Waiver Under Credit Agreement. Subject to the satisfaction of the terms and conditions set forth herein, Agent and the Required Lenders hereby waive the Applicable Default; provided that the foregoing waiver shall be rescinded and no longer effective as of October 1, 2007 if the Borrowers fail to comply with the June 2007 Monthly Financial Statement Obligations on or prior to October 1, 2007.
Waiver Under Credit Agreement. Effective as of May 15, ----------------------------- 1998 (the "Effective Date") and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Lenders hereby waive, during the --------- period beginning on the Effective Date and ending on and including September 30, 1998 (the "Waiver Period"), any Default or Event of Default which would arise by reason of the Borrower's failure to comply with Section 6.13 (Minimum Tangible Net Worth) and Section 6.14 (Cash Flow Ratio) of the Credit Agreement. At the end of the Waiver Period, if the Borrower is not in compliance with any of such Sections pursuant to the terms thereof, a Default or Event or Default shall be deemed to exist unless, and except to the extent that, such Default or Event of Default is further waived or the same shall cease to exist by reason of an amendment to the applicable provisions of the Credit Agreement.
Waiver Under Credit Agreement. Effective as of May 15, ----------------------------- 1998 (the "Effective Date") and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Bank hereby waives, during the --------- period beginning on the Effective Date and ending on and including September 30, 1998 (the "Waiver Period"), any Default or Event of Default which would arise by reason of the Company's failure to comply with Section 6.14 (Cash Flow Ratio) of the Credit Agreement. At the end of the Waiver Period, if the Company is not in compliance with such Section pursuant to the terms thereof, a Default or Event or Default shall be deemed to exist unless, and except to the extent that, such Default or Event of Default is further waived or the same shall cease to exist by reason of an amendment to the applicable provisions of the Credit Agreement.
Waiver Under Credit Agreement. (a) The Borrower acknowledges and agrees that:
(i) the Required Reserve Amount as of the Remittance Date that occurred on March 16, 2022 (such Remittance Date, the “March 2022 Remittance Date”) is $2,512,609.94 (such amount, the “March 2022 Required Reserve Amount”);
(ii) $500,330.64 of funds were in the Reserve Account (such amount of such funds, the “March 2022 Actual Reserve Amount”) after giving effect to the transfer of funds described in Section 3(c) that occurred on March 25, 2022;
(iii) no funds have been deposited into the Reserve Account since March 25, 2022; and
(iv) an Event of Default exists on the date hereof under Section 8.1(b) of the Credit Agreement, as a result of the amount of funds in the Reserve Account on the March 2022 Remittance Date having failed to equal at least the March 2022 Required Reserve Amount and such failure having continued for more than five Business Days since the March 2022 Remittance Date and such failure still continuing as of the date hereof (such Event of Default, the “March 2022 Reserve Account EoD”).
(b) At the Borrower’s request, the sole Lender hereby waives the March 2022 Reserve Account EoD during the Waiver Period (as defined below) and grants no other waiver hereby; provided, however, such waiver of the March 2022 Reserve Account EoD is subject to the condition that all of the representations and warranties made by the Borrower in Section 6 are true and correct in all respects on the date hereof. For purposes of clarification (i) if any representation or warranty made by the Borrower in Section 6 is untrue in any respect on the date hereof, the waiver described in the immediately preceding sentence shall be ineffective and void, and (ii) without limiting clause (i), the waiver described in the immediately preceding sentence shall cease to be effective automatically upon the Waiver Period ending.
(c) As used herein, the term “Waiver Period” means the period from the date hereof to the earlier to occur of:
Waiver Under Credit Agreement. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Lenders hereby waive, during the period starting on and including May 1, 1995 to and including October 31, 1995 (the "Waiver Period"), the following Defaults (the "Specified Defaults"):
(i) to the extent such Default arises solely as a result of the indebtedness under the Credit Agreement being classified, in accordance with GAAP, as short-term debt (and only to such extent), any Default arising under subsection (a) of Section 5.04 of the Credit Agreement; and 2
(ii) any Defaults arising under subsections (b), (c), (d), (e) and (f) of Section 5.04 of the Credit Agreement as a result of noncompliance with such subsections. Notwithstanding the provisions of this Section, interest will continue to accrue as provided in Section 2.06(b) of the Credit Agreement as if the waiver provided in this Section had not been granted.
Waiver Under Credit Agreement. The Company shall have ----------------------------- received a waiver in form satisfactory to the Company waiving those provisions of the Credit Agreement dated as of November 28, 2001 among Advance Stores Company, Incorporated, the Company, the Lenders (as defined therein), X.X. Xxxxxx Securities Inc., Credit Suisse First Boston, Xxxxxx Commercial Paper Inc. and JPMorgan Chase Bank that are required to be waived to permit the transactions contemplated hereunder.
Waiver Under Credit Agreement. (a) At the Borrower’s request, the sole Lender hereby agrees that, subject to the condition that all of the representations and warranties made by the Borrower in Section 4 are true and correct in all respects on the date hereof (after giving effect to this Amendment), a circumstance described in Section 8.1(b) of the Credit Agreement which occurs during the Waiver Period (as defined below) will not constitute an Event of Default or a Default. For purposes of clarification, if any representation or warranty made by the Borrower in Section 4 is untrue in any respect on the date hereof (after giving effect to this Amendment), the waiver described in the immediately preceding sentence shall be ineffective and void.
(b) As used herein, the term “Waiver Period” means the period from the date hereof to the earlier to occur of:
Waiver Under Credit Agreement. (a) The Borrowers have informed the Agents and the Lenders that the Borrowers have committed to close the retail locations identified on Schedule C attached hereto (collectively, the “Retail Locations”) in 2011 and, accordingly, such commitment to close the Retail Locations constitutes an Event of Default under Section 11.1(c) of the Credit Agreement as a result of the breach of Section 10.2.16 of the Credit Agreement and an Event of Default under Section 11.1(m) of the Credit Agreement as a result of the corresponding events of default arising under the Term Loan Documents (collectively, the “Specified Defaults”). The Borrowers have requested that the Agents and the Required Lenders (i) consent to the closing of the Retail Locations, notwithstanding the limitations on the number of retail locations that may be closed in any calendar year under Section 10.2.16 of the Credit Agreement, and (ii) waive the Specified Defaults.
(b) Subject to the satisfaction of the conditions precedent described in Section 6 below, the Agents and the Required Lenders hereby (i) consent to the closing of the Retail Locations, notwithstanding the limitations on the number of retail locations that may be closed in any calendar year under Section 10.2.16 of the Credit Agreement, and (ii) waive the Specified Defaults. The waiver provided herein is a limited waiver and the execution and delivery of this Amendment does not (i) constitute a waiver by the Agents or any Lender of any other term or condition under the Credit Agreement or any other Loan Documents, including, without limitation, any right, power, or remedy of Agents or any Lender under any of the Loan Documents (all such rights, powers and remedies being expressly reserved), (ii) establish a custom or a course of dealing or conduct among the Agents, any Lender or any member of the Loan Parties, or (iii) prejudice any rights which the Agents or any Lender now has or may have in the future under or in connection with the Loan Documents.
Waiver Under Credit Agreement. The Banks hereby waive the default under Section 5.11 of the Credit Agreement that would otherwise be caused by any failure to satisfy the ratio required to be maintained for the Fiscal Quarter ending September 30, 1998.
Waiver Under Credit Agreement. The Lenders party hereto hereby waive the Specified Event of Default.
