Common use of Termination of Prior Agreement Clause in Contracts

Termination of Prior Agreement. Citibank, as Agent under the Prior Agreement (the “Existing Agent”), and each of the Banks party to the Prior Agreement (the “Existing Banks”), hereby confirms, with respect to the Prior Agreement to which it is a party, that upon the Existing Agent’s receipt of all principal, accrued interest, fees, expenses, costs and other amounts outstanding under the Prior Agreement, and the Existing Agent’s distribution of such amounts to the Existing Banks under the Prior Agreement and any other parties entitled thereto, the Prior Agreement and the commitments of the Existing Banks thereunder shall be terminated, and all of the Borrowers’ obligations to the Existing Agent and the Existing Banks under the Prior Agreement shall be terminated (other than contingent indemnity obligations and any other obligations which by the terms of the Prior Agreement expressly survive the termination of such Prior Agreement). Each of the Borrowers hereby acknowledges and agrees to the termination of the Prior Agreement pursuant to this Section 8.16.

Termination of Prior Agreement. Citibank, as Agent under the Prior Agreement (the “Existing Agent”), and each of the Banks party to the Prior Agreement (the “Existing Banks”), hereby confirms, with respect to the Prior Agreement to which it is a party, confirm that upon the Existing Agent’s receipt of all principal, accrued interest, fees, expenses, costs and other amounts outstanding under the Prior Agreement, and the Existing Agent’s distribution of such amounts to the Existing Banks under the Prior Agreement and any other parties entitled thereto, the Prior Agreement and the commitments of the Existing Banks thereunder shall be terminated, and all of the Borrowers’ obligations to the Existing Agent and the Existing Banks under the Prior Agreement shall be terminated (other than contingent indemnity obligations and any other obligations which by the terms of the Prior Agreement expressly survive the termination of such the Prior Agreement). Each of the Borrowers hereby acknowledges and agrees to the termination of the Prior Agreement pursuant to this Section 8.16.