Existing AYE Debt definition
Examples of Existing AYE Debt in a sentence
The proceeds of the Advances and issuances of the Letter of Credit shall be available (and each Borrower agrees that it shall use such proceeds and the Letter of Credit) solely (a) in the case of the initial Borrowing, to repay in full the Existing AYE Debt owing by it and (b) each subsequent Borrowing, for its general corporate purposes and working capital.
Use the proceeds of (i) initial Advances made to it (if it is indebted to any Existing AYE Lender) to refinance the portion of the Existing AYE Debt owing by it, (ii) all subsequent Advances and, in the case of the Parent only, the Letter of Credit made to it, or for its account, for its general corporate purposes and to provide working capital to it.
Upon the initial Borrowing, the principal amount of the Existing AYE Debt owed to each Initial AYE Lender shall be deemed to have been repaid with the Advance made by such Initial AYE Lender as part of such Borrowing.
Without prejudice to any agreement of any Borrower hereunder or under any other AYE Loan Document, the indemnification and expense reimbursement obligations of each Borrower contained in the Existing AYE Debt Documents to which it is a party shall survive the Closing Date and the payment in full of principal, interest and all other amounts payable thereunder.
The AYE Lenders shall be satisfied that all Existing AYE Debt has been, or simultaneously with the making of the initial Advances will be, repaid in full or otherwise satisfied and extinguished.
The proceeds of the Advances and issuances of any Letter of Credit shall be available (and the Borrower agrees that it shall use such proceeds and each Letter of Credit) solely (a) on the Closing Date (i) in the case of the Initial Borrowing, to repay in full the Existing AYE Debt owing by it, (ii) to replace the Existing L/Cs, and (b) each subsequent Revolving Borrowing, for working capital for the Borrower and its Subsidiaries.
AYE is indebted to certain banks and financial institutions (the "Existing Lenders") pursuant to that certain credit agreement dated as of March 8, 2004 (as amended through the date hereof, the "Existing Credit Agreement"), and the aggregate principal amount owed by AYE, if any, as of the date hereof to each Existing Lender under the Existing Credit Agreement is set forth in Part A of Schedule I opposite the name of such Existing Lender (all such amounts, collectively, the "Existing AYE Debt").