Common use of Existing Credit Agreement Amended and Restated Clause in Contracts

Existing Credit Agreement Amended and Restated. On the Effective Date, (a) this Agreement shall amend and restate the Existing Credit Agreement in its entirety but, for the avoidance of doubt, shall not constitute a novation of the parties’ rights and obligations thereunder, (b) the “Commitments” thereunder (and as defined therein) shall automatically continue as “Commitments” herein, (c) the rights and obligations of the parties hereto evidenced by the Existing Credit Agreement shall be evidenced by this Agreement and the other Loan Documents, (d) the “Revolving Loans” and “Term Loans” under (and as defined in) the Existing Credit Agreement shall remain outstanding and be continued as Revolving Loans and Original Term Loans, respectively, hereunder, and shall bear interest and be subject to such other fees as set forth in this Agreement, and (e) the security interests granted under the Collateral Documents shall continue to secure the Secured Obligations. All interest and fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement to the Effective Date shall be calculated as of the Effective Date (pro-rated in the case of any fractional periods), and shall be paid on the Effective Date.

Appears in 1 contract

Samples: Credit Agreement (Altra Industrial Motion Corp.)

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Existing Credit Agreement Amended and Restated. (a) On the Effective Date, (a) this Agreement shall amend and restate the Existing Credit Agreement in its entirety but, for the avoidance of doubt, shall not constitute a novation of the parties’ rights and obligations thereunder, (b) the “Commitments” thereunder (and as defined therein) shall automatically continue as “Commitments” herein, (c) the rights and obligations of the parties hereto evidenced by under the Existing Credit Agreement shall be evidenced by subsumed within, and be governed by, this Agreement and Agreement; provided, however, that the other Loan Documents, Borrower hereby agrees that (di) the “Revolving Loans” and “Term Loans” under (Letter of Credit Outstandings under, and as defined in) , the Existing Credit Agreement shall remain outstanding and be continued as Revolving Loans and Original Term Loans, respectively, hereunder, and shall bear interest and be subject to such other fees as set forth in this Agreement, and (e) the security interests granted under the Collateral Documents shall continue to secure the Secured Obligations. All interest and fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement to on the Effective Date shall be calculated as Letter of Credit Outstandings hereunder, and (ii) all Obligations of the Effective Date (pro-rated in the case of any fractional periods)Loan Parties under, and as defined in, the Existing Credit Agreement (as amended and restated by this Agreement) shall remain outstanding, shall constitute continuing Obligations secured by the Collateral and Real Estate Collateral , and this Agreement shall not be paid on deemed to evidence or result in a novation or repayment and reborrowing of such obligations and other liabilities. Each Loan Party party to the Facility Guaranty and/or the Security Documents acknowledges and agrees that (i) the Obligations shall include the Obligations of the Borrower under this Agreement after giving effect to the Effective Date., and (ii) the Liens as granted under the applicable Security Documents securing payment of such Obligations are in all respects continuing and in full force 161

Appears in 1 contract

Samples: Credit Agreement (Stage Stores Inc)

Existing Credit Agreement Amended and Restated. On Upon satisfaction of the Effective Dateconditions precedent to the effectiveness of this Agreement, (a) this Agreement shall amend and restate the Existing Credit Agreement in its entirety but, for the avoidance of doubt, shall not constitute a novation of the parties’ rights and obligations thereunderentirety, (b) the “Commitments” thereunder (and as defined therein) shall automatically continue as “Commitments” herein, (c) the rights and obligations of the parties hereto evidenced by under the Existing Credit Agreement shall be evidenced subsumed within and be governed by this Agreement; provided, however, that each of the Loan Parties, each Agent, the Term Loan Agent, each Lender and each Issuing Bank hereby agrees that (i) each of the “Loans” (as such term is defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement and on the other Loan DocumentsEffective Date shall, for purposes of this Agreement, be included as Loans hereunder; (ii) each “Letter of Credit” (as defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement on the Effective Date shall be a Letter of Credit hereunder, (diii) all Obligations of the “Revolving Loans” and “Term Loans” Loan Parties under (and as defined in) the Existing Credit Agreement shall remain outstanding and be continued as Revolving Loans and Original Term Loansoutstanding, respectively, hereundershall constitute continuing Obligations secured by the Collateral, and this Agreement shall bear interest not be deemed to evidence or result in a novation or repayment and be subject to reborrowing of such other fees as set forth in this AgreementObligations, and (eiv) the security interests granted under the Collateral Documents shall continue all references to secure the Secured Obligations. All interest and fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement to the Effective Date in any Loan Document or other document or instrument delivered in connection therewith shall be calculated as of deemed to refer to this Agreement and the Effective Date (pro-rated in the case of any fractional periods), and shall be paid on the Effective Date.provisions hereof. 150

Appears in 1 contract

Samples: Credit Agreement (Coldwater Creek Inc)

Existing Credit Agreement Amended and Restated. On Upon satisfaction of the Effective Dateconditions precedent to the effectiveness of this Agreement, (a) this Agreement shall amend and restate the Existing Credit Agreement in its entirety but, for (except to the avoidance of doubt, shall not constitute a novation of extent that definitions from the parties’ rights and obligations thereunderExisting Credit Agreement are incorporated herein by reference), (b) the “Commitments” thereunder all LIBO Loans (and as defined thereinin the Existing Credit Agreement) shall automatically continue be paid in full, together with all Breakage Costs (as “Commitments” hereindefined in the Existing Credit Agreement) incurred in connection therewith, with the proceeds of the initial Revolving Credit Loans made hereunder, and (c) the rights and obligations of the parties hereto evidenced by under the Existing Credit Agreement shall be evidenced by subsumed within, and be governed by, this Agreement and Agreement; provided, however, that the other Loan Documents, Parties hereby agree that (di) the “Revolving Loans” and “Term Loans” under (Letter of Credit Outstandings under, and as defined in, the Existing Credit Agreement on the Effective Date shall be Letter of Credit Outstandings hereunder, and (ii) except as provided in SECTION 2.15(b) and clause (b) hereof, all Obligations of the Loan Parties under, and as defined in, the Existing Credit Agreement shall remain outstanding and be continued as Revolving Loans and Original Term Loansoutstanding, respectively, hereundershall constitute continuing Obligations secured by the Collateral, and this Agreement shall bear interest not be deemed to evidence or result in a novation or repayment and be subject to reborrowing of such obligations and other fees as set forth in this Agreement, and (e) the security interests granted under the Collateral Documents shall continue to secure the Secured Obligationsliabilities. All interest and fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement to the Effective Date shall be calculated as of the Effective Date (pro-rated in the case of any fractional periods), and shall be paid on the Effective Date.178

Appears in 1 contract

Samples: Credit Agreement (Michaels Stores Inc)

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Existing Credit Agreement Amended and Restated. On Upon satisfaction of the Effective Dateconditions precedent to the effectiveness of this Agreement, (a) this Agreement shall amend and restate the Existing Credit Agreement in its entirety but, for (except to the avoidance of doubt, shall not constitute a novation of extent that definitions from the parties’ rights and obligations thereunderExisting Credit Agreement are incorporated herein by reference), (b) the “Commitments” thereunder all LIBO Loans (and as defined thereinin the Existing Credit Agreement) shall automatically continue be paid in full, together with all Breakage Costs (as “Commitments” hereindefined in the Existing Credit Agreement) incurred in connection therewith, with the proceeds of the initial Revolving Credit Loans made hereunder, and (c) the rights and obligations of the parties hereto evidenced by under the Existing Credit Agreement shall be evidenced by subsumed within, and be governed by, this Agreement and Agreement; provided, however, that the other Loan Documents, Parties hereby agree that (di) the “Revolving Loans” and “Term Loans” under (Letter of Credit Outstandings under, and as defined in, the Existing Credit Agreement on the Restatement Date shall be Letter of Credit Outstandings hereunder, and (ii) except as provided in clause (b) hereof, all Obligations of the Loan Parties under, and as defined in, the Existing Credit Agreement shall remain outstanding and be continued as Revolving Loans and Original Term Loansoutstanding, respectively, hereundershall constitute continuing Obligations secured by the Collateral, and this Agreement shall bear interest not be deemed to evidence or result in a novation or repayment and be subject to reborrowing of such obligations and other fees as set forth in this Agreement, and (e) the security interests granted under the Collateral Documents shall continue to secure the Secured Obligationsliabilities. All interest and fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement to the Effective Date shall be calculated as of the Effective Date (pro-rated in the case of any fractional periods), and shall be paid on the Effective Date.185

Appears in 1 contract

Samples: Credit Agreement (Michaels Stores Inc)

Existing Credit Agreement Amended and Restated. On Upon satisfaction of the Effective Dateconditions precedent to the effectiveness of this Agreement, (a) this Agreement shall amend and restate the Existing Credit Agreement in its entirety but, for the avoidance of doubt, shall not constitute a novation of the parties’ rights and obligations thereunderentirety, (b) the “Commitments” thereunder (and as defined therein) shall automatically continue as “Commitments” herein, (c) the rights and obligations of the parties hereto evidenced by under the Existing Credit Agreement shall be evidenced subsumed within and be governed by this Agreement; provided, however, that each of the Loan Parties, each Agent, each Lender and each Issuing Bank hereby agrees that (i) each of the “Loans” (as such term is defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement and on the other Loan DocumentsSecond Restatement Effective Date shall, for purposes of this Agreement, be included as Loans hereunder; (ii) each “Letter of Credit” (as defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement on the Second Restatement Effective Date shall be a Letter of Credit hereunder, (diii) all Obligations of the “Revolving Loans” and “Term Loans” Loan Parties under (and as defined in) the Existing Credit Agreement shall remain outstanding and be continued as Revolving Loans and Original Term Loansoutstanding, respectively, hereundershall constitute continuing Obligations secured by the Collateral, and this Agreement shall bear interest not be deemed to evidence or result in a novation or repayment and be subject to reborrowing of such other fees as set forth in this AgreementObligations, and (eiv) the security interests granted under the Collateral Documents shall continue all references to secure the Secured Obligations. All interest and fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement to the Effective Date in any Loan Document or other document or instrument delivered in connection therewith shall be calculated as of deemed to refer to this Agreement and the Effective Date (pro-rated in the case of any fractional periods), and shall be paid on the Effective Dateprovisions hereof.

Appears in 1 contract

Samples: Credit Agreement (Circuit City Stores Inc)

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