056 Refinancing Clause Samples

056 Refinancing. On the Initial Borrowing Date and after giving ----------- effect to the Loans incurred on the Initial Borrowing Date, neither the Company nor any of its Subsidiaries shall have any Indebtedness outstanding except for (x) the Loans and Letters of Credit and (y) the Existing Indebtedness, which Existing Indebtedness shall not exceed $10,000,000 in aggregate outstanding principal amount. The Agents and the Required Banks shall be satisfied with the amount of and the terms and conditions of (i) all Existing Indebtedness and (ii) the repayment of all Indebtedness to be repaid in connection with the transactions contemplated hereby (collectively, the "Refinancing") and the amount of all accrued interest, premiums, fees, commissions and expenses owing in connection with the Refinancing. The Refinancing shall have been effected in accordance with the requirements of the immediately preceding sentence and all Liens in connection with such refinanced Indebtedness shall have been terminated (and all appropriate releases, termination statements or other instruments of assignment with respect thereto shall have been obtained) to the satisfaction of the Agents and the Required Banks. The Administrative Agent shall have received copies, certified as true and complete by an appropriate officer of the Company, of all documents executed in connection with the repayment of the Indebtedness and the release of the Liens thereunder (collectively, the "Refinancing Documents").