Examples of Existing Line of Credit in a sentence
Borrower has requested that Bank provide the credit accommodations described below, the proceeds of which shall repay in full Borrower’s outstanding revolving advances under and in respect of the Existing Credit Agreement and the Existing Line of Credit, if any, and for such other purposes as described below, and Bank has agreed to provide such credit to Borrower on the terms and conditions contained herein.
Without duplication, the Restated Note shall not constitute a novation and shall in no way extinguish the Borrower’s unconditional obligation to repay all indebtedness, including accrued and unpaid interest, evidenced by the Existing Line of Credit Note.
Upon receipt by the Bank of the Restated Note, the Existing Line of Credit Note shall be canceled; the Line of Credit and all accrued and unpaid interest on the existing Line of Credit Note shall thereafter be evidenced by the Restated Note; and all references to the “Note” evidencing the Line of Credit in any documents relating thereto shall thereafter be deemed to refer to the Restated Note.
All of the Pledged Proceeds has been duly authorized and validly issued and is fully paid and non-assessable, and is subject to no options to purchase or similar rights of any Person, except for the Existing Line of Credit, which shall be paid within five (5) days of the Effective Date.
The Existing Line of Credit Indebtedness shall not be repaid or discharged, but shall be deemed outstanding under the Line of Credit on and as of the Closing Date and shall be evidenced by the Line of Credit Note.