Common use of Continuing Defaults Clause in Contracts

Continuing Defaults. With respect to each of the Existing Events of Default, each Borrower acknowledges that (a) such Existing Event of Default is continuing and has not been waived by virtue of any previous actions (or failure to act) by the First Lien Administrative Agent or the First Lien Lenders through any course of conduct or course of dealing or otherwise, (b) as a result of the existence of such Existing Event of Default, the First Lien Lenders and the First Lien Administrative Agent, pursuant to Section 8.02 of the First Lien Credit Agreement and the other Loan Documents, have the right to, among other things, (i) terminate the obligations and any commitment of each First Lien Lender to make any further Loans and/or L/C Credit Extensions, (ii) accelerate the maturity of all of the Loans and all of the other Obligations, and (iii) decline to make any further Loans and/or L/C Credit Extensions.