RE: Sedar Docs31 Mar 2023 20:36
Think the key points are as follows:
B. The Borrower has informed the Administrative Agent and the Lenders that certain Defaults and Events of Default have arisen and/or will arise pursuant to the events specified in Schedule 1 hereto (collectively all the Defaults and/or Events of Default referred to in Schedule 1 are the “Specified Defaults”).
D. The Parent, the Borrower, the Loan Parties, the Administrative Agent and the Lenders and parties hereto have agreed to enter into this Amendment to (without limitation) waive the Specified Defaults, amend the Limited Waiver Agreement and amend certain provisions of the Existing Credit Agreement, in each case, as set forth herein.
Schedule 1
1. The Borrower’s failure to meet the requirements of Section 5.1(b) of the Existing Credit Agreement (including but not limited to with respect to such Section 5.1(b)’s requirements regarding any “going concern” or like qualification) solely in respect of the delivery of the annual consolidated financial statements of the Loan Parties for the fiscal year ending December 31, 2022.
2. The Borrower’s failure to send any notice required pursuant to Section 5.2 of the Existing Credit Agreement in relation to any of the matters referred to above in this Schedule 1.
So: Failure to deliver year end accounts on time is classified as a default, but the default has been waived.
Any other interpretations??