Waivers to the Credit Agreement. (a) The undersigned Lenders, collectively constituting the Required Lenders, hereby (i) waive compliance by the Borrower with the provisions of Section 6.12(a), Section 6.12(d) and Section 6.12(f) of the Credit Agreement (collectively, the “Subject Provisions”) during the Covenant Waiver Period (as defined in the Amended Credit Agreement) (the “Waiver Period”) and (ii) agree that no Default or Event of Default shall exist or arise as a result of the Borrower’s failure to comply with the Subject Provisions during the Waiver Period.
Waivers to the Credit Agreement. Commencing with the fiscal quarter ending June 30, 2020 and continuing through (and including) the fiscal quarter ending September 30, 2020 (the “Waiver Period”), the Credit Agreement shall be deemed modified and amended to waive compliance by the Borrower with the provisions of Section 10.1(a)(i) and Section 10.1(a)(ii) of each of the Credit Agreement and Amended Credit Agreement and of Section 10.12(e) of the Amended Credit Agreement (collectively, the “Subject Provisions”), and no Potential Event of Default or Event of Default shall exist or arise under either of the Credit Agreement or Amended Credit Agreement as a result of the Borrower’s failure to comply with the Subject Provisions during the Waiver Period. Without limiting the generality of the provisions of Section 14.7 of the Credit Agreement, the waiver set forth in this Section 2 shall be limited precisely as written, and nothing herein shall be deemed to (a) constitute a waiver of compliance by the Borrower with respect to (i) the Subject Provisions other than during the Waiver Period or (ii) any other term, provision or condition of the Loan Documents or any other instrument or agreement referred to in any of them, or (b) prejudice any right or remedy that any Lender may now have or may have in the future under or in connection with the Credit Agreement, the other Loan Documents or any other instrument or agreement referred to in any of them or under applicable laws other than in respect of the Subject Provisions during the Waiver Period. For the avoidance of doubt, the waiver of the Subject Provisions set forth herein shall not extend beyond the last day of the Waiver Period and such waiver shall be of no force or effect for any purpose other than in respect of the Subject Provisions during the Waiver Period (which waiver for such time period shall remain and continue) after the last day of the Waiver Period.
Waivers to the Credit Agreement. 1. The Lenders hereby (i) agree to extend the time for completion of the post-closing items specified on Schedule IX to the Credit Agreement to June 4, 2001 and (ii) waive any Default or Event of Default that has arisen pursuant to Section 13.18 of the Credit Agreement solely as a result of the non-completion of the actions described on Schedule IX to the Credit Agreement prior to the date of this Amendment, it being understood that such waiver shall be in effect only until June 4, 2001, at which time any failure to comply with the requirements of said Section 13.18 shall become an immediate Event of Default.
Waivers to the Credit Agreement. 1. Notwithstanding the requirements of the Credit Agreement and any other applicable requirements set forth in the Credit Documents (collectively, the “Applicable Requirements”) other than the requirements set forth in Section 8.11 of the Credit Agreement, the Lenders hereby waive the Applicable Requirements solely to the extent necessary to permit the Parent, the Borrower and their respective Subsidiaries to enter into the specific restructuring transactions detailed in the report titled “Xxxxxx Oceanics, Inc. International Restructuring Steps” attached as Annex A hereto (each a “Restructuring Transaction”, together the “Restructuring Transactions”), provided that, in each case, the Borrower (x) shall provide at least 30 days’ (or less with the consent of the Administrative Agent) prior written notice to the Administrative Agent of the occurrence of each such Restructuring Transaction that (i) is to be completed on or after the date hereof and (ii) affects, impairs, interrupts or discharges (or could affect, impair, interrupt or discharge) the perfected status and priority of each Lien and security interest created under any Credit Document in any way (each such occurrence, a “Collateral Implication”), shall comply with all requirements set forth in Section 8.11 of the Credit Agreement and to the extent any Restructuring Step has Collateral Implications, the Administrative Agent acting on its own or at the direction of one or more Lenders may request legal opinions covering such matters as the Administrative Agent shall reasonably request acting in its sole discretion and (y) shall provide written notice to the Administrative Agent, within three days of completion, of the occurrence of each such Restructuring Transaction that is to be completed on or after the date hereof and does not involve a Collateral Implication.
Waivers to the Credit Agreement. (a) Waivers in Respect of Financial Condition Covenants. Any breach --------------------------------------------------- by the Company of the financial condition covenants set forth in subsections 7.6A through 7.6C of the Credit Agreement with respect to the test period ending December 31, 2000, and any Event of Default or Potential Event of Default resulting from any such breach, is hereby waived.
Waivers to the Credit Agreement. The definition of Waiver Period set forth in the Waivers is hereby amended to extend the period through August 2, 1999 and all references in the Waivers to the Waiver Period shall be deemed to be references to the Waiver Period as extended hereby; provided, that during the Waiver Period, as extended, the conditions set forth in Section 2 of the March Waiver are complied with and provided, further, that an Event of Default shall be deemed to have occurred as of August 3, 1999 if the Borrowers are not in compliance with any of the financial covenants set forth in the Credit Agreement as of that date.
Waivers to the Credit Agreement. 1. Section 7.1(a) (Consolidated Leverage Ratio). The Lenders hereby waive any Default or Event of Default occurring solely because the Borrower exceeds the Consolidated Leverage Ratio of 6.25 to 1.0 through the first fiscal quarter of Fiscal Year 2000.
Waivers to the Credit Agreement. Any breach by Company of ------------------------------- the covenant set forth in subsection 2.4Biii(e) of the Credit Agreement with respect to the Fiscal Year ending December 31, 2001, and any Event of Default or Potential Event of Default resulting from any such breach is hereby waived.
Waivers to the Credit Agreement. (a) The Required Lenders hereby agree to waive the consolidated budget requirement set forth in Section 6.01(c) of the Credit Agreement for the 2015 fiscal year.
Waivers to the Credit Agreement. Compliance with (i) each of Sections 7.12(a) (Total Leverage Ratio), 7.12(b) (Credit Agreement Leverage Ratio) and 7.13 (Minimum Consolidated EBITDA) for the Test Period ending January 31, 1999 and (ii) each of Sections 7.10 (Total Interest Coverage Ratio), 7.11 (Fixed Charge Coverage Ratio), 7.12(a) (Total Leverage Ratio), 7.12(b) (Credit Agreement Leverage Ratio) and 7.13 (Minimum Consolidated EBITDA) for the Test Period ending April 30, 1999 is hereby waived through June 14, 1999 (the period from the effective date hereof through such date, the "Waiver Period"); PROVIDED, that during the Waiver Period the conditions set forth in Section 2 hereof are complied with and PROVIDED, FURTHER, that an Event of Default shall be deemed to have occurred as of June 15, 1999 if the Borrowers are not in compliance with any of the financial covenants set forth in the Credit Agreement as of that date.
