Common use of The Refinancing Clause in Contracts

The Refinancing. Prior to or substantially concurrently with the initial credit extension on the Restatement Date, all existing Indebtedness of the Borrower and its Subsidiaries under the Existing Credit Agreement with respect to Existing Term Loans, Existing Revolving Loans and Existing Revolving Commitments, together with accrued and unpaid interest thereon, shall have been paid in full (other than with respect to (w) Existing Letters of Credit, (x) Existing Term Loans that are subject to the Cashless Rollover, (y) letters of credit, bank services or other hedging or swap obligations that will remain outstanding after the Restatement Date pursuant to arrangements reasonably acceptable to the Administrative Agent and (z) inchoate indemnification obligations and any other obligations which pursuant to their terms specifically survive repayment thereof for which no claim has been made) (the “Refinancing”).