Acknowledgment re. Stated Principal Amount of Mortgages The Borrower acknowledges and agrees that the mortgages referred to in Sections 8.01(c) and (d) (the “Mortgages”) are intended to secure all of the present and future debts and liabilities of the Borrower to the Lenders, to the maximum principal amount of seventy million Canadian Dollars (CDN$70,000,000). The Borrower further acknowledges and agrees that the Mortgages are to be registered at such principal amount in preparation for future use only, and that notwithstanding the principal amount shown on the face of the Mortgages, the Lenders are not committed to advance and have no obligation to advance more than the currently authorized amounts set forth opposite their respective names in Exhibit “A”, and otherwise subject to the terms and conditions set out in this Agreement.
Appears in 3 contracts
Sources: Third Amended and Restated Credit Agreement (Village Farms International, Inc.), Credit Agreement (Village Farms International, Inc.), Credit Agreement (Village Farms International, Inc.)