Replacement Debt. The Replacement Debt shall have been obtained for the applicable Acquired Entities immediately prior to or concurrently with the Closing and the proceeds thereof shall have been (i) applied to repayment of the Existing Debt and release of the Existing Debt Liens as provided in Section 2.1, and (ii) distributed as provided in Section 2.1.
Appears in 1 contract
Sources: Purchase and Sale Agreement (CNL Hotels & Resorts, Inc.)
Replacement Debt. The Replacement Debt shall have been obtained for by the applicable Acquired Entities immediately prior to or concurrently with the Closing on substantially the same or better terms and conditions set forth in the Replacement Debt Commitment and the proceeds thereof shall have been (i) applied to repayment of the Existing Debt and release of the Existing Debt Liens as provided in Section 2.1, and (ii) distributed as provided in Section 2.1.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Strategic Hotel Capital Inc)