Waiver of Financial Covenant. To the extent that the Designated Parties (as defined in the Prior Modification Agreement) were not in compliance with the “Combined FCCR” (as defined in the Prior Modification Agreement) as of July 31, 2011, Lender hereby waives the Event of Default that would arise as a result of such failure to comply. The foregoing waiver is limited solely to the testing of such Combined FCCR as of July 31, 2011, and does not apply to the Combined FCCR as tested as of any other date. Lender is not obligated to waive any other Default or Event of Default as a result of granting the waiver provided herein.
Waiver of Financial Covenant. Subject to the satisfaction of the conditions precedent set forth in Section 8 below, Lender hereby waives the Financial Covenant Default.
Waiver of Financial Covenant. Borrowers hereby acknowledge that, as of April 1, 1998, Borrowers were not in compliance with the financial covenant relating to the Consolidated Tangible Net Worth of Borrowers and ONE set forth in Paragraph 6 under the heading "Additional Covenants" in Section 7 of the Schedule to the Loan Agreement and that such non-compliance constitutes an Event of Default under the Loan Agreement. Lender hereby waives compliance by Borrowers with such Consolidated Tangible Net Worth covenant for the period commencing April 1, 1998 and ending June 30, 1998, and shall not exercise its rights and remedies under the Loan Agreement or applicable law in respect of such Event of Default; PROVIDED, HOWEVER, that Lender shall be free to exercise all of its rights and remedies under the Loan Agreement in the event of Borrowers' violation or breach after June 30, 1998 of the Consolidated Tangible Net Worth covenant of Borrowers and ONE. The foregoing waiver is not a continuing waiver, and Lender does not by this waiver amend the terms and provisions of the Loan Agreement. Upon the occurrence of any Event of Default after the date hereof, or in the event that Lender learns of any Event of Default which occurred prior to the date hereof (other than a breach of the covenant described above in this paragraph), Lender shall be free to exercise any and all of its various rights and remedies under the Loan Agreement.
Waiver of Financial Covenant. Bank hereby waives testing of the Liquidity Ratio financial covenant contained in Section 6.9(b) of the Loan Agreement solely for the compliance period ended October 31, 2011. Bank’s waiver shall only apply to the Liquidity Ratio financial covenant, and only for the specific compliance period described above, and shall not constitute a continuing waiver. Borrower hereby acknowledges and agrees that, except as specifically provided herein, nothing in this Section or anywhere in this Waiver Agreement shall be deemed or otherwise construed as a waiver by the Bank of any of its rights and remedies pursuant to the Loan Documents, applicable law or otherwise.
Waiver of Financial Covenant. Lender hereby agrees to waive Borrower's compliance with the covenant set forth in Section 12(r)(iii) of the Loan Agreement (requiring Borrower to achieve a net profit before extraordinary gains of at least zero ($O)) for the fiscal quarter beginning on July 1, 1998 and ending on September 30, 1998. The Lender's waiver set forth herein is specifically limited to the fiscal quarter ended September 30, 1998 and Borrower shall be required to comply with such covenant pursuant to the terms of the Loan Agreement at all times on or after October 1, 1998.
Waiver of Financial Covenant. Default(s)
Waiver of Financial Covenant. 2.1 If the Effective Date occurs prior to the Waiver Termination Date, then from the Effective Date up to, and including, the Waiver Termination Date (the “Waiver Period”), compliance with the financial condition covenant under clause 21.13(a) of the Original Facility Agreement is hereby waived.
Waiver of Financial Covenant. The Lender hereby waives compliance by ---------------------------- the Borrower with the Fixed Charge Coverage Ratio set forth in subsection (c) of Schedule 6.2(r) to the Credit Agreement for the Fiscal Quarter ended September 30, 2000, and the Borrower agrees that such waiver shall apply only with respect to the Fixed Charge Coverage Ratio for the Fiscal Quarter ending September 30, 2000.
Waiver of Financial Covenant. (1) Bank hereby waives Borrower’s existing default under Section 6.11 of the Loan Agreement (prior to the modification hereto) by virtue of Borrower’s failure to maintain at least $13,000,000 in unrestricted cash on its balance sheet for the month ending February 28, 2005 (the “Existing Default”). Bank’s waiver of Borrower’s compliance with this covenant shall apply only to such period. Accordingly, for the month ending March 31, 2005, Borrower shall be in compliance with such covenant, as revised hereto. Bank’s agreement to waive the above-described default (1) in no way shall be deemed an agreement by Bank to waive Borrower’s compliance with the above described covenant as of all other dates and (2) shall not limit or impair Bank’s right to demand strict performance of this covenant as of all other dates and (3) shall not limit or impair Bank’s right to demand strict performance of all other covenants as of any date.
