Common use of Restatement of Existing Credit Agreement Clause in Contracts

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. The parties hereto agree that that, on the Closing Effective Date, the following transactions shall be deemed to occur automatically, without further action by any party hereto: (a) The the Existing Credit Agreement shall be deemed to be amended and restated in its entirety in the form of this Agreement; (b) All all Obligations (as defined in the Existing Obligations Credit Agreement, “Existing Obligations”) outstanding on the Effective Date shall, to the extent not paid on the Closing Effective Date, in all respects be continuing and shall be deemed to be Obligations outstanding hereunder; (c) The the guaranties and Collateral Documents, including the Liens created thereunder in favor of Agents Agent for the benefit of the Existing Lenders Agent and Secured Parties or in favor of Agent and Secured Parties, as applicable, and securing payment of the Existing Obligations Obligations, as amended and restated on the Effective Date, shall remain in full force and effect and shall be continuing with respect to the ObligationsObligations and are hereby reaffirmed; andand Table of Contents (d) All 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 Table of the undersigned as of the date first written above.Contents