Restatement of Existing Credit Agreement. The parties hereto agree that: (a) the Obligations (as defined in this Agreement) 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 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 the Agent promptly after the Closing Date, marked “canceled and replaced,” and, thereafter, delivered by the Agent to the Borrowers; (d) 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, all of which indebtedness shall continue under and be governed by this Agreement and the other Loan Documents, except as expressly provided otherwise herein; (e) the liens and security interests created by or pursuant to the Existing Credit Agreement, except as specifically modified by the Loan Documents, are ratified and confirmed as security for the Obligations, without novation, discharge or interruption; and (f) on the Closing Date, the Lenders shall severally purchase from each other and from any Lenders (as defined in the Existing Credit Agreement) that are not Lenders hereunder (the “Non-Continuing Lenders”), the principal indebtedness owing to the Non-Continuing Lenders under the Existing Credit Agreement so that, after giving effect to such purchase and to any Loans made on the Closing Date, the principal indebtedness owing under this Agreement and participations in the Letters of Credit are held by the Lenders in accordance with their respective Pro Rata Share, and the Non-Continuing Lenders shall cease to be a party to the Existing Credit Agreement and shall not be parties to this Agreement. Such purchases shall have been deemed to have been automatically made hereunder without the necessity of the execution and delivery of any assignment documentation, on an as-is, where-is basis by the Non-Continuing Lenders and an...
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:
(a) The Existing Credit Agreement shall be deemed to be amended and restated in its entirety in the form of this Agreement;
(b) All Existing Obligations shall, to the extent not paid on the Closing Date, be deemed to be Obligations outstanding hereunder;
(c) The guaranties and Liens in favor of Agents for the benefit of the Existing Lenders securing payment of the Existing Obligations shall remain in full force and effect and shall be continuing with respect to the Obligations; and
(d) All references in the other Loan Documents to the Existing Credit Agreement shall be deemed to refer without further amendment to this Agreement. The parties acknowledge and agree that this Agreement and the other Loan Documents do not constitute a novation, payment and reborrowing or termination of the Existing Obligations and that all such Existing Obligations are in all respects continued and outstanding as Obligations under this Agreement and the Notes with only the terms being modified from and after the effective date of this Agreement as provided in this Agreement, the Notes and the other Loan Documents. Witness the due execution hereof by the respective duly authorized officers of the undersigned as of the date first written above.
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. 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.
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 VI 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 ------- VI, 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. This Agreement amends, modifies, renews, extends, replaces and supercedes the Existing Credit Agreement in its entirety. Accordingly, (a) the Obligation (as defined herein) represents, among other things, the amendment, extension, and continuation of the principal Indebtedness outstanding under the Existing Credit Agreement and such Indebtedness shall constitute Committed Loans under this Agreement, (b) the Notes executed pursuant to this Agreement amend, renew, extend, modify, restate, replace and supercede in their entirety (but do not extinguish the Indebtedness arising under) the promissory notes issued under the Existing Credit Agreement, which promissory notes shall be returned to Agent promptly after the Closing Date, marked “cancelled or replaced,” and thereafter delivered by Agent to Borrower, and (c) the entering into and performance of this Agreement do not constitute a novation.
Restatement of Existing Credit Agreement. Effective as of the Closing Date, the Existing Credit Agreement, all Loan Documents and Security Documents (as such terms are defined therein), and all Liens and security interests created thereunder have been assigned to Administrative Agent, for the benefit of the Lenders pursuant to a certain Assignment of Note, Mortgage and Liens in the form set forth as Exhibit L, save and except certain Reserved Obligations specified therein. Accordingly, this Agreement amends and restates the Existing Credit Agreement in its entirety, effective as of the Closing Date. The loans and all other obligations outstanding under the Existing Credit Agreement, except such Reserved Obligations, shall be deemed to be outstanding Loans and Obligations under and governed by this Agreement, effective as of the Closing Date. Borrower hereby acknowledges, warrants, represents and agrees that this Agreement is not intended to be, and shall not be deemed or construed to be, a novation or release of the Existing Credit Agreement. Borrower, Administrative Agent and Lenders hereby acknowledge and agree that (i) the Notes will amend and restate the Notes outstanding under the Existing Credit Agreement and (ii) the initial Loans by each Lender on the Closing Date shall, to the extent of the Loans outstanding under the Existing Credit Agreement, be funded under such Assignment of Note, Mortgage and Liens.
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.
