Confirmation of Existing Loans. Borrower hereby ratifies, confirms and acknowledges that the statements contained in the foregoing Background are true, accurate and correct and that the Loan Documents are valid, binding and in full force and effect as of the date hereof. Borrower further acknowledges, confirms, represents and warrants that it has no defenses, set-offs, counterclaims, or challenges to or against the payment of any sums owing under the Loan Documents, or to the enforceability or validity of the terms thereof. Borrower further acknowledges and confirms and represents and warrants that it has no claims, suits or causes of action against the Bank and hereby remises, releases and forever discharges the Bank, its officers, directors, shareholders, representatives and their successors and assigns, and any of them, from any claims, causes of action, suits, or demands whatsoever in law and equity, which it has or may have from the beginning of the world to the date of this First Amendment. Neither this First Amendment nor any of the documents executed in connection herewith, is in any way intended to constitute a novation of or to the Loan Documents.
Confirmation of Existing Loans. Borrower hereby ratifies, confirms and acknowledges that the statements contained in the foregoing Background are true, accurate and correct and that the Loan Documents, as that term is defined in the Agreement, are valid, binding and in full force and effect as of the date hereof. Borrower further acknowledges, confirms, represents and warrants that it has no defenses, set-offs, counterclaims, or challenges to or against the payment of any sums owing under the Loan Documents, or to the enforceability or validity of the terms thereof. Borrower further acknowledges, confirms, represents and warrants that it has no claims, suits or causes of action against the Bank and hereby remises, releases and forever discharges the Bank, its officers, directors, shareholders, representatives and their successors and assigns, and any of them, from any claims, causes of action, suits, or demands whatsoever in law and equity, which it has or may have from the beginning of the world to the date of this First Amendment. Neither this First Amendment nor any of the documents executed in connection herewith, is in any way intended to constitute a novation of or to the Loan Documents.
Confirmation of Existing Loans. Each of Holdings, Company, each Lender and Administrative Agent hereby confirms and acknowledges that each Lender has heretofore made Existing Revolving Loans and/or Existing Term Loans in the principal amounts set forth next to such Lender’s name on Schedule 2.1A annexed hereto (collectively, “Existing Loans”), the aggregate outstanding principal amount of which is $193,514,395.19, which amount consists of $25,927,897 in Existing Revolving Loans and $167,586,498.19 in Existing Term Loans. Company agrees, ratifies and confirms that the Existing Loans, together with all accrued and unpaid interest thereon, are due and owing to Lenders and are not subject to any offset, counterclaims or defenses of any kind or nature.
