Common use of Pay-Off Letter Clause in Contracts

Pay-Off Letter. The Agent shall have received a pay-off letter reasonably satisfactory to it in respect of the repayment of the Existing Credit Agreement from the proceeds of the Loans, confirming that all Liens upon any of the property of the Loan Parties constituting Collateral arising under the Existing Credit Agreement, if any, 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 issued under the Senior Secured Asset-Based Revolving Credit Facility.

Pay-Off Letter. The Agent shall have received a pay-off letter reasonably satisfactory to it in respect of the repayment of the Existing Credit Agreement from the proceeds of the LoansInitial Revolving Borrowing, confirming that all Liens upon any of the property of the Loan Parties constituting Collateral arising under the Existing Credit Agreement, if any, 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 Letter of credit issued under the Senior Secured Asset-Based Revolving Credit FacilityCredit.

Pay-Off Letter. The Agent shall have received a pay-off letter reasonably satisfactory to it in respect of the repayment termination of the Existing Credit revolving credit facility under the Term Loan Agreement from the proceeds of the LoansLoans and other applicable sources, confirming and providing for arrangements reasonably satisfactory to the Agent that all Liens upon any of the property of the Loan Parties constituting Collateral arising under the Existing Credit Agreement, if any, will be terminated concurrently with such payment and all 119 letters of credit issued or guaranteed as part of such Indebtedness shall have been under the Term Loan Agreement will be cash collateralized or supported by (or deemed pursuant to Section 2.23(a) to be) a letter Letter of credit Credit to be issued under the Senior Secured Asset-Based Revolving Credit Facilityhereunder.