Waiver of Existing Default. Bank hereby waives Borrower’s Existing Default under the Loan Agreement. Bank’s agreement to waive the Existing Default shall in no way obligate Bank to make any other modifications to the Loan Agreement or to waive Borrower’s compliance with any other terms of the Loan Documents, and shall not limit or impair Bank’s right to demand strict performance of all other terms and covenants as of any date. The waiver set forth above shall not be deemed or otherwise construed to constitute a waiver of any other provisions of the Loan Agreement in connection with any other transaction.
Waiver of Existing Default. Subject to the terms and conditions set out in this Amendment, and in reliance of the representations and warranties of Borrowers set forth in Section 3.05 hereof, Agent and Lender hereby (a) waive any violation of, or noncompliance with, any provision of Credit Agreement or any Other Documents caused solely by the Existing Defaults, and (b) agree not to exercise any of their rights available under the Credit Agreement or the Other Documents solely as a result of any such violation or noncompliance described in clause (a) of this Section 3.01. Except as set forth in the first sentence of this Section 3.01, Borrowers hereby agree that (i) such waiver does not constitute a waiver of any present or future violation of or noncompliance with any provision of the Credit Agreement or Other Documents or a waiver of Agent’s or Lender’s rights to insist upon strict compliance with each term, covenant, condition, and provision of the Credit Agreement or any Other Documents executed from time to time in connection therewith, or (ii) prejudice any right or remedy Agent or Lender may now have (after giving effect to the foregoing waiver) or may have in the future under or in connection with the Credit Agreement or any Other Documents. Except as set forth in the first sentence of this Section 3.01, Agent and Lender hereby reserve all rights granted under the Credit Agreement, this Amendment, and any other contract or instrument among Borrowers, Lender and Agent.
Waiver of Existing Default. Borrower acknowledges and agrees that unless the Existing Default is waived by Bank, such Existing Default would constitute an Event of Default under the Loan Documents. Bank hereby waives the Existing Default and waives any right and remedies against Borrower under the Loan Documents solely with respect to the Existing Default. Bank’s agreement to waive the Existing Default shall in no way obligate Bank to make any other modifications to the Loan Agreement or to waive Borrower’s compliance with any other terms of the Loan Documents, and shall not limit or impair Bank’s right to demand strict performance of all other terms and covenants of the Loan Agreement or any of the Loan Documents as of any date. The waiver set forth above shall not be deemed or otherwise construed to constitute a waiver of any other provisions of the Loan Agreement or any of the Loan Documents in connection with any other transaction.
Waiver of Existing Default. The Loan Parties each hereby acknowledge and agree as follows: (a) the following Event of Default currently exists under the Loan Agreement (the “Existing Default”): the Loan Parties failed to satisfy the Minimum Adjusted EBITDA for the Fiscal Quarter ending June 30, 2023, in violation of Section 14.2 of the Loan Agreement, and (b) as a result of the Existing Default, Administrative Agent and the Lenders have the right to immediately exercise such of their rights and remedies pursuant to the Loan Agreement and the other Loan Documents as they deem appropriate. Each Loan Party hereby represents and warrants to Administrative Agent and the Lenders that no Event of Default currently exists other than the Existing Default set forth above. Subject to the Loan Parties’ full and timely satisfaction of the conditions precedent set forth in this First Amendment, Administrative Agent and the Lenders hereby waive the Existing Default, including any and all rights and remedies under the Loan Agreement and the other Loan Documents related thereto; provided that such waiver shall not be or be deemed to be a waiver of any other Event of Default, whether now existing or hereafter arising or occurring, including, without limitation, any future Event of Default arising under Section 14.2 of the Loan Agreement, other than the Existing Default for the time period set forth above.
Waiver of Existing Default. Lender hereby agrees to waive the Existing Default under Section 4.12 (a) and 4.12 (b), provided, and only so long as, Borrower complies in all respects with the Business Financing Agreement and with the Existing Documents. Nothing contained herein shall constitute or effect a continuing waiver or a course of conduct waiving these or any other provision of the Business Financing Agreement.
Waiver of Existing Default. Upon the terms and subject to the conditions set forth in this Amendment, Lender hereby waives the Existing Default. This waiver of the Existing Default shall be effective only in this specific instance and for the specific purpose for which it is given, and shall not entitle Borrowers to any other or further waiver in any similar or other circumstances.
Waiver of Existing Default. Upon the Amendment Effective Date, Lender hereby waives the Existing Defaults and agrees that the Loan shall no longer bear interest at the Default Rate (collectively, the “Waiver”).
Waiver of Existing Default. Bank hereby agrees to waive the Existing Default under Section 6.11, provided, and only so long as, Borrower complies in all respects with the Loan and Security Agreement and with the Existing Documents. Nothing contained herein shall constitute or effect a continuing waiver or a course of conduct waiving these or any other provision of the Loan and Security Agreement.
Waiver of Existing Default. Subject to the satisfaction of the conditions set forth in Section 3 below, and in reliance on the representations and warranties set forth in Section 4 below, Lender hereby waives, on a one-time basis, the Existing Default. Xxxxxx’s waiver of the Existing Default shall not be deemed to be a waiver of any other existing or hereafter arising Default or Event of Default or any other deviation from the express terms of the Loan Agreement or any other Loan Document. The foregoing waiver is a limited waiver and, except as expressly set forth herein, shall not constitute (a) a waiver of any other term, provision or condition of the Loan Agreement or any other Loan Document, as applicable, or (b) a waiver, release or limitation upon the exercise by Lender of any of its rights, legal or equitable, thereunder.
Waiver of Existing Default. Subject to the conditions set out in this Amendment, Lender hereby (a) waives any violation of, or noncompliance with, any provision of any Loan Document caused solely by the Existing Default, and (b) agrees not to exercise any of its Rights available under the Loan Documents solely as a result of any such violation or noncompliance described in clause (a) of this Section 1. Except as set out in the immediately preceding sentence, Borrower hereby agrees that such waiver does not constitute a waiver of any present or future violation of or noncompliance with any provision of any Loan Document or a waiver of Lender’s right to insist upon strict compliance with each term, covenant, condition, and provision of the Loan Documents.
