Common use of Release from Indebtedness Clause in Contracts

Release from Indebtedness. All Indebtedness of the Company outstanding on the Closing Date (together with all interest accrued thereon through the Closing Date and any prepayment premiums, penalties or fees) shall have been repaid or the Assets shall have been released from all such Indebtedness prior to or at Closing. Prior to or at Closing, the creditors under any Indebtedness of the Company or the Parent shall have terminated and released all Liens of any kind on the Assets of the Company securing such Indebtedness. The Buyer shall have received copies of such payoff letters and other evidences of termination and release as are reasonably satisfactory to the Buyer.