OTHER LIENS AND ENCUMBRANCES. Except for the payoff of the outstanding senior indebtedness owing to MidCap Financial which is intended to occur at the closing and funding of the Loan, Borrower shall use no proceeds of this Loan to refinance any other debt or discharge any lien or other encumbrance, without prior written approval of Lender.
Appears in 2 contracts
Sources: Loan and Security Agreement (Shimmick Corp), Loan and Security Agreement (Shimmick Corp)