Common use of Acknowledgment of Defaults Clause in Contracts

Acknowledgment 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, WIP Sublimit and Permitted Overadvance as scheduled under the Loan Agreement. Borrower further acknowledges and agrees that the Bank has certain rights and remedies available to it as a result of the occurrence of the defaults, including the right to confess judgment against the Borrower and each Guarantor. BORROWER AND GUARANTORS EXPRESSLY AGREE THAT NOTHING CONTAINED HEREIN SHALL BE DEEMED TO CONSTITUTE A WAIVER OR RELEASE OF ANY EXISTING EVENTS OF DEFAULT OR OF ANY RIGHTS AND REMEDIES AVAILABLE TO BANK AS A RESULT THEREOF.

Acknowledgment 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 prior failure to achieve projected monthly sales as required in Article 13.1(c) of the Loan Agreement, and (b) Borrower exceeding the Inventory Sublimit, WIP Sublimit and Permitted Overadvance Out-of-Formula Advances as scheduled under the Loan Agreement, and (c) the existence of Out-of-Formula Advances from time to time. Borrower further acknowledges and agrees that the Bank has certain rights and remedies available to it as a result of the occurrence of the defaults, including the right to confess judgment against the Borrower and each Guarantor. BORROWER AND GUARANTORS EXPRESSLY AGREE THAT NOTHING CONTAINED HEREIN SHALL BE DEEMED TO CONSTITUTE A WAIVER OR RELEASE OF ANY EXISTING EVENTS OF DEFAULT OR OF ANY RIGHTS AND REMEDIES AVAILABLE TO BANK AS A RESULT THEREOF.

Acknowledgment 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, WIP Sublimit and Permitted Overadvance as originally scheduled under the Loan Agreement. Borrower further acknowledges and agrees that the Bank has certain rights and remedies available to it as a result of the occurrence of the such defaults, including the right to confess judgment against the Borrower and each Guarantor. BORROWER AND GUARANTORS EXPRESSLY AGREE THAT NOTHING CONTAINED HEREIN SHALL BE DEEMED TO CONSTITUTE A WAIVER OR RELEASE OF ANY EXISTING EVENTS OF DEFAULT DEFAULTS OR OF ANY RIGHTS AND REMEDIES AVAILABLE TO BANK AS A RESULT THEREOF.