Common use of Waiver of Covenant Defaults Clause in Contracts

Waiver of Covenant Defaults. Bank hereby waive Borrower’s existing default under Section 6.2(a)(ii) of the Loan Agreement by virtue of Borrower’s failure to provide Bank its audited consolidated financial statements for fiscal year ended December 31, 2005 as of month ended June 30, 2006. Bank’s waiver of Borrower’s compliance of this covenant shall apply only to the foregoing period. Accordingly, hereinafter, Borrower shall be in compliance with this covenant, as amended herein. Bank’s agreement to waive the above-described default (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s compliance with the above-described covenant as of all other dates and (2) shall not limit or impair the Bank’s right to demand strict performance of this covenant as of all other dates and (3) shall not limit or impair the Bank’s right to demand strict performance of all other covenants as of any date.

Waiver of Covenant Defaults. Bank Lenders hereby waive Borrower’s existing default under Section 6.2(a)(ii) of the Loan Agreement by virtue of Borrower’s failure to provide Bank its audited consolidated financial statements for fiscal year ended December 31, 2005 as of month ended June 30, 2006. Bank’s Lenders’ waiver of Borrower’s compliance of this covenant shall apply only to the foregoing period. Accordingly, hereinafter, Borrower shall be in compliance with this covenant, as amended herein. Bank’s Lenders’ agreement to waive the above-described default (1) in no way shall be deemed an agreement by the Bank Lenders to waive Borrower’s compliance with the above-described covenant as of all other dates and (2) shall not limit or impair the Bank’s Lenders’ right to demand strict performance of this covenant as of all other dates and (3) shall not limit or impair the Bank’s Lenders’ right to demand strict performance of all other covenants as of any date.

Waiver of Covenant Defaults. Bank hereby waive waives Borrower’s 's existing default under Section 6.2(a)(ii) of the Loan Agreement by virtue of Borrower’s 's failure to provide Bank receive evidence of satisfactory results from its audited consolidated financial statements for fiscal year ended December 31clinical trial, 2005 as of month ended June 30under the Performance covenant, 2006by May 10, 2002. Bank’s 's waiver of Borrower’s 's compliance of this covenant shall apply only to the foregoing period. Accordingly, hereinafterby October 15, 2002, Borrower shall be in compliance with this covenant, covenant as amended herein. Bank’s 's agreement to waive the above-described default (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s 's compliance with the above-described covenant as of all other dates and (2) shall not limit or impair the Bank’s 's right to demand strict performance of this covenant as of all other dates and (3) shall not limit or impair the Bank’s 's right to demand strict performance of all other covenants as of any date.

Waiver of Covenant Defaults. Bank hereby waive Borrower’s waives Borrowers existing default under Section 6.2(a)(ii) of the Loan Agreement by virtue of Borrower’s 's failure to provide Bank its audited consolidated financial statements for fiscal year comply with the Quick Ratio and Tangible Net Worth covenants as of the months ended December February 28, 1998 and March 31, 2005 as of month ended June 30, 20061998. Bank’s 's waiver of Borrower’s Borrowers compliance of this covenant these covenants shall apply only to the foregoing periodperiods. Accordingly, hereinafterfor the month ended April 30, 1998, Borrower shall be in compliance with this covenantthese covenants, as amended herein. Bank’s 's agreement to waive the above-described default (1i) in no way shall be deemed an agreement by the Bank to waive Borrower’s 's compliance with the above-described covenant covenants as of all other dates and (2) shall not limit or impair the Bank’s 's right to demand strict performance of this covenant these covenants as of all other dates and (3) shall not limit or impair the Bank’s 's right to demand strict performance of all other covenants as of any date.

Waiver of Covenant Defaults. Bank 1. Lender hereby waive waives Borrower’s 's existing default under Section 6.2(a)(ii) of the Loan Agreement by virtue of Borrower’s 's failure to provide Bank its audited consolidated financial statements for fiscal year ended December 31, 2005 comply with the quick ratio covenant as of the month ended June 30February 28, 20061998. Bank’s Lenders waiver of Borrower’s 's compliance of this covenant shall apply only to the foregoing period. Accordingly, hereinafterfor the month ended March 31, 1998, Borrower shall be have been in compliance with this covenant, as amended herein. Bank’s Lender's agreement to waive the above-described default (1) in no way shall be deemed an agreement by the Bank Lender to waive Borrower’s 's compliance with the above-described covenant as of all other dates and (2) shall not limit or impair the Bank’s Lenders right to demand strict performance of this covenant as of all other dates and (3) shall not limit or impair the Bank’s Lender's right to demand strict performance of all other covenants as of any date.