Specified Defaults. (a) As a result of the existence of the Specified Defaults, subject to the proviso to the definition of “Events of Default” herein, Agent and Lenders have the right to charge interest at the default rate in accordance with (but in all cases subject in the limitations set forth in) Section 2.5(b) commencing on the date on which any Specified Default first occurred. (b) The Loan Parties shall continue to comply with all limitations, restrictions or prohibitions that are effective or applicable under this Agreement or any of the other Loan Documents during the continuance of any Event of Default. No oral representations or course of dealing on the part of Agent, Lenders or any of their respective members, officers, employees or agents, and no failure or delay by Agent or Lenders with respect to the exercise of any right, power, privilege or remedy under any of this Agreement, the other Loan Documents or Applicable Law shall operate as a waiver thereof, and the single or partial exercise of any such right, power, privilege or remedy shall not preclude any later exercise of any other right, power, privilege or remedy. The execution and delivery by Agent and the Lenders of this Agreement and any other Loan Document executed and delivered as of the Effective Date shall in no way be deemed to constitute a waiver or deemed waiver of any Events of Default outstanding as of the Effective Date, except with respect to the Specified Defaults as set forth herein. Finally, no waiver, forbearance or other similar action by Agent or Lenders with regard to any Default or Event of Default, whether now existing or hereafter arising under this Agreement or any of the other Loan Documents, shall be effective unless the same has been reduced to writing and executed by an authorized representative of Agent or the Lenders.
Appears in 3 contracts
Sources: Credit Agreement (Acreage Holdings, Inc.), Credit Agreement (Canopy Growth Corp), Credit Agreement