Waiver Defaults

Waiver Defaults. (i) the Company did not furnish the title opinions required by the Credit Agreement (the "Post-Closing Title Opinions") on or before July 23, 2007, which constitutes an Event of Default under the Credit Agreement, (ii) none of the following occurred on or before August 9, 2007: (A) the occurrence of the Required Capital Date, (B) the deposit of at least $5,000,000 of the $7,500,000 contributed by Parent to Company on the Required Capital... Date in the Collateral Account to be held under the control of Administrative Agent as cash collateral and applied to Other Permitted Capital Expenditures and (C) the repayment in full of the insurance premium financing Indebtedness described on Schedule 6.1 to the Credit Agreement from the $7,500,000 contributed by Parent to Company on the Required Capital Date, which constitutes an Event of Default under the Credit Agreement, and (iii) the existence of the foregoing Events of Default under the Credit Agreement constitutes an Event of Default under the ISDA Agreement. View More