Consent to Acquisition of Capital Stock of JMC and Proposed Business Activities of JMC Sample Clauses


Consent to Acquisition of Capital Stock of JMC and Proposed Business Activities of JMC. Subject to the provisions of Section 4 of this Amendment, the Administrative Agent and the Lenders hereby consent to (a) the Acquisition by MasTec of all of the capital stock of JMC and (b) JMC’s operation either as an insurer or a reinsurer, or both, of certain risks of the Borrowers (but of no other Persons) in connection with any captive insurance program of the Borrowers in effect from time to time, to the extent the foregoing would otherwise constitute a breach of Sections 11.4 and 9.4, respectively, of the Loan Agreement. In no event shall such consent be deemed to constitute a waiver of (i) any Default or Event of Default that may exist on the date of this Agreement (other than any Default or Event of Default arising solely from the foregoing) or (ii) the Borrowers’ respective obligations to comply with all of the terms and conditions of the Loan Agreement and the other Loan Documents from and after the date hereof. Notwithstanding any prior, temporary mutual disregard of the terms of any contracts between the parties, each Borrower hereby agrees that it shall be required strictly to comply with all of the terms of the Loan Documents on and after the date hereof.