Common use of Repayment of Prior Lender Obligations; Satisfaction of Outstanding L/Cs Clause in Contracts

Repayment of Prior Lender Obligations; Satisfaction of Outstanding L/Cs. (i) US Agent shall have received a fully executed pay-off letter reasonably satisfactory to US Agent confirming that all obligations owing by any Credit Party to Prior Lenders will be repaid in full from the proceeds of the initial Loans and Second Lien Notes and all Liens upon any of the Property of the Credit Parties or any of their Subsidiaries in favor of Prior Lenders shall be terminated by Prior Lenders immediately upon such payment; and (ii) all letters of credit issued or guaranteed by Prior Lenders shall have been cash collateralized, or supported by a Letter of Credit issued pursuant hereto;

Repayment of Prior Lender Obligations; Satisfaction of Outstanding L/Cs. (i) US Agent shall have received a fully executed pay-off letter reasonably satisfactory to US Agent confirming that all obligations owing by any Credit Party to Prior Lenders (other than obligations relating to Existing Letters of Credit) will be repaid in full from the proceeds of the initial Loans and Second Lien Notes and and, subject to clause (ii) below, all Liens upon any of the Property of the Credit Parties or any of their Subsidiaries in favor of Prior Lenders shall be terminated by Prior Lenders immediately upon such payment; , and (ii) all letters Existing Letters of credit Credit issued or guaranteed by Prior Lenders shall have been cash collateralized, or supported by a Letter of Credit issued pursuant hereto;