Common use of Pay-Off Letter Clause in Contracts

Pay-Off Letter. The Administrative Agent shall have received satisfactory evidence (i) of the pay-off of all Existing Loans that are not deemed outstanding hereunder and (ii) the termination of all Liens on Collateral (other than Liens on property of the Borrowers forming a part of the Collateral in favor of the Administrative Agent (for the benefit of the Secured Holders)).

Pay-Off Letter. The Administrative Agent shall have received satisfactory evidence (i) of the pay-off of all Existing Loans that are not deemed outstanding hereunder and (ii) the termination of all Liens on Collateral property of the Borrowers (other than Liens on property of the Borrowers forming a part of the Collateral in favor of the Administrative Agent (for the benefit of the Secured Holders)Agent).