Common use of Payoff Documentation Clause in Contracts

Payoff Documentation. The Company shall use reasonable best efforts to cause the lenders in respect of all Indebtedness for borrowed money of the Company and the Company Subsidiaries under the agreements set forth on Section 5.17 of the Company Disclosure Letter to deliver, at least three (3) Business Days prior to the Closing, a customary “payoff letter” in draft form providing, upon receipt of the applicable payoff amounts, (a) that such Indebtedness shall have been repaid in full and (b) if such Indebtedness is secured, for the release of all Liens held by or on behalf of such lenders in respect of the properties and assets of the Company and the Company Subsidiaries.