Common use of Transition Arrangements Clause in Contracts

Transition Arrangements. Upon the effectiveness of this Credit Agreement, this Credit Agreement shall supersede the Existing Credit Agreement in its entirety, except as otherwise provided in this §20. This Credit Agreement constitutes an amendment and restatement of the Existing Credit Agreement effective from and after the Funding Date. The execution and delivery of this Credit Agreement shall not constitute a novation of any indebtedness or other obligations owing to the Lenders or the Administrative Agent under the Existing Credit Agreement or evidence repayment of any such indebtedness or other obligations. It is the intent of the parties hereto that this Credit Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations of the Borrower outstanding thereunder, secured by the Security Documents. As of the Funding Date, the rights and obligations of the parties under the Existing Credit Agreement and the “Notes” (as defined in the Existing Credit Agreement) shall be subsumed within and be governed by this Credit Agreement and the Notes; provided, however, that each of the “Loans” (as defined in the Existing Credit Agreement) advanced by the Existing Lenders and outstanding under the Existing Credit Agreement immediately prior to the effectiveness of this Credit Agreement shall be refinanced on the Funding Date, subject to the provisions of §6.10 hereof, with the proceeds of the Loans advanced hereunder. Interest with respect to Loans outstanding under the Existing Credit Agreement on the Funding Date shall be paid on the Funding Date. As of the Funding Date, the Existing Letters of Credit shall be deemed to be a Letter of Credit issued pursuant and subject to the conditions of §5 hereof and the Borrower hereby affirms its obligations thereunder.

Transition Arrangements. Upon the effectiveness of this Credit Agreement, this Credit Agreement shall supersede the Existing Credit Agreement in its entirety, except as otherwise provided in this §20. This Credit Agreement constitutes an amendment and restatement of the Existing Credit Agreement effective from and after the Funding Date. The execution and delivery of this Credit Agreement shall not constitute a novation of any indebtedness or other obligations owing to the Lenders or the Administrative Agent under the Existing Credit Agreement or evidence repayment of any such indebtedness or other obligations. It is the intent of the parties hereto that this Credit Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations of the Borrower outstanding thereunder, secured by the Security Documents. As of the Funding Date, the rights and obligations of the parties under the Existing Credit Agreement and the “Notes” (as defined in the Existing Credit Agreement) shall be subsumed within and be governed by this Credit Agreement and the Notes; provided, however, that each of the “Loans” (as defined in the Existing Credit Agreement) advanced by the Existing Lenders and outstanding under the Existing Credit Agreement immediately prior to the effectiveness of this Credit Agreement shall be refinanced on the Funding Date, subject to the provisions of §6.10 hereof, with the proceeds of the Loans advanced hereunder. Interest with respect to Loans outstanding under the Existing Credit Agreement on the Funding Date shall be paid on the Funding Date. As of the Funding Date, the Existing Letters of Credit shall be deemed to be a Letter of Credit issued pursuant and subject to the conditions of §5 hereof and the Borrower hereby affirms its obligations thereunder.. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

Transition Arrangements. Upon the effectiveness of this Credit Agreement, this Credit Agreement shall supersede the Existing Credit Agreement in its entirety, except as otherwise provided in this §20. This Credit Agreement constitutes an amendment and restatement of the Existing Credit Agreement effective from and after the Funding Date. The execution and delivery of this Credit Agreement shall not constitute a novation of any indebtedness or other obligations owing to the Lenders or the Administrative Agent under the Existing Credit Agreement or evidence repayment of any such indebtedness or other obligations. It is the intent of the parties hereto that this Credit Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations of the Borrower outstanding thereunder, secured by the Security Documents. As of the Funding Date, the rights and obligations of the parties under the Existing Credit Agreement and the “"Notes” " (as defined in the Existing Credit Agreement) shall be subsumed within and be governed by this Credit Agreement and the Notes; provided, however, that each of the “"Loans” " (as defined in the Existing Credit Agreement) advanced by the Existing Lenders and outstanding under the Existing Credit Agreement immediately prior to the effectiveness of this Credit Agreement shall be refinanced on the Funding Date, subject to the provisions of §6.10 hereof, with the proceeds of the Loans advanced hereunder. Interest with respect to Loans outstanding under the Existing Credit Agreement on the Funding Date shall be paid on the Funding Date. As of the Funding Date, the Existing Letters of Credit shall be deemed to be a Letter of Credit issued pursuant and subject to the conditions of §5 hereof and the Borrower hereby affirms its obligations thereunder.