Common use of Acknowledgment of Defaults Clause in Contracts

Acknowledgment of Defaults. Each of Borrower and Parent hereby acknowledges and agrees that the Specified Defaults have occurred and are continuing and constitute Events of Default which entitle GE Capital to exercise its rights and remedies under the Loan Documents, applicable law or otherwise. Each of Borrower and Parent hereby acknowledges and agrees that GE Capital has the presently exercisable right to declare the Obligations to be immediately due and payable under the terms of the Loan Documents. GE Capital has not waived, presently does not intend to waive and may never waive any of the Specified Defaults and nothing contained herein or the transactions contemplated hereby shall be deemed to constitute any such waiver.