Payoff and Lien Release Clause Samples
The Payoff and Lien Release clause outlines the process by which a party, typically a seller, must pay off any outstanding debts or liens on a property and provide proof of their release before or at the time of closing. In practice, this means the seller is responsible for obtaining official documentation from lenders or lienholders confirming that all financial obligations secured by the property have been satisfied and the liens have been removed. This clause ensures that the buyer receives clear title to the property, free from any prior claims, thereby protecting the buyer from future disputes or financial liabilities related to previous encumbrances.
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Payoff and Lien Release. A fully executed copy of a payoff letter, in form and substance reasonably acceptable to the Administrative Agent, evidencing repayment in full of the Borrower’s credit facility with Sumitomo Mitsui Banking Corporation and release of any Liens granted pursuant thereto.
Payoff and Lien Release. The Borrower’s existing credit facility under the Prior Credit Agreement has been terminated and all liens granted in connection therewith have been released.
Payoff and Lien Release. The Borrower’s existing credit facility under the Credit Agreement dated as of October 8, 2008, as amended or otherwise modified, among the Borrower, the Parent, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, has been terminated and all liens granted in connection therewith have been released.
Payoff and Lien Release. The Parent Entities shall have received payoff letters, in form and substance reasonably satisfactory to the Parent Entities with respect to (i) the Existing Credit Facility, (ii) the First Solar Note, and (iii) all other indebtedness for borrowed money of any Partnership Group Entities or other Indebtedness secured by any Lien on any equity interest or asset held by any of the Partnership Group Entities (other than Permitted Liens), if any, that in each case set forth the total amount necessary to repay such indebtedness in full and, upon such repayment, authorize the Parent Entities to file any UCC-3 termination statements, mortgage releases or similar documents evidencing termination or release of any such Liens securing such indebtedness.
Payoff and Lien Release. A payoff letter or other evidence satisfactory to Lender that Borrower has paid off all existing secured indebtedness and evidence of the termination of all Liens related thereto; and
Payoff and Lien Release. The Agent shall have received (i) pay-off and lien release letters from secured creditors of the Borrowers and the Guarantors (other than secured parties intended to remain outstanding after the Effective Date with Indebtedness and ▇▇▇▇▇ permitted hereunder) setting forth, among other things, the total amount of indebtedness outstanding and owing to them (or outstanding letters of credit issued for the account of any of the Borrowers or Guarantors) and containing an undertaking to cause to be delivered to the Agent, UCC termination statements and any other lien release instruments necessary to release their Liens on the assets of any Borrowers or any Guarantors, which pay-off and lien release letters shall be in form and substance reasonably acceptable to the Agent and (ii) evidence that such indebtedness has been repaid and Liens have been released.