Defaults and Waivers Sample Clauses

Defaults and Waivers. (a) Under Section 14(a) of the U.S. Loan Agreement, the U.S. Borrower agreed not to permit the Tangible Net Worth as of May 31, 2006, to be less than $15,464,000. The U.S. Borrower has advised the U.S. Lender that that as of May 31, 2006, the Tangible Net Worth was less than $15,464,000. (b) Under Section 15(o) of the U.S. Loan Agreement, an Event of Default shall occur if ▇▇▇ ▇. ▇▇▇▇▇▇ shall cease to be the Chairman of the Board, President and Chief Executive Officer of the U.S. Borrower. The U.S. Borrower has advised the U.S. Lender that ▇▇▇ ▇. ▇▇▇▇▇▇ is no longer the Chairman of the Board, President and Chief Executive Officer of the U.S. Borrower. (c) Upon the date on which this Amendment becomes effective, the U.S. Lender hereby waives the U.S. Borrower’s Defaults and Events of Default described in the preceding Sections 3(a) and 3(b) (the “Existing Defaults”). The waiver of the Existing Defaults set forth above is limited to the express terms thereof, and nothing herein shall be deemed a waiver by the U.S. Lender of any other term, condition, representation or covenant applicable to the U.S. Borrower under the U.S. Loan Agreement (including but not limited to any future occurrence similar to the Existing Defaults) or any of the other agreements, documents or instruments executed and delivered in connection therewith, or of the covenants described therein. The waivers set forth herein shall not constitute a waiver by the U.S. Lender of any other Default or Event of Default, if any, under the U.S. Loan Agreement, and shall not be, and shall not be deemed to be, a course of action with respect thereto upon which the U.S. Borrower may rely in the future, and the U.S. Borrower hereby expressly waives any claim to such effect.
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Defaults and Waivers. In the event either party shall be in default by failing to observe or fulfill any condition or representation of this Agreement (the “Defaulting Party”), the other party (the “Non Defaulting Party”) shall have the right to serve upon such Defaulting Party a written notice specifying such default, requesting the remedying thereof within thirty (30) days from the date of said notice. If such default is not satisfactorily remedied within said period, the Non Defaulting Party may serve the Defaulting Party with a written notice of immediate termination of this Agreement, upon which all rights and licenses, except those which are irrevocable or which may have accrued hereunder at the date of such notice, shall be cancelled, and each party will execute whatever documents may be necessary to return the rights or property of the other party which may have been acquired hereunder. The Non Defaulting Party may choose to submit the issue to the dispute resolution procedures of Section 25, rather than terminating this Agreement. No waiver of any of the terms and conditions of this Agreement shall be binding or effectual for any purpose unless expressed in writing and signed by the party hereto giving the same, and any such waiver shall be effective only in the specific instance and for the purpose given. No failure or delay on the part of either party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
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Defaults and Waivers. The Banks review of the Borrower's nine-month interim financial statement dated December 31, 1999 disclosed the following defaults have occurred in the Agreement as follows:
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Defaults and Waivers. (a) Under subsection 11(o)(i) of the Credit Agreement, the Borrower agreed not to permit the Tangible Net Worth as of May 31, 2006, to be less than U.S. $15,464,000. The Borrower has advised the Lender that that as of May 31, 2006, the Tangible Net Worth was less than U.S. $15,464,000. (b) Upon the date on which this Agreement becomes effective, the Lender hereby waives the Borrower’s Defaults and Events of Default described in the preceding Section 6(a) (the “Existing Default”). The waiver of the Existing Default set forth above is limited to the express terms thereof, and nothing herein shall be deemed a waiver by the Lender of any other term, condition, representation or covenant applicable to the Borrower under the Credit Agreement (including but not limited to any future occurrence similar to the Existing Default) or any of the other agreements, documents or instruments executed and delivered in connection therewith, or of the covenants described therein. The waiver set forth herein shall not constitute a waiver by the Lender of any other Default or Event of Default, if any, under the Credit Agreement, and shall not be, and shall not be deemed to be, a course of action with respect thereto upon which the Borrower may rely in the future, and the Borrower hereby expressly waives any claim to such effect.
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Defaults and Waivers. Upon the date on which this Amendment becomes effective, the Lender hereby waives any Unmatured Events of Default or Events of Default arising as a result of the failure of the Borrower to comply with Section 5.4 (
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Defaults and Waivers. Upon the date upon which this Amendment becomes effective, the Lender hereby waives any Unmatured Events of Default or Events of Default arising prior to March 30, 1995 under Section 6.10 (Leases) of the Credit Agreement and under any of Sections 5.1 (Capital Base), 5.2 (Leverage Ratio) or 5.4 (Cash Flow Coverage Ratio) of Supplement A to the Credit Agreement and waives any Unmatured Event of Default or Event of Default arising from the Borrower's settlement with Mark ▇▇▇▇▇▇. ▇▇e Lender further waives any Unmatured Event of Default or Event of Default relating to the failure of Mr. Michael Shevi to disclose to the Lender that at the time that he executed and delivered to the Lender the Guaranty and Pledge Agreement dated April 4, 1995, the shares of common stock subject thereto were in the name of Mark ▇▇▇▇▇▇▇, ▇▇ trustee for Mich▇▇▇ ▇▇▇vi. The waivers set forth herein shall not constitute a waiver by the Lender of any other Unmatured Event of Default or Event of Default, if any, under the Credit Agreement, and shall not be, and shall not be deemed to be, a course of action with respect thereto upon which the Borrower may rely in the future and the Borrower hereby expressly waives any claim to such effect.
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Defaults and Waivers. Upon the date on which this Amendment becomes effective, the Lender hereby waives any Unmatured Events of Default or Events of Default arising as a result of the failure of the Borrower to comply with Section 5.4 (Cash Flow Coverage Ratio) of Supplement A to the Credit Agreement as of August 31, 1995 and September 30, 1995 and waives any Unmatured Event of Default or Event of Default arising as a result of the failure of the Borrower to comply with Section 5(a) of the Second Amendment with respect to Thom▇▇ ▇▇▇▇▇ ▇▇ the extent of $300,000. The waivers set forth herein shall not constitute a waiver by the Lender of any other Unmatured Event of Default or Event of Default, if any, under the Credit Agreement, and shall not be, and shall not be deemed to be, a course of action with respect thereto upon which the Borrower may rely in the future and the Borrower hereby expressly waives any claim to such effect.
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Defaults and Waivers 
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Related to Defaults and Waivers

  • Modifications and Waivers No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

  • Modifications and Waiver Except as provided in Section 17 above with respect to changes in Delaware law which broaden the right of Indemnitee to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver.

  • Modification and Waivers The Indenture permits, with certain exceptions as therein provided (including, but not limited to the exceptions set forth in Section 15.11(i)), the amendment of the Indenture and the modification of the rights and obligations of the Issuer and the rights of the holders of the Notes under the Indenture at any time by the Issuer with the consent of the holders of not less than 66 2/3% in aggregate principal amount of the series of Notes of which this Note is a part then outstanding and all other Securities (as defined in the Indenture) then outstanding under the Indenture and affected by such amendment and modification. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the series of Notes of which this Note is a part then outstanding and all other Securities then outstanding under the Indenture and affected thereby, on behalf of the holders of all such Securities, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The determination of whether particular Securities are “outstanding” will be made in accordance with the Indenture. Any action by the holder of this Note shall bind all future holders of this Note, and of any Note issued in exchange or substitution hereof or in place hereof, in respect of anything done or permitted by the Issuer or by the Trustee in pursuance of such action. New Notes authenticated and delivered after the execution of any agreement modifying, amending or supplementing this Note may bear a notation in a form approved by the Issuer as to any matter provided for in such modification, amendment or supplement to the Indenture or the Notes. New Notes so modified as to conform, in the opinion of the Issuer, to any provisions contained in any such modification, amendment or supplement may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for this Note.

  • Extensions and Waivers At any time prior to the Closing, the parties hereto entitled to the benefits of a term or provision may (a) extend the time for the performance of any of the obligations or other acts of the parties hereto, (b) waive any inaccuracies in the representations and warranties contained herein or in any document, certificate or writing delivered pursuant hereto, or (c) waive compliance with any obligation, covenant, agreement or condition contained herein. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in an instrument or instruments in writing signed by the party against whom enforcement of any such extension or waiver is sought. No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement.

  • Consents and Waivers No consent or waiver expressed or implied by either Party in respect of any breach or default by the other in the performance by such other of its obligations hereunder shall: (a) be valid unless it is in writing and stated to be a consent or waiver pursuant to this section; (b) be relied upon as a consent to or waiver of any other breach or default of the same or any other obligation; (c) constitute a general waiver under this Agreement; or (d) eliminate or modify the need for a specific consent or waiver pursuant to this section in any other or subsequent instance.