Common use of Substitute Notes Clause in Contracts

Substitute Notes. Upon request of the Administrative Agent, each Borrower shall execute and deliver to the Administrative Agent substitute promissory notes, in form and substance satisfactory to the Administrative Agent in all respects, payable to such Person (and such Person’s registered assigns) as may be designated by the Administrative Agent; provided, however, that (i) the aggregate principal amount of all outstanding promissory notes shall not exceed the applicable commitment amount as of the date such substitute note(s) are issued, and (ii) the replaced notes are marked canceled and delivered to the Borrowers (or customary evidence of the loss or destruction thereof is provided to the Borrowers).