Common use of Restatement of Original Credit Agreement Clause in Contracts

Restatement of Original Credit Agreement. (a) 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: (i) the Original Credit Agreement shall be deemed to be amended and restated in its entirety in the form of this Agreement; (ii) all Existing Obligations outstanding on the Closing Date shall, to the extent not paid on the Closing Date, be deemed to be Obligations outstanding hereunder; (iii) the guaranties and Collateral Documents, including the Liens created thereunder in favor of Agent for the benefit of Agent and Lenders or in favor of Agent and Lenders, as applicable, and securing payment of the Existing Obligations, as amended and restated on the Closing Date, shall remain in full force and effect with respect to the Obligations and are hereby reaffirmed; and (iv) all references in the other Loan Documents to the Original Credit Agreement shall be deemed to refer without further amendment to this Agreement. (b) 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 Closing Date of this Agreement as provided in this Agreement, the Notes and the other Loan Documents.

Restatement of Original Credit Agreement. (a) 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: (ia) the Original Credit Agreement shall be deemed to be amended and restated in its entirety in the form of this AgreementAgreement (provided that the foregoing shall not be deemed or otherwise construed to constitute a waiver of any Default or Event of Default under this Credit Agreement or the Original Credit Agreement to the extent not previously waived); (iib) all Existing Original Obligations outstanding on the Closing Date (including without limitation all accrued and unpaid principal, interest and fees) shall, to the extent not paid on the Closing Date, be deemed to be Obligations outstanding hereunder; (iiic) the guaranties Guaranties and Collateral Security Documents, including the Liens created thereunder in favor of Agent for the benefit of Agent and Lenders or in favor of Agent and Lenders, as applicablethereunder, and securing payment of the Existing Original Obligations, as amended and restated on the Closing Date, shall remain in full force and effect with respect to the Obligations and are hereby reaffirmed; and (ivd) all references in the other Loan Credit Documents to the Original Credit Agreement shall be deemed for all time periods after the date hereof to refer without further amendment to this Agreement. (b) The parties acknowledge and agree that this Credit Agreement and as the other Loan Documents do not constitute a novationsame may be amended, payment and reborrowing restated, supplemented, renewed 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 otherwise modified from and after the Closing Date of this Agreement as provided in this Agreement, the Notes and the other Loan Documentstime to time.