Common use of Waiver of Event of Default Clause in Contracts

Waiver of Event of Default. (a) Subject to the terms and conditions set forth herein, Congress hereby waives the Event of Default arising under the Financing Agreements as a result of the failure of LPC to maintain the minimum Working Capital as required under Section IV(g)(i)(b) of the Covenant Supplement to the Accounts Agreement as of August 31, 2002. (b) Congress has not waived, is not by this Amendment waiving, and has no intention of waiving any Event of Default which may have occurred on or prior to the date hereof, whether or not continuing on the date hereof, or which may occur after the date hereof (whether the same or similar to the Event of Default referred to above or otherwise), other than the Event of Default specifically referred to above (subject to the terms and conditions set forth herein). The foregoing waiver shall not be construed as a bar to or a waiver of any other or further Event of Default on any future occasion, whether similar in kind or otherwise and shall not constitute a waiver, express or implied, of any of the rights and remedies of Congress arising under the terms of the Accounts Agreement or any other Financing Agreements on any future occasion or otherwise.

Waiver of Event of Default. (a) Subject to the terms and satisfaction of each of the conditions precedent set forth herein, Congress Lender hereby waives the any Event of Default under Section 7.1(b) of the Loan Agreement arising under the Financing Agreements as a result of the failure of LPC Hanover and its Subsidiaries to maintain the minimum amounts of Working Capital as required under pursuant to Section IV(g)(i)(b6.19(d) of the Covenant Supplement to Loan Agreement for the Accounts Agreement as of August 31fiscal month ending December 27, 20022003. (b) Congress Lender has not waived, is not by this Amendment waiving, and has no intention of waiving waiving, any Event of Default which may have occurred on or prior to the date hereof, whether or not continuing on the date hereof, or which may occur after the date hereof (whether the same or similar to the Event of Default referred to above in Section 6(a) hereof or otherwise), other than the specific Event of Default specifically referred to above (in Section 6(a) hereof, subject to the terms and conditions set forth herein). The foregoing waiver shall not be construed as a bar to or a waiver of any other or further Event of Default on any future occasion, whether similar in kind or otherwise and shall not constitute a waiver, express or implied, of any of the rights and remedies of Congress Lender arising under the terms of the Accounts Loan Agreement or any other Financing Agreements on any future occasion or otherwise.

Waiver of Event of Default. (a) Subject to the terms and conditions set forth herein, Congress hereby waives the Event of Default arising under the Financing Agreements as a result of the failure of LPC and its direct and indirect Subsidiaries, on a consolidated basis, to maintain the minimum Working Capital Net Worth as required under Section IV(g)(i)(bIV(g)(ii) of the Covenant Supplement to the Accounts Agreement as of August May 31, 20022003. (b) Congress has not waived, is not by this Amendment waiving, and has no intention of waiving any Event of Default which may have occurred on or prior to the date hereof, whether or not continuing on the date hereof, or which may occur after the date hereof (whether the same or similar to the Event of Default referred to above or otherwise), other than the Event of Default specifically referred to above (subject to the terms and conditions set forth herein). The foregoing waiver shall not be construed as a bar to or a waiver of any other or further Event of Default on any future occasion, whether similar in kind or otherwise and shall not constitute a waiver, express or implied, of any of the rights and remedies of Congress arising under the terms of the Accounts Agreement or any other Financing Agreements on any future occasion or otherwise.

Waiver of Event of Default. (a) Subject to the terms and conditions set forth herein, Congress Agent and Lenders hereby waives temporarily waive the Event of Default under Section 10.1(a)(iii) of the Loan Agreement arising under the Financing Agreements as a result of from the failure of LPC Borrowers and Guarantors to maintain comply with the minimum Working Capital as required under terms of Section IV(g)(i)(b9.6(a)(iii) of the Covenant Supplement Loan Agreement with respect to the Accounts Agreement as of August fiscal year ending December 31, 20022007 (the “Acknowledged Event of Default”); provided, that, this waiver shall expire and cease to be effective in the event that Borrowers and Guarantors fail to comply, on or before April 30, 2008, with the terms of Section 9.6(a)(iii) of the Loan Agreement with respect to the fiscal year ending December 31, 2007. (b) Congress has Agent and Lenders have not waived, is are not by this Amendment waiving, and has have no intention of waiving any Event of Default which may have occurred on or prior to the date hereof, whether or not continuing on the date hereof, or which may occur after the date hereof (whether the same or similar to the Acknowledged Event of Default referred to above or otherwise), other than the Acknowledged Event of Default specifically referred to above (subject to the terms and conditions set forth herein)Default. The foregoing waiver shall not be construed as a bar to or a waiver of any other or further Event of Default on any future occasion, whether similar in kind or otherwise and shall not constitute a waiver, express or implied, of any of the rights and remedies of Congress Agent or any Lender arising under the terms of the Accounts Loan Agreement or any other Financing Agreements on any future occasion or otherwise.

Waiver of Event of Default. (a) Subject to the terms and conditions set forth herein, Congress hereby waives the Event of Default arising under the Financing Agreements as a result of the failure of LRG, LPC and LPC's direct and indirect Subsidiaries, on a consolidated basis, to maintain the minimum Working Capital Net Worth as required under Section IV(g)(i)(bIV(g)(ii) of the Covenant Supplement to the Accounts Agreement as of August May 31, 20022003. (b) Congress has not waived, is not by this Amendment waiving, and has no intention of waiving any Event of Default which may have occurred on or prior to the date hereof, whether or not continuing on the date hereof, or which may occur after the date hereof (whether the same or similar to the Event of Default referred to above or otherwise), other than the Event of Default specifically referred to above (subject to the terms and conditions set forth herein). The foregoing waiver shall not be construed as a bar to or a waiver of any other or further Event of Default on any future occasion, whether similar in kind or otherwise and shall not constitute a waiver, express or implied, of any of the rights and remedies of Congress arising under the terms of the Accounts Agreement or any other Financing Agreements on any future occasion or otherwise.

Waiver of Event of Default. (a) Subject to the terms and conditions set forth herein, Congress hereby waives the Event of Default arising under the Financing Agreements as a result of the failure of LPC LRG to maintain the minimum Working Capital as required under Section IV(g)(i)(b) of the Covenant Supplement to the Accounts Agreement as of August 31, 2002. (b) Congress has not waived, is not by this Amendment waiving, and has no intention of waiving any Event of Default which may have occurred on or prior to the date hereof, whether or not continuing on the date hereof, or which may occur after the date hereof (whether the same or similar to the Event of Default referred to above or otherwise), other than the Event of Default specifically referred to above (subject to the terms and conditions set forth herein). The foregoing waiver shall not be construed as a bar to or a waiver of any other or further Event of Default on any future occasion, whether similar in kind or otherwise and shall not constitute a waiver, express or implied, of any of the rights and remedies of Congress arising under the terms of the Accounts Agreement or any other Financing Agreements on any future occasion or otherwise.

Waiver of Event of Default. (a) Subject to the terms and conditions set forth herein, Congress Lender hereby waives the Event of Default arising under Section 10.1(a) of the Financing Agreements Loan Agreement as a result of the failure of LPC Borrower to maintain the minimum Working Capital an Adjusted Tangible Net Worth of $5,000,000 as required under by Section IV(g)(i)(b) 9.18 of the Covenant Supplement to the Accounts Loan Agreement as of August 31the date hereof; provided, 2002that, such waiver shall only apply to the failure of Borrower to comply with such Section 9.18 through and including the date hereof (but not at any time after the date hereof). (b) Congress Lender has not waived, is not by this Amendment waiving, and has no intention of waiving any Event of Default which may have occurred on or prior to the date hereof, whether or not continuing on the date hereof, or which may occur after the date hereof (whether the same or similar to the Event of Default referred to above or otherwise), other than the Event of Default specifically referred to above through and including the date hereof (subject to the terms and conditions set forth hereinin Section 14(a) above). The foregoing waiver shall not be construed as a bar to or a waiver of any other or further Event of Default on any future occasion, whether similar in kind (and including the failure of Borrower to comply with Section 9.18 at any time after the date hereof) or otherwise and shall not constitute a waiver, express or implied, of any of the rights and remedies of Congress Lender arising under the terms of the Accounts Loan Agreement or any other Financing Agreements on any future occasion or otherwise.