Advances Payoff Sample Clauses

Advances Payoff. 1.5.1 Effective as of the Contribution Date, each Citation Debt Holder that is receiving a cash payment for its outstanding Advance as identified on Schedule 2 (each, an “Advance Debt Holder”) shall execute and deliver an Agreement Regarding Notes under which Citation will make a cash payment (paid through Agent Bank as specified in Section 1.5.2 below) to such Citation Debt Holder equal to 100% of the principal and accrued interest owed to such Citation Debt Holder under such Advance as identified on Schedule 2 (such amount payable to each Advance Debt Holder, its “Advance Cash Consideration”). 1.5.2 Effective as of the Contribution Date, Citation will make a cash payment to Agent Bank equal to the aggregate amount of Advance Cash Consideration payable to the Advance Debt Holders. In connection with the payoff of the Advances, Agent Bank shall disburse to each Advance Debt Holder its Advance Cash Consideration. Each Advance Debt Holder authorizes and directs the Agent Bank upon the receipt of the Advance Cash Consideration with respect to the Advance Debt Holders’ Advances, to treat the Term Obligations, the Secured Obligations and all other amounts owing to such Advance Debt Holder under the Loan Documents as paid in full. 1.5.3 Upon payment of the Advance Cash Consideration payable to each Advance Debt Holder, the Advances shall be deemed by each Advance Debt Holder automatically paid in full and cancelled without any further action or documentation required.