Common use of Pay-Off Letter Clause in Contracts

Pay-Off Letter. The Administrative Agent shall have received satisfactory pay-off letters for (or other evidence satisfactory to the Administrative Agent of the payment in full of) (i) all existing Indebtedness under the Existing Credit Agreement and (ii) all existing Indebtedness of the Cliffstar Companies, in each case confirming that all Liens upon any of the property of the Loan Parties or the Cliffstar Companies, as applicable, constituting Collateral will be terminated concurrently with such payment.

Pay-Off Letter. The Administrative Agent shall have received satisfactory a pay-off letters for (or other evidence letter reasonably satisfactory to the Administrative Agent it in respect of the payment repayment of all amounts outstanding under or in full of) (i) all existing Indebtedness under respect of each of the Existing ABL Credit Agreement and (ii) all existing Indebtedness of the Cliffstar CompaniesAgreement, in each case confirming that all Liens upon any of the property of the Loan Parties or the Cliffstar Companies, as applicable, constituting Collateral arising thereunder or under any related agreements have been or will be terminated concurrently with such paymentpayment 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.