Common use of BORROWERS ACKNOWLEDGEMENTS Clause in Contracts

BORROWERS ACKNOWLEDGEMENTS. 2.1 The Borrower and the Guarantor, each acknowledges and agrees that as of the Effective Date (as defined in Section 3.2 below), an Event of Default has occurred and is continuing under the IFC Loan Agreement (hereinafter, the "Current Event of Default") as a result of the failure by certain Ultrapetrol Entities to make scheduled payments required under the Indenture which resulted in a cross-default to occur and continue under Section 6.02(K) of the IFC Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, IFC immediately and without further notice under the IFC Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the IFC Loan Agreement and exercise any and all remedies against the Borrower and the Guarantor as a result of the Current Events of Default. The failure to list any existing Event of Default in this Agreement of which IFC had or could have had actual knowledge as of the date hereof, is not intended and shall not be construed to be a waiver thereof or an acquiescence therein.

BORROWERS ACKNOWLEDGEMENTS. 2.1 The Each Borrower and the Guarantor, each other Obligor acknowledges and agrees that as of the Effective Date (as defined in Section 3.2 below), an Event of Default has occurred and is continuing under the IFC Loan Agreement (hereinafter, the "Current Event of Default") as a result of the failure by certain Ultrapetrol Entities to make scheduled payments required under the Indenture which resulted in a cross-default to occur and continue under Section 6.02(K) of the IFC Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, IFC immediately and without further notice under the IFC Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the IFC Loan Agreement and exercise any and all remedies against the Borrower Borrowers and the Guarantor other Obligors as a result of the Current Events of Default. The failure to list any existing Event of Default in this Agreement of which IFC had or could have had actual knowledge as of the date hereof, is not intended and shall not be construed to be a waiver thereof or an acquiescence therein.

BORROWERS ACKNOWLEDGEMENTS. 2.1 The Borrower and the Guarantor, each Each Obligor acknowledges and agrees that as of the Effective Date (as defined in Section 3.2 below), an Event of Default has occurred and is continuing under the IFC OFID Loan Agreement (hereinafter, the "Current Event of Default") as a result of the failure by certain Ultrapetrol Entities to make scheduled payments required under the Indenture which resulted in a cross-default to occur and continue under Section 6.02(K) of the IFC OFID Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, IFC OFID immediately and without further notice under the IFC OFID Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the IFC OFID Loan Agreement and exercise any and all remedies against the Borrower and the Guarantor each Obligor as a result of the Current Events of Default. The failure to list any existing Event of Default in this Agreement of which IFC OFID had or could have had actual knowledge as of the date hereof, is not intended and shall not be construed to be a waiver thereof or an acquiescence therein.

BORROWERS ACKNOWLEDGEMENTS. 2.1 The Each Borrower and the Guarantor, each acknowledges and agrees that as of the Effective Date (as defined in Section 3.2 below), an Event of Default has occurred and is continuing under the IFC Loan Agreement (hereinafter, the "Current Event of Default") as a result of the failure by certain Ultrapetrol Entities to make scheduled payments required under the Indenture which resulted in a cross-default to occur and continue under Section 6.02(K) of the IFC Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, IFC immediately and without further notice under the IFC Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the IFC Loan Agreement and exercise any and all remedies against the Borrower Borrowers and the Guarantor as a result of the Current Events of Default. The failure to list any existing Event of Default in this Agreement of which IFC had or could have had actual knowledge as of the date hereof, is not intended and shall not be construed to be a waiver thereof or an acquiescence therein.

BORROWERS ACKNOWLEDGEMENTS. 2.1 The Each Borrower and the Guarantor, each other Obligor acknowledges and agrees that as of the Effective Date (as defined in Section 3.2 below), an Event of Default has occurred and is continuing under the IFC OFID Loan Agreement (hereinafter, the "Current Event of Default") as a result of the failure by certain Ultrapetrol Entities to make scheduled payments required under the Indenture which resulted in a cross-default to occur and continue under Section 6.02(K) of the IFC OFID Loan Agreement and that, but for the Forbearance set forth in Section 3 of this Agreement, IFC OFID immediately and without further notice under the IFC OFID Loan Agreement or otherwise is entitled to cause the acceleration of all amounts due and payable under the IFC OFID Loan Agreement and exercise any and all remedies against the Borrower Borrowers and the Guarantor other Obligors as a result of the Current Events of Default. The failure to list any existing Event of Default in this Agreement of which IFC OFID had or could have had actual knowledge as of the date hereof, is not intended and shall not be construed to be a waiver thereof or an acquiescence therein.