Common use of Payment in Full of Existing Debt Clause in Contracts

Payment in Full of Existing Debt. Prior to, or concurrently with, the making of the initial Advances hereunder, all Existing Debt shall have been paid in full and the Administrative Agent shall have received a “pay-off” letter (or such other evidence) in form and substance satisfactory to the Administrative Agent with respect to all such Existing Debt being refinanced with the initial Advances to be made hereunder; and the Administrative Agent shall have received from any Person holding any Lien securing any such Existing Debt, such UCC termination statements, mortgage releases, releases of assignments of leases and rents, and other instruments, in each case in proper form for recording or filing, as the Administrative Agent shall have requested to release and terminate of record the Liens securing such Existing Debt.

Payment in Full of Existing Debt. Prior to, or concurrently with, the making of the initial Advances hereunder, all outstanding obligations owing under the Existing Debt shall have been paid in full and the Administrative Agent shall have received a “pay-off” letter (or such other evidence) in form and substance reasonably satisfactory to the Administrative Agent with respect to all such Existing Debt being refinanced with evidencing the initial Advances termination of all commitments to be made hereunderlend under the respective loan documents; and the Administrative Agent shall have received from any Person holding any Lien securing any such Existing Debt, such UCC (or equivalent) termination statements, mortgage releases, releases of assignments of leases and rents, and other instruments, in each case in proper form for recording or filing, as the Administrative Agent shall have reasonably requested to release and terminate of record the Liens securing such Existing Debt.