Common use of Acknowledgment of Default Clause in Contracts

Acknowledgment of Default. Each Obligor hereby acknowledges and agrees that the Existing Defaults have occurred and are continuing, each of which constitutes an Event of Default and entitles Agent and Lenders to exercise their rights and remedies under the Loan Agreement and the other Loan Documents, applicable law or otherwise. Each Obligor represents and warrants that as of the date hereof, no Events of Default exist other than the Existing Defaults. Each Obligor hereby acknowledges and agrees that Agent and Lenders have the exercisable right (x) to terminate the Commitments, (y) to refuse to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to the Borrowers under the Loan Agreement and (z) to declare the Obligations to be immediately due and payable under the terms of the Loan Agreement and the other Loan Documents. Each Obligor hereby acknowledges and agrees that the Specified Defaults shall be deemed to exist at all times during the period commencing on the date that such Specified Default first occurred (or occurs) to the date on which such Specified Default is expressly waived in writing pursuant to the Loan Agreement; and a Specified Default shall “continue” or be “continuing” until such Specified Default has been expressly waived in writing by the requisite Lenders under and in accordance with the terms of the Loan Agreement.

Acknowledgment of Default. Each Obligor hereby acknowledges and agrees that the Existing Defaults have occurred and are continuing, each of which constitutes an Event of Default and entitles Agent and Lenders to exercise their rights and remedies under the Loan Agreement and the other Loan Documents, applicable law or otherwise. Each Obligor represents and warrants that as of the date hereof, no Events of Default exist other than the Existing Defaults. Each Obligor hereby acknowledges and agrees that Agent and Lenders have the exercisable right (x) to terminate the Commitments, (y) to refuse to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to the Borrowers under the Loan Agreement and (z) to declare the Obligations to be immediately due and payable under the terms of the Loan Agreement and the other Loan Documents. Each Obligor hereby acknowledges and agrees that the Specified Defaults shall be deemed to exist at all times during the period commencing on the date that such Specified Default first occurred (or occurs) to the date on which such Specified Default is expressly waived in writing pursuant to the Loan Agreement; and a Specified Default shall “"continue” " or be “"continuing” " until such Specified Default has been expressly waived in writing by the requisite Lenders under and in accordance with the terms of the Loan Agreement.

Acknowledgment of Default. Each Obligor hereby acknowledges and agrees that the Existing Defaults have occurred and are continuing, each of which constitutes an Event of Default and entitles Agent and Lenders to exercise their rights and remedies under the Loan Agreement and the other Loan Documents, applicable law or otherwise. Each Obligor represents and warrants that as of the date hereof, no Events of Default exist other than the Existing Defaults. Each Obligor hereby acknowledges and agrees that Agent and Lenders have the exercisable right (x) to terminate the Commitments, (y) to refuse to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to the Borrowers under the Loan Agreement and (z) to declare the Obligations to be immediately due and payable under the terms of the Loan Agreement and the other Loan Documents. Each Obligor hereby acknowledges and agrees that the Specified Existing Defaults shall be deemed to exist at all times during the period commencing on the date that such Specified Existing Default first occurred (or occurs) to the date on which such Specified Existing Default is expressly waived in writing pursuant to the Loan Agreement; and a Specified an Existing Default shall “"continue” " or be “"continuing” " until such Specified Existing Default has been expressly waived in writing by the requisite Lenders under and in accordance with the terms of the Loan Agreement.

Acknowledgment of Default. Each Obligor (a) The Issuer hereby acknowledges and agrees that (i) $11,687,500 of interest on the Existing Defaults have occurred Notes due August 3, 2009 was not paid, and, as the date hereof, remains unpaid and are continuing, each of which such failure to pay constitutes an Event of Default (the “Specified Default”) pursuant to Section 501(ii) of the Indenture; and entitles Agent and Lenders (ii) immediately upon the occurrence of the Specified Default, the Trustee or Holders of at least 30% of the principal amount of outstanding Notes are entitled to exercise their certain rights and remedies under the Loan Agreement Indenture, the Notes and the other Loan Documents, applicable law or otherwiselaw. Each Obligor The Issuer hereby represents and warrants that except for the Specified Default, no other defaults or Events of Default under the Indenture have occurred and are continuing as of the date hereof. Except as expressly set forth in this Second Forbearance Agreement, no Events the agreements of the Trustee and Holders hereunder to forbear provisionally in the exercise of their respective rights and remedies under the Indenture in respect of the Specified Default exist other than until the Existing DefaultsSecond Forbearance Termination Date does not in any manner whatsoever limit any right of any of the Trustee and Holders to insist upon strict compliance by the Issuer with this Second Forbearance Agreement, the Indenture or the Notes. Each Obligor hereby acknowledges Holders, however, agree to have their representatives inform the Trustee of this Second Forbearance Agreement and agrees that Agent and Lenders of their desire to have the exercisable right (x) to terminate the Commitments, (y) to refuse to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to the Borrowers under the Loan Agreement and (z) to declare the Obligations to be immediately due and payable under the terms of the Loan Agreement and the other Loan Documents. Each Obligor hereby acknowledges and agrees that the Specified Defaults shall be deemed to exist at all times during the period commencing on the date that such Specified Default first occurred (or occurs) to the date on which such Specified Default is expressly waived in writing pursuant to the Loan Agreement; and a Specified Default shall “continue” or be “continuing” until such Specified Default has been expressly waived in writing by the requisite Lenders under and in accordance Trustee act consistently with the terms of the Loan Agreementforbearance arrangements provided for herein.

Acknowledgment of Default. Each Obligor hereby acknowledges and agrees that the Existing Defaults have occurred and are continuing, each of which constitutes an Event of Default and entitles Agent and Lenders to exercise their rights and remedies under the Loan Agreement and the other Loan Documents, applicable law or otherwise. Each Obligor represents and warrants that as of the date hereof, no Events of Default exist other than the Existing Defaults. Each Obligor hereby acknowledges and agrees that Agent and Lenders have the exercisable right (x) to terminate the Commitments, (y) to refuse to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to the Borrowers under the Loan Agreement and (z) to declare the Obligations to be immediately due and payable under the terms of the Loan Agreement and the other Loan Documents. Each Obligor hereby acknowledges and agrees that the Specified Existing Defaults shall be deemed to exist at all times during the period commencing on the date that such Specified Existing Default first occurred (or occurs) to the date on which such Specified Existing Default is expressly waived in writing pursuant to the Loan Agreement; and a Specified an Existing Default shall “continue” or be “continuing” until such Specified Existing Default has been expressly waived in writing by the requisite Lenders under and in accordance with the terms of the Loan Agreement.