Examples of Old Lender in a sentence
Use the proceeds of the advances made hereunder for any purpose other than: (a) on the Closing Date, to repay in full the outstanding principal, accrued interest, and accrued fees and expenses owing to Old Lender; (b) to pay transactional costs and expenses incurred in connection with this Agreement; and (c) thereafter, consistent with the terms and conditions hereof, for its lawful and permitted corporate purposes.
If applicable, Old Lender shall have been paid in full and Old Lender’s Security Interest in any assets of Borrower and all Collateral shall have been terminated.
Borrower shall not use the proceeds of the Advances made hereunder for any purpose other than to, on the Closing Date, repay in full the outstanding principal, accrued interest, and accrued fees and/or expenses owing the Old Lender, if there is any sum owing to any Old Lender, and to pay transactional Lender Expenses incurred in connection with this Agreement.
As a result of Turnaround Business’s losses, Distributing suffered a severe decrease in cash on hand and went into technical default with Old Lender, its major creditor.
Borrower shall not use the proceeds of the Advances made hereunder for any purpose other than to, on the Closing Date, repay in full the outstanding principal, accrued interest, and accrued fees and/or expenses owing the Old Lender, and to pay transactional Lender Expenses incurred in connection with this Agreement.