Waiver of Financial Covenant Defaults. 1. Bank hereby waives Borrower’s existing default under the Loan Agreement by virtue of Borrower’s failure to comply with the Profitability/Maximum EBITDA Loss covenant for the month ended April 30, 2005 and the month ended May 31, 2005 (anticipated). Bank’s waiver of Borrower’s compliance of this covenant shall apply only to the foregoing periods. Accordingly, for the month ending June 30, 2005, Borrower shall be in compliance with this covenant, as amended herein. Bank’s agreement to waive the above-described default (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s compliance with the above-described covenant as of all other dates and (2) shall not limit or impair the Bank’s right to demand strict performance of this covenant as of all other dates and (3) shall not limit or impair the Bank’s right to demand strict performance of all other covenants as of any date.
Waiver of Financial Covenant Defaults. Subject to the provisions hereof, the Bank hereby waives the Financial Covenant Defaults. Notwithstanding the foregoing, the Banks waiver of the Financial Covenant Defaults, or any communication between the Bank, the Borrower, the Guarantors, the European Subsidiaries, or each of their respective officers, agents, employees or representatives, shall not be deemed to constitute a waiver of (i) any default or Event of Default, whether now existing or hereafter arising, under the Loan Documents, other than the Financial Covenant Defaults; (ii) the ongoing obligation of the Borrower, the Guarantors and the European Subsidiaries to comply with the Credit Agreement and the other Loan Documents as amended hereby; or (iii) any rights or remedies which the Bank has against the Borrower, the Guarantors, or the European Subsidiaries under the Loan Documents and/or applicable law, with respect to Events of Default, other than rights and remedies which directly result from the occurrence and existence of the Financial Covenant Defaults. The Bank hereby reserves and preserves all of its rights and remedies against the Borrower, the Guarantors, and the European Subsidiaries under the Loan Documents and applicable law, other than the right to declare an Event of Default or exercise remedies based upon the occurrence and existence of the Financial Covenant Defaults.
Waiver of Financial Covenant Defaults. 1. Lender hereby waives Borrower's existing default under the Loan Agreement by virtue of Borrower's failure to comply with the; (i) Adjusted Quick Ratio for the quarter ended September 30, 1999; (ii) Tangible Net Worth covenant as of the months ended June 30, 1999 through September 30, 1999; and (iii) Profitability covenant as of the quarters ended June 30, 1999 and September 30, 1999. Lender's waiver of Borrower's compliance of these covenants shall apply only to the foregoing period. Accordingly, for the month ending October 31, 1999, Borrower shall be in compliance with the Tangible Net Worth covenant and for the quarter ending December 31, 1999, Borrower shall be in compliance with Adjusted Quick Ratio covenant and Profitability covenant, as amended. Lender's agreement to waive the above-described defaults (1) in no way shall be deemed an agreement by the Lender to waive Borrower's compliance with the above-described covenants as of all other dates and (2) shall not limit or impair the Lender's right to demand strict performance of these covenants as of all other dates and (3) shall not limit or impair the Lender's right to demand strict performance of all other covenants as of any date.
Waiver of Financial Covenant Defaults. 1. Bank hereby waives Borrower's existing defaults under the Loan Agreement by virtue of Borrower's failure to comply with the Quick Ratio and Minimum Cash covenants as of the month ended May 31, 1998. Bank's waiver of Borrower's compliance of these covenants shall apply only to the foregoing period. Accordingly, for the month ended June 30, 1998, Borrower shall be in compliance with these covenants. Bank's agreement to waive the above-described defaults (1) in no way shall be deemed an agreement by the Bank to waive Borrower's compliance with the above-described covenants as of all other dates and (2) shall not limit or impair the Bank's right to demand strict performance of these covenants as of all other dates and (3) shall not limit or impair the Bank's right to demand strict performance of all other covenants as of any date.
Waiver of Financial Covenant Defaults. Silicon hereby waives Borrower’s existing default under the Loan Agreement by virtue of Borrower’s failure to deliver to Silicon its financial statements and Compliance Certificate for the month ended January 31, 2005 within 30 days of the end of the month. Silicon’s waiver of Borrower’s compliance of these covenants shall apply only to the foregoing period. Accordingly, Borrower shall deliver such reports to Silicon no later than March 31, 2005 and shall be in compliance with these covenants as of the month ended February 28, 2005 and thereafter. Silicon’s agreement to waive the above-described defaults (1) in no way shall be deemed an agreement by Silicon to waive Borrower’s compliance with the above-described covenants as of all other dates and (2) shall not limit or impair the Silicon’s right to demand strict performance of these covenants as of all other dates and (3) shall not limit or impair the Silicon’s right to demand strict performance of all other covenants as of any date.
Waiver of Financial Covenant Defaults. Agent and Requisite Lenders hereby waive the Existing Events of Default. This is a limited waiver and shall not be deemed to contribute a waiver of any other existing Events of Default or any future breach of the Agreement or any of the other Loan Documents (including, without limitation, a breach of the covenants causing the Existing Events of Default for any periods other than those specified herein).
Waiver of Financial Covenant Defaults. In reliance upon and subject to the accuracy of the representations set forth in this Amendment, upon the Effective Date, the Investors hereby waive any Event of Default that exists because of the failure of the Company to comply with Sections 8.9(a) and 8.9(b) of the Purchase Agreement as of December 31, 2003 and March 31, 2004.
Waiver of Financial Covenant Defaults. Subject to the satisfaction of all of the terms and conditions set forth in this Waiver, the Lenders hereby waive the Financial Covenant Defaults (if and to the extent any shall have occurred).
Waiver of Financial Covenant Defaults. If an event of default exists under any of the Junior Creditor Agreements arising out of either the failure by Debtors to comply with Section 6.4, 6.7, 6.12, 6.17 or 6.18 of the Junior Loan Agreement or the failure of any Debtors to comply with Section 9.4, 9.7, 9.12, 9.17, 9.18 or 9.19 of the Senior Loan Agreement (each, a “Covenant Default”), then Junior Creditor shall be deemed to have automatically waived any Covenant Default if and when Senior Creditor Agent or Lenders waive any event of default under the Senior Creditor Agreements arising out of such Covenant Default. Upon the request of Senior Creditor Agent and at the expense of Debtors, Junior Creditor shall execute such documents as Senior Creditor Agent shall reasonably request to evidence the foregoing waiver.
Waiver of Financial Covenant Defaults. The Lender ------------------------------------- shall waive all financial covenant defaults existing under the Loan Documents as of July 31, 1997 as part of this Agreement.
