Common use of Bank Indebtedness Clause in Contracts

Bank Indebtedness. As soon as practicable, and in any event no later than two (2) Business Days, following the Closing Date, the Company shall: (i) apply the proceeds from the sale of the Initial Notes hereunder to the purchase of the assets of SolBright pursuant to an agreement requiring SolBright to discharge the Bank Indebtedness and deliver or cause to be delivered to the Security Agent the following: (A) a release executed by W▇▇▇▇ Fargo Bank and confirming that the security granted in respect of the Bank Indebtedness is of no force and effect; and (B) within 5 days, evidence of the discharge of all UCC financing statements registered against SolBright in respect of the Bank Indebtedness; (ii) execute and deliver to the Security Agent the Company Pledge Agreement; (iii) deliver to the Security Agent certificates evidencing the Company's 100-percent ownership of the securities of each of Subsidiaries along with executed and undated transfer powers in respect thereof; (iv) such other documents as may be required by the Security Agent (in its discretion except if instructed by the Majority Holders).

Bank Indebtedness. As soon as practicable, and in any event no later than two (2) Business Days, following the Closing Date, the Company shall: (i) apply the proceeds from the sale of the Initial Notes hereunder to the purchase of the assets of SolBright pursuant to an agreement requiring SolBright to discharge the Bank Indebtedness and deliver or cause to be delivered to the Security Agent the following: (A) a release executed by W▇▇▇▇▇ Fargo Bank and confirming that the security granted in respect of the Bank Indebtedness is of no force and effect; and (B) within 5 days, evidence of the discharge of all UCC financing statements registered against SolBright in respect of the Bank Indebtedness; (ii) execute and deliver to the Security Agent the Company Pledge Agreement; (iii) deliver to the Security Agent certificates evidencing the Company's 100-percent ownership of the securities of each of Subsidiaries along with executed and undated transfer powers in respect thereof; (iv) such other documents as may be required by the Security Agent (in its discretion except if instructed by the Majority Holders).