Statutory Condition. This Mortgage is made and given upon THE STATUTORY CONDITION. If the Obligations have been indefeasibly paid in full in accordance with the terms of the Loan Documents, if all of the covenants and agreements of the Mortgagor under this Mortgage, the Credit Agreement and the Loan Documents shall be fully and faithfully paid, performed, observed and complied with, in accordance with their terms and if the Lenders have no further commitment to lend under the Credit Agreement, the aggregate L/C Exposure has been reduced to zero and the Issuing Banks have no further obligations to issue Letters of Credit under the Credit Agreement, then this Mortgage shall be absolutely void; otherwise the same shall remain in full force and effect.
Appears in 3 contracts
Sources: First Lien Credit Agreement (STR Holdings LLC), First Lien Credit Agreement (STR Holdings (New) LLC), First Lien Credit Agreement (STR Holdings, Inc.)