Common use of Waiver of Financial Covenant Defaults Clause in Contracts

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. 1. Bank hereby waives Borrower’s existing default defaults under the Loan Agreement by virtue of Borrower’s failure to comply deliver its Borrowing Base Certificate with the Profitability/Maximum EBITDA Loss covenant aged listings of accounts receivable and accounts payable for the month months ended April 30, 2005 and the month ended May July 31, 2005 (anticipated)2004 through March 31, 2005. Bank’s waiver of Borrower’s compliance of this covenant these covenants 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 defaults (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s compliance with the above-described covenant covenants as of all other dates and (2) shall not limit or impair the Bank’s right to demand strict performance of this covenant 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. 1. Bank hereby waives Borrower’s 's existing default under the Loan Agreement by virtue of Borrower’s 's failure to comply with the Profitability/Maximum EBITDA Loss Tangible Net Worth covenant for as of the month ended April September 30, 2005 and the month ended May 31, 2005 (anticipated)2002. Bank’s 's waiver of Borrower’s 's compliance of this covenant shall apply only to the foregoing periodsperiod. Accordingly, for the month ending June 30period ended October 31, 20052002, Borrower shall be in compliance with this covenant, as amended herein. Bank’s 's agreement to waive the above-described default (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s 's compliance with the above-described covenant as of all other dates and (2) shall not limit or impair the Bank’s 's right to demand strict performance of this covenant as of all other dates and (3) shall not limit or impair the Bank’s '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 default under the Loan Agreement by virtue of Borrower’s failure to comply with maintain Unrestricted Cash on deposit in the Profitability/Maximum EBITDA Loss covenant United States in an amount of not less than $100,000,000 for the month fiscal months ended April 30February 25, 2005 and the month ended May 31March 25, 2005 (anticipated)2005. Bank’s waiver of Borrower’s compliance of this covenant shall apply only to the foregoing periods. Accordingly, for the fiscal month ending June 30April 29, 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. 1. Bank hereby waives Borrower’s 's existing default under the Loan Agreement by virtue of Borrower’s 's failure to comply with the Profitability/Maximum EBITDA Loss Adjusted Quick Ratio and the Increase in Annual Value covenant for the month quarter ended April 30, 2005 and the month ended May December 31, 2005 (anticipated)2001. Bank’s 's waiver of Borrower’s 's compliance of this covenant these covenants shall apply only to the foregoing periodsperiod. Accordingly, for the month ending June 30quarter ended March 31, 20052002, Borrower shall be in compliance with this covenantthese covenants, as amended herein. Bank’s 's agreement to waive the above-described default defaults (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s 's compliance with the above-described covenant covenants as of all other dates and (2) shall not limit or impair the Bank’s 's right to demand strict performance of this covenant these covenants as of all other dates and (3) shall not limit or impair the Bank’s '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 's existing default defaults under the Loan Agreement by virtue of Borrower’s 's failure to comply with the Profitability/Maximum EBITDA Loss Tangible Net Worth covenant for the as of month ended April 30February 29, 2005 and the month ended May 31, 2005 (anticipated)2000. Bank’s 's waiver of Borrower’s 's compliance of this covenant shall apply only to the foregoing periodsperiod. Accordingly, for the month ending June 30March 31, 2005200, Borrower shall be in compliance with this the Tangible Net Worth covenant, as amended herein. Bank’s 's agreement to waive the above-described default (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s 's compliance with the above-described covenant as of all other dates and dated an (2) shall not limit or impair the Bank’s 's right to demand strict performance of this covenant as of all other dates and (3) shall not limit or impair the Bank’s '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 default under the Loan Agreement by virtue of Borrower’s failure to comply with the Profitability/Maximum EBITDA Loss Debt Service Coverage covenant for the month as of quarter ended April March 30, 2005 and the month ended May 31, 2005 (anticipated)2002. Bank’s waiver of Borrower’s compliance of this covenant shall apply only to the foregoing periodsperiod. 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. 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 deliver its 2004 audited financial statements within 120 days after Borrower’s fiscal year ended April 30, 2005 and the month ended May December 31, 2005 (anticipated)2004. Bank’s waiver of Borrower’s compliance of this covenant shall apply only to the foregoing periodsperiod. Accordingly, for the month ending June 30Borrower shall deliver such audited financial statement on or prior to July 31, 2005, 2005 and Borrower shall be in compliance with this covenantcovenant for the year ending December 31, as amended herein2005 and thereafter. 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. 1. Bank hereby waives Borrower’s 's existing default defaults under the Loan Agreement by virtue of Borrower’s 's failure to comply with the Profitability/Maximum EBITDA Loss Profitability covenant for as of the month quarter ended April June 30, 2005 and the month ended May 31, 2005 (anticipated)1998. Bank’s 's waiver of Borrower’s 's compliance of this covenant shall apply only to the foregoing periodsperiod. Accordingly, for the month ending June quarter ended September 30, 20051998, Borrower shall be in compliance with this covenant, as amended herein. Bank’s 's agreement to waive the above-described default defaults (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s 's compliance with the above-described covenant as of all other dates and (2) shall not limit or impair the Bank’s 's right to demand strict performance of this covenant as of all other dates and (3) shall not limit or impair the Bank’s 's right to demand strict performance of all other covenants as of any date.