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.
Appears in 6 contracts
Samples: Forbearance Agreement (Icagen, Inc.), Forbearance Agreement (Icagen, Inc.), Credit Agreement (Icagen, Inc.)
