Release of Security Interests. On the Closing Date, the Shareholders shall deliver "payoff letters" from each Company's respective creditors, identifying the amount that must be paid to satisfy the Company's obligations to such creditor as of the Closing Date, and shall cause the Company to pay, with funds provided by Buyer, such amounts in full on the Closing Date. The Shareholders shall cooperate in obtaining releases from the Company's secured creditors of the their respective security interests promptly after Closing including, without limitation, causing its secured creditors to execute and file a UCC-3 financing statement in connection with its security interest described in Section 3.9(a).
Appears in 5 contracts
Samples: Stock Acquisition Agreement (Brown & Brown Inc), Stock Acquisition Agreement (Brown & Brown Inc), Stock Acquisition Agreement (Brown & Brown Inc)
