Common use of Payoff Letters and Lien Releases Clause in Contracts

Payoff Letters and Lien Releases. Payoff letters for each instrument of Indebtedness of the Company (other than Indebtedness arising under Warehouse Lines or Indebtedness of Seller or its other Subsidiaries with respect to which the Company shall have been fully released from its obligations thereunder and all Liabilities with respect thereto from and after the Closing Date) from the obligees thereunder setting forth the amounts necessary to pay off all Indebtedness under such instrument as of the Closing Date along with the per diem interest amount with respect thereto and otherwise in form and substance reasonably satisfactory to the Purchaser, and providing for the release of all Liens held against the property of the Company upon the payoff of such Indebtedness.

Payoff Letters and Lien Releases. Payoff letters for each instrument of Indebtedness of the Company Acquired Companies (other than the Assumed Indebtedness arising under Warehouse Lines or Indebtedness of Seller or its other Subsidiaries the Acquired Companies with respect to which the such Acquired Company shall have been fully released from its obligations thereunder and all Liabilities with respect thereto from and after the Closing Date) from the obligees thereunder setting forth the amounts necessary to pay off all Indebtedness under such instrument as of the Closing Date along with the per diem interest amount with respect thereto and otherwise in form and substance reasonably satisfactory to the Purchaser, ​ ​ and providing for the release of all Liens held against the property of the applicable Acquired Company upon the payoff of such Indebtedness.