulative basis for all periods ended on or prior to February 15March 14, 2008.
Appears in 1 contract
Samples: Possession Credit and Security Agreement (Pope & Talbot Inc /De/)