Common use of Reaffirmation of Existing Account Control Agreement Clause in Contracts

Reaffirmation of Existing Account Control Agreement. Each of Timberlands II and CatchMark TRS Subsidiary hereby (a) acknowledges that notwithstanding the execution of this Agreement and the consummation of the transactions contemplated hereby or any other facts and circumstances, all of the terms, conditions, representations and covenants contained in the Existing Account Control Agreements to which it is a party are and shall remain in full force and effect in accordance with their respective terms and are hereby ratified and confirmed; (b) ratifies and confirms that its grant of a security interest in each of its Collateral Accounts and all of its Collateral Account Funds (as defined in the Existing Account Control Agreement), as applicable, pursuant to the Security Agreement (subject to no Lien other than as contemplated by Section 7.2.3) secures the Obligations under this Agreement; and (c) represents and warrants that no offsets, counterclaims or defenses exist as of the date hereof with respect to its Obligations under any Existing Account Control Agreement to which it is a party.

Reaffirmation of Existing Account Control Agreement. Each of Timberlands II and CatchMark TRS Subsidiary the Loan Parties hereby (a) acknowledges that notwithstanding the execution of this Agreement and the consummation of the transactions contemplated hereby or any other facts and circumstances, all of the terms, conditions, representations and covenants contained in the Existing Account Control Agreements to which it is a party are and shall remain in full force and effect in accordance with their respective terms and are hereby ratified and confirmed; (b) ratifies and confirms that its grant of a security interest in each of its Collateral Accounts and all of its Collateral Account Funds (as defined in the Existing Account Control Agreement), as applicable, pursuant to the Security Agreement (subject to no Lien other than as contemplated by Section 7.2.3) secures the Obligations under this Agreement; and (c) represents and warrants that no offsets, counterclaims or defenses exist as of the date hereof with respect to its Obligations obligations under any Existing Account Control Agreement to which it is a party.