Payoff of Existing Debt. Lender shall have received and approved a payoff letter for the existing debt, which shall be in form and substance acceptable to Lender.
Appears in 3 contracts
Samples: Term Loan Agreement (Jernigan Capital, Inc.), Term Loan Agreement (Jernigan Capital, Inc.), Term Loan Agreement (Jernigan Capital, Inc.)
Payoff of Existing Debt. Lender shall have received and approved a payoff letter for any existing debt being repaid or refinanced with the existing debtproceeds of the Development Line of Credit, which shall be in form and substance acceptable to Lender.
Appears in 1 contract
Samples: Loan Agreement (FRP Holdings, Inc.)
Payoff of Existing Debt. Lender shall have received and approved a payoff letter letters for the existing debt, if any, which shall be in form and substance acceptable to Lender.
Appears in 1 contract
Samples: Loan Agreement (Manufactured Housing Properties Inc.)
