Common use of Waiver of Financial Covenant Defaults Clause in Contracts

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. Lender Bank hereby waives Borrower's existing default defaults under the Loan Agreement by virtue of Borrower's failure to comply with the; (i) Adjusted the Quick Ratio covenant for the months ended March 31, 1999 and April 30, 1999, the Debt/Tangible Net Worth Ratio for the quarter month ended September 30, 1999; (ii) Tangible Net Worth covenant as of the months ended June April 30, 1999 through September 30, 1999; and (iii) the Profitability covenant as of the quarters fiscal quarter ended June 30, 1999 and September 30March 31, 1999. LenderBank's waiver of Borrower's compliance of these covenants shall apply only to the foregoing periodperiods. Accordingly, for the month ending October 31ended May 30, 1999, Borrower shall be in compliance with the Quick Ratio and Debt/Tangible Net Worth covenant Ratio covenants and for the fiscal quarter ending December 31June 30, 1999, Borrower shall be in compliance with Adjusted Quick Ratio covenant and the Profitability covenant, as amendedamended herein. LenderBank's agreement to waive the above-described defaults (1) in no way shall be deemed an agreement by the Lender Bank to waive Borrower's compliance with the above-described covenants as of all other dates and (2) shall not limit or impair the LenderBank's right to demand strict performance of these covenants as of all other dates and (3) shall not limit or impair the LenderBank's right to demand strict performance of all other covenants as of any date.

Waiver of Financial Covenant Defaults. 1. Lender Bank hereby waives Borrower's existing default under the Loan Agreement by virtue of Borrower's failure to comply with the; (i) Adjusted the Quick Ratio for covenant as of month ended August 31, 1999 and 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 September 30, 1999 and September 30December 31, 1999. LenderBank's waiver of Borrower's compliance of these covenants shall apply only to the foregoing periodperiods. Accordingly, for the month ended September 30, 1999, Borrower shall be in compliance with the Quick Ratio covenant and for the quarter ending October March 31, 19992000, 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 amendedamended herein. LenderBank's agreement to waive the above-described defaults default (1) in no way shall be deemed an agreement by the Lender Bank to waive Borrower's compliance with the above-described covenants as of all other dates and (2) shall not limit or impair the LenderBank's right to demand strict performance of these covenants as of all other dates and (3) shall not limit or impair the LenderBank's right to demand strict performance of all other covenants as of any date.

Waiver of Financial Covenant Defaults. 1. Lender Bank hereby waives Borrower's ’s existing default under the Loan Agreement by virtue of Borrower's ’s failure to comply with the; (i) Adjusted the Quick Ratio for the quarter ended September 30, 1999; (iiAdjusted) and Tangible Net Worth covenant as of covenants for the months ended June 30, 1999 through September 30, 1999; of July and (iii) August 2002 and the Profitability covenant as for the month of the quarters ended June 30, 1999 and September 30, 1999August 2002. Lender's Bank’s waiver of Borrower's ’s compliance of with these covenants shall apply only to the foregoing periodperiods. Accordingly, for the month ending October 31, 1999, Borrower shall be in compliance with the Quick Ratio (Adjusted) and Tangible Net Worth covenant and for the quarter ending December 31, 1999, Borrower shall be in compliance with Adjusted Quick Ratio covenant and Profitability covenantcovenants, as amendedamended herein. Lender's Bank’s agreement to waive the above-described defaults default (1) in no way shall be deemed an agreement by the Lender Bank to waive Borrower's ’s compliance with the above-described Quick Ratio (Adjusted) and Tangible Net Worth covenants as of all other dates and (2) shall not limit or impair the Lender's Bank’s right to demand strict performance of these covenants as of all other dates and (3) shall not limit or impair the Lender's Bank’s right to demand strict performance of all other covenants as of any date.