Waiver of Payment Default Sample Clauses

Waiver of Payment Default. The undersigned being all of the Purchasers and the holders of each of the Notes, hereby waive, pursuant to Section 8.1 of the Original Securities Purchase Agreement, any Default or Event of Default arising solely due to the failure of the Issuer to repay the principal of the Notes upon their former stated maturity of February 11, 2002. This is not a waiver of any interest payment due on any Note, nor is it to be construed as a waiver of the Issuer’s obligation to repay the principal of the Notes upon their new stated maturity of February 11, 2003.
Sample 1
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Waiver of Payment Default. Subject to Borrower's performance of all of the obligations hereunder and under the Loan Agreement, including without limitation, the payment of all amounts due under the Loan Agreement, including without limitation the amounts described in paragraph 2(c) below, Lender agrees to waive the Payment Default; on the conditions that: (a) if Borrower fails to perform any of its obligations, Lender's waiver shall be null and void and of no force and effect whatsoever; (b) Lender is not waiving any other defaults or Events of Default that may have occurred or may hereinafter occur, and (c) Lender's waiver of the Payment Default or any other defaults or failure to or delay in exercising any rights or remedies shall not be deemed a waiver of any subsequent Event of Default or a waiver of its right to execute its rights or remedies at any time.
Sample 1
Waiver of Payment Default. The Lender hereby waives Borrower’s existing payment defaults (and in connection therewith, retracts its January 5, 2009 notice of default) and agrees (subject to Borrower’s compliance with its obligations in the following paragraph) to extend the grace period for curing such payment defaults (which aggregate $65,592.14 through March 31, 2009) until June 31, 2009. The foregoing waiver does not constitute an agreement by the Lender to waive any other payment or other obligation or covenant contained in the Loan Agreement or in any of the Loan Documents, nor shall this waiver be deemed to create a course of dealing between the parties or an agreement by the Lender to grant any further grace periods, extensions or waivers of Borrower’s compliance with the aforesaid payment obligation or any other covenants or undertakings of the Borrowers at any other time.
Sample 1

Related to Waiver of Payment Default

  • Other Payment Default The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period of three (3) Business Days.

  • Waiver of Past Default Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2, the Holders of Notes representing not less than a majority of the principal amount of the Notes Outstanding, voting as a group, may waive any past Default or Event of Default and its consequences except a Default or Event of Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

  • Waiver of Event of Default The Majority Certificateholders may, on behalf of all Certificateholders, by notice in writing to the Trustee, direct the Trustee to waive any events permitting removal of any Master Servicer under this Agreement, provided, however, that the Majority Certificateholders may not waive an event that results in a failure to make any required distribution on a Certificate without the consent of the Holder of such Certificate. Upon any waiver of an Event of Default, such event shall cease to exist and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereto except to the extent expressly so waived. Notice of any such waiver shall be given by the Trustee to the Rating Agency.

  • Payment Default Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period);

  • Payment Defaults Tenant shall fail to pay any installment of Rent or any other payment hereunder when due; provided, however, that Landlord will give Tenant notice and an opportunity to cure any failure to pay Rent within 3 days of any such notice not more than once in any 12 month period and Tenant agrees that such notice shall be in lieu of and not in addition to, or shall be deemed to be, any notice required by law.

  • Waiver of Past Defaults The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default

  • Waiver of Past Defaults and Events of Default Subject to Sections 6.02, 6.08 and 8.02, the Holders of a majority in aggregate principal amount of the Notes then outstanding have the right to waive any existing Default or compliance with any provision of this Indenture or the Notes. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

  • Waiver of Default Upon the happening of any default hereunder:

  • No Payment Default Except for payment delinquencies that have been continuing for a period of not more than 29 days, no payment default under the terms of any Receivable exists as of the Cutoff Date.

  • Judgment Default One or more judgments or decrees shall be entered against a Credit Party or any of its Subsidiaries involving in the aggregate a liability (to the extent not covered by insurance) of $75,000,000 or more and all such judgments or decrees shall not have been paid and satisfied, vacated, discharged, stayed or bonded pending appeal within twenty (20) Business Days from the entry thereof or any injunction, temporary restraining order or similar decree shall be issued against a Credit Party or any of its Subsidiaries that, individually or in the aggregate, could result in a Material Adverse Effect; or

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