Common use of Refinancing of Existing Indebtedness Clause in Contracts

Refinancing of Existing Indebtedness. Concurrently with the initial Borrowings hereunder, (i) the Existing Indebtedness under the Existing Wachovia Credit Agreement shall be paid-in-full and terminated on terms satisfactory to the Administrative Agent, (ii) the Existing CoBank Credit Agreement shall be purchased at par by, and assigned to, the Borrower and pledged to the Administrative Agent for the benefit of Lenders to secure the Obligations, in each case, on terms satisfactory to the Administrative Agent, (iii) the Administrative Agent shall have received a payoff letter duly executed and delivered by the Borrower and the applicable lenders or their agent under each Existing Credit Agreement and evidence of the release, or arrangements therefor, of all related Liens and guarantees, in each case, in form and substance satisfactory to the Administrative Agent and (iv) Borrower shall have deposited with CSFB an amount sufficient to redeem the Existing Notes in full and such deposit shall be subject to the terms of the Escrow Agreement.