Common use of ACKNOWLEDGE OF DEFAULTS Clause in Contracts

ACKNOWLEDGE OF DEFAULTS. Borrower hereby confirms and acknowledges that it is in default of its respective obligations under the Loan Documents as a result, inter alia, of (a) Borrower's failure to achieve projected monthly sales as required in Article 13.1(c) of the Loan Agreement, and (b) Borrower exceeding the inventory sublimit and permitted overadvance as originally scheduled under the Loan Agreement. Borrower further acknowledges and agrees that Bank has certain rights and remedies available to it as a result of the occurrence of such defaults, including the right to confess judgment against the Borrower and each Guarantor. BORROWER EXPRESSLY AGREES THAT NOTHING CONTAINED HEREIN SHALL BE DEEMED TO CONSTITUTE A WAIVER OR RELEASE OF ANY EXISTING EVENTS OF DEFAULTS OR OF ANY RIGHTS AND REMEDIES AVAILABLE TO BANK AS A RESULT THEREOF.

ACKNOWLEDGE OF DEFAULTS. Borrower hereby confirms and acknowledges that it is in default of its respective obligations under the Loan Documents as a result, inter alia, of (a) Borrower's failure to achieve projected monthly sales as required in Article 13.1(c) of the Loan Agreement, and (b) Borrower exceeding the inventory sublimit Inventory Sublimit, WIP Sublimit and permitted overadvance Permitted Overadvance as originally scheduled under the Loan Agreement. Borrower further acknowledges and agrees that Bank has certain rights and remedies available to it as a result of the occurrence of such defaults, including the right to confess judgment against the Borrower and each Guarantor. BORROWER EXPRESSLY AGREES THAT NOTHING CONTAINED HEREIN SHALL BE DEEMED TO CONSTITUTE A WAIVER OR RELEASE OF ANY EXISTING EVENTS OF DEFAULTS OR OF ANY RIGHTS AND REMEDIES AVAILABLE TO BANK AS A RESULT THEREOF.