Description of Omega Charge Sample Clauses

Description of Omega Charge. On or about December 22, 1997, the Borrowers announced the recordation of an unusual charge of Thirteen Million Two Hundred Thousand Dollars ($13,200,000) for the fourth fiscal quarter of their fiscal year ending October 31, 1997. This charge was recorded to reflect the expansion of a voluntary program initiated by the Borrowers to encourage the testing and possible replacement of certain Omega fire sprinklers. The problems relating to the Omega fire sprinklers were initially disclosed to the Lenders in Schedule 3.10 to the Credit Agreement (such charge being referred to herein as the "1997 Omega Charge"). The recordation of the 1997 Omega Charge resulted in the occurrence of an Event of Default under and pursuant to Section 7.1(n) of the Credit Agreement. The Borrowers have requested the Lenders to waive such Event of Default.
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Related to Description of Omega Charge

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