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) The Administrative Agent shall have received a fully executed pay-off letter reasonably satisfactory to the Agents confirming that all obligations owing by any Credit Party to Prior Lender will be repaid in full from the proceeds of the initial Loans and all Liens upon any of the Property of the Credit Parties or any of their Subsidiaries in favor of Prior Lender shall be terminated by Prior Lender immediately upon such payment; (ii) all letters of credit issued or guaranteed by Prior Lender shall have been cash collateralized, or supported by a Letter of Credit Issued pursuant hereto, as mutually agreed upon by the Agents, the Borrower and Prior Lender; and (iii) substantially concurrently with the initial funding hereunder, all such obligations shall be so repaid in full, all such Liens shall be so terminated and all such letters of credit shall be so cash collateralized or supported;

Repayment of Prior Lender Obligations; Satisfaction of Outstanding L/Cs. (i) The Administrative Agent shall have received a fully executed original of pay-off letter letters reasonably satisfactory to the Agents Agent confirming that all obligations owing by any Credit Party to of the Prior Lender Obligations will be repaid in full from the proceeds of the initial Loans Revolving Credit Advance and all Liens upon any of the Property property of the Credit Parties Borrowers or any of their Subsidiaries in favor of each applicable Prior Lender shall be terminated by such Prior Lender immediately upon such payment; and (ii) all letters of credit issued or guaranteed by each applicable Prior Lender shall have been cash collateralized, supported by a guaranty of Agent or supported by a Letter of Credit Issued issued pursuant heretoto Annex B, or shall constitute, and be deemed to constitute, Letters of Credit issued pursuant to Annex B of this Agreement, in any such case, as mutually agreed upon by the AgentsAgent, the Borrower Borrowers and each applicable Prior Lender; and (iii) substantially concurrently with the initial funding hereunder, all such obligations shall be so repaid in full, all such Liens shall be so terminated and all such letters of credit shall be so cash collateralized or supported;.

Repayment of Prior Lender Obligations; Satisfaction of Outstanding L/Cs. (i) The Administrative Agent shall have received a fully executed pay-off letter reasonably satisfactory to the Co-Collateral Agents confirming that all monetary obligations owing by any Credit Party to Prior Lender will be repaid in full from the proceeds of the initial Loans and the sale of the High Yield Notes, and all Liens upon any of the Property property of the Credit Parties Borrowers or any of their Subsidiaries in favor of Prior Lender shall be terminated by Prior Lender immediately upon such payment; (ii) all letters of credit issued or guaranteed by Prior Lender shall have been cash collateralized, supported by a guaranty of Administrative Agent or supported by a Letter of Credit Issued issued pursuant hereto, as mutually agreed upon by the Co-Collateral Agents, the Borrower Borrowers and Prior Lender; Lender and (iii) substantially concurrently with Administrative Agent shall have received satisfactory evidence that the initial funding hereunder, all such obligations shall be so repaid in full, all such Liens shall be so Credit Parties have terminated the Receivables Securitization Program and all such letters Liens upon any of credit shall be so cash collateralized the property of the Borrowers or supportedany of their Subsidiaries in connection therewith;