Chief Restructuring Officer. Use commercially reasonable efforts to cause Xxxxx Mesterham to continue (x) to be employed as Chief Restructuring Officer and (y) to have the structure, scope and duties existing on the date hereof. In the event of the death, disability, incapacity, removal (for cause) or resignation of such Chief Restructuring Officer, employ a replacement Chief Restructuring Officer, reasonably satisfactory to the Lead Lenders, within 30 days.
Chief Restructuring Officer. Maintain at all times (other than as a result of not being approved by the Bankruptcy Court), a chief restructuring officer acceptable to the Required Lenders (it being understood that Xxxxx Xxxx is acceptable) with responsibilities reasonably satisfactory to the Required Lenders.
Chief Restructuring Officer. The Borrower shall have designated a Chief Restructuring Officer acceptable to the Administrative Agent and the Lenders to implement the restructuring pursuant to the Reorganization Plan.
Chief Restructuring Officer. Borrower will continue to retain and engage the Chief Restructuring Officer and such Chief Restructuring Officer will (a) report to the Board of Directors of the Borrower and (b) will have those powers and duties set forth on Schedule 5.13. Upon the resignation or termination of the Chief Restructuring Officer or other occurrence rendering the Chief Restructuring Officer incapacitated or unavailable, subject to the approvals required under the Bankruptcy Court, the Borrower shall promptly (and no later than five (5) Business Days after such resignation, termination or such other occurrence) retain a replacement Chief Restructuring Officer acceptable to the Required Lenders and the Borrower (it being understood that any director or managing director (or a Person with a similar title) with previous experience as a chief restructuring officer (or similar experience) at Debtors’ Financial Advisor shall be deemed acceptable to the Required Lenders) and the scope of the engagement of such replacement Chief Restructuring Officer and fees shall be reasonably acceptable to the Required Lenders and the Borrower.
Chief Restructuring Officer. At all times during the Second Forbearance Period, Borrowers shall continue to retain the Chief Restructuring Officer pursuant to that certain engagement letter dated November 8, 2012, by and between Borrowers and Kxxxx Xxxxxx.
Chief Restructuring Officer. Borrowers will continue to appoint, retain and engage the Chief Restructuring Officer on terms and conditions acceptable to the Agent, which will include, without limitation, assisting Borrowers in the management of their businesses, preparation of forecasts and projections, and the formulation and implementation of strategic initiatives in connection with the Bankruptcy Cases. Borrowers hereby and will continue to authorize and instruct the chief restructuring officer to (a) share with the Agent and Lenders all budgets, records, projections, financial information, reports and other information relating to the Collateral, the financial condition, operations and the sale, marketing or reorganization process of the Borrowers’ businesses and assets as requested from time to time, except to the extent access to such information would compromise the Borrowers’ attorney-client privilege and (b) make himself available to Agent, the Co-Collateral Agents and the Lenders as reasonably requested by the Agent, the Co-Collateral Agents and the Lenders. Borrowers will provide the chief restructuring officer, complete access to all of the Borrowers’ books and records, all of Borrowers’ premises and to Borrowers’ management as and when deemed necessary by the chief restructuring officer or the Agent.
Chief Restructuring Officer. Within 14 days after the Amendment No. 2 Effective Date, the Borrower shall appoint a chief restructuring officer reasonably satisfactory to the Administrative Agent and the Required Lenders, having authority reasonably satisfactory to the Administrative Agent and the Required Lenders and reporting directly to the board of directors of the Borrower.”
Chief Restructuring Officer. Subject to necessary approval by the Bankruptcy Court, the Borrower shall not fail to employ an Acceptable Chief Restructuring Officer at any time; provided that the Borrower shall have ten (10) Business Days to engage a replacement Acceptable Chief Restructuring Officer following the resignation of any Acceptable Chief Restructuring Officer. Such Acceptable Chief Restructuring Officer employed by the Borrower shall (i) assist the Borrower and its Subsidiaries with preparation of the Budget (and updates thereto) and (ii) assist the Borrower and its Subsidiaries with preparation of the other financial and collateral reporting required to be delivered to the Administrative Agent pursuant to this Agreement. The Chief Restructuring Officer shall maintain regular contact with the Majority Backstop Lenders and the Administrative Agent (in any event not less than once per week) and provide the Majority Backstop Lenders and the Administrative Agent with updates on the foregoing responsibilities, including but not limited to (i) 13-week budget forecasts and variance analyses, weekly, (ii) accounts payable aging schedules (including a schedule by vendor for those with balances owed in excess of $100,000, whether or not deemed “critical”) and an update on any liens asserted (including the assets asserted against, to the extent this can be reasonably determined), monthly, (iii) advanced notice of disbursements with respect to royalty interests, working interests, joint interest billing and lienholders that the Borrower seeks to pay in excess of $100,000, (iv) detailed capital expenditures and related activities reports, monthly, (v) monthly reporting regarding production, pricing, revenue, production costs, and general and administrative expenses and (vi) advance notice of authorizations for expenditures, together with the Borrower’s analysis of the economic merits of the corresponding project and the Chief Restructuring Officer’s recommendation whether to consent or not (to the extent such project pertains to a non-operator position).
Chief Restructuring Officer. Employ a Chief Restructuring Officer and use commercially reasonable efforts to cause such Chief Restructuring Officer to continue to be employed in such capacity. In the event of the death, disability, incapacity, removal (for cause) or resignation of such Chief Restructuring Officer, employ a replacement Chief Restructuring Officer within 30 days.
Chief Restructuring Officer. No later than fourteen (14) calendar days after the Petition Date, the Company shall have selected and retained, subject to Bankruptcy Court approval, a chief restructuring officer reasonably acceptable to the Required Holders and the DIP ABL Agent (as defined in the Interim DIP Order).
