Common use of Acknowledgment of Default Clause in Contracts

Acknowledgment of Default. That on and as of the Effective Date (as defined below): (i) Events of Default exist and continue to exist, including, without limitation, the Existing Events of Default; (ii) timely, adequate and proper notice (notwithstanding that such notice is not required under Section 8.2 of the Credit Agreement) of the occurrence of the Existing Events of Default has been received by Borrower and Guarantors from Agent (and Borrower waives any requirement that any such notice be in writing); (iii) all grace periods, if any, applicable to the cure of such Existing Events of Default after receipt of such notice have expired; (iv) each of said Events of Default was and is continuing without timely cure by the Borrower or Guarantors; and (v) Agent and Lenders have not waived in any respect any or all of such Events of Default or their respective Rights and Remedies with respect thereto.