Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit Sample Clauses

Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit. On the Closing Date, Borrower and its Subsidiaries shall have (i) repaid in full all outstanding Indebtedness of Borrower and its Subsidiaries, other than Indebtedness permitted under subsection 7.1, (ii) terminated any commitments to lend or make other extensions of credit thereunder, (iii) delivered to Administrative Agent all documents or instruments necessary to release all Liens securing Indebtedness or other obligations of Borrower and its Subsidiaries thereunder, and (iv) made arrangements satisfactory to Administrative Agent with respect to the cancellation of any letters of credit outstanding thereunder or the issuance of Letters of Credit to support the obligations of Borrower and its Subsidiaries with respect thereto.
Sample 1Sample 2See All (7)
AutoNDA by SimpleDocs
Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit. On the Closing Date, (a) Company and its Subsidiaries shall have repaid in full all Indebtedness outstanding under Existing Company Credit Agreement, the aggregate principal amount of which Indebtedness shall not exceed $79,000,000, (b) Company and its Subsidiaries shall have terminated any commitments to lend or make other extensions of credit under the Existing Company Credit Agreement, (c) at least $129,100,000 of the principal amount of Indebtedness outstanding under the Existing Arris Credit Agreement shall have been contributed to the capital of Arris and any Indebtedness outstanding under the Existing Arris Credit Agreement that is not so contributed shall have been repaid by Arris (the total aggregate amount of such Indebtedness so contributed or repaid shall not exceed $153,200,000), (d) Arris and its Subsidiaries shall have terminated any commitments of Nortel LLC or Company to lend or make other extensions of credit under the Existing Arris Credit Agreement, (e) Holdings and its Subsidiaries shall have delivered to Administrative Agent all documents or instruments necessary to release all Liens securing Indebtedness or other obligations of Company and its Subsidiaries and Arris and its Subsidiaries under the Existing Company Credit Agreement and the Existing Arris Credit Agreement, and (f) Company shall have made arrangements reasonably satisfactory to Administrative Agent with respect to the 93 103 cancellation of any letters of credit outstanding under the Existing Company Credit Agreement or the issuance of Letters of Credit to support the obligations of Company and its Subsidiaries with respect thereto.
Sample 1
Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit. Prior to or concurrently with the Closing Date, Borrower and its Subsidiaries shall have (a) repaid in full all indebtedness outstanding under the Existing Credit Agreement, (b) terminated any commitments to lend or make other extensions of credit thereunder, (c) delivered to Administrative Agent evidence that all Liens securing indebtedness or other obligations of Borrower and its Subsidiaries thereunder have been or concurrently with the Closing Date are being released, and (d) made arrangements satisfactory to Administrative Agent with respect to any letters of credit outstanding thereunder.
Sample 1
Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit. On the Closing Date, Company and its Subsidiaries shall have (a) repaid in full all Indebtedness outstanding under the Existing Credit Agreements (the aggregate principal amount of which Indebtedness (including letters of credit) shall not exceed $28,000,000), (b) terminated any commitments to lend or make other extensions of credit thereunder, (c) delivered to Administrative Agent all documents or instruments necessary to release all Liens securing Indebtedness or other obligations of Company and its Subsidiaries thereunder (other than those permitted pursuant to subsection 7.2A), and (d) made arrangements satisfactory to Administrative Agent with respect to the Existing Letters of Credit.
Sample 1
Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit. On the Closing Date, Borrowers and their Subsidiaries shall have (a) repaid in full all outstanding Indebtedness of Borrowers and their Subsidiaries under the Existing Credit Agreement, (b) terminated any commitments to lend or make other extensions of credit thereunder, (c) delivered to Administrative Agent all documents or instruments necessary to release all Liens securing Indebtedness or other obligations of Borrowers and their Subsidiaries thereunder, and (d) with respect to any letters of credit under the Existing Credit Agreement which will not be Existing Letters of Credit under this Agreement, made arrangements reasonably satisfactory to Administrative Agent with respect to the cancellation of any letters of credit outstanding thereunder or the issuance of Letters of Credit to support the obligations of Borrowers and their Subsidiaries with respect thereto.
Sample 1
Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit. On the closing date, Borrower shall have (a) repaid in full all Indebtedness outstanding under the Amended and Restated Loan and Security Agreement dated as of December 16, 2005 between Borrower and Comerica Bank (as amended, the “Existing Credit Agreement”), the aggregate principal amount of which indebtedness shall not exceed $30,000,000.00, (b) terminated any commitments to lend or make other extensions of credit thereunder, (c) delivered to Bank all documents or instruments necessary to release all liens securing indebtedness or other obligations of Borrower and its Subsidiaries thereunder, and (d) made arrangements satisfactory to Bank with respect to any letters of credit outstanding thereunder.
Sample 1
Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit. On the Closing Date, Company and its Subsidiaries shall have (a) 77 repaid in full all Indebtedness outstanding under the Existing Credit Agreements, (b) terminated any commitments to lend or make other extensions of credit thereunder, (c) delivered to Administrative Agent all documents or instruments necessary to release all Liens securing Indebtedness or other obligations of Company and its Subsidiaries thereunder, and (d) made arrangements satisfactory to Administrative Agent with respect to any letters of credit outstanding thereunder.
Sample 1
AutoNDA by SimpleDocs
Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit. On the Merger Date, Company shall have, or shall have caused Milgray and its Subsidiaries to have, (i) repaid in full all Indebtedness outstanding under any bank facilities of Milgray and its Subsidiaries existing on or prior to the Merger Date, (ii) terminated any commitments to lend or make other extensions of credit under such bank facilities, and (iii) taken all action necessary to release all Liens securing Indebtedness or other obligations of Surviving Corporation and its Subsidiaries thereunder, in each case on terms satisfactory to Agent.
Sample 1
Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit. On the Closing Date, Company and its Subsidiaries shall have (a) repaid in full all Indebtedness outstanding under the Existing Credit Agreement, (b) terminated any commitments to lend or make other extensions of credit thereunder, (c) delivered to Administrative Agent all documents or instruments necessary to release all Liens securing Indebtedness or other obligations of Company and its Subsidiaries thereunder, and (d) made arrangements satisfactory to Administrative Agent with respect to the cancellation of any letters of credit outstanding thereunder or the issuance of new letters of credit to support the obligations of Company and its Subsidiaries with respect thereto.
Sample 1

Related to Termination of Existing Credit Agreements and Related Liens; Existing Letters of Credit

  • Termination of Existing Credit Agreements The Company and each of the Banks that is also a "Bank" party to the Existing Credit Agreements agrees that the "Commitments" as defined in the Existing Credit Agreements shall be terminated in their entirety on the Effective Date. Each of such Banks waives (a) any requirement of notice of such termination pursuant to Section 2.09 of the Existing Credit Agreements and (b) any claim to any facility fees or other fees under the Existing Credit Agreements for any day on or after the Effective Date. Each of the Company and the Borrower (i) represents and warrants that (x) after giving effect to the preceding sentences of this Section 10.07, the commitments under the Existing Credit Agreements will be terminated effective not later than the Effective Date, (y) no loans are, as of the date hereof, or will be, as of the Effective Date, outstanding under the Existing Credit Agreements and (ii) covenants that all accrued and unpaid facility fees and any other amounts due and payable under the Existing Credit Agreements shall have been paid on or prior to the Effective Date.

  • Termination of Existing Credit Agreement Receipt by the Administrative Agent of evidence that the Existing Credit Agreement concurrently with the Closing Date is being terminated and all Liens securing obligations under the Existing Credit Agreement concurrently with the Closing Date are being released.

  • Credit Agreements Schedule II is a complete and correct list, as of the date of this Agreement, of each credit agreement, loan agreement, indenture, purchase agreement, guarantee or other arrangement providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Company or any of its Material Subsidiaries the aggregate principal or face amount of which equals or exceeds (or may equal or exceed) $150,000,000 and the aggregate principal or face amount outstanding or which may become outstanding under each such arrangement is correctly described in Schedule II.

  • Existing Credit Agreements The Existing Credit Agreements shall have been terminated and shall be of no further force and effect, and all amounts outstanding thereunder shall have been paid in full.

  • Termination of Existing Credit Facility The Administrative Agent shall have received satisfactory evidence that the Existing Credit Agreement shall have been terminated, all commitments thereunder shall have been terminated and all amounts owing thereunder shall have been paid in full (the “Refinancing”).

  • Existing Credit Agreement The Administrative Agent shall have received satisfactory evidence that the Existing Credit Agreement shall have been terminated and all amounts thereunder (other than contingent indemnification obligations for which no claim has been made) shall have been paid in full and (ii) satisfactory arrangements shall have been made for the termination of all Liens granted in connection therewith.

  • Amendments to Existing Credit Agreement Effective on (and subject to the occurrence of) the Effective Date, the Existing Credit Agreement is hereby amended in accordance with this Part II. Except as so amended, the Existing Credit Agreement shall continue in full force and effect.

  • DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of June 11, 2003, evidenced by, among other documents, a certain Loan and Security Agreement dated as of June 11, 2003 between Borrower and Bank, as amended from time to time (as amended, the "Loan Agreement"). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement.

  • Amendment of the Existing Credit Agreement In consideration of the mutual covenants in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree that, subject to the satisfaction of the conditions precedent set forth in clause 3.1, the Existing Credit Agreement shall, with effect on and from the Amendment Effective Date, be (and it is hereby) amended in accordance with the amendments set out in Schedule 3 and (as so amended) will continue to be binding upon each of the Borrower and the Finance Parties in accordance with its terms as so amended.

  • Loan Document Pursuant to Existing Credit Agreement This Amendment is a Loan Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with all of the terms and provisions of the Existing Credit Agreement, as amended hereby, including Article IX thereof.

Time is Money Join Law Insider Premium to draft better contracts faster.