Restatement of Existing Credit Agreement. The parties hereto agree that, on the Closing Date, after all conditions precedent set forth in SECTION 6.01 have been satisfied or waived: (i) the Indebtedness (as defined in this Agreement) represents, among other things, the restatement, renewal, amendment, extension, and modification of the "Indebtedness" (as defined in the Existing Credit Agreement); (ii) this Agreement is intended to, and does hereby, restate, renew, extend, amend, modify, supersede, and replace the Existing Credit Agreement in its entirety; (iii) the Notes, if any, executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, substitute for, and supersede in their entirety (but do not extinguish the Indebtedness arising under) the promissory notes issued pursuant to the Existing Credit Agreement, which existing promissory notes shall be returned to Administrative Agent promptly after the Closing Date, marked "renewed and replaced"; (iv) the Security Instruments executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, substitute for, and supersede in their entirety (but do not extinguish or impair the collateral security created or evidenced by) the "Security Instruments" executed and delivered pursuant to the Existing Credit Agreement; (v) each Confirmation of Guaranty Agreement executed pursuant to this Agreement amends, renews, extends, modifies, replaces, restates, substitutes for, and supersedes in its entirety (but does not extinguish or impair the Indebtedness guaranteed by) the Guaranty Agreement executed by the applicable Guarantor, as the case may be, executed and delivered pursuant to the Existing Credit Agreement; and (vi) the entering into and performance of their respective obligations under the Loan Documents and the transactions evidenced hereby do not constitute a novation nor shall they be deemed to have terminated, extinguished, or discharged the "Indebtedness" under the Existing Credit Agreement, the Security Instruments, the Guaranty Agreements, or the other Loan Documents (or the collateral security therefor), all of which Indebtedness and collateral shall continue under and be governed by this Agreement and the other Loan Documents, except as expressly provided otherwise herein. [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK. SIGNATURES BEGIN ON THE NEXT PAGE.]
Restatement of Existing Credit Agreement. The parties hereto agree that on the Closing Date, the following transactions shall be deemed to occur automatically, without further action by any party hereto:
Restatement of Existing Credit Agreement. This Agreement amends and restates the Existing Credit Agreement in its entirety. As such, this Agreement represents in part a renewal of, and is issued in substitution and exchange for, and not in satisfaction or novation of, the “Obligations” under the Existing Credit Agreement, if any. To the extent outstanding, any “Obligations” under the Existing Credit Agreement are continuing Obligations of the Borrowers upon and subject to the terms and conditions of this Agreement, and the restatement effected hereby shall not be construed to be a payment or satisfaction thereof. To the extent payment in full of and the satisfaction of all Obligations under this Agreement shall occur, such payment shall also be deemed to be payment in full and satisfaction of the “Obligations” under the Existing Credit Agreement. All references to the “Credit Agreement” or words of like import in any document, instrument or agreement executed and delivered in connection with the Existing Credit Agreement (to the extent not amended or restated in connection with this Agreement or expressly superseded by any agreement, instrument or other document executed in connection with this Agreement), shall be deemed to refer, without further amendment, to this Agreement as this Agreement may be further amended, modified or extended. Each of the Borrowers hereby reaffirms each of the Loan Documents executed and delivered by or on its behalf in connection with the Existing Credit Agreement.
Restatement of Existing Credit Agreement. The parties hereto agree that effective as of the Closing Date: (a) the obligations of the Company under this Agreement and the other documents executed in connection herewith represent, among other things, the restatement, renewal, amendment, extension, and modification of the obligations of the Company under the Existing Credit Agreement; (b) this Agreement is intended to, and does hereby, restate, renew, extend, amend, modify, supersede, and replace the Existing Credit Agreement in its entirety; and (c) the Notes, if any, executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, substitute for, and supersede in their entirety (but do not extinguish the indebtedness arising under) the promissory notes issued pursuant to the Existing Credit Agreement and shall not be deemed a novation thereof. Table of Contents
Restatement of Existing Credit Agreement. The parties hereto agree that, on the Closing Date, after all conditions precedent set forth in Section 4.01 have been satisfied or waived: (a) the Obligations represent, among other things, the restatement, renewal, amendment, extension, and modification of the “Obligations” as defined in the Existing Credit Agreement; (b) this Agreement is intended to, and does hereby, restate, renew, extend, amend, modify, supersede and replace the Existing Credit Agreement in its entirety; (c) the Notes, if any, executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, substitute for and supersede in their entirety (but do not extinguish the Indebtedness arising under) the promissory notes issued pursuant to the Existing Credit Agreement; (d) the Collateral Documents, Security Agreements, Vessel Mortgages and Guaranties executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, substitute for and supersede in their entirety (but do not extinguish or impair the collateral security created or evidenced by) the “Collateral Documents,” “
Restatement of Existing Credit Agreement. Conditions to ------------------------------------------------------ Initial Extension of Credit. Borrower hereby acknowledges that Administrative --------------------------- Agent and each Bank have relied on the documents, instruments, agreements and actions referred to in this Article VII in amending and restating the Existing ----------- Credit Agreement on the terms set forth herein, and but for Borrower's execution and/or delivery and/or performance (as applicable) of the documents, instruments, agreements, conditions and obligations referred to in this Article ------- VII, Banks and Agents would not have amended and restated the Existing Credit --- Agreement on the terms set forth herein. The obligation of each Bank to loan its Commitment Percentage of the initial Borrowing hereunder, and the obligation of Administrative Agent to issue (or cause another Bank to issue), the initial Letter of Credit issued hereunder is subject to the satisfaction of each of the following conditions:
Restatement of Existing Credit Agreement. The parties hereto agree that as of the Closing Date: (a) the Obligations hereunder represent the amendment, restatement, extension, and consolidation of the “Obligations” under (and as defined in) the Existing Credit Agreement; (b) this Credit Agreement amends, restates, supersedes, and replaces the Existing Credit Agreement in its entirety; and (c) the Guaranties executed pursuant to this Credit Agreement amend, restate, supersede, and replace the “Guaranties” executed pursuant to (and as defined in) the Existing Credit Agreement. On the Closing Date, (i) the commitment of any “Lender” under the Existing Credit Agreement that is not continuing as a Lender hereunder shall terminate and (ii) the Administrative Agent shall reallocate the Commitments hereunder to reflect the terms hereof, such reallocation being hereby deemed effective simultaneous with the effectiveness of this Credit Agreement.
Restatement of Existing Credit Agreement. The parties hereto agree that, on the Effective Date, after all of the conditions precedent set forth in Section 4.1 have been satisfied or waived: (i) the Commitments and Loans (as each is defined herein) represent, among other things, the restatement, renewal, amendment, extension and continuation of the "Commitments" and "Loans" (as each is defined in the Existing Credit Agreement); (ii) this Agreement is intended to, and does hereby, restate, consolidate, renew, extend, amend, modify, supersede and replace the Existing Credit Agreement in its entirety; and (iii) the Notes executed pursuant to this Agreement amend, renew, extend, modify, replace, restate, consolidate, substitute for, and supersede in their entirety (but do not extinguish the Debt arising under) the promissory notes issued pursuant to the Existing Credit Agreement which existing promissory notes shall be returned to the Agent promptly after the Effective Date, marked "cancelled and replaced," and, thereafter, delivered by the Agent to the Borrower.
Restatement of Existing Credit Agreement. On the Closing Date, (i) all outstanding Liabilities under the Existing Agreement owed to any “Lender” that is not continuing as a Lender under this Agreement (each a “Non-Continuing Lender”) shall be repaid in full by Borrowers and such NonContinuing Lender’s commitment under the Existing Agreement shall be terminated and (ii) with respect to Lenders under the Existing Agreement and any new Lenders which are continuing as Lenders under this Agreement (the “Continuing Lenders”), Administrative Agent shall make appropriate allocations and adjustments in the initial funding instructions to the Lenders to reflect the modifications effected by the Loan Documents to each Continuing Lender’s Commitment. INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP, BANK OF AMERICA, N. A., AS ADMINISTRATIVE AGENT, THE SYNDICATION AGENT DEFINED THEREIN, AND THE LENDERS DEFINED THEREIN EXECUTED as of the day and year first mentioned. INNKEEPERS USA TRUST, a Maryland real estate investment trust, as a Borrower By: /s/ Xxxx Xxxxxx Xxxx Xxxxxx General Counsel and Secretary INNKEEPERS USA LIMITED PARTNERSHIP, a Virginia limited partnership, as a Borrower By: INNKEEPERS FINANCIAL CORPORATION, a Virginia corporation, General Partner By: /s/ Xxxx Xxxxxx Xxxx Xxxxxx Vice President and Secretary INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP, BANK OF AMERICA, N. A., AS ADMINISTRATIVE AGENT, THE SYNDICATION AGENT DEFINED THEREIN, AND THE LENDERS DEFINED THEREIN BANK OF AMERICA, N.A., as Administrative Agent, Issuing Bank, and a Lender By: /s/ Xxxxx X. Xxxxx Name: Xxxxx X. Xxxxx Title: Vice President INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE SYNDICATION AGENT DEFINED THEREIN, AND THE LENDERS DEFINED THEREIN CREDIT LYONNAIS NEW YORK BRANCH, as Syndication Agent and a Lender By: /s/ Xxxxx Xxxxxx Name: Xxxxx Xxxxxx Title: Vice President INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE SYNDICATION AGENT DEFINED THEREIN, AND THE LENDERS DEFINED THEREIN FIRST UNION NATIONAL BANK, as a Lender By: /s/ Xxx X. Xxxx Name: Xxx X. Xxxx Title: Director SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT BETWEEN INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE SYNDICATION AGENT DEFINED THE REIN, AND THE LENDERS DEFINED THEREIN XXXXX FARGO BANK, N.A., as a Lender By: /s/ Xxxxx X. Xxxxx, III Name:...
Restatement of Existing Credit Agreement. This Agreement amends and restates the Existing Credit Agreement in its entirety. As such, this Agreement represents in part a renewal of, and is issued in substitution and exchange for, and not in satisfaction or novation of, the “Obligations” under the Existing Credit Agreement, if any. To the extent outstanding, any “Obligations” under the Existing Credit Agreement are continuing Obligations of the Borrowers upon and subject to the terms and conditions of this Agreement, and the restatement effected hereby shall not be construed to be a payment or satisfaction thereof. To the extent 1095144433\6\AMERICAS payment in full of and the satisfaction of all Obligations under this Agreement shall occur, such payment shall also be deemed to be payment in full and satisfaction of the “Obligations” under the Existing Credit Agreement.
