Confirmation by Borrower of Obligations and Specified Defaults Sample Clauses

Confirmation by Borrower of Obligations and Specified Defaults. Borrower and each other Loan Party acknowledges and agrees that as of April 1, 2010, the aggregate principal balance of the outstanding Obligations under the Credit Agreement is at least $88,550,832.30, and that the respective principal balances of the various Loans as of such date were not less than the following: Term Loans (including Term PIK Loans) $ 82,125,832.30 Revolving Loans (excluding L/C Obligations; but including Revolving PIK Loans) $ 0 L/C Obligations $ 6,425,000 The foregoing amounts do not include interest, fees, expenses and other amounts which are chargeable or otherwise reimbursable under the Credit Agreement and the other Loan Documents. All of the Obligations, including those set forth above, are currently payable, and none of Borrower and the other Loan Parties have any rights of offset, defenses, claims or counterclaims with respect to any of the Obligations.
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Confirmation by Borrower of Obligations and Specified Defaults. (a) The Borrower acknowledges and agrees that the aggregate principal amount of the outstanding Loans and the LC Exposure under the Credit Agreement as of the date hereof, and the aggregate accrued and unpaid interest on the Loans through March 10, 2000 (after giving effect to the payments made on, but prior to any borrowings on, such date) are as follows: Revolving Loans $79,500,000 Term Loans $26,979,166.66 LC Exposure $5,279,617.86 Accrued and unpaid interest on the Loans through March 10, 2000 (after giving effect to the interest payment received from the Borrower on March 10, 2000) $1,444,961.34 The foregoing amounts do not include unpaid interest, fees, expenses and other amounts (other than accrued and unpaid interest on the Loans through March 10, 2000) that are chargeable or otherwise reimbursable under the Loan Documents. The Borrower agrees and acknowledges that it has no right of offset, defense or counterclaim with respect to any of the foregoing obligations.
Sample 1
Confirmation by Borrower of Obligations and Specified Defaults. Borrower and each other Loan Party acknowledge and agree that as of October 13, 2011, the aggregate principal balance of the outstanding Obligations under the Credit Agreement is at least $212,138,380.50, and that the respective principal balances of the various Loans and Letters of Credit as of such date were not less than the following: Term Loan $ 162,225,000.00 Revolving Loan $ 36,000,000.00 Letter of Credit $ 13,913,380.50 The foregoing amounts do not include interest, fees, expenses and other amounts which are chargeable or otherwise reimbursable under the Credit Agreement and the other Loan Documents. Borrower and each other Loan Party acknowledge and agree that each of the Specified Defaults constitutes an Event of Default that has occurred and is continuing as of the date hereof. Prior to the effectiveness of this Agreement, the existence of the Specified Defaults permitted Agent or the Required Lenders to, among other things, take any action described in Section 9.02 of the Credit Agreement or otherwise exercise all rights and remedies available under the Loan Documents or applicable law. Except as expressly set forth in the amendments to Section 2.03 of the Credit Agreement described herein, Borrower and each other Loan Party acknowledge and agree that, notwithstanding the execution and delivery of this Agreement, neither the L/C Issuer nor any Lender has any obligation whatsoever to make any additional Loans, extend any additional credit or otherwise make any further financial accommodations to Borrower or the other Loan Parties under the Credit Agreement or the other Loan Documents.
Sample 1
Confirmation by Borrower of Obligations and Specified Defaults. (a) The Borrowers acknowledge and agree that as of the date of this Agreement, the aggregate principal balance of the outstanding Obligations under the Loan Documents is not less than $1,497,460 and that the respective principal balances of the various Loans as of such date were not less than the following: Term Loan: $ 64,027 Revolving Credit (including the Letter of Credit Amount): $ 1,433,433 TOTAL: $ 1,497,460 The foregoing amounts do not include interest, fees, expenses and other amounts that are chargeable or otherwise reimbursable under the Loan Documents. All of the obligations, including those set forth above, are valid and outstanding, and the Borrowers have no rights of offset, defenses, claims or counterclaims with respect to any of the obligations under the Loan Documents.
Sample 1
Confirmation by Borrower of Obligations and Specified Defaults 
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Related to Confirmation by Borrower of Obligations and Specified Defaults

  • Reaffirmation of Credit Party Obligations Each Credit Party hereby ratifies the Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its respective Credit Party Obligations.

  • Actions in Respect of the Letters of Credit upon Default If any Event of Default described in Section 6.01(f) with respect to the Borrower shall have occurred and be continuing or the Borrowings shall have otherwise been accelerated or the Commitments terminated pursuant to Section 6.01, then the Administrative Agent may, or shall at the request of the Required Lenders, make demand upon the Borrower to, and forthwith upon such demand (or, in the case of an Event of Default under Section 6.01(f) with respect to the Borrower, automatically without demand) the Borrower will, deposit in an account designated in such demand (the “LC Collateral Account”) with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders and LC Issuing Banks, in same day funds, an amount equal to 103% of the aggregate undrawn stated amounts of all Letters of Credit that are outstanding on such date. If at any time the Administrative Agent determines that any funds held in the LC Collateral Account are subject to any right or claim of any Person other than the Administrative Agent, the Lenders and the LC Issuing Banks or that the total amount of such funds is less than 103% of the aggregate undrawn stated amounts of all Letters of Credit that are outstanding on such date, the Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited and held in the LC Collateral Account, an amount equal to the excess of (i) 103% of such aggregate undrawn stated amounts of all Letters of Credit that are outstanding on such date over (ii) the total amount of funds, if any, then held in the LC Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit in the LC Collateral Account, such funds shall be applied to reimburse the relevant LC Issuing Bank or Lender holding a participation in the reimbursement obligation of the Borrower to such LC Issuing Bank to the extent permitted by Applicable Law.

  • Collections and Defaults The Bank will use reasonable efforts to collect any funds which may to its knowledge become collectible arising from Portfolio Securities, including dividends, interest and other income, and to transmit to the Fund notice actually received by it of any call for redemption, offer of exchange, right of subscription, reorganization or other proceedings affecting such Securities. If Portfolio Securities upon which such income is payable are in default or payment is refused after due demand or presentation, the Bank will notify the Fund in writing of any default or refusal to pay within two business days from the day on which it receives knowledge of such default or refusal.

  • Reference to and Effect on the Credit Agreement and the Other Loan Documents (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in any other Loan Document to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.

  • Reference to and Effect on the Credit Agreement and the Loan Documents (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.

  • Reaffirmation of Obligations Each Loan Party (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under the Loan Documents and (c) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge such Loan Party’s obligations under the Loan Documents.

  • Reaffirmation of Credit Agreement This Amendment shall be deemed to be an amendment to the Credit Agreement, and the Credit Agreement, as amended hereby, is hereby ratified, approved and confirmed in each and every respect. All references to the Credit Agreement herein and in any other document, instrument, agreement or writing shall hereafter be deemed to refer to the Credit Agreement as amended hereby.

  • Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets (a) Borrower acknowledge that Lender has made the Loan to Borrower upon, among other things, the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Property taken separately. Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other Mortgages which secure the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; (iii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all of the Properties as security for the Note; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

  • Default under Loan Documents Any failure to perform or default in the performance by any Credit Party that continues after applicable grace and cure periods under any covenant, condition or agreement contained in any of the other Loan Documents or any other agreement with Lender, all of which covenants, conditions and agreements are hereby incorporated in this Agreement by express reference.

  • Waiver of Existing Defaults Holders of not less than a majority in aggregate principal amount of the then outstanding Notes of any series by notice to the Trustee may on behalf of the Holders of all of the Notes of such series waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes of such series (including in connection with an offer to purchase) (provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes of such series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

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