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 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.
Appears in 2 contracts
Samples: Loan Agreement and Forbearance Agreement (School Specialty Inc), Loan Agreement and Forbearance Agreement (School Specialty Inc)
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.
Appears in 2 contracts
Samples: Loan Agreement and Forbearance Agreement (School Specialty Inc), Loan Agreement and Forbearance Agreement (School Specialty Inc)
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 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.
Appears in 1 contract
Samples: Loan Agreement and Forbearance Agreement (School Specialty Inc)
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.
Appears in 1 contract
Samples: Loan Agreement and Forbearance Agreement (School Specialty Inc)