Effectiveness of this Amendment and Restatement. So long as each ----------------------------------------------- of the following conditions shall be satisfied or waived by the Administrative Agent and the Lenders, this Amendment and Restatement shall become effective and the Credit Agreement shall be amended and restated as provided herein at 9:00 A.M. (Pacific time) (the "Effective Time") on August 28, 2000 (the "Effective -------------- --------- Date"): ----
Effectiveness of this Amendment and Restatement. As of the Effective Time, this Agreement shall amend and restate the Existing Credit Agreement in its entirety and the Existing Credit Agreement as so amended and restated is hereby ratified and confirmed by the parties hereto. This Agreement is not intended by the parties to, and shall not constitute, a payment, discharge, satisfaction or novation of the whole or any item or part of the Obligations or Other Secured Obligations (as each such term is defined in the Existing Credit Agreement) remaining outstanding and owing to the Agent, the Lenders or the Issuing Banks until paid in full in accordance with the provisions of this Agreement. The parties hereto agree that, at the Effective Time, (i) the Advances (as defined in the Existing Credit Agreement) and (ii) the letters of credit previously issued by an Issuing Lender pursuant to the Existing Credit Agreement (“Existing Letters”) become outstanding hereunder as Advances of the same type. The parties hereby agree that, contemporaneously with the fulfilment of the conditions precedent set forth in Section 5.1, the Existing Letters shall be deemed to be Letters issued by [CIBC as] Issuing Bank at the request of the Borrower under the Credit and the provisions of this Agreement shall henceforth apply thereto. The Borrower hereby confirms to and agrees with the Agent, the Lenders and the Issuing Banks that the Obligations and Other Secured Obligations (each as defined in the Existing Credit Agreement) shall continue in full force and effect in accordance with the respective terms (amended and restated, as applicable, by this Agreement). All references to the term “Credit Agreement” as defined and contained in the Loan Documents delivered in connection with the Existing Credit Agreement shall, from and after the Restatement Date, be deemed to refer to this Agreement without the need for any amendment to such Loan Document. All references to one or more provisions of the Existing Credit Agreement contained in the Loan Documents shall, from and after the Restatement Date, be deemed to refer to the corresponding provisions of this Agreement, without the need for any amendment to such Loan Documents.
Effectiveness of this Amendment and Restatement. Effectivenss of this Agreement is subject to the conditions precedent that the Administrative Agent shall have received all of the following, each duly executed and in form and substance satisfactory to the Agents:
