Existing Events

Existing Events. Shall mean the Payment Default and the Events of Default arising under Section 8.1(e) of the Credit Agreement due to defaults by the Borrowers under (i) the Promissory Note dated as of December 20, 2001 made by Akorn in favor of NeoPharm, Inc., as a result of the Borrowers' failure to remove by June 30, 2003 all sanctions arising as a result of the 483 M Warning Letter issued by the FDA and (ii) the Convertible Bridge Loan and Warrant Agreement dated as of July 12,... 2001, as amended, between Akorn and the John K. Kapoor Trust Dtd 9/20/89, which are described in the letter dated July 21, 2003 from the John K. Kapoor Trust Dtd 9/20/89 to Akorn. View More