Indebtedness Payment Sample Clauses
The Indebtedness Payment clause sets out the obligations of a party to pay back any debts or financial obligations incurred under an agreement. Typically, this clause details the timing, method, and conditions for repayment, such as specifying due dates, acceptable payment methods, and any interest or penalties for late payments. Its core function is to ensure that all parties are clear on how and when debts must be settled, thereby reducing the risk of disputes or defaults related to payment obligations.
Indebtedness Payment. At the Closing, CII shall (or shall cause -------------------- a Subsidiary to) (i) pay to BOA (for the benefit of the financial institutions party to the BOA Loan Agreement), by wire transfer of immediately available funds, an amount in cash equal to the Bank Indebtedness Payment, (ii) pay to an account or accounts designated by a Redeeming Stockholders' Representative (for the benefit of the holders of the Subordinated Notes), by wire transfer of immediately available funds, an amount in cash equal to the Subordinated Notes Indebtedness Payment, and (iii) pay to an account or accounts designated by a Redeeming Stockholders' Representative (for the benefit of the holders of the Predecessor Subordinated Notes), by wire transfer of immediately available funds, an amount in cash equal to the Predecessor Subordinated Notes Indebtedness Payment. At the Closing, a Redeeming Stockholders' Representative shall deliver to CII and the New Investors written statements from BOA, the holders of the Subordinated Notes (or their representatives), and the holders of the Predecessor Subordinated Notes (or their representatives), stating the amount due, as of the Closing Date, for the Bank Indebtedness Payment, the Subordinated Notes Indebtedness Payment, and the Predecessor Subordinated Notes Indebtedness Payment, respectively.
Indebtedness Payment. The Purchaser shall pay, or cause to be paid, on behalf of the Seller, the Company and its Subsidiaries, as applicable, all Indebtedness set forth on Section 1.3(g) of the Disclosure Schedule (and have any liens securing such Indebtedness released upon such payment) in accordance with the payoff letter relating to such Indebtedness delivered to the Purchaser prior to the Closing Date.
Indebtedness Payment. The Purchaser shall pay, or cause to be paid, on behalf of the Sellers, the Acquired Companies, as applicable, all Indebtedness set forth on Schedule 1.3(f) of the Disclosure Schedules in accordance with the payoff letter(s) relating to such Indebtedness delivered to the Purchaser prior to the Closing Date.
(i) No later than 3 Business Days prior to the Closing Date, the Company shall deliver customary payoff letters (the "Payoff Letters"), in form and substance reasonably satisfactory to the Purchaser, from each financial institution or other lender (or the agents representing the foregoing) of the Indebtedness set forth on Schedule 1.3(f) of the Disclosure Schedules, confirming the total payment required to be made as of the Closing Date to repay in full such Indebtedness (such amounts, the "Payoff Amount"), together with pay-off instructions for making such repayment on the Closing Date, and specifying that, upon receipt of the Payoff Amount, such Indebtedness shall be deemed repaid and satisfied in full and any Liens in respect thereof shall be automatically and irrevocably released.
(ii) The Purchaser shall pay, or cause to be paid, on behalf of the Sellers, the Acquired Companies, as applicable, the Payoff Amount in accordance with the Payoff Letters.