Existing Credit Agreement; Existing Loans and LCs Sample Clauses

Existing Credit Agreement; Existing Loans and LCs. (a) Upon the Closing Date, (a) this Agreement shall act to amend, restate and replace the Existing Credit Agreement in its entirety, (b) any right of the Borrower to obtain credit and any duty on the part of any Person to extend credit under the Existing Credit Agreement shall be terminated, and (c) all letters of credit outstanding under the Existing Credit Agreement (collectively, "Existing LCs") shall be deemed to be Letters of Credit outstanding under this Agreement and subject to all terms and conditions of this Agreement relating to Letters of Credit and, without further action on any Person's part and without limiting the generality of the foregoing, (1) the Borrower shall be unconditionally obligated to reimburse the Issuing Bank on demand for all draws and other amounts paid under such Letters of Credit by the Issuing Bank, irrespective of whether the Borrower executed a reimbursement agreement or the like with respect to such Letters of Credit, and (2) the Issuing Bank shall be deemed to be the issuer of (and hence the Issuing Bank with respect to) such Letters of Credit, and to have granted to each Bank, and each Bank shall be deemed to have acquired from the Issuing Bank, a participation in each such Letter of Credit equal to such Bank's Pro-Rata Share of the Letter of Credit Commitments on the Closing Date. The funding of the initial Revolving Credit Loan under this Agreement shall be used to refinance the outstanding principal balance of and all accrued interest on the revolving credit loans under the Existing Credit Agreement, and the Borrower directs that such initial Loan be disbursed to, and the Administrative Agent and the Banks consent to the disbursement of such initial Loan to, U.S. Bank National Association, in its capacity as the agent or the sole lender under the Existing Credit Agreement, to be kept and retained by U.S. Bank National Association for its own account, whereupon each Bank shall have an outstanding Revolving Credit Loan hereunder in an amount equal to its Pro-Rata Share of such initial Loan. If there are any unpaid commitment fees or other amounts owing under the Existing Credit Agreement (other than principal and interest and letter of credit reimbursement obligations as provided above), the Borrower agrees to pay such amounts on demand to U.S. Bank National Association in its capacity as the agent or the sole lender under the Existing Credit Agreement, notwithstanding that this Agreement otherwise amends, restates a...
Sample 1
AutoNDA by SimpleDocs

Related to Existing Credit Agreement; Existing Loans and LCs

  • Existing Credit Agreements The Existing Credit Agreements shall have been terminated and shall be of no further force and effect, and all amounts outstanding thereunder shall have been paid in full.

  • Existing Credit Agreement The Administrative Agent shall have received satisfactory evidence that the Existing Credit Agreement shall have been terminated and all amounts thereunder (other than contingent indemnification obligations for which no claim has been made) shall have been paid in full and (ii) satisfactory arrangements shall have been made for the termination of all Liens granted in connection therewith.

  • Existing Loans Schedule 3.14(a) attached hereto lists, as of the date of this Agreement, (i) all secured Indebtedness presently encumbering the Property or any direct or indirect interest in the Company, and (ii) all unsecured Indebtedness of the Company or any Company Subsidiary (collectively, the “Existing Company Loans”), and the outstanding aggregate principal balance of each such Existing Company Loan as of April 30, 2019. Except as set forth on Schedule 3.14(b) attached hereto, the Existing Company Loans and the documents entered into in connection therewith (such notes, deeds of trust and all other documents or instruments evidencing or securing such Existing Company Loans including any financing statements, and any amendments, modifications, and assignments of the foregoing shall be referred to collectively as the “Existing Company Loan Documents”) are in full force and effect as of the Closing Date. True, correct and complete copies of the Existing Company Loan Documents (other than financing statements, ancillary certificates and other similar ancillary documents) have been made available to MAMP. No material breach or material default by the Company or any Company Subsidiary has occurred under any Existing Company Loans. Except as set forth on Schedule 3.14(c) attached hereto, no event has occurred and is continuing which with the passage of time or the giving of notice (or both) would constitute a material breach or default under any of such Existing Company Loan Documents, nor has the Company received or given written notice of a default under any Existing Company Loan Documents, which remains uncured.

  • Revolving Credit Agreement The Agent shall have received this Agreement duly executed and delivered by each of the Banks and the Company and each of the Banks shall have received a fully executed Committed Note and a fully executed Bid Note, if such Notes are requested by any Bank pursuant to Section 12.9.

  • Credit Agreements Schedule II is a complete and correct list, as of the date of this Agreement, of each credit agreement, loan agreement, indenture, purchase agreement, guarantee or other arrangement providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Company or any of its Material Subsidiaries the aggregate principal or face amount of which equals or exceeds (or may equal or exceed) $150,000,000 and the aggregate principal or face amount outstanding or which may become outstanding under each such arrangement is correctly described in Schedule II.

  • Amendments to Existing Credit Agreement Effective on (and subject to the occurrence of) the Effective Date, the Existing Credit Agreement is hereby amended in accordance with this Part II. Except as so amended, the Existing Credit Agreement shall continue in full force and effect.

  • Existing Loan Documents Copies of all Existing Loan Documents.

  • Amendment of Credit Agreement The Credit Agreement is hereby amended as follows:

  • Amendment to Existing Credit Agreement Subject to the occurrence of the Second Amendment Effective Date (as hereinafter defined), the Existing Credit Agreement is amended in accordance with this Article II.

  • Credit Agreement (a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement have the meanings specified therein; the term “instrument” shall have the meaning specified in Article 9 of the New York UCC.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!