Acknowledgment of Events of Default Sample Clauses

Acknowledgment of Events of Default. Enforceability of Credit Agreement and Credit Documents; Waiver of Defenses. The 2 Borrower acknowledges that: (i) the Existing Default has occurred and is continuing under the Credit Agreement and constitutes a Default and an Event of Default thereunder; (ii) to the extent that the Credit Agreement or any of the other Credit Documents require notification by the Agent or the Lenders of the existence of a Default or Event of Default and of an opportunity for the Borrower to cure such Default or Event of Default, such notice and period for cure have been properly given or such requirements have been or are hereby waived by the Borrower; (iii) as a result of the Existing Default, and but for the waiver provided for in this First Amendment, the Agent, on behalf of the Secured Parties, and/or the other Secured Parties, without the need for further notice or declaration with respect to the Existing Default to the Borrower or any other entity, would be entitled to exercise any and all of their rights and remedies under the Credit Agreement and the other Credit Documents; (iv) the Credit Agreement and the other Credit Documents are valid legal agreements, enforceable against the Borrower and each of its Subsidiaries that is a party to any such Credit Document in every respect and all of the terms and conditions thereof are binding upon the Borrower and such Subsidiaries; (v) the Loans and other Obligations owing to the Lenders under the Credit Agreement and the other Credit Documents represent the legal obligations of the Borrower without defense, offset or counterclaim, and (vi) no defenses, set-offs or counterclaims exist with respect to the enforcement by the Agent or any Secured Party of their respective rights under the Credit Agreement or any other Credit Document; provided, however, to the extent that any such defenses, set- offs or counterclaims exist, the Borrower and each such Subsidiary hereby waive any and all such defenses, set-offs and counterclaims which either the Borrower or any such Subsidiary may have or claim to have relating to or arising from the transactions reflected in the Credit Documents or to the enforcement by the Agent or the other Secured Parties of their respective rights and remedies under the Credit Agreement, the other Credit Documents and applicable law.

Acknowledgment of Events of Default. The Loan Parties acknowledge and agree that the Known Defaults have occurred and are continuing (except with respect to Known Defaults consisting of the failure of Borrowers to make amortization payments, which are anticipated to occur hereafter during the Forbearance Period).

Acknowledgment of Events of Default. Enforceability of Credit Agreement;

Acknowledgment of Events of Default. The Borrower acknowledges the Default and that as of the date hereof the principal amount outstanding on the Loan is $2,047,728, plus interest accrued thereon (the “Monetary Obligations”).

Acknowledgment of Events of Default. The Company acknowledges and agrees that: (i) an Event of Default (as defined in the Note) has occurred prior to the date hereof under Section 3(a)(i) of the Note as a result of the suspension from trading of the Common Shares (as defined in the Note) on an Eligible Market (as defined in the Note) for a period of five (5) consecutive Trading Days (as defined in the Note); (ii) an Event of Default has occurred prior to the date hereof under Section 3(a)(vi) of the Note as a result of clause (i) above causing an Event of Default to occur under the Other Notes (as defined in the Note); (iii) an Event of Default will occur under Section 3(a)(vii) of the Note upon the delisting of the Common Shares from the Principal Market (as defined in the Exchange Agreement), resulting in a material breach by the Company of Section 4(c) of the Exchange Agreement; (iv) an Event of Default will occur under Section 3(a)(i) of the Note upon the failure of the Common Shares to be listed on an Eligible Market for a period of five (5) consecutive Trading Days; (v) an Event of Default will occur under Section 3(a)(ii) of the Note as a result of the suspension and the delisting of the Common Shares from an Eligible Market because immediately following such suspension and delisting the Common Shares will not be listed on a designated exchange for purposes of the Income Tax Act (Canada); and (vi) an Event of Default will occur under Section 3(a)(vi) of the Note as a result of each of clauses (iii) through (v) above causing an Event of Default to occur under the Other Notes. For purposes of this Agreement, (i) the Events of Default listed in clauses (i) and (ii) above are collectively referred to herein as the “Existing Events of Default” and each is individually referred to herein as an “Existing Event of Default;” (ii) the Events of Default listed in clauses (iii) through (vi) above are collectively referred to herein as the “Imminent Events of Default” and each is individually referred to herein as an “Imminent Event of Default;” and (iii) the Existing Events of Default and the Imminent Events of Default are collectively referred to herein as the “Defaults” and each is individually referred to herein as a “Default.” The Company represents and warrants to the Holder that (a) no other Event of Default has occurred other than the Existing Events of Default; (b) no other breach by the Company or any of its Subsidiaries of their respective obligations has occurred under any of the Transa...

Acknowledgment of Events of Default. The Credit Parties acknowledge and agree that the following Events of Default exist under the Credit Agreement: (A) an Event of Default under Section 7(c) of the Credit Agreement as a result of Borrower’s failure to pay interest on the Loans when due and (B) an Event of Default under Section 7(g) of the Credit Agreement as a result of the failure of a Credit Party to make deferred purchase price payments in excess of $17,000,000.

Acknowledgment of Events of Default. The Company and Parent agree and acknowledge that the Parent Bankruptcy, the Existing Defaults and the ISDA Defaults currently exist.

Acknowledgment of Events of Default. Each of the Borrowers and the Company jointly and severally hereby acknowledges that (a) the Existing Events of Default set forth on Schedule 1 hereto (the “Existing Events of Default”) have occurred and continue to exist as of the Seventh Amendment Effective Date, and each of the Borrowers and the Company represent and warrant to the Administrative Agent and the Lenders that no other Event of Default has occurred and continues to exist as of the Seventh Amendment Effective Date, and (b) the occurrence and continuance of the Existing Events of Default entitle the Administrative Agent and the Lenders to at any time exercise all of their rights and remedies and to commence enforcement and collection actions under the Credit Agreement and the other Loan Documents and applicable law.

Acknowledgment of Events of Default. Each of the Loan Parties hereby acknowledges and confirms that the Existing Events of Default have occurred and are continuing.

Acknowledgment of Events of Default. Each of the Borrowers and the Company jointly and severally hereby acknowledges that (a) the Existing Events of Default set forth on Schedule 1 hereto (the “Existing Events of Default”) have occurred and continue to exist as of the Eighth Amendment Effective Date, and each of the Borrowers and the Company represents and warrants to the Administrative Agent and the Lenders that no other Event of Default has occurred and continues to exist as of the Eighth Amendment Effective Date, (b) the Scheduled Expected Events of Default set forth on Schedule 2 hereto (the “Scheduled Expected Events of Default”) have not occurred as of the Eighth Amendment Effective Date but are expected to occur and continue through the Restructuring Period (as defined in the RSA); and (c) the occurrence and continuance of the Existing Events of Default (except solely with respect to the Reserved Cash Account) and the Scheduled Expected Events of Default (upon becoming an Event of Default) entitle the Administrative Agent and the Lenders to at any time exercise all of their rights and remedies and to commence enforcement and collection actions under the Credit Agreement and the other Loan Documents and applicable law.