WAIVER TO THE LOAN AGREEMENT. Each of the Administrative Agent and each Managing Agent party hereto hereby waives any Event of Termination (the “Existing Event of Termination”) that may have occurred under Section 7.01 of the Loan Agreement prior to the date hereof solely as a result of any failure by the Borrower to have at least three managers as required by Section 5.01(i)(vi) of the Loan Agreement
WAIVER TO THE LOAN AGREEMENT. Upon the Seventh Amendment Effective Date, the parties agree to certain waivers as follows:
WAIVER TO THE LOAN AGREEMENT. Borrower acknowledges that certain Events of Default exist (or may arise) under Section 11.1 of the Loan Agreement as a result of (a) Borrower's failure to deliver annual audited financial statements for the year ending December 31, 2006 as required by that certain Limited Waiver to Loan and Security Agreement dated as of April 30, 2007 among the parties hereto, (b) Borrower's failure to provide notice of default under the Indenture for failure to provide the audited financial statements for the year ending December 31, 2006 and unaudited financial statements for the fiscal quarter ending March 31, 2007 (and related public filings) as required by Section 10.1.3(c) of the Loan Agreement and (c) the Borrower's restatement of its 2004 audited financial statements as described on the schedule dated April 27, 2007 and previously delivered by the Borrower to the Required Lenders which restatement may be material and a breach of the representation made in Section 9.1.8 of the Loan Agreement (collectively, the "Events of Default"). Immediately upon the satisfaction of each of the conditions precedent set forth in SECTION 2 below, the Agent and Required Lenders hereby waive the Events of Default; PROVIDED, that Borrower shall (x) deliver such audited financial statements for the fiscal year ending December 31, 2006 required by Section 10.1.2 of the Loan Agreement (together with any other financial information and documents required to be delivered in connection with such financial statements) and (y) deliver the audited financial statements for the year ending December 31, 2006 and unaudited financial statements for the fiscal quarter ending March 31, 2007 (and all related public filings) required by the Indenture and cure any related defaults thereunder, in each case under clauses (x) and (y) by no later than June 28, 2007, the failure of which shall cause such waiver to be terminated and result in such Events of Default continuing to exist under the Loan Agreement. The foregoing is a limited waiver and shall not constitute a waiver of any other Default or Event of Default that may exist or arise or constitute a waiver or modification to any other term or condition set forth in the Loan Agreement.
WAIVER TO THE LOAN AGREEMENT. 2.1 The Agent and the Lenders hereby waive the requirement under Section 7.2(a) of the Loan Agreement that the financial statements referred to therein for the Fiscal Year of Spiegel ended December 28, 2002 be delivered to the Agent and the Lenders within 90 days after the close of such Fiscal Year; provided, that the Loan Parties shall have delivered to the Agent and the Lenders (i) on or prior to April 15, 2003 consolidated unaudited balance sheets and consolidated unaudited statements of operations, cash flow and of stockholders' equity for Spiegel and its consolidated Subsidiaries for such Fiscal Year and unaudited balance sheets and unaudited statements of operations, cash flow and of stockholders' equity for each of Xxxxx Xxxxx, Catalog and Newport for such Fiscal Year, setting forth in each case in comparative form figures for the previous Fiscal Year, all in reasonable detail, fairly presenting the financial position and the results of operations of Spiegel and its consolidated Subsidiaries (or of Xxxxx Xxxxx, Catalog or Newport, as the case maybe) as at the date thereof and for the Fiscal Year then ended and prepared in accordance with GAAP, together with the certificate required by the last sentence of such Section 7.2(a) for such statements of Xxxxx Xxxxx, Catalog and Newport (instead of the consolidating statements for Spiegel and its consolidated Subsidiaries) and additionally for such consolidated statements and (ii) as soon as available, the financial statements referred to in clause (x) of such Section 7.2(a) for such Fiscal Year. The parties hereto acknowledge that, without limiting the definition of Subsidiary, references to consolidated Subsidiaries with respect to the above consolidated unaudited financial statements includes, without limitation, the Excluded Subsidiaries.
WAIVER TO THE LOAN AGREEMENT. Borrower acknowledges that a certain Event of Default exists under Section 11.1 of the Loan Agreement as a result of Borrower's failure to provide notice of default under the Indenture for failure to provide the unaudited financial statements for the fiscal quarter ending March 31, 2007 (and related public filings) as required by Section 10.1.3(c) of the Loan Agreement (the "Specified Event of Default"). Immediately upon the satisfaction of each of the conditions precedent set forth in Section 2 below, the Agent and Required Lenders hereby waive the Specified Event of Default; PROVIDED, that Borrower shall deliver the unaudited financial statements for the fiscal quarter ending March 31, 2007 (and all related public filings) required by the Indenture and cure any related defaults thereunder by no later than July 20, 2007, the failure of which shall cause such waiver to be terminated and result in such Specified Event of Default continuing to exist under the Loan Agreement. The foregoing is a limited waiver and shall not constitute a waiver of any other Default or Event of Default that may exist or arise or constitute a waiver or modification to any other term or condition set forth in the Loan Agreement.
WAIVER TO THE LOAN AGREEMENT. This FOURTH LIMITED WAIVER TO THE LOAN AGREEMENT (as defined below) (as defined below), dated as of March 18, 2016 (this “Fourth Waiver”), is by and among Eagle Bulk Shipping Inc., a corporation incorporated and existing under the laws of the Republic of the Xxxxxxxx Islands (the “Borrower”), the companies party to the Loan Agreement as guarantors, each a limited liability company formed and existing under the laws of the Republic of the Xxxxxxxx Islands (collectively, the “Guarantors” and, together with the Borrower, the “Obligors”, and any one of them, individually, an “Obligor”), the banks and financial institutions party to the Loan Agreement as “Lenders” identified on the signature pages hereto and party to the Forbearance and Waiver Agreement as “Specified Lenders” (such parties, constituting the Majority Lenders under and as defined in the Loan Agreement and all of the “Specified Lenders” under and as defined in the Forbearance and Waiver Agreement, collectively, the “Specified Lenders”, and any one of them, individually, a "Specified Lender"), ABN AMRO Capital USA LLC, as agent for the Lenders (in such capacity, the “Agent”), and ABN AMRO Capital USA LLC, as security trustee for the Lenders (in such capacity, the “Security Trustee” and together with the Agent, the Specified Lenders and the Obligors, collectively, the “Parties”, and any one of them, individually, a “Party”).
