Acknowledgment of Defaults. The Existing Defaults constitute Events of Default under the Credit Agreement. The Loan Parties acknowledge that, because of the Existing Defaults, the Agent and the Lenders are permitted and entitled (i) under Section 11.02 of the Credit Agreement and under the other Loan Documents to accelerate the Obligations, to enforce Liens granted under the Security Documents, and to exercise any other rights or remedies that may be available under the Loan Documents or under applicable law and (ii) to charge the Default Rate under Section 3.02(b) of the Credit Agreement. The Loan Parties represent to the Agent and the Lenders that there are no Defaults or Events of Default other than the Existing Defaults.
Acknowledgment of Defaults. The Borrowers specifically acknowledge the existence and continuation of the Specified Defaults.
Acknowledgment of Defaults. The Borrower hereby acknowledges and agrees that (i) the Designated Defaults have occurred and are continuing, each of which constitutes an Event of Default, and, as a result of the Designated Defaults, as well as any other Defaults or Events of Default that may exist, the Administrative Agent and the Lenders are entitled to exercise any and all default-related rights and remedies under the Credit Agreement, other Loan Documents and/or applicable law, including without limitation, making a determination not to make further Loans or incur further Letter of Credit Obligations, to terminate the Commitments, to accelerate the Obligations, to exercise rights against Collateral, to enforce Liens granted under the Collateral Documents, or to exercise any other rights or remedies that may be available under the Loan Documents or under applicable law, and (ii) that the Borrower has no valid defense to the enforcement of such default-related rights and remedies.
Acknowledgment of Defaults. Borrower hereby confirms and acknowledges that it is in default of its respective obligations under the Loan Documents as a result, inter alia, of (a) Borrower's failure to achieve projected monthly sales as required in Article 13.1(c) of the Loan Agreement, and (b) Borrower exceeding the Inventory Sublimit, WIP Sublimit and Permitted Overadvance as scheduled under the Loan Agreement. Borrower further acknowledges and agrees that the Bank has certain rights and remedies available to it as a result of the occurrence of the defaults, including the right to confess judgment against the Borrower and each Guarantor. BORROWER AND GUARANTORS EXPRESSLY AGREE THAT NOTHING CONTAINED HEREIN SHALL BE DEEMED TO CONSTITUTE A WAIVER OR RELEASE OF ANY EXISTING EVENTS OF DEFAULT OR OF ANY RIGHTS AND REMEDIES AVAILABLE TO BANK AS A RESULT THEREOF.
Acknowledgment of Defaults. Each of Borrower and Parent hereby acknowledges and agrees that the Specified Defaults have occurred and are continuing and constitute Events of Default which entitle GE Capital to exercise its rights and remedies under the Loan Documents, applicable law or otherwise. Each of Borrower and Parent hereby acknowledges and agrees that GE Capital has the presently exercisable right to declare the Obligations to be immediately due and payable under the terms of the Loan Documents. GE Capital has not waived, presently does not intend to waive and may never waive any of the Specified Defaults and nothing contained herein or the transactions contemplated hereby shall be deemed to constitute any such waiver.
Acknowledgment of Defaults. The Designated Events of Default constitute Events of Default under the Credit Agreement. The Company acknowledges that, because of the Events of Default, the Lenders are permitted and entitled to decline to provide further credit or Advances to the Company, to terminate the commitments, to accelerate the Obligations, and to exercise any other rights or remedies that may be available under the Credit Agreement or under applicable law. The Company represents to the Agent and Lenders that, to the best of its knowledge, there are no Defaults or Events of Default other than the Designated Events of Default.
Acknowledgment of Defaults. The Loan Parties hereby acknowledge and agree that the each of Specified Events have occurred and are continuing, constitutes an Event of Default, and entitles Administrative Agent and each Lender to exercise its rights and remedies under the Loan Documents, applicable law or otherwise, including, without limitation, by exercising the right to declare the Obligations to be immediately due and payable under the terms of the Loan Documents. The Loan Parties represent and warrant that as of the date hereof, no other Events of Default exist other than the Specified Events. 2.
Acknowledgment of Defaults. Borrower acknowledges that (i) an Event of Default under Section 8.2(a) of the Loan Agreement has occurred by virtue of Borrower failing to deliver an “unqualified” opinion from an independent certified public accounting firm, on the annual financial statements of Borrower for the fiscal year ended December 31, 2016 (such opinion includes a “going concern” qualification), and (ii) an Event of Default or Events of Default under Section 8.3, 8.6 and/or Section 8.9 of the Loan Agreement have occurred by virtue of Borrower’s events of default under the OrbiMed Loan Documents, that certain Indenture, dated as of July 31, 2015, by and between Holdings and Wilmington Trust, National Association, as trustee, and certain Convertible Promissory Notes issued by Holdings to ROS Acquisition Offshore LP on April 14, 2016 (in the aggregate principal amount of $1,428,552.78) and January 17, 2017 (in the aggregate principal amounts of $995,700 and $42,856.59), and to OrbiMed Royalty Opportunities II, LP on April 14, 2016 (in the aggregate principal amount of $809,613.67) and January 17, 2017 (in the aggregate principal amounts of $564,300 and $24,288.41), as a result of such “going concern” qualification (the foregoing Events of Default described in clause (i) and clause (ii) are collectively referred to as the “Stated Defaults”).
Acknowledgment of Defaults. Borrower acknowledges that Events of Default ----------------------------- exist under the Loan Documents and that, but for this Agreement, FINOVA could exercise all of its rights available thereunder or at law or in equity.
Acknowledgment of Defaults. Borrower and each Guarantor hereby acknowledges, confirms and agrees that the Existing Defaults have occurred as of July 31, 2015 and shall be continuing thereafter unless waived in accordance with the Loan Documents, each of which constitutes an Event of Default and, subject to Section 3.2 of this Agreement, entitles Agent and each Lender to exercise its rights and remedies under the Loan Documents, applicable law or otherwise, and that Agent and Lenders have not, as of the date hereof, waived such Existing Defaults and nothing contained in this Agreement or the transactions contemplated hereby constitute such a waiver. Borrower and each Guarantor hereby waive the right to contest the occurrence, existence, accuracy or materiality of the Existing Defaults.
