Common use of Reaffirmation of Security Clause in Contracts

Reaffirmation of Security. Borrowers and Agent, LC Issuer and the Lenders hereby expressly intend that this Amendment shall not in any manner: (i) constitute the refinancing, refunding, payment or extinguishment of the existing Obligations as of the Effective Date; (ii) be deemed to evidence a novation of the outstanding balance of the Obligations; or (iii) affect, replace, impair, or extinguish the creation, attachment, perfection or priority of the Liens on the Loan Collateral granted pursuant to any of the Security Documents. Borrowers ratify and reaffirm any and all grants of Liens to Agent in the Loan Collateral as security for the Obligations, and Borrowers acknowledge and confirm that the grant of the Liens to Agent in the Loan Collateral: (a) represent continuing Liens on all of the Loan Collateral, (b) secure all of the Obligations, and (c) represent valid, first and best Liens on all of the Loan Collateral except to the extent, if any, of the Permitted Liens.

Reaffirmation of Security. Borrowers and Agent, LC Issuer and the Lenders hereby expressly intend that this Amendment shall not in any manner: (ia) constitute the refinancing, refunding, payment or extinguishment of the existing Obligations as of the Effective Date; (iib) be deemed to evidence a novation of the outstanding balance of the Obligations; or (iiic) affect, replace, impair, or extinguish the creation, attachment, perfection or priority of the Liens on the Loan Collateral granted pursuant to any of the Security Documents. Borrowers ratify and reaffirm any and all grants of Liens to Agent in the Loan Collateral as security for the Obligations, and Borrowers acknowledge and confirm that the grant of the Liens to Agent in the Loan Collateral: (ai) represent continuing Liens on all of the Loan Collateral, (bii) secure all of the Obligations, and (ciii) represent valid, first and best Liens on all of the Loan Collateral except to the extent, if any, of the Permitted Liens.

Reaffirmation of Security. Borrowers and Agent, LC Issuer and the Lenders hereby expressly intend that this Amendment shall not in any manner: (ia) constitute the refinancing, refunding, payment or extinguishment of the existing Obligations as of the Effective Date; (iib) be deemed to evidence a novation of the outstanding balance of the Obligations; or (iiic) affect, replace, impair, or extinguish the creation, attachment, perfection or priority of the Liens on the Loan Collateral granted pursuant to any of the Security Documents. Borrowers ratify and reaffirm any and all grants of Liens to Agent Agent’ in the Loan Collateral as security for the Obligations, and Borrowers acknowledge and confirm that the grant of the Liens to Agent in the Loan Collateral: (ai) represent continuing Liens on all of the Loan Collateral, (bii) secure all of the Obligations, “and (ciii) represent valid, first and best Liens on all of the Loan Collateral except to the extent, if any, of the Permitted Liens.