Debt Exchange. On the Closing Date, upon the satisfaction of the conditions set forth in Article IV, each Initial Lender severally agrees to deliver Existing Indebtedness in exchange for Loans in a principal amount for each such Initial Lender set forth opposite its name on Schedule 2.01 hereto. Once repaid, the Loans may not be reborrowed.
Appears in 5 contracts
Samples: Term Loan Credit Agreement, Term Loan Credit Agreement (Claires Stores Inc), Term Loan Credit Agreement (Claires Stores Inc)