Common use of Acknowledgment by the Borrower Clause in Contracts

Acknowledgment by the Borrower. (a) The Borrower hereby acknowledges and agrees that (i) as of April 1, 2019, the Specified Defaults will have occurred and be continuing; and (ii) should any Specified Defaults constitute or mature into, after the expiration of any applicable grace period under the Credit Agreement, an Event of Default, all Obligations under the Loan Documents could be declared immediately due and payable, and each of the Administrative Agent and the Lenders would have full legal right to exercise any and all of their respective rights and remedies under the Loan Documents or otherwise available at law and in equity with respect thereto.

Acknowledgment by the Borrower. (a) The Borrower hereby acknowledges and agrees that (i) as of April 1, 2019, the Specified Defaults will have occurred and be are continuing; and (ii) should any Specified Defaults constitute or mature into, after the expiration of any applicable grace period under the Credit Agreement, an Event of Default, all Obligations under the Loan Documents could be declared immediately due and payable, and each of the Administrative Agent and the Lenders would have full legal right to exercise any and all of their respective rights and remedies under the Loan Documents or otherwise available at law and in equity with respect thereto.