Common use of BORROWERS ACKNOWLEDGEMENTS Clause in Contracts

BORROWERS ACKNOWLEDGEMENTS. 2.1 Each Obligor 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 OFID 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 OFID Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, OFID immediately and without further notice under the OFID Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the OFID Loan Agreement and exercise any and all remedies against each Obligor as a result of the Current Events of Default. The failure to list any existing Event of Default in this Agreement of which OFID 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. 2.1 Each Obligor 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 OFID 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 OFID IFC Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, OFID IFC immediately and without further notice under the OFID IFC Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the OFID IFC Loan Agreement and exercise any and all remedies against each Obligor 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 OFID 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. 2.1 Each Obligor 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 OFID 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 OFID IFC Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, OFID IFC immediately and without further notice under the OFID IFC Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the OFID IFC Loan Agreement and exercise any and all remedies against each Obligor the Borrowers 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 OFID 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. 2.1 Each Borrower and each other Obligor 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 OFID 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 OFID Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, OFID immediately and without further notice under the OFID Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the OFID Loan Agreement and exercise any and all remedies against each Obligor the Borrowers and the other Obligors as a result of the Current Events of Default. The failure to list any existing Event of Default in this Agreement of which OFID 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. 2.1 Each Borrower and each other Obligor 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 OFID 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 OFID IFC Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, OFID IFC immediately and without further notice under the OFID IFC Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the OFID IFC Loan Agreement and exercise any and all remedies against each Obligor the Borrowers and the other Obligors as a result of the Current Events of Default. The failure to list any existing Event of Default in this Agreement of which OFID 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.