Borrower’s Acknowledgement Clause Samples
The Borrower’s Acknowledgement clause serves to confirm that the borrower has read, understood, and agreed to the terms and conditions set forth in the agreement. Typically, this clause requires the borrower to explicitly acknowledge receipt of all relevant documents, disclosures, or information related to the loan, and may also confirm that the borrower has had the opportunity to seek independent advice. Its core practical function is to provide evidence that the borrower is entering into the agreement knowingly and voluntarily, thereby reducing the risk of future disputes over lack of awareness or misunderstanding of the contract terms.
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Borrower’s Acknowledgement. The Borrower acknowledges that the Security previously granted to CIBC by it under or in connection with the Credit Facilities, the Credit Agreement, or otherwise, continues in full force and effect, without in any way impairing or derogating from any of the mortgages, pledges, charges, assignments, security interests and covenants therein contained or thereby constituted, as continuing security for the Indebtedness under the Credit Agreement and any other indebtedness from time to time owed by the Borrower to CIBC.
Borrower’s Acknowledgement. Borrower acknowledges that Holder is extending the credit contemplated hereby solely as an accommodation to Borrower, and is willing to do so in reliance upon Borrower’s monetary and non-monetary covenants contained herein and in the Loan Agreement.
Borrower’s Acknowledgement. Each Borrower acknowledges that the Finance Parties are relying on the representations and warranties but not on any other information contradictory to them or varying them of which the Finance Parties or any of them or their respective agents or advisers may have actual or constructive knowledge.
Borrower’s Acknowledgement. The Borrowers agree that (i) nothing contained in this Agreement shall be deemed to amend, modify, supersede or otherwise alter the terms of the respective Loan Documents between the Borrowers and each of the Existing Lenders and Ullico and (ii) this Agreement is solely for the benefit of the Existing Lenders and Ullico and shall not give the Borrowers, their successors or assigns, or any other person, any rights with respect to any Existing Lenders or Ullico. The Borrowers will pay the Existing Lenders’ reasonable fees and expenses, including reasonable attorneys’ fees, incurred in connection with this Agreement.
Borrower’s Acknowledgement. The Borrower acknowledges that it shall continue to be bound by and will comply with the provisions of the Facility Agreement which are expressed to be binding on it.
Borrower’s Acknowledgement the Borrower agrees to be bound by and to do all things reasonably necessary or appropriate to give effect to any and all purchases and other adjustments made by and between the Lenders pursuant to this Section 17.9.
Borrower’s Acknowledgement. Borrower and Guarantors acknowledge and agree that:
a) as of , 20 , the outstanding principal balance on the Note is $ , ,000.00, and accrued but unpaid interest is $ , . , late charge (for the June, 20 through September, 20 payments) of $ , .00, for a total of $ , ,000.00 (plus Interest at the Default Rate, accrued but unpaid fees, and costs); and
b) that, in accordance with paragraph 1.01 (Definition of Collateral Accounts) of the Loan Agreement, all Collateral Accounts have been frozen by Lender and no amounts will be released by Lender, nor may be withdrawn by Borrower therefrom, without Lender’s express permission.
Borrower’s Acknowledgement. The Borrower irrevocably acknowledges and declares to the Lender that:
1. The Lender and/or the Lender’s attorneys have clearly and expressly advised the Borrower should seek independent legal advice regarding the entering into and the terms of this Agreement. The Lender’s attorneys solely represent the Lender solely and solely for the Lender’s interests;
2. The Lender has ample time to consider the execution of this Agreement and has entered into this Agreement after careful consideration, being aware of the onerous and significant obligations imposed upon it by this Agreement.
3. The Borrower enters into this Agreement entirely of its own accord and without undue influence or coercion from any other party.
4. The Borrower has carefully read this Agreement (including its schedules and appendix), understands its contents, and agrees to its terms.
5. The terms and contents of this Agreement and any documents signed by the Borrower regarding the Loan Facility are the Borrower’s true intentions and the Borrower agrees to be bound by them.
1. Name and address of the Lender:
2. Name and address of the Borrower:
3. Name and address of the guarantor:
1. ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇, Hong Kong Identity Card Number . Address: .
2. ▇▇▇▇▇ ▇▇ ▇▇ (梁宝如), Hong Kong Identity Card Number . Address: .
3. ▇▇▇▇▇ ▇▇▇▇▇▇▇ (梁力豪), Hong Kong Identity Card Number . Address: .
4. Loan principal amount in words and numbers:
5. Date of Agreement:
6. Date of Loan Execution:
Borrower’s Acknowledgement. The Borrower recognises the undertakings and obligations to and on the parts of the Subordinated Creditor herein contained and irrevocably waives any rights which each may now or in the future have to challenge or have set aside any arrangement relating to:
15.4.1 the placing in a suspense account of any moneys or distributions received from the Subordinated Creditor or on account of the liability of the Subordinated Creditor under this Deed; and
15.4.2 any other matter or thing regarding the order of enforcement of the Senior Security Documents and the priority of the application of the proceeds of such enforcement, and the Borrower confirms that it does not have any right to enforce or sue i▇ ▇espect of any agreement, arrangement or understanding herein contained or to claim any right of estoppel in relation hereto.
Borrower’s Acknowledgement. 15. I We of (address) the borrower (is) hereby confirms and acknowledges the following:
a) That I/We have fully read and understood the terms and conditions of this contract as set out above; and
b) Acknowledge that by signing this contract I/We are legally bound by the said terms and conditions therein. Executed by the said parties on the day of 20 .
Borrower 1 Borrower 2/ Guarantor