Common use of Lender Payments Clause in Contracts

Lender Payments. The Lenders shall have stated the amount of the obligations due Lenders from the Company and the Company shall have acknowledged such amounts. At the Closing, cash proceeds shall be distributed first to Aztore in the amount of the secured obligations owed by the Company to Aztore, next to the Junior Secured Lenders in the amount of the secured obligations owed to the Junior Secured Lenders and the balance to the Company. The Lenders and the Company shall deliver an instrument in form acceptable to Aero releasing any security interest in or claim to the Acquired Assets. Aztore shall take as partial payment in lieu of cash the Aero Shares which shall be valued at the amount set forth in Section 7.2.