ACKNOWLEDGMENTS OF BORROWERS. Borrowers each hereby represent and ---------------------------- warrant that: (a) the execution and delivery of this Amendment and compliance by Borrowers with all of the provisions of this Amendment (i) are within the powers and purposes of Borrowers; (ii) have been duly authorized or approved by Borrowers; and (iii) when executed and delivered by or on behalf of Borrowers, will constitute valid and binding obligations of Borrowers, enforceable in accordance with its terms; (b) Borrowers have no offsets or counterclaims against Lender or defenses to the payments due under the Loan Documents; (c) Lender has a first perfected security interest in the Collateral to secure the Obligations under the Loan Documents; and (d) the recitals in this Amendment are true. Borrowers each reaffirm its obligation to pay all amounts due Lender under the Loan Documents in accordance with the terms thereof, as modified hereby. SECTION FOUR - GENERAL PROVISIONS ---------------------------------
ACKNOWLEDGMENTS OF BORROWERS. Existing Borrowers and New Borrowers ---------------------------- each hereby represent and warrant that: (a) the execution and delivery of this Amendment and compliance by Existing Borrowers and New Borrowers with all of the provisions of this Amendment (i) are within the powers and purposes of Existing Borrowers and New Borrowers; (ii) have been duly authorized or approved by Existing Borrowers New Borrower; and (iii) when executed and delivered by or on behalf of Existing Borrowers and New Borrowers, will constitute valid and binding obligations of Existing Borrowers and New Borrowers, enforceable in accordance with its terms; (b) Existing Borrowers and New Borrowers have no offsets or counterclaims against Lender or defenses to the payments due under the Loan Documents; (c) Lender has a first perfected security interest in the Collateral to secure the Obligations under the Loan Documents; and (d) the recitals in this Amendment are true. Existing Borrowers each reaffirm its obligation to pay all amounts due Lender under the Loan Documents in accordance with the terms thereof, as modified hereby. SECTION FOUR - GENERAL PROVISIONS ---------------------------------
ACKNOWLEDGMENTS OF BORROWERS. Borrowers each hereby represent and ---------------------------- warrant that: (a) the execution and delivery of this Amendment and compliance by Borrowers with all of the provisions of this Amendment (i) are within the powers and purposes of Borrowers; (ii) have been duly authorized or approved by Borrowers; and (iii) when executed and delivered by or on behalf of Borrowers will constitute valid and binding obligations of Borrowers, enforceable in accordance with its terms; (b) Borrowers have no offsets or counterclaims against Lender or defenses to the payments due under the Loan Agreement; and (c) Lender has a first perfected security interest in the Collateral to secure the Obligations under the Loan Agreement. Borrowers each reaffirm their obligations to pay all amounts due Lender under the Loan Agreement in accordance with the terms thereof, as modified hereby.
ACKNOWLEDGMENTS OF BORROWERS. Borrowers unconditionally acknowledge and agree, as of the date of this Fourth Amendment, that (a) they are, have been since the making of each and every Loan and continue to be, unconditionally and jointly and severally liable for each of the Loans, including the monetary obligations thereunder, (b) they are unconditionally and jointly and severally obligated to pay all the Loans, without set off, recoupment, defense, counterclaim or any other claim of any kind or nature whatsoever, and (c) no set off, recoupment, defense, counterclaim or other claim of any kind or nature whatsoever exists which relates to or could affect Borrowers' obligation to pay the Loans, Letter of Credit Outstandings or other Obligations and all such set offs, recoupments, defenses, counterclaims or other claims, whether known or unknown, matured or unmatured, fixed or contingent, are hereby waived and forever released by Borrowers.
ACKNOWLEDGMENTS OF BORROWERS. (a) Borrowers hereby acknowledge the accuracy of all Recitals included in this Amendment.
ACKNOWLEDGMENTS OF BORROWERS. Borrowers unconditionally acknowledge and agree, as of the date of this Third Amendment and as of the Effective Date, that (a) they are, have been since the making of each and every Loan and continue to be, unconditionally and jointly and severally liable for each of the Loans, including the monetary obligations thereunder, (b) the Loan Defaults have occurred and continue to exist, (c) they are unconditionally and jointly and severally obligated to pay all the Loans, without set off, recoupment, defense, counterclaim or any other claim of any kind or nature whatsoever, and (d) no set off, recoupment, defense, counterclaim or other claim of any kind or nature whatsoever exists which relates to or could affect Borrower's obligation to pay the Loans and all such set offs, recoupments, defenses, counterclaims or other claims, whether known or unknown, matured or unmatured, fixed or contingent, are hereby waived and forever released by Borrowers.
ACKNOWLEDGMENTS OF BORROWERS. The Borrowers hereby acknowledge and agree that the Borrowers are currently in violation of the requirements of Section 6.10 of the Loan Agreement.
ACKNOWLEDGMENTS OF BORROWERS. The Borrowers hereby acknowledge and agree that the Borrowers are currently in default under the Loan Documents, for among other reasons, the Borrowers' failure to comply with Section 6.9 and Section 6.11 of the Loan Agreement. In addition, the Borrowers anticipate that they will not be in compliance with the Debt-Net Worth requirement of Section 6.9 for the periods ending November 30, 1997, December 31, 1997 and January 31, 1998.
ACKNOWLEDGMENTS OF BORROWERS. For the benefit of the Bank, the Borrower(s) hereby acknowledge and agree as set forth below.
ACKNOWLEDGMENTS OF BORROWERS
