Existing Indebtedness of the Loan Parties Clause Samples
The 'Existing Indebtedness of the Loan Parties' clause defines and governs the outstanding debts or financial obligations that the borrower and its affiliates have at the time a new loan agreement is executed. This clause typically requires the borrower to disclose all current loans, credit facilities, or other forms of indebtedness, and may set conditions or limitations on maintaining, repaying, or incurring additional debt. By clearly identifying and regulating existing obligations, the clause helps lenders assess credit risk and prevents the borrower from taking on excessive or conflicting debt that could jeopardize repayment of the new loan.
Existing Indebtedness of the Loan Parties. All of the existing Indebtedness for borrowed money of the Borrower and its Subsidiaries (other than Indebtedness permitted to exist pursuant to Section 7.02) shall be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date.
Existing Indebtedness of the Loan Parties. The Administrative Agent shall have received a customary payoff letter with respect to, and evidence (reasonably satisfactory to the Administrative Agent) that, all Indebtedness of the Borrower and its Restricted Subsidiaries under the Existing Credit Agreement shall be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date and the Administrative Agent.
Existing Indebtedness of the Loan Parties. All of the existing Indebtedness (including, without limitation under the Existing Credit Agreements) for borrowed money of the Company and its Subsidiaries (other than Indebtedness permitted to exist pursuant to Section 7.02) shall be, or contemporaneously with the initial Credit Extension hereunder will be, repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date.
Existing Indebtedness of the Loan Parties. All of the existing Indebtedness for borrowed money of the Borrower and its Subsidiaries (other than Indebtedness permitted to exist pursuant to Section 7.03) shall be repaid in full.
Existing Indebtedness of the Loan Parties. All of the existing Indebtedness under that certain ▇▇▇▇▇▇▇ and Restated Credit Agreement, dated as of December 21, 2017 (as in effect immediately prior to the Closing Date), by and among certain of the Loan Parties, the lenders party thereto and Silicon Valley Bank, as administrative agent, shall be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date, as evidenced by a payoff letter reasonably satisfactory to the Administrative Agent (collectively, the “Closing Date Refinancing”).
Existing Indebtedness of the Loan Parties. The Administrative Agent and the Lenders shall be satisfied that there is no outstanding Indebtedness for borrowed money of each Borrower and its Subsidiaries (other than Indebtedness permitted to exist pursuant to Section 7.02).
Existing Indebtedness of the Loan Parties. (i) (i) That certain Amended and Restated Credit Agreement, dated as of February 20, 2015, by and among the Borrower, Bank of America, N.A., in the capacities specified therein, the other “Lenders” party thereto, and W▇▇▇▇ Fargo Bank, N.A., in the capacities specified therein, shall be terminated (other than those provisions that expressly survive the termination thereof) and repaid in full.
(ii) (ii) All of the existing Indebtedness for borrowed money of the Closing Date Targets and their Subsidiaries (other than Indebtedness permitted to exist pursuant to Section 7.02) shall be repaid in full, and all security interests related to such Indebtedness repaid shall be terminated, on or prior to the Closing Date.
Existing Indebtedness of the Loan Parties. The Term Principal Debt under, and as defined in, the Restated Credit Agreement, other than as to the Third Term Loan thereunder, shall be repaid in full on the Closing Date with a Revolving Loan hereunder, and all of the other existing Indebtedness for borrowed money of the Borrower and its Subsidiaries (other than Indebtedness permitted to exist pursuant to Section 7.02) shall be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date. The Borrower shall deliver, or cause to be delivered, to the Administrative Agent a payoff letter executed by ▇▇▇▇▇ Fargo Bank, National Association in Proper Form in connection with the existing Indebtedness of Chusei. The Borrower shall also deliver, or cause to be delivered, to the Administrative Agent the form of any releases in Proper Form necessary to release any collateral of any kind or character given as security for the obligation of Chusei to ▇▇▇▇▇ Fargo Bank, National Association under such Indebtedness and the documents executed in connection therewith.[Reserved].
Existing Indebtedness of the Loan Parties. All of the existing Indebtedness for borrowed money of the Borrower and its Subsidiaries (after giving effect to the Transaction) set forth on Schedule 4.01(k) shall (or concurrently with the initial Credit Extension) be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date.
Existing Indebtedness of the Loan Parties. The Administrative Agent shall have received (i) a payoff letter with respect to the Existing Credit Agreement and all related documents, duly executed by the applicable Loan Parties, and the lender thereunder, (ii) UCC-3 termination statements for all UCC-1 financing statements and other applicable termination and lien release documents in applicable jurisdictions, in each case, with respect to the security interests of the lender under the Existing Credit Agreement in the Collateral, to be filed by the lender under the Existing Credit Agreement, and (iii) evidence that all of the existing Indebtedness for borrowed money of the Borrower and its Restricted Subsidiaries (other than Indebtedness permitted to exist pursuant to Section 7.02) shall be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date.