Target Refinancing Clause Samples

Target Refinancing. The Borrower will cause the Target Refinancing to occur on or substantially concurrently with the Closing Date.

Target Refinancing. The Target Refinancing shall have been consummated, or substantially simultaneously with the borrowing under the Delayed Draw Term Loan Facility, shall be consummated, and the Target and its subsidiaries shall, have no outstanding material Indebtedness other than Indebtedness advanced under the credit facilities provided for herein, Indebtedness permitted to remain outstanding permitted to the terms of the Merger Agreement, Indebtedness permitted under this Agreement and other Indebtedness acceptable to the Administrative Agent and the Initial Lenders in their reasonable discretion.

Target Refinancing. Concurrently with the consummation of the Acquisition, all pre-existing Indebtedness of the Targets and their Subsidiaries shall have been repaid or repurchased in full, all commitments relating thereto shall have been terminated, and all Liens or security interests related thereto shall have been terminated or released, in each case on terms reasonably satisfactory to the Lead Arrangers other than (x) any Indebtedness of the Targets or their respective Subsidiaries and Liens on assets of the Targets and their respective Subsidiaries, in each case, that are permitted to remain outstanding pursuant to the Acquisition Agreement, and (y) any other indebtedness and liens approved by the Lead Arrangers in their reasonable discretion (such transactions, collectively, the “Target Refinancing”), and no new indebtedness shall be incurred on the Closing Date by the Borrower, the Targets or their respective Subsidiaries other than the Initial Term Loans.