Waiver to Credit Agreement. (a) Subject to the satisfaction of the conditions precedent set forth in Section 2, the Agent and the Majority Lenders hereby waive, solely for the period commencing on the date hereof through May 29, 2009 at 5:00 p.m. EDT (the “Waiver Termination Date”), the Event of Default arising directly from the Company’s failure to maintain, pursuant to Section 6.1 of the Credit Agreement, the Total Consolidated Indebtedness at the last day of each of the fiscal quarters ended December 31, 2008 and March 31, 2009 to Total Capitalization at such dates at a ratio not greater than 0.87 to 1.0, in each case without giving effect to ARB51, FIN 46(R) or FAS 66 in each case in relation to the Company’s affordable tax credit syndication business (the “Financial Covenant Non-Compliance Event of Default”).
Waiver to Credit Agreement. 1. Notwithstanding anything to the contrary contained in the Credit Agreement, the Required Lenders hereby waive the Minimum Cash Balance covenant set forth in Section 10.08 of the Credit Agreement to and including November 10, 2011 and any Event of Default under Sections 11.02, 11.03 and/or 11.04 arising therefrom (the “Waiver”); provided that the Waiver shall cease to be of any force or effect on the earlier of (i) November 11, 2011 and (ii) the occurrence of any other Event of Default under the Credit Agreement (after giving effect to this Second Amendment).
Waiver to Credit Agreement. 1. Notwithstanding anything to the contrary contained in the Credit Agreement, the Required Lenders hereby waive the Minimum Cash Balance covenant set forth in Section 9.08 of the Credit Agreement to and including November 15, 2011 and any Event of Default under Sections 10.02, 10.03 and/or 10.04 arising therefrom (the “Waiver”); provided that the Waiver shall cease to be of any force or effect on the earlier of (i) November 16, 2011 and (ii) the occurrence of any other Event of Default under the Credit Agreement (after giving effect to this Third Amendment).
Waiver to Credit Agreement. 1. Notwithstanding anything to the contrary contained in the Credit Agreement, the Required Lenders hereby waive the Minimum EBITDA covenant set forth in Section 9.08(b) of the Credit Agreement for (x) the period commencing on November 1, 2011 through and including December 31, 2011 and (y) the period commencing on November 1, 2011 through and including January 31, 2012 and, in each case, any Event of Default under Sections 10.02, 10.03 and/or 10.04 arising therefrom (the “Waiver”).
Waiver to Credit Agreement. 1. Notwithstanding anything to the contrary contained in the Credit Agreement, the Required Lenders hereby waive the Minimum Cash Balance covenant set forth in Section 9.07 of the Credit Agreement through February 28, 2011 and any Event of Default under Sections 10.02, 10.03 and/or 10.04 arising therefrom (the “Waiver”); provided that the Waiver shall cease to be of any force or effect on the earlier of (x) February 28, 2011 and (ii) any failure by the Parent to deliver Cash Flow Projections set forth in Section III(1)(B) below for more than one Business Day after written notice thereof from the Administrative Agent to the Parent, after which time the failure of the Parent to meet such Minimum Cash Balance covenant shall constitute an immediate Event of Default under the Credit Agreement without regard to this Third Amendment.
Waiver to Credit Agreement. The Required Lenders and the Administrative Agent hereby waive compliance by the Borrower with Section 7.12 of the Loan Agreement, FIXED CHARGE COVERAGE RATIO, for the period from January 1, 2001 through March 31, 2001. This waiver is effective for that period only and the Borrower shall be required to comply with Section 7.12 at all other times.
Waiver to Credit Agreement. Any breach by the Company of -------------------------- the covenant set forth in subsection 7.4(iii) of the Credit Agreement, and any Event of Default or Potential Event of Default resulting from any such breach, is hereby waived.
Waiver to Credit Agreement. Effective on the Amendment No. 2 Effective Date, the Agent and each of the Lenders hereto hereby waives the Borrower’s obligation pursuant to Section 1.8(c) of the Credit Agreement to (a) deliver the EMS Sale Proceeds to the Agent for distribution to the Lenders as prepayment of the Loans and (b) reinvest such proceeds to the extent such prepayment or reinvestment is required thereby.
Waiver to Credit Agreement. 1. Notwithstanding anything to the contrary contained in the Credit Agreement, the Lenders hereby waives the Equity Requirements; provided that the failure of the Parent to receive aggregate net cash proceeds from the issuance of its common stock after the First Amendment and Waiver Effective Date and prior to September 30, 2011 in an amount equal to at least 40% of the aggregate purchase price of each Relevant Vessel shall constitute an immediate Event of Default under the Credit Agreement.
Waiver to Credit Agreement. Effective the Effective Date, the Required Lenders waive compliance with the requirements of Section 7.8 of the Credit Agreement to the extent necessary to permit the Company to redeem for cash any or all of 701,353 shares of Preferred Stock for a redemption price not to exceed $26.875 per share, so long as (i) such redemption occurs on or prior to January 31, 1997 and (ii) the total amount of cash paid by the Company in such redemption does not exceed $18,848,861.88.
