The assets of the Companies are free and clear of all Liens (except Permitted Liens) and Liens in connection with the PNC Credit Agreement, which will be released at Closing.
Also, subject to certain limitations, the principal amount of the revolving loan is due and payable on the earlier of July 30, 2015 or upon the termination of the PNC Credit Agreement.
The PNC Credit Agreement provides for a revolving line of credit of up to $35 million, subject to borrowing base and related limitations.
At or prior to the Closing, Seller shall have caused the Companies not to be parties to the PNC Credit Agreement, shall have ensured that any and all obligations of the Companies thereunder shall have terminated, and Media Co shall have no obligation for indebtedness for borrowed money.
On July 31, 2012, for our use and benefit, certain subsidiaries of Gaiam, including the subsidiaries encompassing our division, (collectively the "Borrowers") entered into a Revolving Credit and Security Agreement (the "PNC Credit Agreement") with PNC Bank, N.A. ("PNC"), as agent and lender.