Refinancing Existing Debt Sample Clauses
The "Refinancing Existing Debt" clause outlines the terms and conditions under which a borrower may replace or restructure their current debt obligations with new financing. Typically, this clause specifies the types of existing debts that can be refinanced, any required approvals from lenders, and the process for substituting old debt with new loans or credit facilities. Its core practical function is to provide flexibility for the borrower to manage or improve their debt profile, often to secure better terms, lower interest rates, or extend repayment periods, thereby addressing the need for financial adaptability and risk management.
Refinancing Existing Debt. Merchant will not accept a Card to collect or refinance an existing debt that: (i) has been deemed uncollectible by the Merchant providing the associated goods or services; (ii) represents any other pre-existing indebtedness by Cardholder, including collection of delinquent accounts on behalf of other parties; (iii) represents the collection of a dishonored check. Further, Merchant must not accept Cardholder payments for previous Card charges.
Refinancing Existing Debt. In the event that the Merger is completed upon the terms and subject to the conditions set forth in the Merger Agreement, notwithstanding the failure of the Company to have obtained the Alternative Financing (as defined in the Merger Agreement) prior to such time, the Company agrees to prepay on behalf of NetGen, or cause NetGen to prepay, the Existing Debt immediately after the Effective Time (as defined in the Merger Agreement). For the avoidance of doubt, the completion of the Exchange upon the terms and subject to the conditions set forth in paragraph 2 of this Letter Agreement shall be deemed to be a prepayment in full of the Existing Debt.
Refinancing Existing Debt. Merchant shall not process any transaction representing the refinancing of an existing obligation of a Cardholder including, but not limited to, obligations:
Refinancing Existing Debt. Merchant will not accept a Card to collect or refinance an existing debt as defined by Rules.