Acknowledgment of Events of Default. The Borrowers hereby acknowledge and agree that various Events of Default exist and are continuing, including, without limitation, Events of Default under Section 6.1(b) of the Loan Agreement as a result of the failure of the Borrowers to provide monthly financial statements to the Lender. The Borrowers acknowledge that additional Events of Default may exist (such as, for example, Events of Default with respect to the Financial Covenants) which the Lender is unable to identify as a result of the Borrowers’ defaults under Section 6.1(b). The Lender hereby reserves all of its rights and remedies with respect to all such Events of Default without the necessity of any notice to any Borrower, any Validity Guarantor or any other Person, and the Borrowers acknowledge and agree that (a) the Default Rate is in effect with respect to Revolving Advances and shall, at the Lender’s option in its sole discretion, remain in effect unless and until all Events of Default are cured or waived, in each case as determined by the Lender in its sole discretion, (b) the Lender may, in its discretion at any time hereafter, institute the Default Rate with respect to the Term Advance described herein, (c) any prior agreement by the Lender to forbear from or forego the exercise of rights and remedies with respect to any Event of Default is no longer of any force or effect and shall in no way limit the rights of the Lender as set forth herein and in the other Loan Documents, (d) the Lender has no obligation to make any further Advances to the Borrowers, and (e) any such Advances shall be made or refused in the Lender’s sole discretion, and the making of any such Advance (including the Term Advance contemplated hereby) shall not be deemed to be a waiver of any Event of Default or entitle the Borrowers to any additional Advance.
Acknowledgment of Events of Default. The Loan Parties acknowledge and agree that the Known Defaults have occurred and are continuing (except with respect to Known Defaults consisting of the failure of Borrowers to make amortization payments, which are anticipated to occur hereafter during the Forbearance Period).
Acknowledgment of Events of Default. The Company acknowledges and agrees that:
Acknowledgment of Events of Default. The Borrower acknowledges the Default and that as of the date hereof the principal amount outstanding on the Loan is $2,047,728, plus interest accrued thereon (the “Monetary Obligations”).
Acknowledgment of Events of Default. Enforceability of Credit Agreement;
Acknowledgment of Events of Default. The Credit Parties acknowledge and agree that the following Events of Default exist under the Credit Agreement: (A) an Event of Default arising under Sections 2.10(e) and 7(b) of the Credit Agreement as a result of a Borrowing Base overadvance and (B) an Event of Default under Section 7(c) of the Credit Agreement as a result of Borrower’s failure to pay the Termination Amounts and interest thereon.
Acknowledgment of Events of Default. Each of the Borrowers and the Company jointly and severally hereby acknowledges that (a) the Existing Events of Default set forth on Schedule 1 hereto (the “Existing Events of Default”) have occurred and continue to exist as of the Seventh Amendment Effective Date, and each of the Borrowers and the Company represent and warrant to the Administrative Agent and the Lenders that no other Event of Default has occurred and continues to exist as of the Seventh Amendment Effective Date, and (b) the occurrence and continuance of the Existing Events of Default entitle the Administrative Agent and the Lenders to at any time exercise all of their rights and remedies and to commence enforcement and collection actions under the Credit Agreement and the other Loan Documents and applicable law.
Acknowledgment of Events of Default. The Credit Parties acknowledge and agree that the following Events of Default exist under the Credit Agreement: (A) an Event of Default arising under Sections 2.10(e) and 7(b) of the Credit Agreement as a result of a Borrowing Base overadvance, (B) an Event of Default under Section 7(c) of the Credit Agreement as a result of Borrower’s failure to pay the Termination Amounts and interest thereon and (C) an Event of Default under Section 7(g) of the Credit Agreement as a result of the failure of a Credit Party to make deferred purchase price payments in excess of $15,000,000.
Acknowledgment of Events of Default. Each of the Loan Parties hereby acknowledges and confirms that the Existing Events of Default have occurred and are continuing.
Acknowledgment of Events of Default. The Borrowers represent, acknowledge and agree that because of an accounting misstatement resulting primarily from an inventory overstatement continuing for approximately three years and three months in the Borrowers' Penny Curtiss baking operation, (x) xxxxxxx Xvents of Default have or may have occurred and be continuing under the Loan Agreement on account of such inventory overstatement, and (b) the Borrowers may have been, or may currently be, out of compliance with one or more of Sections 8.14, 8.15, 8.16 and 8.17 of the Loan Agreement which noncompliance would now or hereafter constitute one or more Events of Default (as so described or specified in clauses (a) and (b), collectively, the "DESIGNATED EVENTS OF DEFAULT").
