Common use of Repayment of Certain Existing Debt/Payoff Letters Clause in Contracts

Repayment of Certain Existing Debt/Payoff Letters. Substantially contemporaneously with the funding of the Purchase Price on the Closing Date, all Debt and other obligations on Schedule 8.1 that are designated as to be paid off at Closing shall have been paid in full and all Liens securing such Debt and other obligations shall have been terminated and released, and the Purchaser shall have received payoff letters from each of the applicable creditors/secured party agents in respect of all such debt, together with UCC 3 termination statements and other Lien releases as necessary with respect to any financing statements or security instruments evidencing any Liens securing such Debt and other obligations, all in form and substance reasonably satisfactory to Purchaser.