Restatement of Existing Credit Agreement Sample Clauses
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Restatement of Existing Credit Agreement. The parties hereto agree that, on the Closing Date, after all conditions precedent set forth in SECTION 6.01 have been satisfied or waived:
(i) the Indebtedness (as defined in this Agreement) represents, among other things, the restatement, renewal, amendment, extension, and modification of the "Indebtedness" (as defined in the Existing Credit Agreement); (ii) this Agreement is intended to, and does hereby, restate, renew, extend, amend, modify, supersede, and replace the Existing Credit Agreement in its entirety; (iii) the Notes, if any, executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, substitute for, and supersede in their entirety (but do not extinguish the Indebtedness arising under) the promissory notes issued pursuant to the Existing Credit Agreement, which existing promissory notes shall be returned to Administrative Agent promptly after the Closing Date, marked "renewed and replaced"; (iv) the Security Instruments executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, substitute for, and supersede in their entirety (but do not extinguish or impair the collateral security created or evidenced by) the "Security Instruments" executed and delivered pursuant to the Existing Credit Agreement; (v) each Confirmation of Guaranty Agreement executed pursuant to this Agreement amends, renews, extends, modifies, replaces, restates, substitutes for, and supersedes in its entirety (but does not extinguish or impair the Indebtedness guaranteed by) the Guaranty Agreement executed by the applicable Guarantor, as the case may be, executed and delivered pursuant to the Existing Credit Agreement; and (vi) the entering into and performance of their respective obligations under the Loan Documents and the transactions evidenced hereby do not constitute a novation nor shall they be deemed to have terminated, extinguished, or discharged the "Indebtedness" under the Existing Credit Agreement, the Security Instruments, the Guaranty Agreements, or the other Loan Documents (or the collateral security therefor), all of which Indebtedness and collateral shall continue under and be governed by this Agreement and the other Loan Documents, except as expressly provided otherwise herein. [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK. SIGNATURES BEGIN ON THE NEXT PAGE.]
Restatement of Existing Credit Agreement. The parties hereto agree that on the Closing Date, the following transactions shall be deemed to occur automatically, without further action by any party hereto:
(a) The Existing Credit Agreement shall be deemed to be amended and restated in its entirety in the form of this Agreement;
(b) All Existing Obligations shall, to the extent not paid on the Closing Date, be deemed to be Obligations outstanding hereunder;
(c) The guaranties and Liens in favor of Agents for the benefit of the Existing Lenders securing payment of the Existing Obligations shall remain in full force and effect and shall be continuing with respect to the Obligations; and
(d) All references in the other Loan Documents to the Existing Credit Agreement shall be deemed to refer without further amendment to this Agreement. The parties acknowledge and agree that this Agreement and the other Loan Documents do not constitute a novation, payment and reborrowing or termination of the Existing Obligations and that all such Existing Obligations are in all respects continued and outstanding as Obligations under this Agreement and the Notes with only the terms being modified from and after the effective date of this Agreement as provided in this Agreement, the Notes and the other Loan Documents. Witness the due execution hereof by the respective duly authorized officers of the undersigned as of the date first written above.
Restatement of Existing Credit Agreement. The parties hereto agree that as of the Closing Date: (a) the Obligations hereunder represent the amendment, restatement, extension, and consolidation of the “Obligations” under (and as defined in) the Existing Credit Agreement; (b) this Credit Agreement amends, restates, supersedes, and replaces the Existing Credit Agreement in its entirety; and (c) the Guaranties executed pursuant to this Credit Agreement amend, restate, supersede, and replace the “Guaranties” executed pursuant to (and as defined in) the Existing Credit Agreement. On the Closing Date, (i) the commitment of any “Lender” under the Existing Credit Agreement that is not continuing as a Lender hereunder shall terminate and (ii) the Administrative Agent shall reallocate the Commitments hereunder to reflect the terms hereof, such reallocation being hereby deemed effective simultaneous with the effectiveness of this Credit Agreement. [Remainder of Page Intentionally Left Blank; Signature Page(s) Follow(s).]
Restatement of Existing Credit Agreement. The parties hereto agree that effective as of the Closing Date: (a) the obligations of the Company under this Agreement and the other documents executed in connection herewith represent, among other things, the restatement, renewal, amendment, extension, and modification of the obligations of the Company under the Existing Credit Agreement; (b) this Agreement is intended to, and does hereby, restate, renew, extend, amend, modify, supersede, and replace the Existing Credit Agreement in its entirety; and (c) the Notes, if any, executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, substitute for, and supersede in their entirety (but do not extinguish the indebtedness arising under) the promissory notes issued pursuant to the Existing Credit Agreement and shall not be deemed a novation thereof. Table of Contents
Restatement of Existing Credit Agreement. Conditions to ------------------------------------------------------ Initial Extension of Credit. Borrower hereby acknowledges that Administrative --------------------------- Agent and each Bank have relied on the documents, instruments, agreements and actions referred to in this Article VI in amending and restating the Existing ---------- Credit Agreement on the terms set forth herein, and but for Borrower's execution and/or delivery and/or performance (as applicable) of the documents, instruments, agreements, conditions and obligations referred to in this Article ------- VI, Banks and Agents would not -- have amended and restated the Existing Credit Agreement on the terms set forth herein. The obligation of each Bank to loan its Commitment Percentage of the initial Borrowing hereunder, and the obligation of Administrative Agent to issue (or cause another Bank to issue), the initial Letter of Credit issued hereunder is subject to the satisfaction of each of the following conditions:
Restatement of Existing Credit Agreement. On the Closing Date, (i) all outstanding Liabilities under the Existing Agreement owed to any "LENDER" that is not continuing as a Lender under this Agreement (each a "NON-CONTINUING LENDER") shall be repaid in full by Borrower and such Non-Continuing Lender's commitment under the Existing Agreement shall be terminated and (ii) with respect to Lenders which are continuing as Lenders under this Agreement (the "CONTINUING LENDERS"), Administrative Agent shall make appropriate allocations and adjustments in the initial funding instructions to the Lenders to reflect the modifications effected by the Loan Documents to each Continuing Lender's Commitment.
Restatement of Existing Credit Agreement. This Agreement amends and restates the Existing Credit Agreement in its entirety. As such, this Agreement represents in part a renewal of, and is issued in substitution and exchange for, and not in satisfaction or novation of, the “Obligations” under the Existing Credit Agreement, if any. To the extent outstanding, any “Obligations” under the Existing Credit Agreement are continuing Obligations of the Borrowers upon and subject to the terms and conditions of this Agreement, and the restatement effected hereby shall not be construed to be a payment or satisfaction thereof. To the extent payment in full of and the satisfaction of all Obligations under this Agreement shall occur, such payment shall also be deemed to be payment in full and satisfaction of the “Obligations” under the Existing Credit Agreement. All references to the “Credit Agreement” or words of like import in any document, instrument or agreement executed and delivered in connection with the Existing Credit Agreement (to the extent not amended or restated in connection with this Agreement or expressly superseded by any agreement, instrument or other document executed in connection with this Agreement), shall be deemed to refer, without further amendment, to this Agreement as this Agreement may be further amended, modified or extended. Each of the Borrowers hereby reaffirms each of the Loan Documents executed and delivered by or on its behalf in connection with the Existing Credit Agreement.
Restatement of Existing Credit Agreement. The parties hereto agree that as of the Closing Date: (a) the Obligations hereunder represent the amendment, restatement, extension, and consolidation of the “Obligations” under the Existing Credit Agreement; (b) this Agreement amends, restates, supersedes, and replaces the Existing Credit Agreement in its entirety; and (c) any Guaranty executed pursuant to this Agreement amends, restates, supersedes, and replaces the “Guaranty” executed pursuant to the Existing Credit Agreement. On the Closing Date, (i) the commitment of any “Lender” under the Existing Credit Agreement that is not continuing as a Lender hereunder shall terminate and (ii) Administrative Agent shall reallocate the Commitments hereunder to reflect the terms hereof. 4901-8586-1905 v.14
Restatement of Existing Credit Agreement. The parties hereto agree that, on the Closing Date, after all conditions precedent set forth in Section 4.01 have been satisfied or waived: (a) the Obligations represent, among other things, the restatement, renewal, amendment, extension, and modification of the “Obligations” as defined in the Existing Credit Agreement; (b) this Agreement is intended to, and does hereby, restate, renew, extend, amend, modify, supersede and replace the Existing Credit Agreement in its entirety; (c) the Notes, if any, executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, substitute for and supersede in their entirety (but do not extinguish the Indebtedness arising under) the promissory notes issued pursuant to the Existing Credit Agreement; (d) the Collateral Documents, Security Agreements, Vessel Mortgages and Guaranties executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, substitute for and supersede in their entirety (but do not extinguish or impair the collateral security created or evidenced by) the “Collateral Documents,” “
Restatement of Existing Credit Agreement. This Agreement amends, modifies, renews, extends, replaces and supercedes the Existing Credit Agreement in its entirety. Accordingly, (a) the Obligation (as defined herein) represents, among other things, the amendment, extension, and continuation of the principal Indebtedness outstanding under the Existing Credit Agreement and such Indebtedness shall constitute Committed Loans under this Agreement, (b) the Notes executed pursuant to this Agreement amend, renew, extend, modify, restate, replace and supercede in their entirety (but do not extinguish the Indebtedness arising under) the promissory notes issued under the Existing Credit Agreement, which promissory notes shall be returned to Agent promptly after the Closing Date, marked “cancelled or replaced,” and thereafter delivered by Agent to Borrower, and (c) the entering into and performance of this Agreement do not constitute a novation.