Common use of Effect of Specified Events of Default Clause in Contracts

Effect of Specified Events of Default. Each Credit Party hereby acknowledges, confirms and agrees that (a) the Borrower may fail to (i) make the interest payment due on December 20, 2017 under the Credit Agreement, (ii) make the payment due on December 29, 2017 under the Junior Lien Credit Agreement and (ii) maintain (A) the minimum liquidity required under Section 7.11(a) of the First Lien RBL Credit Agreement as of the last day of the fiscal quarter ended December 31, 2017, (B) the Interest Coverage Ratio required under Section 7.11(b) of the First Lien RBL Credit Agreement as of the last day of the fiscal quarter ended December 31, 2017 and (C) the leverage ratio required under Section 7.11(c) of the First Lien RBL Credit Agreement as of the last day of the fiscal quarter ended December 31, 2017 and (b) upon the occurrence thereof, each of the Specified Events of Default will constitute, directly or indirectly, an Event of Default under and as defined in the Credit Agreement, entitling the Lenders to exercise their rights and remedies under the Loan Document.

Effect of Specified Events of Default. Each Credit Party hereby acknowledges, confirms and agrees that (a) the Borrower may fail to (i) make the interest payment due on December 20, 2017 under the Credit Agreement1.75 Lien Debt Documents, (ii) make the payment due on December 29, 2017 under the Junior Second Lien Credit Agreement Debt Documents and (iiiii) maintain (A) the minimum liquidity required under Section 7.11(a) of the First Lien RBL Credit Agreement as of the last day of the fiscal quarter ended December 31, 2017, (B) the Interest Coverage Ratio required under Section 7.11(b) of the First Lien RBL Credit Agreement as of the last day of the fiscal quarter ended December 31, 2017 and (C) the leverage ratio required under Section 7.11(c) of the First Lien RBL Credit Agreement as of the last day of the fiscal quarter ended December 31, 2017 and (b) upon the occurrence thereof, each of the Specified Events of Default will constitute, directly or indirectly, constitute an Event of Default under and as defined in the Credit Agreement, entitling the Administrative Agent and the Lenders to exercise their rights and remedies under the Loan Document.