Pro Forma Statements. Deliver to Agent, in form and content satisfactory to Agent, a pro forma balance sheet for Borrowers, which pro forma balance sheet shall be in form and content satisfactory to Agent in its Permitted Discretion, and which pro forma balance sheet shall reflect that, after giving effect to the initial Advances hereunder, Borrowers are Solvent. Contemporaneously therewith, Borrowers shall deliver a writing to Agent, in form and substance satisfactory to Agent, confirming that Borrowers are paying their debts as they become due, acknowledging and confirming the enforceability of the Loan Documents as against Borrowers and that Borrowers are jointly and severally bound hereunder, without offset, defense or counterclaim, and ratifying Agent's first priority, perfected security interests in and liens upon the Collateral.
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Sources: Loan and Security Agreement (Hudson Highland Group Inc), Loan and Security Agreement (Hudson Highland Group Inc)