Common use of Target Refinancing Clause in Contracts

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. 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 ▇▇▇ ▇▇ - 36220401.1 Agreement and other Indebtedness acceptable to the Administrative Agent and the Initial Lenders in their reasonable discretion.