Affirmation of Indebtedness Clause Samples
The Affirmation of Indebtedness clause serves to formally acknowledge and confirm the existence and amount of a debt owed by one party to another. In practice, this clause may require the debtor to periodically provide written statements or certificates verifying the outstanding balance, or to reaffirm the debt at certain milestones, such as before restructuring or refinancing. Its core function is to prevent disputes over the amount or existence of the debt, ensuring both parties have a clear, up-to-date understanding of the financial obligation.
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Affirmation of Indebtedness. The Obligors acknowledge and agree that the balance of indebtedness owed to the Bank under the Loans as of May 4, 2009 is as follows: Principal $ 12,090,000.07 Principal $ 2,475,000.00 Accrued and Unpaid Interest $ 16,562.72 Accrued and Unpaid Interest $ 3,506.72 In addition, the Obligors are and remain liable for the payment of all interest accruing after May 4, 2009 with respect to the Loans, and for the payment of all late fees, costs, expenses, professional fees and costs of collection (including attorneys’ reasonable fees) heretofore or hereafter incurred by the Bank in connection with the Loans (hereinafter collectively referred to as the “Outstanding Obligations”). Each of the Obligors is unconditionally liable for the Outstanding Obligations, jointly and severally.
Affirmation of Indebtedness. Borrower affirms and admits the indebtedness evidenced by the Agreement and the other Loan Documents. Borrower acknowledges that it has no claims, offsets or defenses with respect to the payments of sums due under the Agreement or the other Loan Documents. Borrower ratifies and confirms each and all of the terms, conditions and covenants of the Agreement and other Loan Documents as amended or modified by this Amendment and those provisions not so amended or modified and, except as specifically amended or modified hereby, the Loan Documents remain in full force and effect. The execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement or any other Loan Document, as in effect prior to the date hereof. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.
Affirmation of Indebtedness. Mikelsons acknowledges and affirms that (i) he is indebted to one or more members of the ATA Group as affirmed in that certain letter agreement, dated as of October 26, 2004 (the “JGM Debt Agreement”), in the initial principal amount of Six Hundred Fifty-three Thousand Two Hundred Twenty-five Dollars and Nine Cents($653,225.09) (the “JGM Obligations”), and (ii) nothing herein shall alter the repayment terms or obligations of Mikelsons with respect to the JGM Obligations, except as contemplated by the payment of the Non-Compete Payments as credits to be applied to the JGM Obligations. The ATA Group represents and agrees that all payments under the JGM Debt Agreement have been made as agreed prior to the date of this Agreement and that, as of July 31, 2005, the outstanding principal balance of the JGM Obligations is $612,285.
Affirmation of Indebtedness. By executing this Amendment, each of the Borrower and the Guarantors affirm the indebtedness owed to the Bank with respect to the Loans and agrees that as of the date of this Amendment, the outstanding principal balance on the Loans is $15,857,034.70.
Affirmation of Indebtedness. Borrower acknowledges and agrees that --------------------------- the obligations under the Restated Line of Credit Note have matured and that the Indebtedness is accurately and correctly stated in the above recitals.
Affirmation of Indebtedness. Debtor affirms and admits the indebtedness evidenced by the Borrower Note. Debtor acknowledges that it has no claims, offsets or defenses with respect to the payments of sums due under the Borrower Note or Deed of Trust or other Borrower Loan Documents. Debtor ratifies and confirms each and all of the terms, conditions and covenants of the Borrower Note, Deed of Trust and other Borrower Loan Documents as amended or modified by this Agreement and those provisions not so amended or modified and, except as specifically amended or modified hereby, the Borrower Loan Documents remain in full force and effect.
Affirmation of Indebtedness. ZTHI hereby agrees and acknowledges that: (a) as of May 4, 2009, the aggregate outstanding balance of the Patent Litigation Invoice Amount is $350,556.00 and the aggregate outstanding principal balance of the Current Matters is approximately $4,000 (exclusive of accrued interest, fees and expenses, including attorneys fees’ and expenses); and (b) Loeb has performed all obligations and duties owed to ZTHI as of the date hereof, and ZTHI, jointly or severally, has no defense, offset or counterclaim with respect to any amounts owed to Loeb or with respect to the performance or observance by ZTHI of any representation, covenant or other agreement contained in the Engagement Letter.
Affirmation of Indebtedness. Borrower affirms and admits the indebtedness evidenced by the Note. Borrower and Guarantor each acknowledges that it or he has no claims, offsets or defenses with respect to the payments of sums due under the Note, Deed of Trust or other Loan Documents other than payment of such sums in full. Borrower and Guarantor each ratifies and confirms each and all of the terms, conditions and covenants of the Note, Deed of Trust, Guaranty and other Loan Documents to which each is a party, as amended or modified by this Agreement, and those provisions not so amended or modified and the Loan Documents, as amended by this Agreement, remain in full force and effect.