Common use of Ratification of Existing Agreements Clause in Contracts

Ratification of Existing Agreements. The Borrowers hereby ratify and confirm in all respects all of the Obligations, except as otherwise expressly modified in this Agreement upon the terms set forth herein. In addition, by execution of this Agreement, the Borrowers represent and warrant that as of the date hereof, no claim or counterclaim, right of setoff or defense of any kind exists or is outstanding with respect to the Obligations. The Borrowers further agree that, to the extent any such claim, counterclaim, right of setoff or defense of any kind exists, the Borrowers hereby waive and release each and all of them in consideration for the Banks entering into this Agreement. The Borrowers acknowledge that, in entering into this Agreement, the Agent and the Banks have relied on the representations, warranties and waivers contained in this Section 2.