Common use of Pay-Off Letter Clause in Contracts

Pay-Off Letter. The Administrative Agent shall have received a pay-off letter reasonably satisfactory to it in respect of the repayment of all amounts outstanding under or in respect of the Existing Credit Agreement, confirming that all Liens upon any of the property of the Loan Parties constituting Collateral arising under the Existing Credit Agreement, if any, have been or will be terminated concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness shall have been cash collateralized or supported by a Letter of Credit or a letter of credit issued under the Senior Secured Asset-Based Revolving Credit Facility.

Pay-Off Letter. The Administrative Agent shall have received a pay-off letter reasonably satisfactory to it in respect of the repayment of all amounts outstanding under or in respect of the Existing Credit Agreement, confirming that all Liens upon any of the property of the Loan Parties constituting Collateral arising under the Existing Credit Agreement, if any, have been or will be terminated concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness shall have been cash collateralized or supported by a Letter of Credit or a letter of credit issued under the Senior Secured Asset-Based Revolving Credit Term Loan Facility.

Pay-Off Letter. The Administrative Agent shall have received a pay-off letter reasonably satisfactory to it in respect of the repayment of all amounts outstanding under or in respect of each of the Existing ABL Credit Agreement, confirming that all Liens upon any of the property of the Loan Parties constituting Collateral arising thereunder or under the Existing Credit Agreement, if any, any related agreements have been or will be terminated concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness (if any) shall have been cash collateralized or supported by a Letter of Credit or a letter of credit issued under the Senior Secured Asset-Based Revolving Credit FacilityCredit.

Pay-Off Letter. The Administrative Agent shall have received a pay-off letter reasonably satisfactory to it in respect of the repayment of all amounts outstanding under or in respect of the Existing Credit Agreement, confirming that all Liens upon any of the property of the Loan Parties constituting Collateral arising under the Existing Credit AgreementAgreements, if any, have been or will be terminated concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness shall have been cash collateralized or supported by a Letter of Credit or a letter of credit issued under the Senior Secured Asset-Based Revolving Credit Facility.

Pay-Off Letter. The Administrative Agent shall have received a pay-off letter reasonably satisfactory to it in respect of the repayment of all amounts outstanding under or in respect of for the Existing Credit Agreement, confirming that all Liens upon any of the property of the Loan Parties constituting Collateral arising under the Existing Credit Agreement, if any, have been or will be terminated concurrently with such payment and all letters of credit (other than the Existing Letters of Credit (as defined in the First Lien Credit Agreement)) issued or guaranteed as part of such Indebtedness Existing Credit Agreement shall have been cash collateralized or supported by a Letter of Credit (as defined in the First Lien Credit Agreement) or otherwise satisfied in a letter of credit issued under manner reasonably satisfactory to the Senior Secured Asset-Based Revolving Credit FacilityAdministrative Agent.

Pay-Off Letter. The Administrative Agent shall have received a pay-off letter reasonably satisfactory to it in respect of the repayment of all amounts outstanding under or in respect of the Existing Credit Agreement, confirming that all Liens upon any of the property of the Loan Parties constituting Collateral arising under the Existing Credit AgreementAgreements, if any, have been or will be terminated concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness shall have been cash collateralized or supported by a Letter of Credit or a letter of credit issued under the Senior Secured Asset-Based Revolving Credit FacilityCredit.