BORROWERS ACKNOWLEDGEMENTS. As of March 15, 2001, there was (i) $1,608,688.09 in principal owing under the Consolidated Note, (ii) $5,821,123.07 in principal owing under the Convertible Note and (iii) $1,500,000.00 in principal owing under the Texas Note, plus accrued but unpaid interest, costs and expenses and other obligations provided in the Loan Documents (all such obligations of Borrower to Lender are hereinafter collectively referred to as the "OBLIGATIONS"). The Obligations are due and owing Lender without setoff, recoupment, defense, deduction, counterclaim, credit, allowance or adjustment, whether in law or equity, of any kind or nature.
BORROWERS ACKNOWLEDGEMENTS. 2.1 The Borrower and the Guarantor, each acknowledges and agrees that as of the Effective Date (as defined in Section 3.2 below), an Event of Default has occurred and is continuing under the IFC Loan Agreement (hereinafter, the "Current Event of Default") as a result of the failure by certain Ultrapetrol Entities to make scheduled payments required under the Indenture which resulted in a cross-default to occur and continue under Section 6.02(K) of the IFC Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, IFC immediately and without further notice under the IFC Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the IFC Loan Agreement and exercise any and all remedies against the Borrower and the Guarantor as a result of the Current Events of Default. The failure to list any existing Event of Default in this Agreement of which IFC had or could have had actual knowledge as of the date hereof, is not intended and shall not be construed to be a waiver thereof or an acquiescence therein.
BORROWERS ACKNOWLEDGEMENTS. Each Borrower hereby acknowledges that (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents, (b) neither the Agent nor any Bank has any fiduciary relationship to such Borrower, the relationship being solely that of debtor and creditor, (c) no joint venture exists between such Borrower and the Agent or any Bank, and (d) neither the Agent nor any Bank undertakes any responsibility to such Borrower to review or inform such Borrower of any matter in connection with any phase of the business or operations of such Borrower and such Borrower shall rely entirely upon its own judgment with respect to its business, and any review, inspection or supervision of, or information supplied to, such Borrower by the Agent or any Bank is for the protection of the Banks and neither the Borrower nor any third party is entitled to rely thereon.
BORROWERS ACKNOWLEDGEMENTS. The Borrowers acknowledge that, pursuant to Section 2.22 of the Credit Agreement, they have requested that (i) the aggregate amount of the Commitments be increased to $345,000,000, (ii) CSFB become a Lender under the Credit Agreement and (iii) CSFB extend credit under the Credit Agreement in the amount of $25,000,000.
BORROWERS ACKNOWLEDGEMENTS. The Loan Parties acknowledge and agree that: