Repayment of the Existing Indebtedness Clause Samples

The 'Repayment of the Existing Indebtedness' clause sets out the obligation for a borrower to pay off any outstanding loans or debts that predate the current agreement. Typically, this clause will specify the timing, method, and conditions under which the existing debt must be repaid, such as requiring full repayment at closing or outlining acceptable sources of repayment funds. Its core practical function is to ensure that prior financial obligations are settled, thereby clearing the borrower's balance sheet and reducing the lender's risk of competing claims on the borrower's assets.
Repayment of the Existing Indebtedness. At Closing, the Purchaser shall: (A) repay in full the Existing Indebtedness on behalf of the relevant Acquired Company in immediately available cleared funds, with value date (date de valeur) on the Closing Date or make available to the relevant Acquired Company, in immediately available cleared funds, amounts sufficient to enable it to repay in full the Existing Indebtedness with value date (date de valeur) on the Closing Date; or (B) procure that the relevant Acquired Company repays the Existing Indebtedness, in immediately available cleared funds, with value date (date de valeur) on the Closing Date in accordance with the terms of the Existing Senior Facilities Agreement.
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Repayment of the Existing Indebtedness. The Agent shall have received evidence satisfactory to it that (i) the "Term Loans" (as defined in the Existing Term Loan Agreement), all accrued and unpaid interest thereon and all other "Obligations" (as defined in the Existing Term Loan Agreement) shall have been paid in full, and the Existing Term Loan Agreement shall have been terminated (except for those provisions that by their terms survive termination), and (ii) the "Revolving Credit Loan" (as defined in the Existing Revolving Credit Agreement) and all accrued and unpaid interest thereon shall have been paid in full.
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Repayment of the Existing Indebtedness. The Purchaser acknowledges that the Existing Indebtedness will become repayable on the Closing Date in accordance with the terms of the Existing Facilities upon the change of Control of the Company. Therefore, as an essential condition to the sale of the Transferred Securities and in addition to the payment of the Purchase Price, on the Closing Date, the Purchaser shall: (i) make available to the Group Companies, to such bank account as shall have been notified to the Purchaser by the Sellers’ Agent in the Pre-Closing Notice, in immediately available cleared funds, amounts sufficient to enable them to repay in full the Existing Indebtedness with value date (date de valeur) on the Closing Date; (ii) procure that the Group Companies repay the Existing Indebtedness, in immediately available cleared funds, with value date (date de valeur) on the Closing Date in accordance with the terms of Existing Facilities, on such bank accounts as shall have been notified to the Purchaser for such purpose pursuant to Section 5.2(b); and (iii) be solely responsible for obtaining (or causing the Group Companies to obtain) the release of any Encumbrance existing in relation to the Existing Facilities Agreements and the Sellers shall bear no responsibility in such regard.
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Repayment of the Existing Indebtedness. In addition to any other provision under the Promissory Note to pay the Principal Amount (as defined under the Promissory Note) and the interest on the Principal Amount, the Executive agrees to pay to the Company towards repayment of the Principal Amount and all accrued interest thereon (being applied first to then-accrued interest and then to the outstanding Principal Amount) an amount equal to all Dividends (as defined under the Restricted Stock Agreement) paid to the Executive with respect to the Award Shares (as defined under the Restricted Stock Agreement) less the federal, Maryland and local income taxes on such Dividends computed at the maximum individual rate for a resident of Maryland; such payment to be made within 10 business days after receipt of any such Dividend. The Executive shall not participate in the Company's dividend reinvestment plan with respect to the Award Shares until the Promissory Note is repaid in full.
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Related to Repayment of the Existing Indebtedness

  • Repayment of Existing Indebtedness Evidence that the principal of and interest on, and all other amounts owing in respect of, the Indebtedness (including, without limitation, any contingent or other amounts payable in respect of letters of credit) indicated on SCHEDULE 8.12A hereto that is to be repaid on the Closing Date shall have been (or shall be simultaneously) paid in full, that any commitments to extend credit under the agreements or instruments relating to such Indebtedness shall have been canceled or terminated and that all Guarantees in respect of, and all Liens securing, any such Indebtedness shall have been released (or arrangements for such release satisfactory to the Required Lenders shall have been made); in addition, the Administrative Agent shall have received from any Person holding any Lien securing any such Indebtedness, such Uniform Commercial Code termination statements, mortgage releases and other instruments, in each case in proper form for recording, as the Administrative Agent shall have requested to release and terminate of record the Liens securing such Indebtedness (or arrangements for such release and termination satisfactory to the Required Lenders shall have been made).

  • Existing Indebtedness (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company as of the Closing Date after giving effect to the Acquisition (including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company. The Company is not in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company and no event or condition exists with respect to any Indebtedness of the Company that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. (b) The Company is not a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company, except as specifically indicated in Schedule 5.15 and as provided in the Mortgage.

  • Prepayment of Indebtedness At any time, directly or indirectly, prepay any Indebtedness (other than to Lenders), or repurchase, redeem, retire or otherwise acquire any Indebtedness of any Borrower.

  • Prepayment of Debt Make any prepayment (whether optional or mandatory), repurchase, redemption, defeasance or any other payment in respect of any Subordinated Debt.

  • Outstanding Indebtedness For the avoidance of doubt, to the extent that any Indebtedness is repaid, redeemed, repurchased, defeased or otherwise acquired, retired or discharged, in each case, in accordance with the terms of the documentation governing such Indebtedness, such Indebtedness shall be deemed to be paid off and not to be outstanding for any purpose hereunder to the extent of the amount of such repayment, redemption, repurchase, defeasance, retirement or discharge.