Common use of Payoff Documentation Clause in Contracts

Payoff Documentation. The Administrative Agent (or its counsel) shall have received payoff documentation providing evidence satisfactory to the Administrative Agent that, prior to or substantially concurrently with the Effective Date, each of the Existing Credit Agreement, the Existing ▇▇▇▇▇▇ Precision Credit Agreement and the Existing ▇▇▇▇▇▇ Precision Note Purchase Agreement shall be terminated and cancelled (along with all of the agreements, documents and instruments delivered in connection therewith), all Indebtedness owing thereunder shall be repaid, all liens established pursuant to the terms thereof shall be terminated, and any letters of credit issued thereunder shall be cash collateralized, supported by a letter of credit under the ABL Facility or re-evidenced under the ABL Facility as an “Existing Letter of Credit”.

Payoff Documentation. The Administrative Agent (or its counsel) shall have received payoff documentation providing evidence satisfactory to the Administrative Agent that, prior to or substantially concurrently with the Effective Date, each of the Existing Credit Agreement, the Existing ▇▇▇▇▇▇ Precision Credit Agreement and the Existing ▇▇▇▇▇▇ Precision Note Purchase Agreement shall be terminated and cancelled (along with all of the agreements, documents and instruments delivered in connection therewith), all Indebtedness owing thereunder shall be repaid, all liens established pursuant to the terms thereof shall be terminated, and any letters of credit issued thereunder shall be cash collateralized, supported by a letter of credit under the ABL Facility or re-evidenced reevidenced under the ABL Facility as an “Existing Letter of Credit”.

Payoff Documentation. The Administrative Agent (or its counsel) shall have received payoff documentation providing evidence satisfactory to the Administrative Agent that, prior to or substantially concurrently with the Effective Date, each of the Existing Credit Agreement, the Existing ▇▇▇▇▇▇ Precision Credit Agreement and the Existing ▇▇▇▇▇▇ Precision Note Purchase Agreement shall be terminated and cancelled (along with all of the agreements, documents and instruments delivered in connection therewith), all Indebtedness owing thereunder shall be repaid, all liens established pursuant to the terms thereof shall be terminated, and any letters of credit issued thereunder shall be cash collateralized, supported by a letter of credit under the ABL Facility or rereevidencedre-evidenced under the ABL Facility as an “Existing Letter of Credit”.