Amount of Indebtedness. Borrowers acknowledge and agree that (a) as of December 29, 2010, the outstanding principal amount of the Obligations under the Loan Documents was in an amount not less than $92,258,558.49, exclusive of late charges, default and other interest, fees, costs of collection, attorney fees, and other charges and additional amounts which are due or may become due with the passage of time under the Loan Documents, and (b) Borrowers are truly and justly indebted to one or more Lenders in respect of all Obligations under the Loan Documents without defense, counterclaim or offset of any kind, and Borrowers ratify and reaffirm the validity, enforceability and binding nature of such Obligations. Borrowers acknowledge and agree that the amounts set forth on Schedule 1, but for this Agreement, were due and payable to Lenders on January 1, 2011 and, if Borrowers do not pay to Lenders such amount for Lenders’ receipt in full, in cash on or before January 14, 2011 at 2:00 p.m. (prevailing Eastern Time), there shall be as of January 14, 2011 a payment Event of Default under the Credit Agreement (which may be in addition to other Events of Default), without the need for further notice to Borrowers or any other person and without any opportunity to cure. Each Borrower hereby waives any right it may otherwise have now or in the future to notice of such payment default or to cure any such payment default.
Appears in 1 contract
Sources: Credit Agreement (Tasty Baking Co)
Amount of Indebtedness. Borrowers acknowledge and agree that (a) as of December 29January 13, 20102011, the outstanding principal amount of the Obligations under the Loan Documents was in an amount not less than $92,258,558.4993,888,711.81, exclusive of late charges, default and other interest, fees, costs of collection, attorney fees, and other charges and additional amounts which are due or may become due with the passage of time under the Loan Documents, and (b) Borrowers are truly and justly indebted to one or more Lenders in respect of all Obligations under the Loan Documents without defense, counterclaim or offset of any kind, and Borrowers ratify and reaffirm the validity, enforceability and binding nature of such Obligations. Borrowers acknowledge and agree that the amounts set forth on Schedule 1, but for this Agreement, were due and payable to Lenders on January 114, 2011 and2011. Borrowers acknowledge and agree that, if Borrowers do not as of the Waiver Termination Date, the Specified Defaults, including, without limitation Borrowers’ failure to pay to Lenders such amount for Lenders’ receipt in full, in cash Agent the amounts of the Payment Default on or before January 14the Waiver Termination Date, 2011 at 2:00 p.m. (prevailing Eastern Time), there shall be as of January 14, 2011 a payment Event constitute Events of Default under the Credit Agreement and other Loan Documents (which may be in addition to other Events of Default), without the need for further notice to Borrowers or any other person and without any opportunity to cure. Each Borrower hereby waives any right it may otherwise have now or in the future to notice of such payment default or opportunity to cure any such payment defaultSpecified Default.
Appears in 1 contract
Sources: Credit Agreement (Tasty Baking Co)