Existing Credit Agreement; Effectiveness of Amendment, Restatement and Renewal Sample Clauses

Existing Credit Agreement; Effectiveness of Amendment, Restatement and Renewal. On and after the Closing Date, all obligations of the Loan Parties under the Existing Credit Agreement shall become obligations of the Loan Parties hereunder and the provisions of the Existing Credit Agreement shall be superseded by the provisions hereof except for provisions under the Existing Credit Agreement that expressly survive the termination thereof. The parties hereto acknowledge and agree that (a) the amendment, restatement and renewal of the Existing Credit Agreement pursuant to this Agreement and all other Loan Documents executed and delivered in connection herewith shall not constitute a novation of the Existing Credit Agreement and the other Loan Documents as in effect prior to the Closing Date and (b) all deemed references in the other Loan Documents to the Existing Credit Agreement shall be deemed to refer without further amendment to this Agreement.
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Existing Credit Agreement; Effectiveness of Amendment, Restatement and Renewal. (a) On and after the Closing Date, all obligations of the Loan Parties under the Existing Credit Agreement shall become obligations of the Loan Parties hereunder and the provisions of the Existing Credit Agreement shall be superseded by the provisions hereof except for provisions under the Existing Credit Agreement that expressly survive the termination thereof. The parties hereto acknowledge and agree that (a) the amendment, restatement and renewal of the Existing Credit Agreement pursuant to this Agreement and all other Loan Documents executed and delivered in connection herewith shall not constitute a novation of the Existing Credit Agreement and the other Loan Documents as in effect prior to the Closing Date and (b) all deemed references in the other Loan Documents to the Existing Credit Agreement shall be deemed to refer without further amendment to this Agreement. (b) This Agreement is a renewal of the Existing Credit Agreement on which documentary stamp taxes have been paid. Such taxes were paid upon the recording of the Mortgages (and any subsequent amendments thereof, if applicable) recorded in (i) Official Records Book 8277 Page 1510 of the public records of Pasco County, Florida, (ii) Official Records Book 10006 Page 8206 of the public records of Orange County, Florida, (iii) Official Records Book 10006 Page 8282 of the public records of Orange County, Florida, (iv) Official Records Book 10006 Page 8246 of the public records of Orange County, Florida, and (v) Official Records Book 19740 Page 744 of the public records of Hillsborough County, Florida.

Related to Existing Credit Agreement; Effectiveness of Amendment, Restatement and Renewal

  • Amendment and Restatement of the Existing Credit Agreement The parties to this Agreement agree that, upon (i) the execution and delivery by each of the parties hereto of this Agreement and (ii) satisfaction of the conditions set forth in Section 3.01, the terms and provisions of the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by the terms and provisions of this Agreement. This Agreement is not intended to and shall not constitute a novation. All loans made and obligations incurred under the Existing Credit Agreement which are outstanding on the Effective Date shall continue as Obligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents. Without limiting the foregoing, upon the effectiveness hereof: (a) all references in the “Loan Documents” (as defined in the Existing Credit Agreement) to the “Agent”, the “Credit Agreement” and the “Loan Documents” shall be deemed to refer to the Agent, this Agreement and the Loan Documents, (b) all obligations constituting “Obligations” with any Lender or any Affiliate of any Lender which are outstanding on the Effective Date shall continue as Obligations under this Agreement and the other Loan Documents, (c) the Agent shall make such reallocations, sales, assignments or other relevant actions in respect of each Lender’s credit and loan exposure under the Existing Credit Agreement as are necessary in order that each such Lender’s outstanding Revolving Credit Advances hereunder reflect such Lender’s Pro Rata Share of the outstanding aggregate Revolving Credit Advances on the Effective Date, (d) the Existing Revolving Credit Advances (as defined in Section 2.01) of each Departing Lender shall be repaid in full (accompanied by any accrued and unpaid interest and fees thereon), each Departing Lender’s “Commitment” under the Existing Credit Agreement shall be terminated and each Departing Lender shall not be a Lender hereunder, and (e) the Borrower hereby agrees to compensate each Lender (including each Departing Lender) for any and all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any Eurodollar Rate Advances (including the “Eurodollar Rate Advances” under the Existing Credit Agreement) and such reallocation described above, in each case on the terms and in the manner set forth in Section 8.04(c) hereof.

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