PAYMENT OF AMOUNTS OWED UNDER EXISTING CREDIT AGREEMENT Sample Clauses

PAYMENT OF AMOUNTS OWED UNDER EXISTING CREDIT AGREEMENT. On the Effective Date, concurrently with the borrowing and/or conversion of Tranche A Term Loans, Tranche B Term Loans, and Canadian Term Loans hereunder, Borrowers shall pay to Administrative Agent for distribution to the Existing Lenders under the Existing Credit Agreement (i) the portion of the principal amount of all Existing Canadian Acquisition Loans owed to each Existing Lender that is not converted into Canadian Term Loans hereunder, (ii) the portion of the principal amount of any other Existing Loans owed to each Existing Lender that is not converted into Loans hereunder, (iii) all unpaid interest on the Existing Loans and commitment fees that have accrued through the Effective Date, (iv) all unpaid fees and commissions with respect to all Existing Letters of Credit that have accrued through the Effective Date and (iv) all other fees and amounts owed under the Existing Credit Agreement, including all amounts payable under subsection 2.6D thereof, but excluding the principal amount of Existing Loans that are converted into Loans hereunder. Such amounts shall be paid by the Administrative Agent to the Existing Lenders in accordance with the provisions of the Existing Credit Agreement as in effect immediately prior to the effectiveness hereof. Each Existing Lender that is entitled to payment under this subsection may setoff such payment against the amount it is required to remit to Administrative Agent on the Effective Date pursuant to subsection 2.1C. Following the payment of all amounts owed to the Existing Lenders on the Effective Date, other than obligations thereunder that are converted into Obligations hereunder, the promissory notes issued to the Existing Lenders evidencing the Existing Loans shall be of no further force and effect.
Sample 1
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PAYMENT OF AMOUNTS OWED UNDER EXISTING CREDIT AGREEMENT. Company shall have paid to Administrative Agent for distribution to the Lenders under the Existing Credit Agreement (i) all interest and commitment fees that have accrued through the Effective Date, (ii) all accrued and unpaid fees and commissions with respect to all Existing Letters of Credit that have accrued through the Effective Date and (iii) all other fees and amounts owed under the Existing Credit Agreement (other than the principal amount of the Loans that shall continue to be owed hereunder and under the Notes).
Sample 1

Related to PAYMENT OF AMOUNTS OWED UNDER EXISTING CREDIT AGREEMENT

  • Amendment to Credit Agreement (a) As of the Effective Date (as defined herein), Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions in their appropriate alphabetical order:

  • Termination of Existing Credit Agreement Receipt by the Administrative Agent of evidence that the Existing Credit Agreement concurrently with the Closing Date is being terminated and all Liens securing obligations under the Existing Credit Agreement concurrently with the Closing Date are being released.

  • Loan Document Pursuant to Existing Credit Agreement This Amendment is a Loan Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with all of the terms and provisions of the Existing Credit Agreement, as amended hereby, including Article IX thereof.

  • Amendments to Credit Agreement (a) Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order:

  • Loan Document Pursuant to Credit Agreement This Amendment is a Loan Document executed pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with all of the terms and provisions of the Credit Agreement.

  • to Credit Agreement COLLATERAL REPORTS Borrower shall deliver or cause to be delivered the following:

  • Termination of Revolving Credit Facility The Revolving Credit Facility and the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date.

  • Amendments to Existing Credit Agreement Effective on (and subject to the occurrence of) the Effective Date, the Existing Credit Agreement is hereby amended in accordance with this Part II. Except as so amended, the Existing Credit Agreement shall continue in full force and effect.

  • Reference to Credit Agreement The Credit Agreement and any and all other agreements, instruments or documentation now or hereafter executed and delivered pursuant to the terms of the Credit Agreement as amended hereby, are hereby amended so that any reference therein to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.

  • Continuing Security Interest: Assignments under Credit Agreement This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the Obligations have been paid in full in accordance with the provisions of the Credit Agreement and the Commitments have expired or have been terminated, (b) be binding upon each Grantor, and their respective successors and assigns, and (c) inure to the benefit of, and be enforceable by, Agent, and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender may, in accordance with the provisions of the Credit Agreement, assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise. Upon payment in full of the Secured Obligations in accordance with the provisions of the Credit Agreement and the expiration or termination of the Commitments, the Security Interest granted hereby shall terminate and all rights to the Collateral shall revert to Grantors or any other Person entitled thereto. At such time, Agent will authorize the filing of appropriate termination statements to terminate such Security Interests. No transfer or renewal, extension, assignment, or termination of this Agreement or of the Credit Agreement, any other Loan Document, or any other instrument or document executed and delivered by any Grantor to Agent nor any additional Advances or other loans made by any Lender to Borrower, nor the taking of further security, nor the retaking or re-delivery of the Collateral to Grantors, or any of them, by Agent, nor any other act of the Lender Group or the Bank Product Providers, or any of them, shall release any Grantor from any obligation, except a release or discharge executed in writing by Agent in accordance with the provisions of the Credit Agreement. Agent shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder, unless such waiver is in writing and signed by Agent and then only to the extent therein set forth. A waiver by Agent of any right or remedy on any occasion shall not be construed as a bar to the exercise of any such right or remedy which Agent would otherwise have had on any other occasion.

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