Examples of Existing Debt in a sentence
Borrowers shall use the proceeds of Revolving Loans solely for (a) transaction fees, costs and expenses incurred in connection with the Financing Documents and Closing Date Existing Debt Payoff, and (b) for working capital needs and other general corporate purposes of Borrowers and their Subsidiaries.
The Borrower will not, without the prior written consent of the Lender, create or incur or permit to exist any Lien upon any of the Collateral, other than (i) Liens securing the Credit Obligations or the Existing Debt and (ii) Liens permitted by the Existing Debt.
The Borrower will not become a party to any merger or consolidation or, in a single transaction or series of related transactions, sell, lease, transfer or otherwise dispose of the Collateral other than transactions permitted by the Existing Debt.
The proceeds of the Loans shall be used solely for (a) working capital and general corporate purposes, in each case subject to the restrictions set forth in this Agreement, (b) the payment of fees and expenses incurred in connection with the negotiation, execution and delivery of this Agreement and the other Loan Documents and (c) to repay the Specified Existing Debt in full.
Effective on the date hereof, the Creditor hereby delivers the Existing Debt in exchange for the contemporaneous execution and delivery of the Convertible Note, which shall be issued with an aggregate original principal amount equal to the Debt Amount, on the terms and conditions set forth in this Agreement (the “Exchange”).