Common use of Initial Acquisition Clause in Contracts

Initial Acquisition. All conditions to the consummation and effectiveness of the Initial Acquisition (other than the payment of the purchase price) shall have been met. Furthermore, the Administrative Agent shall have received payoff letters in form and substance reasonably satisfactory to the Administrative Agent covering all Debt secured by liens which encumber any of the Properties being purchased by the Borrower or any of its Subsidiaries under the Initial Acquisition.