Payoff Letters, Etc Sample Clauses
The "Payoff Letters, Etc" clause establishes the requirement for the borrower or obligor to provide payoff letters and related documentation when settling outstanding debts or obligations. In practice, this means that upon repayment of a loan or satisfaction of a financial obligation, the lender or creditor must issue a formal letter confirming the amount required to fully pay off the debt, and may also provide other documents evidencing the release of liens or security interests. This clause ensures that all parties have clear, written confirmation of the amounts due and the status of obligations, thereby preventing future disputes and facilitating the smooth transfer or release of collateral.
Payoff Letters, Etc. (A) The Administrative Agent shall have received the MidCap Payoff Letter duly executed by the parties thereto, (B) all obligations of the Group Members in respect of the Existing Credit Facilities shall, substantially contemporaneously with the funding of certain Loan proceeds on the Closing Date directly to the Existing Agent, as contemplated by the Flow of Funds Agreement, have been paid in full, (C) the Administrative Agent shall be satisfied that all actions necessary to terminate the agreements evidencing the obligations of the Group Members in respect of the Existing Credit Facilities and the Liens of the Existing Agent in the assets of the Group Members securing obligations under the Existing Credit Facilities shall have been, or substantially contemporaneously with the Closing Date, shall be, taken, and (D) the Administrative Agent shall have received such other documents and information related to the Existing Credit Facilities and the refinancing thereof as it may request.
Payoff Letters, Etc. The Administrative Agent shall have received the Payoff Letter duly executed by the parties thereto, (ii) all obligations of the Group Members in respect of the Existing Indebtedness shall, substantially contemporaneously with the funding of certain Loan proceeds on the Closing Date directly to the Existing Agent, as contemplated by the Flow of Funds Agreement, have been paid in full, and (iii) the Administrative Agent shall be satisfied that all actions necessary to terminate the agreements evidencing the obligations of the Group Members in respect of the Existing Indebtedness and the Liens of the Existing Agent in the assets of the Group Members securing obligations under the Existing Indebtedness shall have been, or substantially contemporaneously with the Closing Date, shall be, taken.
Payoff Letters, Etc. The payoff letters from the indenture -------------------- trustee for the Life Companies contemplated by Section 2.01(b)(i); (ii) with ------------------ appropriate documents executed by or on behalf of the indenture trustee for the Life Companies, in form and substance reasonably satisfactory to the Administrative Agent, releasing any Liens on the Property of Borrower and any other Credit Party securing the Life Company Obligations; (iii) the payoff letter from SocGen contemplated by Section 2.01(b)(ii); (iv) the SocGen Cash ------------------- Collateral Agreement; and (v) appropriate documents executed by or on behalf of SocGen and the SocGen Lenders, in form and substance reasonably satisfactory to the Administrative Agent, releasing any Liens on the Property of Borrower and any other Credit Party securing the SocGen Obligations and the reimbursement obligations with respect to the SocGen Letters of Credit, other than those created pursuant to the SocGen Cash Collateral Agreement; all of which documents, in the case of clauses (ii) and (v) above, shall have been delivered to the Administrative Agent or its counsel pursuant to escrow instructions from the Life Companies and SocGen, respectively, in form and substance reasonably satisfactory to the Administrative Agent, or shall otherwise be made available to the Administrative Agent on the Closing Date in a manner reasonably satisfactory to the Administrative Agent .
Payoff Letters, Etc. Seller shall have delivered to Buyer at least five days prior to the Closing Date a payoff letter from the holder of each Funded Debt and each such holder shall have delivered to Buyer's title insurance company appropriate releases in recordable form of all Encumbrances relating to such Funded Debt with instructions to record such releases upon payment of the Funded Debt as of the Closing Date.