Common use of Acknowledgment of Obligations Clause in Contracts

Acknowledgment of Obligations. Each Loan Party hereby acknowledges, confirms, and agrees that as of the close of business on August 19, 2015: (a) Borrower is indebted to the Revolving Lenders in respect of the Revolving Loans in the principal amount of $120,690,227.12, (b) Borrower is indebted to the Term Lenders in respect of the Term Loan in the principal amount of $30,000,000.00, and (c) Borrower is indebted to Issuing Bank in respect of the Letter of Credit Usage in the principal amount of $24,630.00. Each Loan Party hereby acknowledges, confirms, and agrees that all such Obligations (of which not less than $31,837,612.43 constituted an Overadvance as of the close of business on August 19, 2015, calculated using Collateral values reported by Borrower as of July 31, 2015 (the "Existing Overadvance")), together with interest accrued and accruing thereon, and all fees, costs, expenses, and other charges now or hereafter payable to Agent or Lenders, in each case in accordance with the terms of the Loan Documents, are unconditionally owing by each Loan Party, without offset, defense, or counterclaim of any kind, nature, or description whatsoever.

Acknowledgment of Obligations. Each Loan Party hereby acknowledges, confirms, and agrees that as of the close of business on August 19October 6, 2015: : (a) Borrower is indebted to the Revolving Lenders in respect of the Revolving Loans in the principal amount of $120,690,227.12120,527,586.97, (b) Borrower is indebted to the Term Lenders in respect of the Term Loan in the principal amount of $30,000,000.0030,000,000.00 plus $690,173.40 in PIK interest, and (c) Borrower is indebted to Issuing Bank in respect of the Letter of Credit Usage in the principal amount of $24,630.00. Each Loan Party hereby acknowledges, confirms, and agrees that all such Obligations (of which not less than $31,837,612.43 32,083,561.00 constituted an Overadvance as of the close of business on August 19October 6, 2015, calculated using Collateral values reported by Borrower as of July August 31, 2015 (the "Existing Initial Overadvance")), together with interest accrued and accruing thereon, and all fees, costs, expenses, and other charges now or hereafter payable to Agent or Lenders, in each case in accordance with the terms of the Loan Documents, are unconditionally owing by each Loan Party, without offset, defense, or counterclaim of any kind, nature, or description whatsoever.

Acknowledgment of Obligations. Each Loan Party hereby acknowledges, confirms, and agrees that as of the close of business on August 19March 16, 2015: 2016: (a) Borrower is indebted to the Revolving Lenders in respect of the Revolving Loans in the principal amount of $120,690,227.12117,485,385.81, (b) Borrower is indebted to the Term Lenders in respect of the Term Loan in the principal amount of $30,000,000.00, plus $2,479,848.44 in PIK interest, and (c) Borrower is indebted to Issuing Bank in respect of the Letter of Credit Usage in the principal amount of $24,630.00. Each Loan Party hereby acknowledges, confirms, and agrees that all such Obligations (of which not less than $31,837,612.43 36,391,445.00 constituted an Overadvance as of the close of business on August 19March 16, 20152016, calculated using Collateral values reported by Borrower as of July 31February 29, 2015 2016, (the "Existing Initial Overadvance")), together with interest accrued and accruing thereon, and all fees, costs, expenses, and other charges now or hereafter payable to Agent or Lenders, in each case in accordance with the terms of the Loan Documents, are unconditionally owing by each Loan Party, without offset, defense, or counterclaim of any kind, nature, or description whatsoever.

Acknowledgment of Obligations. Each Loan Party hereby acknowledges, confirms, and agrees that as of the close of business on August 19November 20, 2015: (a) Borrower is indebted to the Revolving Lenders in respect of the Revolving Loans in the principal amount of $120,690,227.12120,299,191.22, (b) Borrower is indebted to the Term Lenders in respect of the Term Loan in the principal amount of $30,000,000.00, plus $1,046,946.82 in PIK interest, and (c) Borrower is indebted to Issuing Bank in respect of the Letter of Credit Usage in the principal amount of $24,630.00. Each Loan Party hereby acknowledges, confirms, and agrees that all such Obligations (of which not less than $31,837,612.43 33,435,401.14 constituted an Overadvance as of the close of business on August 19November 20, 2015, calculated using Collateral values reported by Borrower as of July October 31, 2015 (the "Existing Initial Overadvance")), together with interest accrued and accruing thereon, and all fees, costs, expenses, and other charges now or hereafter payable to Agent or Lenders, in each case in accordance with the terms of the Loan Documents, are unconditionally owing by each Loan Party, without offset, defense, or counterclaim of any kind, nature, or description whatsoever.

Acknowledgment of Obligations. Each Loan Party hereby acknowledges, confirms, and agrees that as of the close of business on August 19, 2015: (a) Borrower is indebted to the Revolving Lenders in respect of the Revolving Loans in the principal amount of $120,690,227.12, (b) Borrower is indebted to the Term Lenders in respect of the Term Loan in the principal amount of $30,000,000.00, and (c) Borrower is indebted to Issuing Bank in respect of the Letter of Credit Usage in the principal amount of $24,630.00. Each Loan Party hereby acknowledges, confirms, and agrees that all such Obligations (of which not less than $31,837,612.43 constituted an Overadvance as of the close of business on August 19, 2015, but calculated using Collateral values reported by Borrower as of July 31, 2015 (2015, the "Existing Overadvance")), together with interest accrued and accruing thereon, and all fees, costs, expenses, and other charges now or hereafter payable to Agent or Lenders, in each case in accordance with the terms of the Loan Documents, are unconditionally owing by each Loan Party, without offset, defense, or counterclaim of any kind, nature, or description whatsoever.