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. (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 Waiver is hereby amended to extend the period through June 30, 1999 and all references in the Waiver 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 Waiver are complied with and PROVIDED, FURTHER, that an Event of Default shall be deemed to have occurred as of July 1, 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. 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. 1. Section 7.1(a) (Consolidated Leverage Ratio). The Lenders hereby waive, for the period from January 1, 2000 to and including January 31, 2000 only, any Default or Event of Default occurring solely because the Borrower exceeds the maximum Consolidated Leverage Ratio as at the end of the third fiscal quarter of Fiscal Year 2000 and thereafter to and including January 31, 2000.
Waivers to the Credit Agreement. (a) Waivers in Respect of Receivables Purchase Agreement. Any breach by ---------------------------------------------------- Company of subsection 2.4B(iii)(a), 7.2 or 7.7 of the Credit Agreement with respect to the Receivables Purchase Agreement, dated as of April 19, 2000, between Company and JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank) (as amended, supplemented or otherwise modified from time to time, the "Receivables Purchase Agreement"), and the use of the Net Proceeds thereof (with ------------------------------ respect to any breach of subsection 2.4B(iii)(a), solely to the extent such Net Proceeds do not exceed $50,000,000 in any 10-day period) and any Event of Default or Potential Event of Default resulting from any such breach, is hereby waived only for the period ending on the earlier of (a) December 31, 2002 or (b) the date the proceeds from the issuance of the Tack-on Notes are used to repurchase receivables sold pursuant to the Receivables Purchase Agreement in order to terminate such agreement.
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. (a) Any breach by the ------------------------------- Company of the financial condition covenant set forth in subsection 7.6F of the Credit Agreement with respect to the test period ending September 30, 2001, and any Event of Default or Potential Event of Default resulting from any such breach is hereby waived; provided that, (i) such waiver shall be effective for -------- the period from September 30, 2001 to and including October 31, 2001 only if, after giving pro forma effect to the IP License as if the IP License had occurred on or prior to September 30, 2001 and to the use by the Company of the assumed Net Cash Proceeds therefrom of at least $17,000,000 to prepay Term Loans pursuant to Section 2.4B(iii)(a) of the Credit Agreement, the Company would have been in compliance with subsection 7.6F of the Credit Agreement as of September 30, 2001 and (ii) such waiver shall be effective after October 31, 2001 only if the IP License has occurred on or prior to such date and the Net Cash Proceeds therefrom have been used to prepay Term Loans pursuant to Section 2.4B(iii)(a) of the Credit Agreement and if, after giving effect to the IP License as if the IP License had occurred on or prior to September 30, 2001 and to the use by the Company the Net Cash Proceeds therefrom to prepay Term Loans pursuant to Section 2.4B(iii)(a) of the Credit Agreement, the Company would have been in compliance with subsection 7.6F of the Credit Agreement as of September 30, 2001.
