Acknowledgment of Specified Default. Borrower acknowledges, confirms and agrees that (a) the Specified Default has occurred and is continuing, (b) the Specified Default constitutes an Event of Default under the Financing Agreements and (c) in the absence of this Agreement, the occurrence of the Specified Default entitles Agent and Lenders to exercise their rights and remedies under the Financing Agreements, applicable law and otherwise, including, without limitation, their right to declare all Obligations to be immediately due and payable.
Acknowledgment of Specified Default. Borrower acknowledges that the Specified Default has occurred and is continuing, and that Borrower has no defense thereto or any other defense to (i) Borrower's obligation to pay the Obligations when due, or (ii) the validity, enforceability or binding effect against Borrower or any other Credit Party of the Credit Agreement or any of the other Loan Papers (to the extent a party thereto) or any Liens intended to be created thereby.
Acknowledgment of Specified Default. To induce the Administrative Agent and each Specified Lender to execute this Agreement, each Loan Party hereby acknowledges, stipulates, represents, warrants and agrees as follows:
