Payment of Existing Debt. Receipt by the Administrative Agent of evidence that the Existing Revolving Credit Agreement has been terminated and all amounts owing to the Lenders thereunder have been paid in full.
Payment of Existing Debt. After giving effect to the use of ------------------------ the proceeds of the Loans borrowed on the Closing Date, all obligations in respect of the Existing Bank Debt shall have been repaid in full and all documents and agreements in connection therewith shall have been irrevocably terminated, other than customary indemnification provisions which by the terms thereof survive repayment.
Payment of Existing Debt. As described in the Background Information hereinabove, Corporation has agreed to sell the real property described in such Background Information to CNL-BB Corp, a Florida corporation. Further, Corporation has agreed to sell the personal property previously owned by the general partnerships described in the Background Information above to CNL American Properties Fund, Inc., a Maryland corporation. Corporation hereby covenants and agrees that it will use all of the proceeds of such sales (after the payment of reasonable expenses of Corporation incurred in connection therewith and in connection with certain related transactions as well as any and all outstanding legal fees and costs of Corporation's legal counsel), to pay down the outstanding balance of the loan to Corporation from the group of lenders represented by Banque Paribas, a French corporation, as agent.
Payment of Existing Debt. Administrative Agent shall have received sufficient evidence satisfactory to it indicating that simultaneously with the effectiveness of this Agreement, (i) the obligations of each Loan Party (for purposes of this paragraph (o), as such term is defined in the Existing Credit Agreement) under the Existing Credit Agreement and the other Loan Documents (for purposes of this paragraph (o), as such term is defined in the Existing Credit Agreement) shall have been satisfied in full and all of the commitments thereunder shall have been terminated and (ii) acceptable provisions have been made for the termination of the Liens securing the same.
Payment of Existing Debt. All Debt arising under the Existing Credit Agreements shall have been repaid in full, and the Agent shall have received satisfactory payoff letters, lien release documentation or similar agreements which evidence the foregoing.
Payment of Existing Debt. MANUKA shall, no later than the Closing Date, pay off $85,000 of Purchaser’s existing debt as set forth in the list of expenses in Schedule 6.12 (the “Purchaser’s Existing Debt”). The existing shareholders of the Purchaser shall be responsible to pay off and extinguish the balance of Purchaser’s Existing Debt no later than the Closing Date. In the event that following the Closing Date the Purchaser shall be required to pay any debts and/or expenses (other than the payments that MANUKA is committed to pay as specified in Schedule 6.12) that: (a) are specified in Schedule 6.12 (the "Outstanding Debts"); and/or (b) have accrued prior to the Closing Date and are not specified in Schedule 6.12 (the "Additional Debts"), then the Purchaser shall indemnify the Shareholders with respect to such Outstanding Debts (the "Outstanding Debts Indemnity") and/or Additional Debts (the "Additional Debts Indemnity") as specified in Section 9 below.
Payment of Existing Debt. The Lender must have received evidence satisfactory to the Lender that all Debt of the Borrower and its Subsidiaries, except Debt permitted to be outstanding pursuant to Section 5.3(d), has been repaid in full and all related financing commitments have been terminated.
Payment of Existing Debt. Pay any obligation in respect of Existing Debt, the Eurobonds or any Other Funded Debt (other than Other Funded Debt set forth on Exhibit D hereof) or prepay any other material obligation;
Payment of Existing Debt. The Lender must have received evidence that all Debt of the Borrowers and its Subsidiaries (other than Debt
Payment of Existing Debt. The Refinancing (as defined in the Commitment Letter) shall have been consummated or will be consummated substantially simultaneously with the Closing Date.
