Common use of Acknowledgment of liability Clause in Contracts

Acknowledgment of liability. As of the date of this Amendment, Borrower owes Bank an amount equal to the Existing Debt. Borrower reaffirms all of its obligations under the Loan Documents and hereby forever waives and relinquishes any and all claims, offsets or defenses that Borrower may now have with respect to the payment of sums due and the performance of other obligations under the Loan Documents. The security interests in the Collateral granted to Bank under the Loan Agreement remain perfected, first priority liens.