Identified Events of Default. For the purposes of this Term Sheet, Identified Events of Default means the Events of Default (as defined in the Indentures), if any, that arise as a result of the transactions contemplated by this Term Sheet, the Recapitalization, the Plan, the commencement or prosecution of the arrangement proceedings contemplated hereby, or any failure to pay interest under the Indentures during the course of such arrangement proceedings prior to the implementation of the Plan.
Identified Events of Default. The Borrower acknowledges and agrees that the Identified Events of Default have occurred or may occur under the Loan Documents and that the Lender is entitled to exercise its rights and remedies with respect to such Identified Events of Default under the Loan Documents and applicable law. The Borrower further acknowledges and agrees that the Lender has no obligation: (i) to forbear from the exercise of its rights and remedies except as specifically set forth herein, or (ii) to make additional loans or advance any funds to the Borrower under the Loan Documents or applicable law. The Borrower further acknowledges and agrees that the fact that the Lender has not elected to take any of the actions described in the Loan Documents is not a waiver of the Lender’s right to do so at any time in the future, except as specifically provided herein.
