Financing Cooperation. (a) The Company shall and shall cause its Subsidiaries to, at Buyer’s sole expense, reasonably cooperate in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to: (i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a); (ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing; (iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates; (iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights; (v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable; (vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations; (vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time; (viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents; (ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates; (x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships; (xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof; (xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities; (xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing; (xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing. (b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 3 contracts
Sources: Purchase Agreement, Purchase Agreement (NXP Semiconductors N.V.), Purchase Agreement (Qualcomm Inc/De)
Financing Cooperation. (a) The Company shall use its reasonable best efforts to provide, and shall to cause each of its Subsidiaries toand their respective advisors, at Buyer’s sole expenselegal counsel, reasonably cooperate accountants, and representatives to use reasonable best efforts to provide, such reasonable cooperation (provided that, in connection with each case, the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or and/or any of its Subsidiaries. Such cooperation ) that is customary in connection with the arrangement of the Debt Financing contemplated by the Company and its Subsidiaries shall includeDebt Commitment Letter, at the including using reasonable request of Buyer, using their respective commercially reasonable best efforts to:
(i) furnish such financial statements assist in preparation for and other financial data participate in marketing efforts and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required lender presentations in connection with any the Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities at reasonable times and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a)locations mutually agreed;
(ii) cause its independent accountants to cooperate assist Parent with any financing source providing financing to Buyer or any the preparation by ▇▇▇▇▇▇ and the Debt Financing Sources of its Affiliates consistent with their customary practice bank information memoranda and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports similar marketing documents required in connection with any the Debt Financing, including the execution and delivery of customary representation letters in connection with bank information memoranda;
(iii) provide information related to the Company and its Subsidiaries cooperate reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(viiv) execute and deliver as of (but not prior to) the Closing any pledge and security documents, account control agreements, mortgages, other definitive financing documents, currency or interest hedging arrangements, or other certificates or documents as may be reasonably requested by ▇▇▇▇▇▇ (including a certificate of the chief financial officer (or other comparable officer) of the Company with respect to solvency matters after giving effect to the transactions contemplated hereby) (provided that, other than with respect to any customary representation letters referred to in clause (ii) above, (A) none of the documents or certificates shall be executed or delivered, except in connection with the Closing, and (B) the effectiveness thereof shall be conditioned upon, or become operative after, the occurrence of the Closing) and otherwise reasonably facilitate the pledging of collateral and the granting of security interests in respect of the Debt Financing; and
(v) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is reasonably required by under applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements Act, to the extent required by SEC rules and regulations the Debt Commitment Letter.
(including those required to be included in any periodic report that Buyer or b) In connection with such cooperation, neither the Company nor any of its Affiliates is Subsidiaries shall be required to file under the 1934 Act following the Closing(i) pay any commitment or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts similar fee in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries prior to the extent such information contains Closing Date or bear or reimburse any material misstatement of fact costs or omits expenses or make any payment to state obtain consent or to incur any material fact necessary other actual or potential liability or cause or permit any Lien to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or be placed on any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered its assets in connection with the Debt Financing prior to Closing, in each case, for which it has not received prior reimbursement or is not otherwise fully indemnified by or on behalf of Parent, (ii) become an issuer or other obligor with respect to the Debt Financing;
(xiv) prevent , unless and until the syndication, incurrence or issuanceClosing occurs, or any attempt to syndicate, incur (iii) execute or issuedeliver, or take any announcement corporate or authorization of other action to adopt or approve, any document, agreement, certificate or instrument with respect to the announcement of Financing that will be effective before the syndicationClosing Date. Parent shall, incurrence or issuancepromptly, of any debt facility or any debt security of upon written request by the Company, reimburse the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other applicable, for all reasonable and documented out-of-pocket fees, in each casecosts, in connection with and expenses incurred by any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk any of damage their respective representatives (including those of their accounting firms engaged to assist in connection with the Debt Financing and legal counsel) in connection with the cooperation required by this Section 6.14, and shall indemnify and hold harmless the Company and its Subsidiaries and each of their respective representatives from and against all losses, damages, claims, costs, or destruction expenses (including reasonable attorneys’ fees) suffered or incurred by any of them directly or indirectly in connection with such Person complying with their obligations under this Section 6.14 and any information used in connection therewith.
(c) The Company hereby consents to the use of its logos solely in connection with the Financing; provided that Parent and Merger Sub shall ensure that such logos are used solely in a manner that would not harm or disparage the Company or the Company’s reputation, goodwill or marks and will comply with the Company’s reasonable usage requirements.
(d) Nothing in this Section 6.14 shall require such cooperation to the extent it would (i) cause any property condition to Closing set forth in Article VII to fail to be satisfied or assets otherwise cause any breach of this Agreement (unless, in each case, waived by Parent), (ii) require the Company or any of its Subsidiaries to waive or amend any terms of this Agreement or take any action that would reasonably be expected to conflict with, or result in any violation or breach of, or default (with or without notice or lapse of time, or both) under any of their respective Organizational Documents, any applicable Laws or the Existing Debt Documents or (iii) result in any officer, director employee, agent or other representative of the Company or any of its Subsidiaries, Subsidiaries incurring any personal liability (D) provide any information the disclosure of which is prohibited as opposed to liability in his or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(aher capacity as officer) with respect to any matters relating to the Debt Financing that is not contingent on the ClosingFinancing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 3 contracts
Sources: Merger Agreement (Aspen Insurance Holdings LTD), Merger Agreement (Aspen Insurance Holdings LTD), Merger Agreement (Aspen Insurance Holdings LTD)
Financing Cooperation. (a) The Company shall Following the date hereof and prior to the Closing, Seller shall, and shall cause its Subsidiaries to, at Buyer’s sole expense, each of the Brand Companies and their respective Representatives and employees to provide to Purchaser such cooperation reasonably cooperate requested by Purchaser in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall includeFinancing, at the reasonable request of Buyer, using their respective commercially reasonable efforts toincluding:
(i) furnish such financial statements causing appropriate officers and employees of Seller and the Brand Companies to be available on a customary basis to meet with prospective lenders, rating agencies and investors in presentations, meetings, road shows and due diligence sessions and assist with the preparation of projections and other financial data pertinent information in form and other information relating substance not previously provided to the Company and its Subsidiaries and Purchaser as reasonably requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (wPurchaser’s lender(s) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any the Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows cooperating with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sourceslenders’ documentary due diligence, to the extent customary and reasonable, including, but not limited to, the delivery of Organizational Documents of the Brand Companies and lien searches, and reasonably cooperating with Purchaser to facilitate an appraisal of the Intellectual Property owned by the Brand Companies, each as contemplated by the Debt Commitment Letters;
(viiii) provide information reasonably necessary to assist Buyer executing and delivering into escrow any credit agreement, customary and reasonable pledge and security documents, guarantee documents, supplemental indenture, currency or any of its Affiliates in its preparation of material relating interest hedging arrangements, other definitive financing documents, or other certificates, or other documents with respect to the Company and its Subsidiaries for rating agency presentationsDebt Financing contemplated by the Debt Commitment Letters as may be reasonably requested by Purchaser or otherwise reasonably facilitating the pledging of collateral;
(viiiv) provide at least three (3) Business Days prior furnishing Purchaser and its sources of Debt Financing as promptly as practicable financial statements with respect to the Acceptance Time period following the date hereof as reasonably required by such sources and not previously provided to Purchaser by Seller;
(v) furnishing Purchaser, within the time period specified in the Debt Commitment Letters or as otherwise reasonably requested by the sources of the Debt Financing with all documentation and other information about the Company and its Subsidiaries as is required by regulators and authorities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Patriot Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time2001;
(viiivi) provide information reasonably necessary to assist Buyer taking such reasonable actions as may be required, proper or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably advisable, as requested by Buyer or any Purchaser, to facilitate the guarantee and pledge of its Affiliates;
(x) cooperate with the providers of collateral to secure the Debt Financing to ensure thatFinancing, to the extent practicable and appropriate, any syndication efforts including cooperating in connection with the Debt Financing benefit from pay-off of existing Indebtedness and the Company’s and its Subsidiaries’ existing lending relationships;release of Liens related thereto; and
(xivii) supplement using commercially reasonable efforts to obtain customary pay-off letters, Lien releases, instruments of termination, waivers, consents, and approvals from other parties to Contracts and Liens to which the written Brand Companies are a party or formally presented information by which any of them or their assets or properties are bound or subject; provided, that (other than projections and other forward-looking materials and information of a general economic or industry specific nature1) provided by nothing herein shall require such cooperation to the extent it would require the Company or its Subsidiaries Affiliates to waive or amend any terms of this Agreement or to agree to pay any fees, reimburse any expenses or give any indemnities prior to the Closing for which it has not received prior reimbursement by or on behalf of Purchaser or for which it has not otherwise agreed to pay or reimburse under this Agreement, or to give any indemnities or incur any liabilities other than reimbursements and liabilities of the Brand Companies that are effective only after the Closing, (2) nothing herein shall require such cooperation from the Company or its Affiliates to the extent such information contains any material misstatement of fact it would unreasonably interfere with or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist disrupt the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security ongoing operations of the Company or its Affiliates, (3) no action, liability or obligation of the Company under any of its Subsidiariescertificate, except as otherwise permitted under the commitment letter with respect agreement, arrangement, document or instrument relating to the Debt Financing or under Section 5.01; provided that shall be effective until after the Closing and (4) neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay issue any commitment or other feesoffering documents, private placement memoranda, bank information memoranda, prospectuses and similar documents required in each case, in connection with any relation to the Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of but such documents may contain disclosure and financial statements reflecting the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of as the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on obligor following the Closing.
(b) Buyer shallPurchaser shall promptly, promptly upon request by the CompanyCompany or Seller, reimburse the Company Seller for all documented and reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Company, its Subsidiaries and its and Seller or any of their respective Affiliates or Representatives in connection with their respective the cooperation of the Company and any other Brand Company contemplated by this Section 7.15, and the foregoing obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless survive termination of this Agreement.
(c) In no event shall Seller, the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered Brand Company or incurred by any of them their Affiliates be in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided breach of this Agreement because of the failure by the Company or any Brand Company to deliver any financial or other information that is not currently readily available to the Company or any Brand Company on the date hereof or is not otherwise prepared in the ordinary course of its Subsidiaries business at the time requested by Purchaser or for use in such financing)failure to obtain any review of any financial or other information by its accountants.
Appears in 3 contracts
Sources: Membership Interest Purchase Agreement, Membership Interest Purchase Agreement (Gaiam, Inc), Membership Interest Purchase Agreement (Sequential Brands Group, Inc.)
Financing Cooperation. (a) The Company shall and shall cause Upon the request of any Investor or of its Subsidiaries toAffiliates that it wishes to pledge, at Buyer’s sole expense, reasonably cooperate hypothecate or grant security interests in any or all of the Investor Shares in connection with the arrangement one or more Permitted Loans, including to banks or financial institutions as collateral or security for loans, advances or extensions of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of credit, the Company or its Subsidiaries. Such cooperation by the Company agrees to use reasonable best efforts to provide to such Investor and its Subsidiaries shall includeAffiliates, at the reasonable request of Buyeras applicable, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives cooperation as may be reasonably necessary or advisable to consummate any Debt Financingsuch pledge, hypothecation or grant, including financial statementsentry into letter agreements with lenders substantially in the form of Exhibit C hereto (each, financial dataan “Issuer Agreement”) and, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required if requested by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer Investor or any of its Affiliates consistent with their customary practice (and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents notwithstanding anything to the inclusion contrary in this Agreement and the Investment Agreements, including Section 3.1(k) of audit reports in connection with each Investment Agreement and Section 6.3 hereof), instructing the transfer agent to transfer any Debt Financing;
(iii) provide information related such Investor Shares subject to the pledge, hypothecation or grant into the facilities of The Depository Trust Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligencewithout, to the extent customary and reasonable;
permitted by Applicable Laws, restrictive legends subject to receipt of an opinion from nationally recognized counsel reasonably satisfactory to the Company. The Company’s obligation to deliver an Issuer Agreement is conditioned on (vii) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating the Investor delivering to the Company and its Subsidiaries for rating agency presentations;
(viiA) provide at least three five (35) Business Days prior to the Acceptance Time all documentation date of the requested Issuer Agreement, a substantially final draft of the Permitted Loan to which the Issuer Agreement relates, and other information about (B) an executed copy of the Permitted Loan to which the Issuer Agreement relates and (ii) the Investor certifying to the Company in writing that (A) the loan agreement with respect to which the Issuer Agreement is being delivered constitutes a Permitted Loan being entered into in accordance with this Agreement, the Investor has pledged the Investor Shares as collateral to the lenders under such Permitted Loan and the execution of such Permitted Loan and the terms thereof do not violate the terms of this Agreement, (B) an event of default (as described in such loan agreement) constitutes the sole circumstances under which the lenders under the Permitted Loan may foreclose on the Investor Shares and that such provisions do not violate the terms of this Agreement, (C) pursuant to the provisions of such loan agreement, the Investor may sell Investor Shares in order to satisfy a margin call or repay a Permitted Loan, in each case, to the extent necessary to satisfy a bone fide margin call on such Permitted Loan or otherwise in compliance with the terms of this Agreement and that such provisions do not violate the terms of this Agreement and (D) the Investor acknowledges and agrees that the Company will be relying on such certificate when entering into the Issuer Agreement and any inaccuracy in such certificate will be deemed a breach of this Agreement. The Investor acknowledges and agrees that the statements and agreements of the Company in an Issuer Agreement are solely for the benefit of the applicable lenders party thereto and that in any dispute between the Company and the Investor under this Agreement, the Investor shall not be entitled to use the statements and agreements of the Company in an Issuer Agreement against the Company. The Company agrees and acknowledges that (a) no lender or collateral agent with respect to a Permitted Loan shall become party to this Agreement or be subject to any provision hereunder and (b) that it shall not condition its Subsidiaries as is required cooperation under this Section 1.4 on (i) any lender or collateral agent agreeing to become party to this Agreement or becoming subject to any such provision or (ii) any agreement, representation, warranty or obligation by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer Investor or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer other than as set forth in this Agreement or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingIssuer Agreement.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 3 contracts
Sources: Shareholder Agreement (Yum China Holdings, Inc.), Shareholder Agreement (Yum China Holdings, Inc.), Shareholder Agreement (Yum Brands Inc)
Financing Cooperation. (a) The Company For purposes of this Section 6.10, the term “Financing” shall include any Permanent Financing (as defined in the Financing Letter), whether for debt, equity or otherwise. Prior to the Closing, Seller shall, and shall use reasonable best efforts to cause each of its Subsidiaries Affiliates and Representatives to, at Buyer’s sole expense, use reasonable best efforts to provide to Buyer such cooperation reasonably cooperate requested by Buyer and reasonably required in connection with the arrangement Financing or the Alternate Financing, including (to the extent reasonably requested and reasonably required):
(i) participating in a customary and reasonable number of any Debt meetings, presentations, due diligence sessions, drafting sessions, road shows and sessions with rating agencies;
(ii) assisting with the preparation of materials for rating agency presentations, offering documents, private placement memoranda, bank information memoranda, prospectuses (registered or otherwise) and similar documents for the Financing, including execution and delivery of customary representation letters in connection with an audit of the Business and auditors comfort letter;
(iii) as promptly as reasonably practical, and in no event later than March 31, 2013, furnishing Buyer with (x) audited balance sheets for the Business as at December 31, 2011 and 2012, and (y) audited statements of income and cash flows for the Business for the three (3) years ended December 31, 2012 and (z) within forty-five (45) days of the end of the relevant fiscal quarter, unaudited interim financial statements for each fiscal quarter ending after January 1, 2013 (collectively, the “Carve-Out Financials”);
(iv) in addition to the information required pursuant to clause (iii), above, as promptly as reasonably practical, furnishing Buyer and the other parties to the Financing Letter with financial and other information regarding the Business and the Assets as may be reasonably requested by Buyer (including in connection with Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations ’s preparation of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such pro forma financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financingstatements), including unaudited interim financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under of the Securities Act of 1933 Act for a registered public offering offering, and of debt securities, (y) of the type and form customarily included in private placements under Rule 144A, to consummate the offering(s) of debt or equity securities under Rule 144A of contemplated by the 1933 ActFinancing, or (z) as otherwise reasonably required in connection with any Debt Financing the Financing, or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassuranceassurance” comfort) from independent accountants in connection with the offering(s) of debt or equity securities in connection with any Debt Financing; provided that contemplated by the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any Financing (all such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”iii) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
this clause (iv) provide ), including the reasonable use by Buyer and its Affiliates of Carve-Out Financials, the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use“Required Information”); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, providing information relating to the extent Business that is reasonably available to it to assist in the preparation of any credit agreements, indentures, purchase agreements, currency or interest hedging arrangements, other definitive financing documents, officer’s certificates, customary and reasonableclosing documents, or other certificates or documents with respect to the Financing contemplated by the Financing as may be reasonably requested by Buyer;
(vi) provide furnishing Buyer and their Financing sources as promptly as practicable all financial information reasonably necessary required to assist Buyer or any of its Affiliates in its preparation of material relating be delivered pursuant to the Company Financing Letter and its Subsidiaries monthly financial statements for rating agency presentationsthe Business (to the extent prepared in the ordinary course of business);
(vii) provide at least three (3) assisting Buyer to obtain waivers, consents, estoppels and approvals from other parties to Contracts, material Leases and Easements, and Encumbrances to which the Assets or the Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;are bound; and
(viii) provide information cooperating with Buyer in its efforts to obtain accountants’ comfort Letter, consents, legal opinions, surveys, appraisals, engineering reports, environmental and other inspections, title insurance and other documentation and items relating to the Financing, as reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements requested by Buyer; provided that (A) nothing herein shall require such cooperation to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer it would require Seller or any of its Affiliates to be included waive or amend any terms of this Agreement, incur any Liabilities, pay any fees, reimburse any expenses, in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments each case, with respect to the Financing, prior to the Closing for which it has not received prior reimbursement by or on behalf of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer Buyer, or would cause Seller or any of its Affiliates;
Affiliates to breach this Agreement or become unable to satisfy a condition to the Closing, (xB) cooperate with the providers of the Debt Financing to ensure that, nothing herein shall require such cooperation from Seller or its Affiliates to the extent practicable it would unreasonably interfere with the ongoing operations of Seller or its Affiliates and appropriate(C) there shall be no action, Liability or obligation of Seller or its Affiliates under any certificate, agreement, arrangement, document or instrument relating to the Financing. Notwithstanding anything to the contrary in this Section 6.10, neither Seller nor its Affiliates shall be in breach of the covenant set forth in this Section 6.10 if it has acted in good faith to comply with the cooperation and assistance set forth herein.
(b) Buyer shall indemnify the Seller Indemnitees from, against and in respect of any Losses imposed on, sustained, incurred or suffered by, or asserted against, any syndication efforts of them, directly or indirectly relating to, arising out of or resulting from the arrangement of the Financing, any other financing and/or the provision of information utilized in connection with therewith to the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;fullest extent permitted by applicable Legal Requirement.
(xic) supplement Seller will use its reasonable best efforts to update Required Information provided to Buyer pursuant to clauses (iii) and (iv) of Section 6.10(a) as may be necessary such that the written or formally presented information (other than projections and other forward-looking materials and information Required Information does not contain any untrue statement of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits omit to state any material fact necessary in order to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing thatstatements made therein, in the case of any public-side version light of the information materials provided to such providerscircumstances under which they were made, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closingmisleading.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 3 contracts
Sources: Purchase and Sale Agreement (Southern Union Co), Purchase and Sale Agreement (Laclede Group Inc), Purchase and Sale Agreement (Laclede Gas Co)
Financing Cooperation. (a) The Company 7.4.1 Prior to the Completion Date, King shall use all reasonable endeavours to provide to AB, and shall cause its Subsidiaries to, at Buyer’s sole expenseand shall use all reasonable endeavours to cause the respective officers, reasonably cooperate in connection with directors, employees and advisors and other Representatives, including legal and accounting, of each member of the arrangement of any Debt Financing King Group to, provide to AB and its Subsidiaries such cooperation as may be reasonably requested by Buyer; AB in connection with the syndication and consummation of the Financing (provided that that, in each case, such requested cooperation does not unreasonably interfere with the ongoing business or operations of any member of the Company King Group), including:
(a) participating in a reasonable number of meetings, presentations, road shows, drafting sessions, due diligence sessions or sessions with prospective lenders, investors and rating agencies, in each case as reasonably requested and upon reasonable advance notice; provided, however, that such participation will be limited to King’s Executive Officers and will be solely for the purpose of providing information in relation to King;
(b) providing information in connection with the preparation of materials for rating agency presentations, bank information memoranda, lender presentations, investor presentations and other customary marketing materials and documents required or necessary in connection with the Financing and the Transactions, including furnishing customary and reasonable business and financial projections reasonably requested by AB or any of its Subsidiaries. Such cooperation by , furnishing customary and reasonable records, data or other information necessary to support any statistical information or claims relating to any member of the Company and its Subsidiaries shall includeKing Group appearing in the aforementioned marketing materials, and, at the reasonable request of BuyerAB, using providing necessary support and information to enable AB to prepare materials demonstrating the meaningful differences in measurement of the King Group’s historical financial performance under IFRS compared to US GAAP, consenting (such consent not to be unreasonably withheld, conditioned or delayed) to AB filing a Form 8-K with the SEC disclosing information identified by AB relating to the King Group (other than projections) for purposes of permitting such information to be included in marketing materials or memoranda for the Financing to be provided to potential investors who do not wish to receive material non-public information with respect to AB and its Subsidiaries, the King Group or any of their respective commercially reasonable efforts to:
securities; provided, however, that nothing in this sub-clause requires King to provide (i) furnish such information regarding compensation, (ii) US GAAP financial statements and other financial data and other information relating to or (iii) anything that will result in unreasonable interference with the Company and its Subsidiaries and requested business of King;
(c) furnishing AB, as promptly as reasonably practicable upon request by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt AB in connection with the Financing, including with the following financial statements, information regarding the King Group: (i) the audited consolidated statements of financial data, projections, audit reports and other information (w) constituting audited financial statements relating to position for the Company and its Subsidiaries for each of its three most recent fiscal years ended on December 31, 2012, December 31, 2013 and December 31, 2014 (and, if applicable, each subsequent fiscal year ended at least 60 90 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior yearsCompletion Date) and related audited consolidated statements of operations, comprehensive income, changes in equity and cash flows of the King Group for the fiscal years ended on December 31, 2012, December 31, 2013 and December 31, 2014 (and, if applicable, each subsequent fiscal year ended at least 40 90 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 reviewCompletion Date), (x) of the type in each case, prepared in accordance with IFRS, and form required by in compliance with Regulation S-X and promulgated under the Securities Act (“Regulation S-K promulgated under X”), and (ii) the 1933 Act unaudited consolidated statements of financial position and related consolidated statements of operations of the King Group for a registered public offering each subsequent fiscal quarter ended at least 45 days prior to the Completion Date, and for the comparable period of debt securitiesthe prior fiscal year, in each case, prepared in accordance with International Accounting Standard 34, as issued by IASB; provided, however, that nothing in this sub-clause (c) requires King to provide (A) information regarding compensation, (yB) US GAAP financial information or (C) information that is subject to confidentiality agreements, or is privileged, or is otherwise confidential and is a trade secret or competitively sensitive (unless disclosure is required to avoid a material misstatement or omission or is material non-public information and disclosed pursuant to Clause 7.4.1(b) above). Subject to disclosures contemplated by sub-clause (C) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Actimmediately preceding sentence, AB shall cause all non-public or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any other confidential information memorandum, prospectus, offering memorandum provided by or other marketing and syndication materials shall be as set forth in clause (viii) on behalf of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company King or any of its Subsidiaries or Representatives pursuant to this Clause 7.4 to be kept confidential in accordance with the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rightsAB Confidentiality Agreement;
(vd) participate furnishing AB, as promptly as reasonably practicable and prior to Completion with financial and other information with respect to the members of the King Group prepared in accordance with the applicable provisions of US GAAP and Regulation S-X reasonably necessary for AB to (i) evaluate the significance of the members of the King Group pursuant to Regulation S-X and causing senior management (ii) prepare pro forma financial statements (including financial information with respect to the members of the King Group as of and representativesfor (x) the most recent annual period provided pursuant to sub-clause (c)(i) above, with appropriate seniority (y) the most recent interim period provided pursuant to sub-clause (c)(ii) above and expertise(z) the 12-month period ending on the most recent statements of financial position date of King provided pursuant to sub-clauses (c)(i) or (c)(ii) above), prepared by AB after giving effect to participatethe Transactions and the Financing as if such transactions and the Financing had occurred as of such date (in the case of statements of financial position) or at the beginning of such period (in the case of other financial statements) in a reasonable accordance with the applicable provisions of US GAAP and limited number of meetings, presentations and road shows Regulation S-X;
(e) reasonably cooperating with prospective lenders and investors and in drafting sessions and requests for due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary for financings of a type similar to the Financing and reasonableprovided that such requests do not unreasonably interfere with the business of King;
(vif) provide information reasonably necessary to assist Buyer or providing promptly, and in any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide event, at least three (3) Business Days prior to the Acceptance Time all Completion Date, such customary documentation and other customary information about the Company and its Subsidiaries King Group as is required reasonably requested in writing by AB reasonably in advance of, and in any event, at least 20 calendar days prior to, the Completion Date in connection with the Financing that relates to applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance TimeAct;
(viiig) provide information reasonably necessary to assist Buyer or any of its Affiliates assisting with the preparation of pro forma financial information any credit agreements, indentures, notes, security purchase agreements, guarantees, pledge and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing security documents, hedging arrangements, other definitive financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations , and other instruments of discharge certificates or documents and back-up therefor and back-up for legal opinions customary in connection with repayment financings of existing indebtedness of a type similar to the Company and its Subsidiaries Financing as may be reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company AB or any of its Subsidiaries, except ; and
(h) cooperating with AB and AB’s efforts to obtain corporate and facilities ratings as otherwise permitted under reasonably requested by AB. provided that:
(i) no member of the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives King Group shall be required to (A) pay any commitment or other feesfee or incur any cost, expense or liability (other than fees and expenses that are to be promptly reimbursed by AB under Clause 7.4.2) in connection with the Financing prior to the Completion Date;
(ii) the King Board and officers of King prior to the Completion Date and the directors and officers of the Subsidiaries of King prior to the Completion Date shall not be required to adopt resolutions approving the agreements, documents and instruments pursuant to which the Financing is obtained;
(iii) no member of the King Group shall be required to execute, prior to the Completion Date, any financing agreements, including any credit, security, pledge or other agreements in connection with the Financing, or deliver any solvency, officers’ or similar certificates or legal opinions in connection with the Financing, in each case, that are not subject to the occurrence of the Completion Date (other than representation letters required by King and its Subsidiaries’ auditors in connection with any Debt Financingthe delivery of “comfort letters”); and
(iv) except as expressly provided above, (B) give any indemnities in connection with any debt financing, (C) no member of the King Group shall be required to take any action that, in corporate actions that are not subject to the good faith determination occurrence of the Company, would unreasonably interfere with Completion Date to permit the conduct consummation of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingFinancing.
(b) Buyer 7.4.2 AB shall, promptly upon request by the CompanyKing, reimburse the Company King for all reasonable documented out-of-pocket costs and expenses incurred by any member of the Company, its Subsidiaries and its and their respective Representatives King Group in connection with their respective obligations pursuant to Section 7.08(a). Buyer cooperation under this Clause 7.4 and shall indemnify and hold harmless the CompanyKing, its Subsidiaries and their respective Representatives, Representatives (including the King Board and officers of King or any of its Subsidiaries prior to the Completion Date) from and against any and all losses liabilities, losses, damages, claims, expenses, interest, judgments and penalties (each, a “Loss”) suffered or incurred by any of them in connection with any debt financing and the syndication or consummation of the Financing, any information utilized utilised in connection therewith and any action taken by them at the request of AB or its Representatives (other than material misstatements or omissions in information provided by any member of the Company King Group or any to the extent a Loss arises from the gross negligence, bad faith or misconduct of or a breach of this Agreement by an indemnified party).
7.4.3 King shall, or shall cause its Subsidiaries to, supplement the information provided in connection with the Financing on a reasonably current basis to the extent that any such information, to the Knowledge of King, contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary in order to make the statements therein not false or misleading in any material respect at the time and in light of the circumstances under which such statement is made, promptly after gaining Knowledge thereof.
7.4.4 King hereby consents to the use of the names and marks of King and its Affiliates (including any Trademarks derived therefrom) in connection with the Financing; provided, that such names and marks are used solely in a manner that is not intended to or reasonably likely to harm or disparage King or its Affiliates or their reputation, goodwill or intellectual property.
7.4.5 King shall use all reasonable endeavours to assist in the delivery to AB of customary payoff letters, lien terminations and instruments of discharge in form and substance reasonably satisfactory to AB to allow for use the payoff, discharge and termination in such financing)full on the ABL credit facility under the ABL Credit Agreement dated as of October 7, 2013, as amended, among Midasplayer International Holding Company Limited, ▇▇▇▇.▇▇▇ Limited, Midasplayer Vertriebs GmbH, ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Bank, N.A. and the other parties thereto.
7.4.6 Notwithstanding anything to the contrary in the foregoing, nothing in this Clause 7.4 shall require any member of the King Group to take any action that would violate Section 82 of the Act.
Appears in 2 contracts
Sources: Transaction Agreement (King Digital Entertainment PLC), Transaction Agreement (Activision Blizzard, Inc.)
Financing Cooperation. (a) The Prior to the Acceptance Time, the Company shall shall, and shall use reasonable best efforts to cause its Subsidiaries officers, employees, consultants and advisors, including legal and accounting advisors, to, at Buyer’s sole expense, reasonably cooperate in connection with the arrangement of any Debt Financing provide to Parent such cooperation as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere Parent in connection with obtaining the ongoing operations Debt Financing, including, (i) making senior management and advisors of the Company available to participate in a reasonable number of meetings, presentations, and due diligence sessions with proposed lenders or its Subsidiaries. Such cooperation by the Company placement agents, and its Subsidiaries shall includein sessions with rating agencies, in each case at the reasonable request such times as coordinated reasonably in advance thereof, (ii) assisting Parent with Parent’s preparation of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such pro forma financial information and pro forma financial statements and other materials for rating agency presentations, bank information memoranda, financial data projections and similar documents used in connection with the Debt Financing and providing customary estimates and other forward-looking financial information regarding the future performance of the business of the Company to the extent reasonably requested by the Debt Financing sources, and providing customary authorization and representation letters in connection therewith, (iii) executing and delivering definitive financing documents, including pledge and security documents, and certificates, management representation letters and other documents, to the extent reasonably requested by Parent, and otherwise reasonably facilitating the pledging of collateral (provided that, in each case, to the extent provided in clause (iii) of the first sentence of Section 6.14(b), such documents shall be subject to the Closing and shall only be effective at or after the Effective Time), (iv) requesting and cooperating in obtaining customary lien terminations and instruments of discharge (the effectiveness of which shall be subject to the Closing and the occurrence of the Effective Time), relating to any indebtedness of the Company (it being understood and agreed that the Company’s obligations to provide payoff letters in respect of the Existing Loan Agreement are as set forth in Section 6.14(c) below), (v) providing reasonable access by Parent and any Debt Financing sources, and their respective officers, employees, consultants and advisors (including legal, valuation, and accounting advisors) to the books and records, properties, officers, directors, agents and representatives of the Company, (vi) assisting with due diligence activities relating to the Company’s financial and other information relating during normal business hours upon reasonable advance notice, (vii) furnishing to the Company Parent and its Subsidiaries Debt Financing sources all pertinent and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including customary financial statements, financial data, projections, audit reports and other information regarding the Company reasonably requested by Parent as promptly as practicable following such request (w) constituting it being agreed that the fiscal year 2013 audited financial statements relating to described in the immediately following clause (1) shall be furnished as soon as they become available and in any event no later than 75 days after December 31, 2013), including (1) the Company’s fiscal year 2013, 2012 and 2011 audited financial statements and (2) the Company unaudited consolidated balance sheets and its Subsidiaries related statements of income and cash flows for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) quarter ended after the date close of its most recent audited financial statements (and corresponding periods of any prior years) fiscal year 2013 and at least 40 days prior to the Closing Date (with respect viii) taking all actions reasonably requested to which independent auditors shall have performed a SAS 100 review)(A) permit the prospective lenders and placement agents involved in the Debt Financing to evaluate the Company’s assets, business, cash management and accounting systems, policies and procedures relating thereto, including inventory appraisals and field audits, for the purpose of establishing collateral arrangements and (xB) of the type establish bank and form required by Regulation S-X other accounts and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type blocked account contracts and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required lock box arrangements in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with foregoing after the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w)Acceptance Time, (xix) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three four (34) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Patriot Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten eight (10) Business Days 8) calendar days prior to the anticipated Acceptance Time and (x) subject to the occurrence of the Acceptance Time;
(viii) provide information reasonably , taking all corporate actions necessary to assist Buyer or any permit consummation of its Affiliates with the preparation of pro forma financial information and financial statements Debt Financing; provided, that nothing herein shall require (1) such cooperation to the extent required it would interfere materially and unreasonably with the business or operations of the Company, (2) delivery of (A) any other financial information in a form not customarily prepared by SEC rules the Company or (B) any financial information with respect to a fiscal period that has not yet ended, or (C) any financial statement with respect to any fiscal quarter (other than the fourth quarter) prior to the date that is 40 days after the end of the applicable fiscal quarter, unless, except in the case of clauses (A) and regulations (including those required C), such information is earlier reasonably available to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer Parent, or (3) the taking of any of its Affiliates;
action that would conflict with or violate (x) cooperate with the providers Company’ Certificate of Incorporation or Bylaws, in each case that are not contingent upon the earlier of the Debt Financing to ensure that, Acceptance Time and the Effective Time or (y) any applicable Laws. The Company hereby consents to the extent practicable and appropriate, any syndication efforts use of its logos in connection with the Debt Financing benefit from Financing; provided that such logos are used solely in a manner that is not intended to or reasonably likely to harm or disparage the Company’s Company or the reputation or goodwill of the Company or any of its logos and on such other customary terms and conditions as the Company shall reasonably impose, and Parent and its Subsidiaries’ existing lending relationships;representatives shall cease all such use on the date of termination of this Agreement in the event that this Agreement is terminated in accordance with Section 8.01.
(xib) supplement Nothing in this Section 6.14 shall require the written Company to (i) bear any out-of-pocket cost or formally presented information expense that is not reimbursed pursuant to this Section 6.14(b) or pay any fee in connection with the Debt Financing, (ii) incur any liability (or cause their respective directors, officers or employees to incur any liability) under the Debt Financing prior to the Effective Time or (iii) enter into any definitive agreement or commitment that would be effective prior to the Effective Time (other than projections such management representation letters and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters with respect to the providers of the debt financing information memoranda, authorizing the distribution of information to prospective lenders and placement agents and containing customary representations that such information does not contain a customary 10b-5 representation material misstatement or omission, and a representation to that the providers of the debt financing that, in the case of any public-side version versions of the information materials provided to such providersdocuments, such information does if any, do not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any its securities for purposes of its Subsidiariesfederal securities laws). Furthermore, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer Parent shall, promptly upon request by the Company, reimburse the Company for all reasonable and documented out-of-pocket costs and expenses incurred by the Company, its Subsidiaries Company and its and their respective Representatives representatives in connection with their respective obligations pursuant to this Section 7.08(a)6.14. Buyer Parent shall indemnify and hold harmless the Company, its Subsidiaries Affiliates and their respective Representativesits representatives (collectively, the “Financing Indemnitees”) from and against any and all losses losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with any debt financing the Debt Financing and any information utilized in connection therewith (other than material misstatements or omissions in any information provided in writing specifically for use by or on behalf of the Company), in each case other than to the extent any of the foregoing arises from the bad faith, gross negligence or willful misconduct of, or breach of this Agreement by a Financing Indemnitee (the obligations in this sentence, the “Financing Cooperation Indemnity”). The obligations of Parent in the foregoing sentence shall survive the consummation of the Merger and any termination of this Agreement. After the Effective Time, the Financing Cooperation Indemnity only may be amended or waived in respect of any Financing Indemnitee with the consent of such Financing Indemnitee.
(c) The Company shall use reasonable best efforts to deliver to Parent and Merger Sub at least three (3) Business Days’ prior to the Acceptance Time, but in no event later than two (2) Business Days before the Acceptance Time, a payoff letter with respect to the Second Amended and Restated Loan and Security Agreement dated December 22, 2011 by and among the Company and Oxford Finance LLC, Silicon Valley Bank and General Electric Capital Corporation (as amended, supplemented, or any otherwise modified from time to time, the “Existing Loan Agreement”), which payoff letter shall substantially provide (subject to customary exceptions) (x) that upon receipt of its Subsidiaries the payoff amount set forth in the payoff letter at or prior to the Effective Time, the respective indebtedness incurred thereunder and related instruments shall be terminated and (y) that all Liens (and guarantees), if any, in connection therewith relating to the assets, rights and properties of the Company securing such Indebtedness, shall be, upon the payment of the amount set forth in the payoff letter at or prior to the Effective Time (and, if applicable, providing for use in letters of credit or cash collateral) be released and terminated. At or prior to the Effective Time (but subject to the Effective Time occurring), the Company shall pay off all amounts outstanding (including related fees and expenses) under the Existing Loan Agreement (up to the extent of cash available to the Company at such financingtime).
Appears in 2 contracts
Sources: Merger Agreement (Cadence Pharmaceuticals Inc), Merger Agreement (Mallinckrodt PLC)
Financing Cooperation. (a) The During the Pre-Closing Period, the Company shall shall, and shall cause its Subsidiaries to, at Buyer’s sole expenseand shall use reasonable best efforts to cause its and their respective Representatives to, reasonably cooperate with Parent, Merger Sub and their respective Representatives in connection with the arrangement of any Debt Financing as may (for the purposes of this Section 7.09, the term “Financing” and “Debt Financing” shall be reasonably requested deemed to include customary high-yield non-convertible debt securities offering to be issued or incurred in lieu of or in addition to the Debt Financing), including by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or using its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the their reasonable request of Buyer, using their respective commercially reasonable best efforts to:
(i) furnish provide the Required Information and such other financial statements and other financial data and other pertinent information relating to regarding the Company and its Subsidiaries and requested the transactions contemplated by Buyer or its Representatives this Agreement as may be reasonably necessary or advisable to consummate any requested in connection with the Debt Financing, including financial statementsin connection with (A) the preparation of rating agency presentations, financial datalender or investor presentations, projectionsinformation memoranda, audit reports offering memoranda, private placement memoranda (including under Rule 144A under the Securities Act), road show presentations and other information similar documents (wcollectively, “Marketing Materials”), (B) constituting audited the preparation by Parent, Merger Sub and their respective Representatives of pro forma financial statements relating to satisfying the Company requirements of the Debt Commitment Letter and (C) due diligence investigations by any Debt Financing Source or its Subsidiaries for each of its three most recent fiscal years ended at least 60 days Representatives; provided that, prior to the Closing Date and unaudited financial statements relating to Date, the Company shall ensure that the Required Information and other information provided pursuant to this clause (i), when taken as a whole, does not contain any untrue statement of a material fact regarding the Company or any of its Subsidiaries for or omit to state any quarterly interim period material fact regarding the Company or periods (other than the fourth fiscal quarter) ended after the date any of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior Subsidiaries that is necessary to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) make such Required Information not materially misleading in light of the type circumstances under which such statements have been made (giving effect to all supplements and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; updates provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(athereto);
(ii) cause its independent accountants Representatives to cooperate participate, at reasonable times and locations and upon reasonable notice, in a reasonable number of meetings, conference calls, presentations, road shows, due diligence sessions, sessions with rating agencies and other marketing efforts by Parent, Merger Sub, any financing source providing financing to Buyer or any of its Affiliates consistent Debt Financing Source and their respective Representatives with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents respect to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in with the preparation of one or more confidential information memorandaMarketing Materials and with the negotiation and preparation of credit agreements, prospectusesguarantees, offering memoranda pledges, security documents, certificates and other marketing and syndication materials reasonably requested by Buyer or definitive documentation relating to the Debt Financing (including, in each case, any of its Affiliatesschedules thereto);
(iv) provide facilitate the reasonable use pledging of collateral including by Buyer cooperating in connection with the payoff of existing indebtedness and its Affiliates the release of related Liens and the Company’s termination of security interests (including by delivering prepayment or termination notices as required by the terms of any existing indebtedness and its Subsidiaries’ logos for syndication and underwriting, as applicable, of delivering payoff letters or UCC-3 or equivalent financing (subject to advance review of and consultation with respect to such usestatements or termination notices); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate take all corporate actions (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days which actions shall not be effective prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing (i) to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of authorize the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided execution by the Company or any of its Subsidiaries for use of each definitive document relating to the Debt Financing to which it is specified to be a Party and (ii) to permit the consummation of the Debt Financing and the granting and perfection of security interests in such financing).collateral with respect thereto;
Appears in 2 contracts
Sources: Agreement and Plan of Merger (Sonic Financial Corp), Merger Agreement (Speedway Motorsports Inc)
Financing Cooperation. (a) The Prior to the Closing, the Company shall and shall cause its Subsidiaries touse reasonable best efforts, at BuyerParent’s sole expense, reasonably to cooperate with Parent as necessary in connection with the arrangement of any the Debt Financing as may be customary and reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with ▇▇▇▇▇▇, including using reasonable best efforts to (a) cause the ongoing operations senior management of the Company or to participate at reasonable times in a commercially reasonable number of meetings, drafting sessions, presentations, road shows, and rating agency and other due diligence sessions, in each case, upon reasonable advance notice, (b) furnish Parent and its Subsidiaries. Such cooperation by Debt Financing Sources with financial and other pertinent information regarding the Company as shall be reasonably requested by Parent (provided, that, for the avoidance of doubt, the Company shall not be required to provide, and its Subsidiaries Parent shall includebe solely responsible for, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memoranduminformation, prospectusincluding pro forma cost savings, offering memorandum synergies, capitalization or other marketing and syndication materials shall pro forma adjustments desired to be as set forth in clause (viii) of this Section 7.08(a);
incorporated into any pro forma financial information, (ii) cause any description of all or any component of the Debt Financing, including any such description to be included in any liquidity or capital resources disclosure or any “description of notes,” or (iii) projections, risk factors or other forward-looking statements relating to all or any component of the Debt Financing), (c) assist Parent and its independent accountants to Debt Financing Sources in the preparation of offering documents, private placement memoranda, bank information memoranda, loan and collateral documents, prospectuses and similar documents (including any schedules) for the Debt Financing, (d) cooperate with any financing source providing financing to Buyer or any the marketing efforts of Parent and its Affiliates consistent Debt Financing Sources for the Debt Financing as reasonably requested by Parent, (e) cooperate with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports Parent’s legal counsel in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided legal opinions that such logos are used solely legal counsel may be required to deliver in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate connection with the Debt Financing Sources’ documentary due diligenceas reasonably requested by ▇▇▇▇▇▇, (f) facilitate the obtaining of guarantees and pledging of collateral in connection with the Debt Financing, including executing and delivering any customary guarantee, pledge and security documents, or other customary certificates or documents as may be reasonably requested by Parent to facilitate any guarantee, obtaining and perfection of security interest in collateral from and after the extent customary Closing and reasonable;
(vig) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) provide, no later than five Business Days prior to the Acceptance Time Expiration Time, (x) all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations Laws, including the USA PATRIOT Act to the extent reasonably Act, that has been requested by any financing source providing financing to Buyer or any of its Affiliates in writing at least ten (10) 10 Business Days prior to the anticipated Acceptance Time;
Expiration Time and (viiiy) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements certifications regarding beneficial ownership required by 31 C.F.R. § 1010.230 that has been requested in writing at least 10 Business Days prior to the extent Expiration Time; provided, in each case, that (i) neither the Company nor any Company Subsidiary shall be required by SEC rules and regulations to incur any liability (including those required to be included in the payment of any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closingfees) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from prior to the Company’s and its Subsidiaries’ existing lending relationships;
Closing Date, (xiii) supplement the written or formally presented information (other than projections and other forwardpre-looking materials and information Closing board of a general economic or industry specific nature) provided by directors of the Company or its Subsidiaries to (and the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case equivalent governing body of any public-side version of the information materials provided to such providers, such information does Company Subsidiary) shall not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to adopt resolutions approving the agreements, documents and instruments pursuant to which the Debt Financing is obtained, (iii) neither the Company nor any Company Subsidiary shall be delivered required to execute effective prior to the Closing Date any definitive financing documents, including any credit or other agreements, pledge or security documents, or other certificates, legal opinions or documents in connection with the Debt Financing;
, (xiviv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; expressly provided that above, neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives Company Subsidiary shall be required to (A) pay take any commitment or other fees, in each case, in connection with any corporate actions prior to the Closing Date to permit the consummation of the Debt Financing, (Bv) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of neither the Company and its Subsidiaries or create an unreasonable risk of damage or destruction nor any Company Subsidiary shall be required to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would reasonably be expected to conflict with with, or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under(with or without notice or lapse of time) under the Company Charter, the Company Bylaws, or the certificate of incorporation and bylaws, or equivalent organizational documents, of any Company Subsidiary, any agreement applicable Law or any Contract to which the Company or any of its Subsidiaries Company Subsidiary is a party and (vi) neither the Company nor any Company Subsidiary shall be required to provide any assistance or cooperation that would (1) unreasonably interfere with its respective business operations, (2) cause any representation or warranty in this Agreement made by the Company to be breached, or (F3) execute cause the conditions set forth in Annex A or Article 7 to fail to be satisfied. Except for the representations and warranties of the Company set forth in Article 4 of this Agreement, neither the Company nor any agreementCompany Subsidiary shall have any liability to Parent in respect of any financial statements, certificateother financial information, document or instrument data or other information provided pursuant to this Section 7.08(a6.15. Notwithstanding anything to the contrary in this Agreement, the condition set forth in clause (c) with respect of Annex A, as it applies to any the Company’s obligations under this Section 6.15, shall be deemed satisfied unless the Company has knowingly, willfully and materially breached its obligations under this Section 6.15 and such breach has been the primary cause of the Debt Financing that is not contingent on the Closingbeing obtained.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 2 contracts
Sources: Merger Agreement (WhiteHawk Income Corp), Merger Agreement (PHX Minerals Inc.)
Financing Cooperation. (a) The Company shall shall, and shall cause its Subsidiaries to, at Buyer’s sole expenseuse reasonable best efforts to provide such assistance as reasonably requested by Parent in connection with financing arrangements (including assumptions, guarantees, amendments, supplements, modifications, refinancings, replacements, repayments, terminations or prepayments of existing financing arrangements) as Parent may reasonably cooperate determine necessary or advisable in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations completion of the Company Merger or its Subsidiariesthe other transactions contemplated by this Agreement. Such cooperation assistance shall include, but not be limited to, the following: (a) providing such information and making available such personnel as Parent may reasonably request, including the preparation and furnishing in a timely fashion of all financial statements and other data customary to be included in connection therewith (including all audited financial statements, all unaudited financial statements (which shall have been reviewed by the independent accounting firm for the Company as provided in the procedures specified by the Public Company Accounting Oversight Board in AU 722)) and all information regarding the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating reasonably required for Parent to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including prepare pro forma financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to regarding the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by and in compliance with Regulation S-X and Regulation S-K promulgated under the 1933 Securities Act for a registered public offering of debt securitiesand related forms; (b) participation in, and assistance with, any marketing activities related to such financing; (yc) participation by senior management of the type Company in, and form customarily included in private placements their assistance with, the preparation of debt securities under Rule 144A rating agency presentations and meetings with rating agencies; (d) taking such actions as are reasonably requested by Parent or its financing sources to facilitate the satisfaction of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order all conditions precedent to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any obtaining such financial statements will satisfy the requirements of these items (w), (x) financing; and (y); provided, further, that the Company’s sole obligation e) assisting in any exchange transactions or consents with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandumCompany Indentures. Notwithstanding the foregoing, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary shall not be required pursuant to assist Buyer this Section 4.20 to (1) enter into any letter, certificate, document, agreement or instrument (other than customary authorization and representation letters and notices) that will be effective prior to the Closing (or that will otherwise be effective if the Closing does not occur), (2) take any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, action to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer it would unreasonably disrupt the business or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness operations of the Company and its the Company Subsidiaries reasonably requested by Buyer (taken as a whole) or require any of its Affiliates;
(x) cooperate with the providers of the Debt Financing them to ensure that, take any actions that would reasonably be expected to the extent practicable and appropriateviolate any applicable Legal Requirement, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
Contract or their respective Organizational Documents, (xi3) supplement the written or formally presented provide any information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, would not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt provided pursuant to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing4.8(a), (B) give any indemnities in connection with any debt financing, (C4) take any action thatactions, or omit to take an action, that would reasonably be expected to result in any personal liability for the good faith determination of the Companydirectors, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries officers, employees or create an unreasonable risk of damage or destruction to any property or assets stockholders of the Company or any of its Subsidiaries, (D5) provide any information the disclosure of which is prohibited that cannot be provided without unreasonable burden or restricted under applicable Law expense or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E6) take any action action, or omit to take an action, that would conflict with reasonably be expected to cause any representation, warranty or violate its organizational documents or any applicable Law or would result covenant in a violation or breach of, or default under, any agreement this Agreement to which be breached by the Company or any of its Subsidiaries is a party (unless waived by Parent) or (F) execute cause any agreementclosing condition set forth in Article V to fail to be satisfied. The Company hereby consents to Parent’s use of and reliance on any audited or unaudited financial statements relating to the Company and the consolidated Company Subsidiaries, certificateincluding any filings that Parent desires to make with the SEC. In addition, document or instrument pursuant the Company will use reasonable best efforts, at Parent’s sole cost and expense, to this Section 7.08(a) obtain the consents of any auditor to the inclusion of the financial statements referenced above in appropriate filings with respect to any Debt Financing that is not contingent on the ClosingSEC.
(b) Buyer shall, Parent shall promptly upon request by the Company, reimburse the Company for all out-of-pocket any reasonable and documented costs and expenses (including legal expenses but excluding costs of the Company’s preparation of financial information and financial statements in connection with its compliance with its periodic reporting obligations under the Exchange Act or otherwise in the ordinary course of business) incurred by the Company, Company or any of its Subsidiaries (including reasonable attorneys’ and its and their respective Representatives accountants’ fees) in connection with their respective obligations pursuant to any action taken (or not taken) in compliance with Section 7.08(a4.20(a). Buyer Parent shall indemnify and hold harmless the Company, its Subsidiaries and their respective RepresentativesRepresentatives from any losses, from and against damages, fines, amounts paid in settlement, costs or expenses arising out of or relating to any and all losses suffered action taken (or incurred by any of them not taken) in connection compliance with any debt financing and any information utilized in connection therewith Section 4.20(a) (other than material misstatements to the extent any of the foregoing are incurred as a result of gross negligence, bad faith or omissions in willful misconduct of the Company, any of its Subsidiaries or any of their respective Representatives).
(c) All confidential information regarding the Company and its Subsidiaries provided by the Company or any of and its Subsidiaries for use pursuant to this Section 4.20 shall be kept confidential in such financing)accordance with the terms of the Confidentiality Agreement.
Appears in 2 contracts
Sources: Merger Agreement (EchoStar CORP), Merger Agreement (DISH Network CORP)
Financing Cooperation. (a) The Kick shall use its reasonable best efforts to take, or cause to be taken as promptly as practicable after the date hereof, all actions and to do, or cause to be done, all things necessary, proper or advisable to arrange, obtain and consummate the Minimum Debt Financing. Upon the Partnership’s request, Kick shall keep the Partnership informed of any material developments concerning the availability of, status of its efforts to arrange and obtain, the Minimum Debt Financing. Notwithstanding anything to the contrary contained herein, Kick shall be deemed to have satisfied its obligations under this Section 5.15(a) if (i) the Marketing Period has ended and (ii) the Company has made at least two (2) attempts (each attempt, for the avoidance of doubt, shall include marketing efforts and a roadshow that are customary for a first time issuer of notes) to arrange, obtain and consummate the Minimum Debt Financing prior to the Outside Date (the foregoing clauses (i) and (ii), the “Financing Termination Conditions”); provided, that the second attempt must come no earlier than 30 days after the end of the first attempt without the prior written consent of the Partnership (not to be unreasonably withheld, conditioned or delayed).
(b) Each Burro Party shall use its reasonable best efforts, and shall cause each of its Subsidiaries toto use its reasonable best efforts, at Buyer’s sole expenseand each of them shall cause their respective Representatives to use their reasonable best efforts, to provide customary, reasonable and timely cooperation to the Kick Parties and their respective Representatives, to the extent reasonably cooperate requested by Kick, in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with Financing, including, to the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyerextent so requested, using their respective commercially reasonable best efforts to:
(i) (A) as promptly as reasonably practical, furnish such the Kick Parties and any Financing Parties (and their respective Representatives, as applicable) with the Required Information; and (B) provide reasonable assistance to Kick in connection with Kick’s preparation of pro forma financial statements and other pro forma financial data information (it being agreed that the Burro Parties will not be required to provide any information or assistance relating to (a) the proposed aggregate amount of Debt Financing, together with assumed interest rates, dividends (if any) and other information fees and expenses relating to the Company incurrence of such Debt Financing, (b) any post-Closing or pro forma cost savings, synergies, capitalization or ownership desired to be incorporated into any information used in connection with the Debt Financing or (c) any financial information related to Kick or any of its Subsidiaries);
(ii) provide reasonable and customary assistance to the Kick Parties and any Financing Parties (and their respective Representatives, agents and advisors, as applicable) in their preparation of (A) offering documents, offering memoranda, offering circulars, private placement memoranda, prospectuses, syndication documents and other syndication materials, including information memoranda, lender and investor presentations, bank books and other marketing documents, and similar documents to be used in connection with any portion of any Debt Financing to the extent customary in connection with any such Debt Financing and (B) materials for rating agency presentations, and otherwise reasonably cooperate with the marketing efforts of the Kick Parties and the Financing Parties (and their respective Representatives, agents and advisors, as applicable) for any portion of any Debt Financing;
(iii) make senior management and other representatives of the Burro Parties available, at mutually agreed locations and upon reasonable prior notice, to participate in meetings (including one-on-one conference or virtual calls with any Financing Parties and potential Financing Parties, including prospective investors in any Debt Financing involving the issuance of securities), drafting sessions, presentations, road shows, rating agency presentations and due diligence sessions and other customary syndication or marketing activities, provided that, at the Partnership’s option in consultation with Kick, any such meeting or communication may be conducted virtually by teleconference, videoconference or other electronic media;
(iv) cause the Burro Parties’ independent registered accounting firm to provide customary assistance, including by using reasonable best efforts to cause the Burro Parties’ independent registered accounting firm or other applicable third party advisor (A) to provide customary comfort letters (including “negative assurance” comfort) (and drafts of such comfort letters) in connection with any capital markets transaction comprising a part of any Debt Financing to the applicable Financing Parties, in each case in form and substance customary for private placements of high yield debt securities to the extent applicable, (B) to provide any necessary consents (including, with respect to the Burro Parties’ independent registered accounting firm, to the inclusion of its Subsidiaries audit report in respect of any financial statements of the Burro Group Entities included or incorporated in any of the applicable financing materials referred to in Section 5.15(b)(ii)), and requested (C) to participate in a reasonable number of due diligence sessions at reasonable times and locations and upon reasonable prior notice; provided that, at the Partnership’s option, any such session may be conducted virtually by Buyer teleconference, videoconference or its Representatives other electronic media, and including by using reasonable best efforts to provide customary representation letters to the extent required by such independent registered accounting firm in connection with the foregoing;
(v) provide customary authorization letters authorizing the distribution of the Burro Parties’ information to prospective lenders in connection with a syndicated bank financing or otherwise with respect to any bank information memoranda, or similar document;
(vi) assist the Kick Parties and any Financing Parties in obtaining or updating corporate, facility and issue credit ratings;
(vii) assist in the negotiation, preparation and (contingent upon the Closing) execution and delivery of any credit agreement, indenture, note, debenture or other debt security, purchase, underwriting or agency agreement, guarantees, security documents, including any schedules or disclosures thereto, cash management agreements, hedging agreements, other supporting documents and customary closing certificates (excluding any solvency certificate), and any other definitive and ancillary documentation for any Debt Financing as may be reasonably necessary or advisable requested by Kick;
(viii) make introductions of Kick to consummate the Burro Parties’ existing lenders and facilitate relevant coordination between Kick and such lenders;
(ix) cooperate with the due diligence of Financing Parties and their Representatives in connection with any Debt Financing, to the extent customary and reasonable including financial statementsthe provision of all such information reasonably requested with respect to the property and assets of the Burro Group Entities and by providing to internal and external counsel of the Kick Parties and the Financing Parties, financial dataas applicable, projectionscustomary back-up certificates and factual information to support any legal opinion that such counsel may be required to deliver in connection with any Debt Financing;
(x) deliver, audit reports at least four (4) Business Days prior to Closing, to the extent reasonably requested in writing at least nine (9) Business Days prior to Closing, all documentation and other information regarding the Burro Group Entities that any Financing Party reasonably determines is required by domestic and foreign regulatory authorities under applicable “know your customer” and domestic and foreign anti-money laundering rules and regulations, including the USA Patriot Act of 2001, and a beneficial ownership certificate in respect of any of the Burro Group Entities that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation (w31 C.F.R. § 1010.230);
(xi) constituting audited financial statements relating to the Company extent requested by Kick, in connection with any steps Kick may determine are necessary or desirable to take in order to prepay or redeem, satisfy and its Subsidiaries discharge all amounts and obligations outstanding under the Burro Credit Facilities and the Partnership’s Notes or any other indebtedness, provide all reasonable assistance to, and evidence thereof, to Kick, including (A) preparing, submitting and/or issuing customary notices in respect of any such prepayment or redemption; provided that any such prepayment and redemption shall be contingent upon the occurrence of the Closing unless otherwise agreed in writing by the Partnership, (B) obtaining from the agent a customary payoff letter in respect of the Burro Credit Facilities, (C) cooperating in the satisfaction, discharge and release of Liens securing the Burro Credit Facilities and the Partnership’s Notes including obtaining customary lien termination and other instruments of discharge, in each case in a form reasonably acceptable to Kick (which discharges and releases, for each the avoidance of its three most recent fiscal years ended at least 60 days prior doubt, shall not be required to take effect before the Closing) and (D) taking such actions as may be permitted or required by the terms of the Burro Credit Facilities or the Partnership’s Notes to prepare, submit and/or issue such notices in respect of any prepayment or redemption thereof or to satisfy, discharge and/or defease any or all obligations thereunder;
(xii) to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)extent requested by Kick, (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required provide guarantees in connection with any Debt Financing or as otherwise necessary in order (which guarantees, for the avoidance of doubt, shall not be required to assist in receiving customary “comfort” take effect before the Closing); and
(including “negative reassurance” comfortxiii) from independent accountants in connection with offering(s) consent to the use of debt securities its and its Subsidiaries’ trademarks, trade names and logos in connection with any Debt Financing; provided that the Company’s public filings with the Securities such trademarks, trade names and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or to, nor reasonably likely to to, harm or disparage the Company Partnership or any of its Subsidiaries or the Partnership’s or its Subsidiaries’ reputation or goodwill goodwill.
(c) For the avoidance of doubt, any failure of the Company Burro Parties to fulfill their obligations under Section 5.15(b) shall not be deemed a breach of this Agreement or excuse the performance of Kick to consummate the transactions, so long as the Burro Parties are acting in good faith to fulfill such obligations.
(d) Notwithstanding the foregoing, none of the Partnership nor any of its Affiliates shall be required to take or permit the taking of any action pursuant to this Section 5.15(d) that would: (i) require the Partnership or its Subsidiaries or any of their respective productsAffiliates or any persons who are officers or directors of such entities to pass resolutions or consents to approve or authorize the execution of any Debt Financing or enter into, servicesexecute or deliver any certificate, offerings document, instrument or intellectual property rights;
agreement or agree to any change or modification of any existing certificate, document, instrument or agreement (v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participateexcept for the authorization letters contemplated by Section 5.15(b)(v)) in a reasonable and limited number of meetingseach case, presentations and road shows with prospective lenders and investors and that would be effective prior to Closing, (ii) cause any representation, warranty or other provision in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with this Agreement to be breached by the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer Partnership or any of its Affiliates Affiliates, which breach if occurring or continuing at the Initial Effective Time would result in its preparation the failure of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included conditions set forth in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the ClosingSection 6.2(a) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer Section 6.2(b), (iii) require the Partnership or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other feessimilar fee or (y) incur any other expense, in each caseliability or obligation which expense, liability or obligation is not reimbursed or indemnified hereunder in connection with any Debt FinancingFinancing prior to the Closing, or (Bz) give have any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination obligation of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company Partnership or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted Affiliates under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant be effective until the Closing, (iii) cause any director, officer, employee or stockholder of the Partnership or any of its Affiliates to this Section 7.08(a) incur any personal liability (except to the extent such Person is continuing in such role after Closing, and solely with respect to agreements contingent upon Closing and that would not be effective prior to Closing) or provide any Debt Financing representation or certificate such director, officer, employee or stockholder believes in good faith is false to the extent disclosed to the Kick Parties in writing, (iv) conflict with the Governing Documents of the Partnership or any of its Affiliates or any Laws, or material contracts, (v) provide access to or disclose information to the extent that is not contingent on the Closing.
Partnership or any of its Affiliates determines in good faith would jeopardize any attorney-client privilege or other similar privilege or protection of the Partnership or any of its Affiliates in respect of such information; (bvi) Buyer require the Burro Parties or any of their respective Subsidiaries or Representatives to prepare or provide any Excluded Information, (vii) require the Representatives of the Burro Parties to provide any legal opinion or (viii) unreasonably interfere with the ongoing operations of the Partnership or any of its Subsidiaries. Kick shall, promptly upon on request by the CompanyPartnership, reimburse the Company Partnership and its Affiliates for all reasonable, documented and invoiced out-of-pocket costs (including reasonable, documented and expenses invoiced out-of-pocket attorneys’ fees) incurred in good faith by the Company, its Subsidiaries and its and them or their respective Representatives in connection with their respective obligations pursuant to the cooperation described in Section 7.08(a). Buyer 5.15(b) and shall indemnify and hold harmless the Company, Partnership and its Subsidiaries Affiliates and their respective RepresentativesRepresentatives (collectively, the “Indemnified Parties”) from and against any and all losses suffered or incurred by any of them in connection with any debt financing Debt Financing, any action taken by them at the request of Kick or its Representatives pursuant to Section 5.15(b) and any information utilized used in connection therewith except (other than i) to the extent suffered or incurred as a result of the bad faith, gross negligence, willful misconduct or breach of this Agreement by any Indemnified Party or (ii) as a result of any untrue statement of material misstatements fact or material omissions of any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading in any information provided by or on behalf of any Indemnified Party and included in the Company documents related to such Debt Financing in conformity therewith or (iii) that were agreed to by any Indemnified in a settlement without the written consent of Kick.
(e) All non-public or otherwise confidential information regarding the Partnership or any of its Subsidiaries for use Affiliates obtained by Kick or its Representatives pursuant to this Section 5.15(e) shall be kept confidential in accordance with the Confidentiality Agreement; provided, that Kick shall be permitted to disclose such financing)information to (i) any Financing Parties subject to customary confidentiality obligations and (ii) otherwise to the extent necessary and consistent with customary practices in connection with any Debt Financing subject to customary confidentiality arrangements reasonably satisfactory to the Partnership.
Appears in 2 contracts
Sources: Merger Agreement (CSI Compressco LP), Merger Agreement (CSI Compressco LP)
Financing Cooperation. (a) The Company On and prior to the Closing Date, upon the request of Purchaser, the Seller shall use reasonable best efforts to, and shall use reasonable best efforts to cause the Company, its Subsidiaries Subsidiaries, and their respective Representatives to, at Buyer’s sole expense, reasonably cooperate in connection with any financing sought to be obtained by Purchaser in connection with the arrangement transactions contemplated by this Agreement, including any offering of any securities as contemplated in the Debt Financing as may be Commitment Letter (the “Financing”), including, to the extent related to the Financing: (i) causing the Company’s management team, with appropriate seniority and expertise, to participate in due diligence and drafting sessions and rating agency presentations, if any; (ii) providing information with respect to the Company, including reserve reports and lease operating statements, reasonably requested by BuyerPurchaser or its Financing Sources; (iii) preparing and furnishing to Purchaser the Required Information and such other financial information concerning the Company as reasonably requested by Purchaser, including, without limitation, balance sheet, income statements and statements of cash flows for each of the most recently completed fiscal year ended at least ninety (90) days before the Closing Date, which such annual statement shall have been audited by independent accountants of the Company in accordance with GAAP and each subsequent interim financial quarter ended after December 31, 2019 and at least forty-five (45) days before the Closing Date, which such interim statements shall have been reviewed by the independent accountants for the Company as provided that in the procedures specified by AU-C 930; (iv) assisting in the preparation of SEC filings to be made by Purchaser, offering memoranda, private placement memoranda, prospectuses, bank confidential information memoranda, rating agency presentations and similar documents (“Offering Documents”), including furnishing such operating and other data or information relating to the assets and operations of the Company as reasonably requested cooperation does not unreasonably interfere by Purchaser for inclusion therein; (v) (A) causing the independent accountants of the Company and its Subsidiaries to cooperate with Purchaser, including by participating in drafting sessions and accounting due diligence sessions, obtaining the ongoing operations consent of, and customary “comfort” letters from, such independent accountants (including by providing customary management letters and requesting legal letters to obtain such consent) in connection with any securities offering by Purchaser if necessary or desirable for Purchaser’s use of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include’ financial statements, at the reasonable request of Buyer, using including written consents to use their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information audit reports relating to the Company and its Subsidiaries and requested to be named as an “Expert” in any document related to any such securities offering, (B) causing independent reserve engineers of the Company and its Subsidiaries to cooperate with Purchaser, including by Buyer participating in drafting sessions and reserve engineer due diligence sessions, obtaining the consent of, and customary comfort letters from such independent reserve engineers (including, if necessary, by providing customary management letters and requesting legal letters to obtain such consent) in connection with any securities offering by Purchaser if necessary or desirable for Purchaser’s use of the Company or its Representatives as may be reasonably necessary or advisable to consummate any Debt FinancingSubsidiaries’ reserve report, including financial statements, financial data, projections, audit any necessary written consents to use their reserve reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior and to the Closing Date be named as an “Expert” in any document related to such securities offering and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period (C) cooperating with Purchaser’s legal counsel or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required reserve engineers in connection with any Debt Financing legal opinions that such legal counsel may be required to deliver or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from letter that such independent accountants engineers may be reasonably required to deliver, in connection with offering(s) of debt securities each case, in connection with any Debt Financingsecurities offering; provided that the Company’s public filings (vi) cooperating reasonably with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum documentary or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligencerequests, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
; (vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, representations that such information does not include material non-public information about contain a misstatement or omission; (viii) assisting in the amendment or novation of any of the Company’s H▇▇▇▇▇ other than set forth on Schedule 6.24 of the Company Disclosure Letter, its Affiliates as applicable and in each case, on terms that are reasonably requested by the Purchaser; provided that no obligation of the Company under any such amendments or novations shall be effective until the Closing Date; (ix) furnishing promptly all documentation and other information required by any Governmental Entity or as reasonably requested by any financing source under applicable “know your customer,” anti-bribery, anti-money laundering and beneficial ownership rules and regulations, including the PATRIOT Act, the FCPA, and economic sanctions administered by the Office of their respective securities;
Foreign Assets Control of the U.S. Treasury Department; (xiiix) cooperate with executing and delivering any definitive financing documents (and taking all organizational actions relating thereto, subject to the Buyer’s legal counsel in connection with occurrence of the Effective Time), including any legal opinions that may be required to be delivered necessary pledge and security documents, as reasonably requested by Purchaser and otherwise facilitating the pledging of collateral in connection with the Debt Financing;, including taking reasonable actions necessary to permit the Financing Sources to evaluate the Company’s and its Subsidiaries’ assets, inventory, cash management and accounting systems, policies and procedures relating thereto for the purpose of establishing collateral arrangements (including establishing bank and other accounts and blocked account and control agreements in connection with the foregoing), and providing customary title information and title opinions; provided that no obligation of the Company or any of its Subsidiaries under any such definitive financing documents, including any pledge and security documents, shall be effective until the Closing Date, (xi) assisting with the repurchase, redemption and repayment of the Company’s existing indebtedness, including in connection with the delivery of required notices and obtaining the Payoff Letter and other documents required by Section 8.2(d) in connection with Closing.
(xivb) prevent Notwithstanding the syndicationforegoing, incurrence (i) Seller, the Company and its Subsidiaries shall not be required to take any action pursuant to clause (a) above if such action would cause any representation, warranty, agreement or issuancecovenant contained in this Agreement to be breached (unless waived by Purchaser), (ii) the Seller shall not be required to pay any commitment or other similar fee or incur any other liability or obligation in connection with the Financing at any time, and none of the Company or any of its Subsidiaries shall be required to pay any commitment or other similar fee or incur any other liability or obligation in connection with the Financing prior to the Closing, (iii) neither the Seller nor any of their officers, directors, or employees shall be required to execute or enter into or perform any attempt agreement with respect to syndicatethe Financing at any time, incur and none of the Company or issueits Subsidiaries nor any of their officers, directors, or employees shall be required to execute or enter into or perform any announcement agreement with respect to the Financing that is not contingent upon the Closing or authorization that would be effective prior to the Closing, (iv) none of the announcement of the syndicationSeller, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under nor their respective officers, managers, directors or employees shall be required to execute any solvency certificate in connection with the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither Financing, (v) no obligation of the Company nor any of or its Subsidiaries nor or any of their Representatives undertaken pursuant to the foregoing shall be effective until the Closing, (vi) none of Seller, the Company and their respective Affiliates or Subsidiaries and Representatives shall be required to prepare pro forma financial information or projections, which shall be the responsibility of Purchaser, and (Avii) pay no director, officer, or employee of Seller or the Company shall be required to execute any commitment agreement or other feescertificate in his or her individual, in each caserather than official, capacity. For the avoidance of doubt, receipt of the Financing is not a condition to the Purchaser’s obligation to consummate the Transactions.
(c) Promptly upon the Seller’s request, all reasonable and documented out-of-pocket fees and expenses incurred by the Seller, the Company and its Subsidiaries in connection with assisting in any Debt Financingfinancing arrangement pursuant to this Section 6.24 shall be reimbursed by the Purchaser, (B) give and, in the event the Closing shall not occur, the Purchaser shall indemnify and hold harmless the Seller, the Company, their respective Subsidiaries and its and their Representatives from and against any indemnities and all losses, damages, costs or expenses suffered or incurred by them in connection with the Financing and any debt financing, (C) take any action that, information contained in the good Offering Documents in connection therewith, except (i) with respect to information supplied by Seller or the Company specifically for inclusion or incorporation by reference in any Offering Document or (ii) to the extent such losses and damages arise from fraud, bad faith determination or willful misconduct of Seller, the Company, their respective Subsidiaries and its and their Representatives. Notwithstanding anything to the contrary in this Agreement, any out-of-pocket fees and expenses incurred by the Seller, the Company and its Subsidiaries in connection with assisting in any financing arrangement pursuant to this Section 6.24 shall not be considered Transaction Costs for purposes of this Agreement; provided it is understood that general auditor and legal expenses the Seller, the Company its Subsidiaries would unreasonably interfere with have incurred regardless of whether cooperation was requested pursuant to this Section 6.24 shall not be so excluded.
(d) The Company hereby consents to the conduct use of the business trademarks, service marks and logos of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify the arrangement of the Financing and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered repayment or incurred by any refinancing of them indebtedness in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing)Transactions.
Appears in 2 contracts
Sources: Securities Purchase Agreement (WPX Energy, Inc.), Securities Purchase Agreement (WPX Energy, Inc.)
Financing Cooperation. (a) The Company shall Prior to the Closing, at Parent’s sole expense, the Member shall, and shall cause each of its Subsidiaries to, at Buyer’s sole expenseuse its and their reasonable best efforts to provide, and cause their respective Representatives to provide, all cooperation reasonably cooperate requested by Parent in connection with the arrangement of any Debt the Financing as may be reasonably requested and that is customary in connection with the arrangement of financings similar to those contemplated by Buyer; provided the Commitment Letters, in a manner that such requested cooperation does not unreasonably interfere with the business or ongoing operations of the Company or Member and its Subsidiaries. Such cooperation by , including:
(i) participating and making the appropriate senior officers of the Company available to participate in a reasonable number of meetings (including customary one-on-one meetings with Financing Sources and potential financing sources and senior management and other Representatives of the Company), due diligence sessions, drafting sessions, presentations, “road shows” and sessions with prospective rating agencies in connection with the Financing;
(ii) cooperating with the marketing efforts and due diligence efforts of Parent and its financing sources, including assisting with the preparation of customary offering memoranda, private placement memoranda, bank offering memoranda (including a bank information memorandum that does not include material non-public information), syndication memoranda, lender presentations and similar documents and other customary marketing materials (including causing the Company and its Subsidiaries shall includeto deliver customary representation letters, at authorization letters, confirmations and undertakings, in each case as contemplated by the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(iCommitment Letters) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company providing Parent and its Subsidiaries reasonably necessary financing sources with the Required Information in a timely fashion such that Parent is able to assist Buyer or any of comply with its Affiliates in obligations under the preparation of one or more confidential information memoranda, prospectuses, offering memoranda Commitment Letters with respect thereto and other marketing and syndication materials reasonably requested by Buyer or any pertinent information regarding the business of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required may be reasonably requested in writing by applicable “know your customer” Parent in order to consummate the Financing and anti-money laundering rules and regulations including supplementing the USA PATRIOT Act same to the extent reasonably requested by any financing source providing financing to Buyer such Required Information or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure thatinformation, to the extent practicable and appropriateknowledge of the Member, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such informationinformation not misleading, taken as a whole, not misleading in any material respect promptly soon as reasonably practicable after gaining obtaining knowledge thereof;
(xiiiv) executing and delivering any credit agreements, notes, guarantees, pledge and security documents, hedging arrangements and other definitive financing documents or other requested certificates or documents (including a certificate with respect to solvency matters);
(v) taking such actions as are reasonably requested by Parent to assist with collateral audits and due diligence examination, including collateral eligibility criteria and other related criteria described in or contemplated by the Buyer Commitment Letters and granting any valuation agent acting on behalf of the Financing Sources, at reasonable times and on reasonable advance notice, access to the books and records of the Group Companies for the preparation of a valuation report with respect to the assets of the Group Companies to be included in the delivery in a timely fashion of customary authorization letters to collateral contemplated by the providers Financing;
(vi) assisting with the preparation of the debt financing authorizing borrowing base certificate contemplated by the distribution Commitment Letters and facilitating the granting of information to prospective lenders a security interest (and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, perfection thereof) in the case of any public-side version of collateral contemplated by the information materials provided Financing; and
(vii) at least five (5) Business Days prior to such providersClosing, such information does not include material non-public providing all documentation and other information about the CompanyGroup Companies that the Financing Sources have reasonably determined is required to comply with applicable Law to the extent required under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act (provided, that if the Member does not provide such documentation at least five (5) Business Days prior to Closing, the Member shall not be deemed to be in breach of this Section 5.08(a)(vii) if such documentation or information was not requested, in writing, from the Member by Parent or a Financing Source at least five (5) Business Days prior to the Closing); provided, that nothing in this Agreement, (including this Section 5.08) shall (x) require any such cooperation to the extent that it would (A) require the Member or any of its Affiliates Subsidiaries to enter into or approve any agreement or other documentation that would be effective at any time before the time that will be immediately prior to the Closing or the effectiveness of which is not conditioned on the Closing (other than the representation letters, authorization letters, confirmations and undertakings referred to in clause (ii) above), (B) require the Member, or any of its Subsidiaries or any of their respective securities;
boards of directors (xiiior equivalent bodies) to approve or authorize the Financing (provided, that the Member and its Subsidiaries shall reasonably cooperate with Parent to appoint Parent’s designees to the Buyer’s legal counsel in connection with any legal opinions that may be required respective boards of directors (or equivalent bodies) of the Group Companies as of immediately prior to Closing for purposes of approving resolutions, the effectiveness of which is to be delivered conditioned upon the Closing, related to the Financing), (C) cause any condition to the Closing set forth in connection with Section 8.01 or Section 8.02 to not be satisfied or otherwise cause any breach of this Agreement that would provide Parent the Debt Financing;
(xiv) prevent the syndication, incurrence right to terminate this Agreement or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted seek indemnity under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to terms hereof (A) pay any commitment or other feesunless, in each case, in connection with any Debt Financing, (Bwaived by Parent) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate the Member’s or its organizational documents Subsidiaries’ respective Governing Document or any applicable Law or would result in a violation or breach of(y) require the Member, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreementRepresentative thereof to cause the delivery of legal opinions, certificate, document reliance letters or instrument pursuant any certificates that would be effective at any time before the time that will be immediately prior to this Section 7.08(a) with respect to any Debt Financing the Closing or that the effectiveness of which is not contingent conditioned on the ClosingClosing (other than the representation letters, authorization letters, confirmations and undertakings referred to in clause (ii) above).
(b) Buyer Parent shall, promptly upon the request by of the CompanyMember, reimburse the Company Member for all reasonable and documented out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Company, Member and its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to the cooperation contemplated by Section 7.08(a). Buyer shall 5.08(a) and Parent and Holdco shall, on a joint and several basis, indemnify and hold harmless the Company, Member and its Subsidiaries and their respective Representatives, Representatives from and against any and all losses liabilities, losses, damages, claims, interest, awards, judgments, penalties and reasonable and documented out-of-pocket costs or expenses suffered or incurred by any of them in connection with the Financing (including any debt financing actions under this Section 5.08) and any information utilized in connection therewith (other than material misstatements any information prepared or omissions in information provided by the Company Member or any of its Subsidiaries for use or any of their respective Representatives) except, in such financing)each case with respect to the foregoing indemnity, to the extent resulting from bad faith, gross negligence or willful misconduct of the Member or any of its Subsidiaries or any of their respective Representatives.
Appears in 2 contracts
Sources: Master Transaction Agreement (RTI Surgical Holdings, Inc.), Master Transaction Agreement (Rti Surgical, Inc.)
Financing Cooperation. The Company shall use reasonable best efforts to assist and cooperate with Parent upon Parent’s request in connection with ▇▇▇▇▇▇’s payoff, termination and discharge of the Company’s outstanding Indebtedness identified by Parent in writing and delivered to the Company at least fifteen (15) days prior to the date on which the Company would be required to deliver a notice of redemption or prepayment to the trustee, agent or similar Person, as applicable, under the applicable Company Existing Debt Agreement, including by (a) The Company executing and delivering prepayment notices (or obtaining a waiver of the requirement to deliver such prepayment notice) in accordance with and as required by the documentation governing such Indebtedness that Parent will seek to repay at the Closing, and (b) delivering (or causing to be delivered) to Parent (preceded by drafts of the same at least three Business Days prior to the Closing) executed payoff letters (or similar documents) in customary form reasonably acceptable to Parent in respect of such Indebtedness, which shall provide for the aggregate amount required to be paid for the satisfaction of such Indebtedness and, upon receipt of the amount specified and shall cause its Subsidiaries toto the extent applicable, at Buyer’s sole expense, reasonably cooperate release and termination of all Encumbrances and guarantees in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations therewith and authorization of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, designee to file such customary collateral releases to be effected at the reasonable request of BuyerClosing, using their respective commercially reasonable efforts to:
(i) furnish such financial including financing termination statements and other financial data customary instruments and filing documents necessary to reflect the release of such Encumbrances and (c) providing such other information customary cooperation relating to the Company foregoing that Parent may reasonably request. Parent acknowledges and its Subsidiaries and requested by Buyer agrees that Parent’s obligation (or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each those of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”Merger Sub)) to consummate the Transactions are not in any way contingent upon or otherwise subject to, and customary consents there is no condition to the inclusion Closing requiring, (A) the consummation of audit reports any payoff, termination or discharge (in connection with whole or in part) of any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwritingoutstanding Indebtedness or (B) the obtaining (whether by Parent, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
Affiliates (v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing thatincluding, in the case of Parent, Merger Sub)) of any public-side version consents, amendments or waivers from the requisite lenders, noteholders, agents, trustees or similar Persons, as applicable, under the applicable Company Existing Debt Agreement that are required thereunder in order to permit the consummation of the information materials provided Transactions or to such providerseffectuate any payoff, such information does not include material non-public information about the Company, its Affiliates termination or any of their respective securities;
discharge (xiiiin whole or in part) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing’s outstanding Indebtedness.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 2 contracts
Sources: Merger Agreement (Boeing Co), Merger Agreement (Boeing Co)
Financing Cooperation. (a) The Company Prior to Closing, Seller shall use its reasonable best efforts to, and shall cause its Subsidiaries to, at Buyer’s sole expense, Affiliates and its and their Representatives to use their reasonable best efforts to reasonably cooperate in connection with the Purchaser’s arrangement of any Debt Financing debt financing for the transactions contemplated by this Agreement as may be reasonably requested by Buyer; provided Purchaser at Purchaser’s sole expense, including (a) participation in a reasonable number of meetings, presentations, drafting sessions, due diligence sessions and road shows (it being understood that such requested cooperation does not unreasonably interfere with the ongoing operations no participation by any director of Seller or its Affiliates or any officer of Seller or its Affiliates (other than officers of the Company or and the Transferred Subsidiaries) shall be required in any such meetings, presentations, due diligence sessions, drafting sessions and sessions with prospective lenders in connection with the Purchaser Financing), (b) as promptly as reasonably practicable, furnishing Purchaser, its Subsidiaries. Such cooperation Affiliates and its financing sources (subject to the financing sources being bound by confidentiality agreements in accordance with customary market practice) with the financial information required by clause (g) of Exhibit C of the Financing Commitment as in effect on the date hereof (the “Financing Commitment Required Information”) and such other information regarding the Company and its the Transferred Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements information memoranda and other syndication materials for revolving and term loan facilities but excluding, for the avoidance of debt securities under Rule 144A of the 1933 Actdoubt, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and statements, including providing consolidated financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its the Transferred Subsidiaries as of and for the year ended December 31, 2014 no later than February 15, 2015, (c) reasonably necessary to assist Buyer or any cooperating with the marketing efforts of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer Purchaser and its Affiliates of financing sources for any debt to be raised to complete the Company’s and its Subsidiaries’ logos for syndication and underwritingtransactions contemplated hereby, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(vd) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates assisting with the preparation of pro forma financial customary materials, including information memoranda and financial statements to the extent required by SEC rules packages, lender and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably investor presentations, rating agency presentations, and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters similar documents and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure thatmaterials, to the extent practicable and appropriate, any syndication efforts in connection with the Debt financing, (e) facilitating the pledging of collateral in connection with the Purchaser Financing benefit from (which shall only be effective at or after Closing) and (f) the Company’s execution and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version commitment letters, pledge and security documents, other definitive financing documents, or other requested certificates of documents in connection with the information materials provided to such providers, such information does not include material non-public information about the CompanyPurchaser Financing. None of Seller, its Affiliates or its or their Representatives shall have any of their respective securities;
(xiii) cooperate with the Buyerliability or obligation under any agreement or any document related to Purchaser’s legal counsel in connection with any legal opinions that may financing or be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries violation or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach ofLaws, or default underand Purchaser shall indemnify, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify defend and hold harmless the CompanySeller and its Affiliates, its Subsidiaries and their respective Representatives, from and against any and all losses Losses suffered or incurred by any of them (including attorneys’ and other fees and expenses as incurred) in connection with any debt financing and any information utilized the performance of its obligations under this Section 7.18 or in connection therewith (other than material misstatements with the arrangement of the Purchaser Financing except in the event such Losses arose out of or omissions in resulted from the willful misconduct of any such persons or historical information provided by relating to the Company or any the Transferred Subsidiaries provided in writing by or on behalf of its Seller, the Company or the Transferred Subsidiaries for use in the Purchaser Financing offering materials, and this indemnification shall survive termination of this Agreement. Purchaser shall promptly, upon request by Seller, reimburse Seller for all costs and expenses (including attorneys’ fees) incurred by Seller or its Affiliates (including the documented out-of-pocket Company and the Transferred Subsidiaries) in connection with the cooperation contemplated by this Section 7.18. For the avoidance of doubt, (x) nothing in this Section 7.18 shall require any cooperation to the extent that it would unreasonably interfere in any material respect with the business or operations of Seller or its Affiliates (including the Company and the Transferred Subsidiaries), (y) none of Seller or its Affiliates (including the Company and the Transferred Subsidiaries) shall be required to pay any commitment or other similar fee or incur any other liability or obligation in connection with the Purchaser Financing and (z) none of Seller or their respective Affiliates (including the Company and the Transferred Subsidiaries) shall be required to execute or deliver any document, including any agreement, instrument, guaranty, warranty, indemnity or certificate, that is not contingent upon the Closing or that would be effective prior to Closing. All non-public information identified as such financing)regarding Seller and its Affiliates provided to Purchaser, its Affiliates or its Representatives pursuant to this Section 7.18 shall be kept confidential by them in accordance with Section 7.11, except for disclosure to potential lenders or investors as required in connection with the Purchaser Financing subject to customary confidentiality provisions. For the avoidance of doubt, Purchaser’s obtaining of any debt financing shall not be a condition to the Closing.
Appears in 2 contracts
Sources: Securities Purchase Agreement (BATS Global Markets, Inc.), Securities Purchase Agreement (KCG Holdings, Inc.)
Financing Cooperation. (a) The Company shall provide to the Park Parties, and shall cause the Company Subsidiaries, the respective officers and employees of the Company and the Company Subsidiaries to provide to the Park Parties, and shall instruct and use its reasonable best efforts to cause the Representatives of the Company and the Company Subsidiaries toto provide to the Park Parties, at Buyer’s the sole expenseexpense of the Park Parties, all cooperation reasonably cooperate requested by the Park Parties that is necessary or reasonably required in connection with the arrangement any Third Party debt financing transaction or any Third Party underwritten public offering of Park Common Stock for cash that any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by Park Parties may pursue prior to the Company and its Subsidiaries shall includeClosing Date, at including the reasonable request of Buyer, using their respective commercially reasonable efforts to:
following: (i) furnish such furnishing the Park Parties as promptly as reasonably practicable upon request by the Park Parties with all financial statements and other statements, financial data and other information relating to regarding the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form that would be required by Regulation S-X and Regulation S-K promulgated under the 1933 Securities Act for a registered public offering of debt securities, (y) securities of any of the type and form customarily included Park Parties (including for use in private placements preparation of debt securities under Rule 144A pro forma financial statements of any of the 1933 Act, or Park Parties); and (zii) as otherwise reasonably required requesting the Company’s independent accountants to prepare and deliver customary “comfort letters,” dated the date of each final offering document used in connection with any Debt Financing or as otherwise necessary in order to assist in receiving securities offering by any of the Park Parties (with customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that bring-down comfort letters delivered on the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, closing date of any such financial statements will satisfy the requirements of these items (woffering), in compliance with professional standards (xincluding providing “negative assurance” comfort and Statement on Auditing Standards No. 100 review of interim financial statements) and (y)otherwise on terms reasonably acceptable to the Park Parties, as the case may be; provided, furtherhowever, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested no failure by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any Company Subsidiary to comply with the foregoing shall give Parent or Park the right to terminate this Agreement pursuant to Section 9.1(c), except to the extent that such failure prevents the ability of its Subsidiaries Parent and Merger Sub to consummate the Merger on a timely basis on or before the reputation or goodwill Outside Date; provided further, that none of the Company or any of its Company Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those shall be required to be included in pay any periodic report that Buyer fee or incur any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel liability in connection with any legal opinions that may such financing, and no personal liability shall be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndicationimposed on any officers, incurrence trustees, directors or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security other Representatives of the Company or any of its Company Subsidiaries, except as otherwise permitted under the commitment letter with respect . Nothing in this Section 7.17 shall require cooperation contemplated hereby to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, extent it would interfere unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets operations of the Company or any of its the Company Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result and nothing in a violation or breach of, or default under, any agreement to which this Section 7.17 shall require the Company or to cause its legal counsel to deliver any of its Subsidiaries is a party or (F) execute any agreementlegal opinions. The Park Parties shall promptly, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all reasonable and documented out-of-pocket costs and expenses paid to Third Parties (including advisor’s fees and expenses) incurred by the Company, its Company or the Company Subsidiaries and its and their respective Representatives in connection with their respective obligations the cooperation provided or other action taken by Company or any Company Subsidiaries pursuant to this Section 7.08(a). Buyer shall 7.17 and indemnify and hold harmless the Company, its the Company Subsidiaries and their respective Representativesofficers, trustees, directors and other Representatives from and against any and all losses liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties (collectively, “Losses”) suffered or incurred by any of them in connection with any debt such financing and transaction or public offering, any information utilized in connection therewith (other than material misstatements or omissions in information provided any action taken by the Company or any of its the Company Subsidiaries for use pursuant to this Section 7.17; provided, however, that the foregoing indemnity shall not apply with respect to any Losses resulting from a willful or intentional breach of any representation, warranty, covenant or agreement of the Company or any Company Subsidiaries under this Agreement. All nonpublic or otherwise confidential information regarding the Company and Company Subsidiaries obtained by the Park Parties, any of their Affiliates or their Representatives pursuant to this Section 7.17 shall be kept confidential in such financing)accordance with the terms of the Confidentiality Agreement.
Appears in 2 contracts
Sources: Merger Agreement (Chesapeake Lodging Trust), Merger Agreement (Park Hotels & Resorts Inc.)
Financing Cooperation. (a) The Subject to Section 6.16(b), prior to Closing or termination of this Agreement, the Company shall shall, and shall cause its Subsidiaries and their respective Representatives to, use reasonable best efforts to reasonably cooperate with and reasonably assist Parent, at Buyerthe Parent’s request, sole cost and expense, reasonably cooperate in connection with arranging, obtaining and syndicating any Financing and causing the arrangement of conditions in the Financing Documents and any Debt commitment letters entered into in connection with such Financing as may to be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall includesatisfied, at the including using reasonable request of Buyer, using their respective commercially reasonable best efforts to:
in (i) furnish such financial statements assisting with, and other financial data and other furnishing information relating to for the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financingpurposes of, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of customary prospectuses (including any pro forma financial information and any information required under Article 18(2) of Commission Delegated Regulation (EU) 2019/980), offering documents, syndication documents and materials, including bank information memoranda and private placement memoranda, lender and investor presentations, rating agency materials and presentations and other customary marketing materials in connection with the Financing (all such documents and materials, collectively, the “Marketing Documents”) (it being understood and agreed that the Marketing Documents shall include (or otherwise be subject to) any customary exculpation language, as the case may be, with respect to the Company, its Affiliates and their respective Representatives), (ii) furnishing to the Parent as promptly as reasonably practicable financial statements and operational information (including consolidated financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall interim periods up until the Closing Date) that can be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate prepared without undue burden with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents respect to the inclusion of audit reports in connection with any Debt Financing;
Company and its Subsidiary as is reasonably requested by Parent (the “Required Information”), (iii) assisting in the preparation of schedules to collateral agreements by providing information of the Company Entities required to be made available on such schedules for purposes of the arrangement or consummation of the Financing, (iv) subject to any contractual agreement in effect, facilitating the pledging of collateral for the Financing, which shall not be required to be delivered or effective until at or promptly following the Effective Time, (v) subject to any contractual agreement in effect, obtaining the Payoff Letter, and the related lien releases, and instruments of termination or discharge, as applicable, required pursuant to Section 6.12, in each case which shall provide that, if sufficient funds are received by the financing sources under the Credit Agreement in order to pay off in full all obligations (other than the Excluded Obligations) in connection therewith or secured thereby, such release, termination and/or discharge shall be effective, and (vi) furnishing Parent as promptly as reasonably practical (and at least three (3) business days prior to the Closing Date) with all documentation and other information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is Subsidiary required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act to the extent Act, that has been reasonably requested in writing by any financing source providing financing to Buyer Parent or any of its Affiliates Financing Sources at least ten (10) Business Days business days prior to the anticipated Acceptance Time;Closing Date. The Company hereby consents to the use of its and its Subsidiary’s logos in connection with the Financing so long as such logos are used solely (i) in a manner that is not intended to or that is not reasonably likely to harm or disparage the Company or its Subsidiary or the reputation or goodwill of the Company or its Subsidiary and (ii) solely in connection with a description of the Company, its business and products or the Merger.
(viiib) provide information reasonably necessary Notwithstanding the requirements of Section 6.16(a) or anything in this Agreement to assist Buyer the contrary, (i) neither the Company nor any of its Affiliates or their respective Representatives shall be required to enter into, approve or perform (or commit to enter into, approve or perform) any certificate, document, agreement, or instrument, in each case which will be effective prior to the Effective Time, (ii) nothing herein shall require cooperation contemplated thereby to the extent it would interfere unreasonably with the business or operations of the Company or any of its Affiliates with or their respective Affiliates, (iii) none of the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or Company nor any of its Affiliates is or their respective Representatives, will be required to file under the 1934 Act following the Closing(1) pay or necessary commit to pay any commitment or reasonably and customarily required by other fee, (2) reimburse or incur any Debt Financing Source providing financing to Buyer costs or expenses or incur any of its Affiliates to be included in other liability (including any offering documents;
(ixguarantee, indemnity or pledge) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from or the Company’s and its Subsidiaries’ existing lending relationships;
Marketing Documents prior to the Effective Time, (xi3) supplement the written or formally presented information (provide any financial data other than projections and other forward-looking materials and information the Required Information, or (4) provide any legal opinion or reliance letters or any certificate (in the case of a general economic or industry specific nature) provided by the Company or its Subsidiaries Subsidiary that would be required to be delivered prior to the extent such information contains any material misstatement of fact Effective Time), comfort letter or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case opinion of any public-side version of the information materials provided to such providersits Representatives, such information does not include material non-public information about (iv) nothing herein will involve any binding commitment by the Company, any of its Affiliates or any of their respective securities;
Representatives which commitment is not conditioned on the Effective Time and does not terminate without liability to the Company, its Affiliates and their respective Representatives upon the termination of this Agreement, and (xiiiv) cooperate with nothing herein will require the Buyer’s legal counsel in connection with Company, any legal opinions that may be required of its Affiliates or any of their respective Representatives to be delivered in connection with provide any information or take any action, the Debt Financing;
(xiv) prevent the syndicationdisclosure or taking of which would violate applicable Legal Requirements, incurrence any fiduciary duty, any Contract or issuanceobligation of confidentiality owing to a third party, or any attempt to syndicate, incur or issue, or any announcement or authorization jeopardize the protection of the announcement of the syndication, incurrence attorney-client privilege (or issuance, of any debt facility or any debt security of similar protections) held by the Company or any of its SubsidiariesAffiliates; provided that, except as if the Company does not provide or cause its Representatives to provide such access or such information in reliance on the foregoing, then the Company shall (1) provide a written notice to Parent stating that it is withholding such access or such information and (2) reasonably cooperate (at the request of Parent) to provide the applicable access or information in a way that would not violate such applicable Legal Requirements, fiduciary duty or Contract or otherwise permitted jeopardize such privilege. Nothing in this Section 6.16 will require (1) any Representative of the Company or its Subsidiary to deliver any certificate or opinion or take any other action under this Section 6.16 that could reasonably be expected to result in personal liability to such Representative; (2) the commitment letter Board of Directors (or any committee or subcommittee thereof) or the board of directors, managers, managing member or any similar controlling body of any Subsidiary of the Company to approve (or otherwise take any corporate or similar action with respect to to) any financing (including the Debt Financing) or Contracts (including any Financing Document or under Section 5.01commitment letter) related thereto; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A3) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction Subsidiary to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational or governance documents or any applicable Law Legal Requirements, or would result in the contravention of, or that could reasonably be expected to result in a violation or of breach of, or default under, any agreement to which the Company or its Subsidiary is a party.
(c) Subject to any applicable Legal Requirements, all non-public or other confidential information provided by the Company, its Subsidiary or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument their respective Representatives pursuant to this Section 7.08(a) Agreement will be kept confidential in accordance with respect the Confidentiality Agreement, except that Parent and Purchaser will be permitted to disclose such information to any Debt Financing Sources or prospective equity or debt financing sources and other financial institutions and investors that are or may become parties to the Financing and to any underwriters, initial purchasers or placement agents in connection with the Financing (and, in each case, to their respective counsel and auditors) so long as such Persons (i) agree to be bound by the Confidentiality Agreement as a “Representative” thereunder as if parties thereto; or (ii) are subject to other confidentiality undertakings reasonably satisfactory to the Company and of which the Company is not contingent on the Closinga beneficiary.
(bd) Buyer shallIf the Closing does not occur, promptly upon request by the Company, Parent will reimburse the Company for all any documented and reasonable out-of-pocket costs and expenses (including attorneys’ fees) incurred by the Company or its Subsidiary in connection with the cooperation of the Company and its Subsidiary contemplated by this Section 6.16 (it being understood and agreed that the reimbursement set forth in this Section 6.16(d) shall not apply to any fees, costs, and expenses incurred by, or on behalf of, the Company, its Subsidiary or any of its Representatives in connection with its ordinary course financial reporting requirements or in the provision of data that, in each case, was already prepared or was being prepared by the Company, its Subsidiaries Subsidiary or its Representatives in the ordinary course of business notwithstanding this Section 6.16).
(e) The Parent shall indemnify, defend and its hold harmless the Company Entities and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses losses, damages, claims, interest, awards, judgments, penalties, costs and expenses suffered or incurred by any of them in connection with the Financing (including any debt financing action taken in accordance with this Section 6.16) and any information utilized costs and expenses incurred in connection therewith (other than material misstatements defending against the foregoing, except to the extent such losses, damages, claims, costs or omissions in information provided expenses arise from the willful breach of this Agreement by the Company Company, as finally determined by a court of competent jurisdiction, or any from fraud on the part of its Subsidiaries for use in such financing)the Company.
Appears in 2 contracts
Sources: Merger Agreement (Cti Biopharma Corp), Merger Agreement (Cti Biopharma Corp)
Financing Cooperation. (a) The Prior to Closing, the Company shall use its reasonable best efforts, and shall cause its Subsidiaries toto use reasonable best efforts, at Buyer’s sole expenseand each of them shall use their reasonable best efforts to cause their respective Representatives to use their reasonable best efforts, to provide customary cooperation, to the extent reasonably cooperate in connection with requested by Parent or New Wildlife, necessary for the arrangement of the Financing, or the financing contemplated by the Alternative Debt Commitments or any other financing arrangements (including any equity or equity-linked financing consummated in accordance with Section 4.2(d)(ii)), and, in such instance, the term “Financing” hereunder shall include such alternative financings, in each case, subject to Parent’s and New Wildlife’s Reimbursement Obligations. Such assistance shall include, without limitation:
(i) participating (and causing senior management and Representatives of the Company to participate) in a reasonable number of meetings, presentations, road shows and due diligence sessions and other customary syndication activities in respect of the Financing;
(ii) furnishing Parent, New Wildlife and the Debt Financing Sources, as promptly as practicable (A)(X)(I) in the case of any audited financial statements of RE/MAX Holdings, Inc., a Delaware corporation, as promptly as reasonably practicable but in no event more than seventy-five (75) days after the end of the relevant fiscal year and (II) in the case of any unaudited quarterly financial statements, as promptly as reasonably practicable but in no event more than forty (40) days after the end of the relevant fiscal quarter, and (Y) all Required Financial Information (which shall be Compliant as of the Closing) (provided, that the filing of the required financial statements on Form 10-K, Form 10-Q, Form 6-K or Form 8-K by the Company will be deemed to satisfy the applicable requirements of the foregoing clauses (X) or (Y), as applicable, so long as a subsequent Form 8-K, Item 4.02 has not been filed with respect to the financial statements included therein), (B) all financial statements, schedules, financial data, audit reports and other information regarding the Company and its Subsidiaries that are reasonably requested by Parent or New Wildlife to the extent that such information is of the type that would be required by Regulation S-K or Regulation S-X under the Securities Act for a registered underwritten offering, Rule 144A offering or private placement of debt securities contemplated to be issued in lieu of any facility under the Financing and (C) such other pertinent information regarding the Company and its Subsidiaries (including information regarding the business, operations and financial projections thereof) as may be reasonably requested by BuyerParent or New Wildlife and customarily required to assist in the preparation of bank information memoranda, lenders’ presentations, offering memoranda, prospectuses, prospectus supplements, and other customary marketing materials relevant to the Financing, including a customary confidential information memorandum or other customary information documents used in the Financing; provided provided, that such requested cooperation does not unreasonably interfere with nothing in clause (ii)(B) or (ii)(C) shall require the ongoing operations provision of any Excluded Information;
(iii) using reasonable best efforts to cause the independent auditors of the Company or its Subsidiaries. Such cooperation to assist and cooperate with Parent and New Wildlife in connection with the Financing, including by (A) obtaining any required consent of such auditors for use of their audit reports in any offering materials relating to any such Financing, and the Company provision of customary “comfort” letters (including “negative assurance” and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(ichange period comfort) furnish such with respect to financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (wB) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliatesattending accounting due diligence sessions;
(iv) provide the using reasonable use by Buyer and its Affiliates best efforts to cause senior management of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) assist in preparation of, and to participate in, a reasonable and limited number of meetingsmeetings (including customary one-on-one meetings with the parties acting as lead arrangers, presentations bookrunners or agents for, and road shows with prospective lenders and investors and in drafting buyers of, the Financing), presentations, road shows, sessions and with rating agencies, due diligence sessions, as applicabledrafting sessions and sessions between senior management and the Debt Financing Sources in connection with the Financing, in each case at reasonable times and with reasonable advance notice, and in each case which shall be virtual unless otherwise cooperate with agreed to by the Company;
(v) furnishing Parent, New Wildlife and the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or promptly and, in any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide event, at least three four (34) Business Days prior to the Acceptance Time Closing, with all documentation and other information about the Company and its Subsidiaries as is required reasonably requested by Parent or New Wildlife at least nine (9) Business Days prior to Closing, in accordance with the requirements of the Debt Financing Sources, relating to applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance TimeAML Laws;
(viiiA) assisting in the preparation, execution and delivery of the Definitive Agreements, including any credit agreement, guarantee and collateral documents, pledge and security documents, customary closing certificates and documents and back-up therefor and for legal opinions in connection with the Financing (including executing and delivering a solvency certificate from the chief financial officer or treasurer (or other comparable officer) of the Company (in the form attached as A▇▇▇▇ ▇ to Exhibit B to the Debt Commitment Letter)) and other customary documents as may reasonably be requested by Parent or the Debt Financing Sources and (B) facilitating the pledging of, granting of security interests in and liens on collateral in connection with the Financing;
(vii) (A) using reasonable best efforts to provide information reasonably necessary to assist Buyer or any of its Affiliates assistance with the preparation of pro forma financial materials for, as applicable, rating agency presentations, offering memoranda, prospectuses or prospectus supplements, bank information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations memoranda, syndication memoranda, lender presentations and other instruments of discharge customary marketing materials required in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
Financing, (xB) cooperate using reasonable best efforts to provide reasonable cooperation with the providers due diligence efforts of the Debt Financing Sources to ensure thatthe extent reasonable and customary (and, to the extent practicable and appropriateapplicable, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries subject to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading limitations contained in any material respect promptly after gaining knowledge thereof;
this Agreement) and (xiiC) assist the Buyer in the delivery in a timely fashion of providing customary authorization letters with respect to the providers of the debt financing Company authorizing the distribution of information to prospective lenders and containing a investors (including, to the extent applicable, customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about representations) and customary certificates;
(viii) filing a Current Report on Form 8-K, if, in connection with the marketing efforts contemplated by any Debt Financing Sources in connection with the Financing, Parent or New Wildlife reasonably requests the Company to furnish or file a Current Report on Form 8-K pursuant to the Exchange Act that contains material non-public information with respect to the Company and its Subsidiaries or their respective securities, which information is necessary or desirable (as reasonably agreed by P▇▇▇▇▇ and the Company) to include in customary offering documents or marketing materials for any Financing; and
(ix) facilitating the taking, no earlier than the Closing, of customary corporate, limited liability company, partnership or other similar actions reasonably requested by Parent to permit the consummation of the Financing (provided that no such action shall be required of persons who are officers or directors of the Company or its Affiliates Subsidiaries or any of their respective securities;Affiliates prior to the First Merger Effective Time who will not be continuing in such capacities thereafter).
(xiiib) cooperate with The foregoing notwithstanding, none of the Buyer’s legal counsel in connection with Company nor any legal opinions that may of its Subsidiaries shall be required to be delivered take or permit the taking of any action pursuant to this Section 5.23, including with respect to any Encumbrance on any assets of the Company or its Subsidiaries in connection with the Debt Financing;
, that would: (xivi) prevent require the syndicationCompany or its Subsidiaries or any of their respective Affiliates or any persons who are officers or directors of such entities to pass resolutions or consents to approve or authorize the execution of the Financing or enter into, incurrence execute or issuancedeliver any certificate, document, instrument or agreement or agree to any change or modification of any existing certificate, document, instrument or agreement that would be effective prior to the Closing Date or that is not contingent upon the Closing (except (I) the authorization letters set forth in clause (a)(vii)(C) above, (II) the “know-your-customer” and anti-money laundering documents contemplated by clause (a)(v) above and (III) to approve regulatory filings relating to the Company or its Subsidiaries in connection with the Financing (clauses (I) through (III), collectively, the “Pre-Closing Financing Deliverables”) (for the avoidance of doubt, any persons who are officers or directors of the Company or its Subsidiaries or any of their respective Affiliates prior to the First Merger Effective Time who will not be continuing in such capacities thereafter shall not be required to pass any resolutions or consents to approve or authorize the execution of the Financing or enter into, execute or deliver any certificate, document, instrument or agreement or agree to any change or modification of any existing certificate, document, instrument or agreement in connection with the Financing other than the Pre-Closing Financing Deliverables), (ii) cause any representation or warranty in this Agreement to be breached by the Company or any of its Subsidiaries, (iii) require the Company or any of its Subsidiaries to pay any commitment or other similar fee, (iv) reasonably be expected to cause any director, officer, employee or stockholder of the Company or any of its Subsidiaries to incur any personal liability, (v) reasonably be expected, in the reasonable judgment of the Company, to conflict with the Company Governing Documents, any Legal Requirements or any Material Contract or obligations of confidentiality (not created in contemplation hereof) binding on the Company or any of its Subsidiaries, (vi) reasonably be expected to result in a material violation or breach of, or any attempt to syndicatea default (with or without notice, incur or issuelapse of time, or both) under, any announcement or authorization of Material Contract to which the announcement of the syndication, incurrence or issuance, of any debt facility Company or any debt security of its Subsidiaries is a party (other than any Material Contract entered into in contemplation hereof), (vii) provide access to or disclose information that the Company or any of its Subsidiaries determines in good faith would jeopardize any attorney-client privilege or other applicable privilege or protection of the Company or any of its Subsidiaries, except as otherwise permitted under (viii) require the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither delivery of any opinion of counsel, (ix) require the Company nor to prepare any financial statements or information that are not available to it and prepared in the ordinary course of its Subsidiaries nor any financial reporting practice (other than, for the avoidance of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other feesdoubt, in each case, in connection with any Debt Financingthe Required Financial Information), (Bx) give require the preparation or delivery of any indemnities in connection with any debt financingExcluded Information (other than, for the avoidance of doubt, as contemplated by this Section 5.23(b)), (Cxi) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the ongoing business of the Company and its Subsidiaries or Company, (xii) create an unreasonable a risk of damage or destruction to any property or assets of the Company, (xiii) cause any condition to the Closing set forth herein to not be satisfied or otherwise cause any breach of this Agreement or (xiv) require the change of any fiscal period of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited . Nothing contained in this Section 5.23 or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which otherwise shall require the Company or any of its Subsidiaries is a party Affiliates, prior to the Closing, to be an issuer or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) other obligor with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer Financing. Parent shall, promptly upon on request by the Company, reimburse the Company or any of its Subsidiaries for all reasonable and documented out-of-pocket costs and expenses (including attorneys’ fees) incurred by the Company, its Subsidiaries and its and them or their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer such cooperation and shall reimburse, indemnify and hold harmless the Company, Company and its Subsidiaries Affiliates and their respective Representatives, Representatives from and against any and all losses suffered or incurred by any of them in connection with the arrangement of the Financing, any debt financing action taken by them pursuant to this Section 5.23 or otherwise at the request of Parent, New Wildlife or their respective Representatives in connection with the Financing and any information utilized used in connection therewith therewith, except to the extent that any of the foregoing is determined by a final, non-appealable judgment of a court of competent jurisdiction to have arisen from the (other than material misstatements x) bad faith, gross negligence or omissions in information provided by willful misconduct of the Company or any of its Subsidiaries for use representatives or (y) financial statements, financial information or other materials prepared prior to the date hereof or, after the date hereof, that the Company would have prepared in the ordinary course of business (such financingreimbursement, indemnification, and hold harmless obligations described in this sentence, the “Parent Reimbursement Obligations”).
(c) The parties acknowledge and agree that the provisions contained in this Section 5.23 represent the sole obligation of the Company and its Subsidiaries with respect to cooperation in connection with the arrangement of any financing (including the Financing) to be obtained by Parent or New Wildlife with respect to the Contemplated Transactions and the transactions contemplated by the Debt Commitment Letter, and no other provision of this Agreement (including the annexes, exhibits and schedules hereto) or the Debt Commitment Letter shall be deemed to expand or modify such obligations. Notwithstanding anything to the contrary in this Agreement, a breach of the obligations of the Company or its Subsidiaries under Section 5.23(a) may not be asserted by Parent, New Wildlife or any of their respective Affiliates or Representatives as the basis for (x) the conditions set forth in Section 6.2(a) or Section 6.2(b) not being satisfied; or (y) the termination of this Agreement pursuant to Section 7.1(g), if the Financing has been funded or is reasonably expected to be funded if the date of such assertion was the Closing Date.
(d) Parent and New Wildlife shall ensure that all nonpublic or otherwise confidential information regarding the Company or any of its Affiliates obtained by Parent, New Wildlife or their respective Representatives pursuant to this Section 5.23 shall be kept confidential and used only in accordance with and otherwise treated as provided in the Confidentiality Agreement and the Clean Team Agreement.
(e) The Company shall, and shall cause its Affiliates to, supplement to Required Financial Information on a reasonably current basis to the extent that any such Required Financial Information, to the Knowledge of the Company, is not Compliant.
Appears in 2 contracts
Sources: Arrangement Agreement and Plan of Merger (Rome Wildlife, Inc.), Arrangement Agreement and Plan of Merger (RE/MAX Holdings, Inc.)
Financing Cooperation. (a) The Company shall Seller shall, and shall cause its Subsidiaries the Company to, provide and use reasonable best efforts to cause its and the Company’s respective Representatives, including their legal and accounting advisors, to provide, at Buyer’s the sole expenseexpense of Parent, all cooperation reasonably cooperate requested by Parent in connection with any working capital (or equivalent) debt facilities to be obtained, arranged or committed to on or prior to the arrangement Closing Date that is to be made available to the Company from and after the Closing Date, if any (any such debt facility, the “Debt Financing”), including using reasonable best efforts in respect of the following:
(i) executing and delivering as of (but not before) the Closing any Debt Financing pledge and security documents, other definitive financing documents, or other certificates, customary legal opinions from local counsel or documents as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with Parent (including a certificate of the ongoing operations chief financial officer of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation solvency of any pro forma financial information the Company on a consolidated basis (without giving effect to the identity of Parent and financial statements for inclusion in any confidential information memorandumBuyer)) and otherwise facilitating the pledging of collateral, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a)if any;
(ii) cause its independent accountants assisting Parent to cooperate with any financing source providing financing obtain waivers, consents, estoppels and approvals from other parties to Buyer or any of its Affiliates consistent with their customary practice material leases, encumbrances and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents contracts relating to the inclusion of audit reports in connection with any Debt FinancingCompany;
(iii) provide information related taking all reasonable actions necessary to (A) permit the Debt Financing sources to evaluate the Company’s current assets, cash management and accounting systems, policies and procedures relating thereto for the purposes of establishing collateral arrangements as of the Closing and to assist with other collateral audits and due diligence examinations and (B) establish bank and other accounts and blocked account agreements and lock box arrangements to the Company and its Subsidiaries reasonably extent necessary to assist Buyer or any of its Affiliates in connection with the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;Debt Financing; and
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time providing all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer Parent or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure sources; provided, that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xii) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers none of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates Seller or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, similar fee or make any other payment in connection with any the Debt Financing, Financing prior to the Closing that is not simultaneously reimbursed by Parent or (B) give any indemnities in connection with any debt financing, (C) take any action thatthat will conflict with or violate the Company’s organizational documents, (ii) nothing herein shall require such cooperation to the extent it would, in the good faith determination of the Company, would interfere unreasonably interfere with the conduct business or operations of the business of Company, (iii) the Company and its Subsidiaries or create an unreasonable risk of damage or destruction shall not be required to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject commit to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict in connection with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on upon the Closing (including the entry into any agreement) and (iv) neither the Company nor any of its officers, directors or managing members shall be required to take any action or provide any approval in respect of the Debt Financing prior to the Closing (other than those actions contemplated to be taken prior to the Closing pursuant to this Section 4.11). Nothing contained in this Section 4.11 or otherwise shall require the Company, prior to the Closing.
(b) Buyer , to be an issuer or other obligor with respect to the Debt Financing. Parent shall, promptly upon request by the Company, reimburse the Company Seller for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Company, its Subsidiaries and its and Seller or the Company or their respective Representatives in connection with their respective obligations pursuant to the cooperation contemplated by this Section 7.08(a). Buyer 4.11 and shall indemnify and hold harmless the Company, its Subsidiaries Seller and the Company and their respective Representatives, Representatives from and against any and all losses losses, liabilities, damages, claims, costs, expenses (including reasonable attorneys’ fees), interest, awards, judgments and penalties suffered or incurred by any of them in connection with the arrangement of the Debt Financing, any debt financing action taken by them at the request of Parent pursuant to this Section 4.11 and any information utilized in connection therewith (other than material misstatements or omissions in information provided in writing by the Seller or the Company in connection with the Debt Financing), in each case, except to the extent suffered or incurred as a result of the bad faith, gross negligence or willful misconduct by the Seller or Company or their respective Representatives.
(b) The Seller hereby consents to the reasonable use of the Company’s logos in connection with the Debt Financing; provided that such logos are used solely in a manner that does not violate any contractual obligation of the Company and is not intended or reasonably likely to harm, disparage or otherwise adversely affect the Company.
(c) Parent may reasonably request the cooperation of the Seller and the Company under this Section 4.11 at any time, and from time to time and on multiple occasions, between the date hereof and the Closing to effect the Debt Financing.
(d) Parent acknowledges and agrees that the obtaining of any Debt Financing is not a condition to Closing and reaffirms its Subsidiaries for use obligation to consummate the transactions contemplated by this Agreement irrespective and independently of the availability of any Debt Financing, subject to the satisfaction or waiver of the conditions set forth in such financing)Article V.
(e) All non-public or otherwise confidential information regarding the Company obtained by Parent or its Representatives pursuant to this Section 4.11 shall be kept confidential in accordance with the Confidentiality Agreement.
Appears in 2 contracts
Sources: Membership Interest Purchase Agreement (Sun Country Airlines Holdings, Inc.), Membership Interest Purchase Agreement (Sun Country Airlines Holdings, Inc.)
Financing Cooperation. (a) The Company shall EchoStar shall, and shall cause its Subsidiaries to, at Buyer’s sole expenseuse reasonable best efforts to provide such assistance as reasonably requested by DISH in connection with financing arrangements (including assumptions, guarantees, amendments, supplements, modifications, refinancings, replacements, repayments, terminations or prepayments of existing financing arrangements) as DISH may reasonably cooperate determine necessary or advisable in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations completion of the Company Merger or its Subsidiariesthe other transactions contemplated by this Agreement. Such cooperation by the Company and its Subsidiaries assistance shall include, at but not be limited to, the reasonable request following: (a) providing such information and making available such personnel as DISH may reasonably request, including the preparation and furnishing in a timely fashion of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such all financial statements and other data customary to be included in connection therewith (including all audited financial data statements, all unaudited financial statements (which shall have been reviewed by the independent accounting firm for EchoStar as provided in the procedures specified by the Public Company Accounting Oversight Board in AU 722)) and other all information relating to the Company regarding EchoStar and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable required for DISH to consummate any Debt Financing, including prepare pro forma financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company regarding EchoStar and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by and in compliance with Regulation S-X and Regulation S-K promulgated under the 1933 Securities Act for a registered public offering and related forms; (b) participation in, and assistance with, any marketing activities related to such financing; (c) participation by senior management of debt securitiesEchoStar in, and their assistance with, the preparation of rating agency presentations and meetings with rating agencies; (yd) taking such actions as are reasonably requested by DISH or its financing sources to facilitate the satisfaction of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order all conditions precedent to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any obtaining such financial statements will satisfy the requirements of these items (w), (x) financing; and (y); provided, further, that the Company’s sole obligation e) assisting in any exchange transactions or consents with respect to the EchoStar Indentures. Notwithstanding the foregoing, EchoStar and its Subsidiaries shall not be required pursuant to this Section 4.19 to (1) enter into any letter, certificate, document, agreement or instrument (other than customary authorization and representation letters and notices) that will be effective prior to the Closing (or that will otherwise be effective if the Closing does not occur), (2) take any action to the extent it would unreasonably disrupt the business or operations of EchoStar and the EchoStar Subsidiaries (taken as a whole) or require any of them to take any actions that would reasonably be expected to violate any applicable Legal Requirement, any Contract or their respective Organizational Documents, (3) provide any information to the extent such information would not be required to be provided pursuant to Section 4.8(a), (4) take any actions, or omit to take an action, that would reasonably be expected to result in any personal liability for the directors, officers, employees or stockholders of EchoStar or any of its Subsidiaries, (5) provide any information that cannot be provided without unreasonable burden or expense or (6) take any action, or omit to take an action, that would reasonably be expected to cause any representation, warranty or covenant in this Agreement to be breached by EchoStar or any of its Subsidiaries (unless waived by DISH) or cause any closing condition set forth in Article V to fail to be satisfied. EchoStar hereby consents to DISH’s use of and reliance on any audited or unaudited financial statements relating to EchoStar and the consolidated EchoStar Subsidiaries, including any filings that DISH desires to make with the SEC. In addition, EchoStar will use reasonable best efforts, at DISH’s sole cost and expense, to obtain the consents of any auditor to the inclusion of the financial statements referenced above in appropriate filings with the SEC.
(b) DISH shall promptly reimburse EchoStar for any reasonable and documented costs and expenses (including legal expenses but excluding costs of EchoStar’s preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to its compliance with its periodic reporting obligations under the Company and its Subsidiaries reasonably necessary to assist Buyer Exchange Act or any of its Affiliates otherwise in the preparation ordinary course of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested business) incurred by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company EchoStar or any of its Subsidiaries (including reasonable attorneys’ and accountants’ fees) in connection with any action taken (or not taken) in compliance with Section 4.19(a). DISH shall indemnify and hold harmless EchoStar, its Subsidiaries and their respective Representatives from any losses, damages, fines, amounts paid in settlement, costs or expenses arising out of or relating to any action taken (or not taken) in compliance with Section 4.19(a) (other than to the reputation or goodwill extent any of the Company foregoing are incurred as a result of gross negligence, bad faith or willful misconduct of EchoStar, any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;Representatives).
(vc) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide All confidential information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company regarding EchoStar and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company provided by EchoStar and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) 4.19 shall be kept confidential in accordance with respect to any Debt Financing that is not contingent on the Closingterms of the Confidentiality Agreement.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 2 contracts
Sources: Agreement and Plan of Merger (EchoStar CORP), Agreement and Plan of Merger (DISH Network CORP)
Financing Cooperation. (a1) The Company Prior to the Closing, the Vendor shall (and shall cause its Subsidiaries the Corporation to), at Buyer’s the sole expensecost and expense of the Purchaser (subject to Section 7.2(2) below), reasonably use their commercially reasonable efforts to cause the applicable officers, Employees and advisors, including legal and accounting, of the Corporation, to cooperate with the Purchaser as necessary in connection with the arrangement of any Debt Financing financing as may be customary and reasonably requested by Buyer; the Purchaser (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall includeCorporation), at the reasonable request of Buyer, including using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(va) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) at reasonable times in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions; (b) assist the Purchaser and any financing sources in the preparation of bank information memoranda, as applicable, private placement memoranda and similar documents for any portion of financing; (c) take all corporate actions reasonably requested by the Purchaser to permit the consummation of a financing and to permit the proceeds thereof to be made available to the Purchaser at Closing; (d) execute and deliver any customary credit agreements and pledge and security documents and otherwise reasonably facilitate the granting of a security interest (and perfection thereof) in collateral, guarantees, mortgages, other definitive financing documents or other certificates, customary closing certificates (including a solvency certificate) and documents as may be reasonably requested by the Purchaser (provided that no obligation of the Corporation under any agreement or financing document contemplated in this Section 7.2(1) shall be effective until Closing); (e) obtain customary authorization letters with respect to the bank information memoranda and consents of accountants to the use of their reports in any materials relating to a financing; and (f) cooperate reasonably with the Debt Financing Sources’ documentary due diligencediligence of financing sources, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company reasonable and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates not unreasonably interfering with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company Corporation; provided, however, that the Vendor and its Subsidiaries the Corporation shall not be obligated to provide or create an unreasonable risk of damage be responsible for any post-Closing or destruction pro forma statements, information, or adjustments desired to be incorporated into any property or assets information used in connection with procurement of the Company or any of its Subsidiaries, (D) provide any information financing unless already required to be provided by the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to Vendor for the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingProspectus.
(b2) Buyer shall, The Purchaser shall promptly upon request by the Company, reimburse the Company Vendor for all reasonable and documented out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives Corporation or the Vendor in connection with their respective obligations pursuant to Section 7.08(a). Buyer such cooperation (it being understood and agreed, however, that the Purchaser shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against not be responsible for any and all losses suffered or amounts that would have been incurred by any of them in connection with any the transactions contemplated hereby regardless of efforts to obtain financing, or otherwise incurred independently of the transactions contemplated hereby).
(3) In the event that the minimum cash requirement in section 7.03(E) of the Signing Date Sagicor Arrangement Agreement is not met due to excessive redemptions of Alignvest Class A Shares, (a) Alignvest shall use reasonable commercial efforts to seek to obtain additional debt or equity or other financing sufficient to restore Alignvest’s cash level to meet such minimum cash requirement, or make other appropriate arrangements to seek to complete the Sagicor Acquisition Closing, and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for b) Sagicor shall use in reasonable commercial efforts to cooperate with Alignvest’s efforts to seek to obtain such financing).
Appears in 2 contracts
Financing Cooperation. (a) The Subject to Section 6.03(a), prior to the Offer Closing, the Company shall use its reasonable best efforts to cooperate, and shall to cause its Subsidiaries toSubsidiaries, at Buyer’s sole expenseand its and their respective Representatives, reasonably cooperate to cooperate, with Parent and Merger Sub in connection with Parent and Merger Sub obtaining financing in connection with the arrangement transactions contemplated by this Agreement including, at Parent’s request (i) furnishing Parent and Merger Sub and their financing sources with financial and other pertinent information (including bank and bond information memoranda, syndication materials, offering and other similar documents) customarily utilized in financing transactions of the kind contemplated hereby, (ii) in each case, upon reasonable notice, making management of the Company (including some members of the financial staff) available to participate in a reasonable number of meetings (including customary one-on-one meetings with the parties acting as lead arrangers or agents for, and prospective lenders and purchasers of, any Debt Financing such financing), presentations, road shows, due diligence sessions, drafting sessions and sessions with rating agencies in connection with such financing, (iii) assisting with the preparation of materials for rating agency presentations and bank information memoranda and similar documents customarily prepared in connection with the financing, (iv) using reasonable best efforts to facilitate accountant’s comfort letters and legal opinions reasonably requested by Parent, (v) reasonably facilitating the pledging of collateral, including taking all actions reasonably necessary to establish bank and other accounts and blocked account agreements in connection with the foregoing and executing and delivering customary pledge and security documents or other definitive financing documents and other certificates and documents as may be reasonably requested by BuyerParent that are consistent with the terms of this Agreement or otherwise facilitating the pledging of collateral from and after the Closing as may be reasonably requested by Parent; provided, that any obligations contained in all such agreements and documents shall be effective no earlier than the Effective Time, (vi) promptly furnishing all documentation and other information about the Company and its Subsidiaries required by Governmental Entities with respect to the financing under applicable “know your customer” and anti-money laundering rules and regulations including without limitation the USA PATRIOT Act and (vii) taking all corporate actions, subject to the occurrence of the Closing, reasonably requested to permit the consummation of any such financing and to permit the proceeds thereof to be made available to the Company, including entering into one or more credit agreements, indentures or other instruments on terms reasonably satisfactory to Parent in connection with therewith as of or immediately after the Offer Closing to the extent direct borrowings or debt incurrence by the Company is contemplated by any such financing; provided that nothing herein shall require such requested cooperation does not to the extent it would interfere unreasonably interfere with the ongoing business or operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that neither the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or Company nor any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” Subsidiaries shall be required to commit to take any action that is not contingent upon the Closing (including customary “negative assurances”the entry into any agreement) and customary consents or that would be effective prior to the inclusion Offer Closing. None of audit reports the Company nor any of its Subsidiaries shall be required to take any action that would subject it to actual or potential liability or to bear any cost or expense or to pay any commitment or other similar fee (other than reasonable out-of-pocket costs) in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer such financing or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide foregoing prior to the Offer Closing. The Company hereby consents to the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwritingin connection with any such financing, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (logos and causing senior management on such other customary terms and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, conditions as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent shall reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closingimpose.
(b) Buyer Parent shall, promptly upon request by the CompanyCompany following any termination of this Agreement, reimburse the Company for all documented and reasonable out-of-pocket costs and expenses incurred by the Company, Company or its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer 6.16(a) and Parent shall indemnify and hold harmless the Company, Company and its Subsidiaries and their respective RepresentativesAffiliates, directors, officers, employees and agents from and against any and all losses liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties suffered or incurred by any of them in connection with any debt financing and any information utilized assistance or activities provided in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing)therewith.
Appears in 2 contracts
Sources: Merger Agreement (Bishop Infrastructure III Acquisition Company, Inc.), Merger Agreement (Westway Group, Inc.)
Financing Cooperation. (a) The Company shall use its reasonable best efforts to, and shall cause its Subsidiaries and their respective Representatives to use their reasonable best efforts to, at Buyer’s sole expense, reasonably cooperate provide all cooperation in connection with the arrangement of any the Debt Financing that is customary in connection with the arrangement of the Debt Financing as may be reasonably requested by Buyer; Parent (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or and its Subsidiaries. Such cooperation by ), including (i) participation in meetings, due diligence sessions, “road shows” and sessions with rating agencies, in each case, at times and locations to be mutually agreed upon, (ii) assisting Parent with the preparation of customary materials for rating agency presentations, offering documents, private placement memoranda, bank information memoranda, prospectuses and similar customary documents required in connection with the Debt Financing, (iii) to the extent not otherwise publically available, furnishing Parent and its Debt Financing Sources with financial and other pertinent information regarding the Company and its Subsidiaries shall include, at (the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing“Required Information”), including financial statements, pro forma financial information, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and or Regulation S-K promulgated under the 1933 Act for a registered public offering and of debt securities, (y) of the type and form customarily included in private placements of debt securities a registration statement on Form S-1 (or any applicable successor form) under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide obtaining accountants’ comfort letters and legal opinions and (v) executing and delivering any commitment letters, underwriting or placement agreements, registration statements, pledge and security documents, other definitive financing documents or other requested certificates or documents, including a customary solvency certificate by the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill chief financial officer of the Company or any (provided that (A) none of its Subsidiaries or any of their respective productsthe letters, servicesagreements, offerings or intellectual property rights;
(v) participate (documents and causing senior management certificates shall be executed and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days delivered prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt FinancingClosing Date, (B) give any indemnities in connection with any debt financingthe effectiveness thereof shall be conditioned upon, or become operative after, the occurrence of the Closing and (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries no personal or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent other liability shall be imposed on the Closingofficers, directors, management or employees involved).
(b) Buyer shallIf this Agreement is terminated pursuant to Article X Parent shall promptly, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred and documented by the Company, Company or any of its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to the cooperation of the Company and its Subsidiaries contemplated by this Section 7.08(a)6.06. Buyer The Parent shall indemnify indemnify, defend and hold harmless the Company, its Subsidiaries and their respective Representatives, Representatives from and against any and all losses suffered losses, claims, damages, liabilities, fees, expenses, judgments and fines arising in whole or incurred by any in part out of them in connection with any debt financing and any information utilized in connection therewith (actions or omissions undertaken pursuant to this Section 6.06 other than material misstatements arising from fraud. Nothing in this Section 6.06 shall require the cooperation of the Company, its Subsidiaries or omissions in information provided their respective Representatives to the extent it would (i) cause any condition to Closing to fail to be satisfied or otherwise cause a breach of this Agreement (unless waived by the Company or Parent) or (ii) violate organizational documents, law applicable to it, or result in a material violation or breach under, any of its Subsidiaries for use in such financing)Material Contracts.
Appears in 2 contracts
Sources: Merger Agreement (ChyronHego Corp), Merger Agreement (ChyronHego Corp)
Financing Cooperation. (a) The Company In connection with the Debt Financing, the Seller shall use commercially reasonable efforts to provide, and shall use its commercially reasonable efforts to cause its Subsidiaries toRepresentatives, at Buyer’s sole expenseincluding legal and accounting advisors, reasonably cooperate to provide (in all cases prior to the Closing), reasonable cooperation in connection with the arrangement of any the Debt Financing as may be reasonably requested by Buyer; provided the Purchaser and that such is necessary or customary and is reasonably requested cooperation does not unreasonably interfere by the Purchaser in connection with the ongoing operations of Purchaser’s efforts to obtain the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall includeDebt Financing, at the reasonable request of Buyer, including using their respective commercially reasonable efforts to:
(i) as promptly as practicable furnish such financial statements and other financial data and other the Purchaser with information relating regarding the Business customarily included in marketing materials for financings similar to the Company financings contemplated by the Debt Commitment Letter;
(ii) upon reasonable prior notice, reasonably participate in a reasonable number of meetings, conference calls, presentations and its Subsidiaries roadshows with prospective lenders and requested investors, and drafting sessions and otherwise reasonably cooperate with customary marketing efforts for any of the debt financing contemplated by Buyer or its Representatives as may be the Debt Commitment Letter;
(iii) reasonably necessary or advisable assist the Purchaser and the Lenders with the timely preparation of any customary bank information memoranda, lender presentations, investor presentations and similar customary documents for use in connection with the financing contemplated by the Debt Commitment Letter;
(iv) cause the Transferred Entities to consummate any Debt Financing, including financial statements, financial data, projections, audit reports promptly execute and other information (w) constituting audited financial statements relating deliver to the Company Purchaser and its Subsidiaries for each of its three most recent fiscal years ended the Lenders at least 60 days four Business Days prior to the Closing Date all documentation and unaudited financial statements relating other information with respect to the Company Business that is required in connection with the Debt Financing under applicable “know-your-customer” and its Subsidiaries for any quarterly interim period or periods (anti-money laundering rules and regulations, including the USA PATRIOT Act, and the requirements of 31 C.F.R. §1010.230, provided that such documentation and other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and information is requested at least 40 days eight Business Days prior to the Closing Date Date; and
(v) cause the Transferred Entities to execute and deliver as of Closing (but not prior to Closing) any guarantee, pledge and security documents, and other definitive financing documents, or other certificates or documents as may be reasonably requested by the Purchaser or the Lenders (but not including any certificate from any officer or employee of the Business with respect to which independent auditors shall have performed a SAS 100 reviewsolvency matters) it being understood that such documents will not take effect until the Closing, and otherwise reasonably facilitate the pledging of collateral and the granting of security interests in respect of the financing contemplated by the Debt Commitment Letter (including using commercially reasonable efforts to deliver any original stock certificates and related powers and any original promissory notes and related powers to the extent intended to constitute collateral in respect of the Debt Financing), it being understood that such pledge and such documents with not take effect until the Closing; provided that, in connection with complying with this Section 5.10(b), (xA) none of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securitiesSeller, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective productsofficers, servicesdirectors, offerings managers, employees, accountants, consultants, legal counsel, agents or intellectual property rights;
other Representatives shall be required to pay (vor agree to pay) participate (and causing senior management and representatives, any commitment or other fee or incur any Liability with appropriate seniority and expertise, respect to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with matters relating to the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or enter into any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts agreement in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries except to the extent such information contains any material misstatement of fact with regard to a Transferred Entity and effective upon or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt FinancingClosing), (B) give any indemnities in connection with any debt financing, (C) the Seller and its Subsidiaries and their respective officers and employees shall not be required to take any action that, in the good faith determination of the Company, that would materially and unreasonably interfere with the conduct operation of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company Seller or any of its Subsidiaries, (DC) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary no such cooperation shall be required to the providing Partyextent that it would (i) cause any condition to Closing in Article VII to fail to be satisfied or otherwise cause any breach of this Agreement, (Eii) take reasonably be expected to cause any action that would conflict with director, officer or violate employee of the Seller or any of its organizational documents Subsidiaries to incur any personal liability or (iii) cause any breach of any applicable Law or would result in a violation any Material Contract or breach of, or default under, any agreement organizational document to which the Company Seller or any of its Subsidiaries is a party party, (D) Seller and its Subsidiaries other than the Transferred Entities shall not be required to enter into, execute, or (F) execute approve any agreementagreement or other documentation, certificate, document or instrument pursuant to this Section 7.08(a) with respect agree to any Debt Financing change or modification of any existing agreement or other documentation except as otherwise expressly contemplated by this Agreement, and (E) the only financial statements that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company Seller or any of its Subsidiaries shall be required to deliver in connection with this Section 5.10(b) shall be the Financial Statements. Nothing in this Agreement will require the Seller or any of its Subsidiaries or any of its or their respective Representatives to provide (or be deemed to require the Seller or any of its Subsidiaries to prepare) in connection with the Debt Financing (1) a third-party solvency opinion, (2) any legal opinions or (3) any projections, pro forma financial statements or proposed debt and equity capitalization that is required for use in such financingpro forma financial statements relating to the transactions contemplated hereby or the Debt Financing (provided, customary information for Purchaser to prepare pro forma financial statements shall not be excluded by this clause (3)).
Appears in 2 contracts
Sources: Equity and Asset Purchase Agreement (Liberty Tax, Inc.), Equity and Asset Purchase Agreement (Sears Hometown & Outlet Stores, Inc.)
Financing Cooperation. (a) The Company shall (and shall cause its Subsidiaries to) provide to Parent, at Buyer’s sole expenseand shall use commercially reasonable efforts to cause representatives of the Company and its Subsidiaries to provide to Parent, on a timely basis, all cooperation reasonably cooperate requested by Parent in connection with the arrangement by Parent or Merger Sub of any Debt Financing as may be reasonably requested by Buyer; debt financing (provided that such requested cooperation does not unreasonably interfere with the ongoing business or operations of the Company or its Subsidiaries. Such cooperation by create a risk of damage or destruction to any property or assets of the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(iCompany) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (xincluding the marketing efforts in connection therewith) of and the type and form required payments contemplated by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (zSection 3.3(a) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall may be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
Parent, including by (ivi) provide the reasonable use by Buyer furnishing Parent and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, financing sources as applicable, of financing (subject to advance review of and consultation promptly as reasonably practicable with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation financial and other pertinent information about regarding the Company and its Subsidiaries as is may be reasonably requested by Parent (provided, that the Company shall not be required to prepare any financial statements or deliver any other financial information not prepared by the Company or its Subsidiaries in the Ordinary Course of Business), (ii) assisting with the preparation of materials for rating agency presentations, offering documents, offering circulars documents, offering circulars or private placement memoranda, bank information memoranda, prospectuses and similar documents required in connection with any debt financing by Parent, (iii) subject to confidentiality agreements reasonably acceptable to the Company, using commercially reasonable efforts to permit Parent’s financing sources to conduct customary due diligence and evaluate the Company’s current assets, equipment, cash management and accounting system, policies and procedures relating thereto for the purpose of establishing collateral arrangements as of the Closing (including providing sufficient access to allow such lenders (or their agents or representatives) to conduct field examinations and appraisals; provided, that Section 7.1 shall apply mutatis mutandis), (iv) furnishing Parent and Parent’s financing sources promptly with all documentation and other information required by any Governmental Body with respect to any debt financing under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act Act, and in any event at least three (3) days prior to the Closing to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates in writing at least ten (10) Business Days days prior to the anticipated Acceptance Time;
Closing, (viiiv) provide information reasonably necessary to assist Buyer or any arranging for customary pay off, discharge and termination at the Closing of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of all existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its SubsidiariesSubsidiaries contemplated to be paid off, except as otherwise permitted under discharged and satisfied and/or terminated at the commitment letter with respect Closing, (vi) facilitating the execution and delivery at the Closing of definitive documents related to any debt financing, including the pledging of collateral and providing guarantees to Parent’s financing sources at the Closing and (vii) assisting Parent in the satisfaction of conditions precedent or satisfaction of other obligations set forth in any debt financing to the Debt Financing extent the satisfaction of such conditions or under Section 5.01; obligations requires the cooperation of or is within the control of the Company or its Subsidiaries. The Company hereby consents to the use of the logos of the Company and its Subsidiaries in connection with the syndication or marketing of any debt financing, provided that such logos are not used in a manner that would reasonably be expected to harm or disparage the Company, its Subsidiaries or their marks.
(b) Notwithstanding anything to the contrary in this Section 7.14, (i) neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to undertake any obligation or execute any agreement (A) pay any commitment or other fees, in each case, than authorization letters in connection with any Debt Financingsyndication efforts) that would be effective prior to the Effective Time, (Bii) give any indemnities in connection with any debt financing, the board of directors (Cor similar governing body) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its SubsidiariesSubsidiaries shall not be required to approve any financing, (Diii) provide neither the Company nor any information the disclosure of which is prohibited or restricted under applicable Law or subject its Subsidiaries shall be required to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would will conflict with or violate its organizational documents or any applicable Law laws or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party party, (iv) neither the Company nor any of its Subsidiaries shall be required to provide any information the disclosure of which is prohibited or restricted under applicable law or is legally privileged and (Fv) execute no officer or representative of the Company or any agreementof its Subsidiaries shall be required to deliver any certificate or take any other action that could reasonably be expected to result in personal liability to such officer or representative. Except to the extent contemplated hereunder, certificateParent acknowledges and agrees that the Company and its Affiliates and their respective representatives shall not have any responsibility for (or, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Company and its Subsidiaries, prior to the Closing.
), incur any liability to any person under or in connection with, the arrangement of any debt financing that Parent may raise in connection with the transactions contemplated by this Agreement. Parent shall (bx) Buyer shallpromptly, promptly upon request by the Company, reimburse the Company for all reasonable out-of-pocket costs and expenses (including reasonable and documented attorneys’ fees) incurred by the Company, Company or any of its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to the cooperation of the Company and its Subsidiaries contemplated by this Section 7.08(a). Buyer shall 7.14 and (y) indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, representatives from and against any and all losses damages, losses, charges, liabilities, claims, demands, actions, suits, Proceedings, payments, judgments, settlements, assessments, deficiencies, taxes, interest, penalties and costs and expenses suffered or incurred by any of them in connection with the arrangement of any debt financing and any information utilized in connection therewith (other than material misstatements to the extent arising from willful misconduct, fraud, intentional misrepresentation or omissions in information provided by the Company or any of its Subsidiaries for use in such connection with the debt financing). Parent acknowledges and agrees that obtaining any such debt financing (and any availability under Parent’s existing credit facilities) is not a condition to the Closing.
Appears in 2 contracts
Sources: Merger Agreement (BakerCorp International, Inc.), Merger Agreement (United Rentals North America Inc)
Financing Cooperation. (a) The Company shall and shall cause its Subsidiaries toIf, at Buyer’s sole expenseprior to the Closing, reasonably cooperate Parent elects to seek financing in connection with the arrangement Merger that does not require any approvals, orders, authorizations, or actions by or any registrations, declarations, or filings with any Governmental Authority, from and after the date that the Company receives written notice from Parent of such election until the earlier of the Closing and the date that this Agreement is terminated in accordance with its terms, the Company, at the sole expense of Parent, shall use its commercially reasonable efforts to provide and cause its Subsidiaries and Representatives to provide, all such reasonable cooperation as Parent may reasonably request in writing in connection with any Debt Financing financing efforts that Parent may undertake in connection with the Merger, including, as may be applicable, (a) upon reasonable advance written notice, assisting in the preparation for and participating in a reasonable number of meetings at mutually agreeable times and locations, (b) furnishing reasonably available financial and other information regarding the Company reasonably requested by Buyer; provided that Parent or the relevant financing sources to consummate such requested cooperation does not unreasonably interfere financing and customary to be included in marketing materials for such financing, (c) participating in drafting sessions, (d) assisting with the ongoing operations preparation of syndication documents and materials, including a bank confidential information memorandum, lender presentation, rating agency materials and presentations, and other customary marketing materials in connection with such financing, (e) providing information reasonably available as requested for the evaluation of assets included or that may be included in any borrowing base or covered by security interests, (f) assisting in the preparation of schedules to collateral agreements, (g) subject to any contractual agreement in effect, facilitating the providing of guarantees and the pledging of collateral for such financing, including, upon reasonable advance written notice at mutually agreeable times and, if applicable, locations, taking commercially reasonable actions necessary to permit the relevant financing sources to evaluate the Company’s and the Company Subsidiaries’ real property and personal property that would constitute collateral under such financing, solely for the purpose of establishing pledges over such assets to secure the obligations under the definitive documents for such financing, in each case which shall not be required to be delivered or its Subsidiaries. Such cooperation by effective until at or promptly following the Company Effective Time and its Subsidiaries (h) providing reasonable and customary assistance with the preparation of documents customarily required in connection with such financing (excluding, for the avoidance of doubt, any solvency certificates, which shall includebe the responsibility of Parent), at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data providing all documentation and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries required thereunder and any documentation or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide other information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT U.S.A. Patriot Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report 2001; provided, however, that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
shall not: (x) cooperate with the providers prior to or as a result of the Debt Financing to ensure thatMerger, to take on any debt or liabilities, or provide for the extent practicable and appropriateuse of its cash or assets, any syndication efforts which would be in excess of the Company’s distributable profits (as defined in the ICL), in connection with the Debt Financing benefit from financing of the Per Share Merger Consideration or other costs or fees to be paid by Parent hereunder, as such use would require court approval under ICL, or (y) be required to take any particular action that requires any approvals, orders, authorizations, or actions by or any registrations, declarations, or filings with any Governmental Authority (including in connection with any necessary court approvals in connection with any dividend of the Company’s existing cash); and its Subsidiaries’ existing lending relationships;
provided further that (xii) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about neither the Company, its Affiliates or Subsidiaries, nor any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security persons who are directors of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay pass resolutions or consents to approve or authorize the execution of any commitment agreements or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt instruments for such financing, (Cii) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets no obligation of the Company or any of its SubsidiariesSubsidiaries under any certificate or document will be effective until the Effective Time, (Diii) provide none of the Company, its Subsidiaries or their respective Representatives shall be required to cooperate pursuant to this Section 5.14 in any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action manner that would conflict unreasonably interfere with the ongoing operations of the Company or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which Subsidiaries and (iv) none of the Company or any of its Subsidiaries is a party shall be required to pay any commitment or (F) execute other similar fee or incur any agreementother liability in connection with the foregoing prior to the Effective Time. Notwithstanding anything in this Agreement to the contrary, certificate, document the Company shall not be required to cooperate in connection with any financing at such point that such financing would be reasonably likely to prevent or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on materially delay the Closingconsummation of the Merger.
(b) Buyer shall, promptly upon request by the Company, Parent shall reimburse the Company for all out-of-its reasonable out of pocket costs and expenses incurred by the CompanyCompany in connection with this Section 5.14 and shall indemnify, defend and hold harmless the Company and its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses liabilities, obligations, losses, damages, claims, costs, expenses, awards, judgments and penalties suffered or incurred by any of them in connection with any debt financing and any information utilized used in connection therewith therewith, except and solely to the extent that any such obligations, losses, damages, claims, costs, expenses, awards, judgments and penalties, fees, costs or other liabilities are suffered or incurred as a result of the Company’s or its Subsidiaries or its or their Representatives’ gross negligence, bad faith, willful misconduct or material breach of this Agreement.
(other than material misstatements c) Each of Parent and Merger Sub acknowledges and agrees that the Company, its Subsidiaries and their Representatives have no responsibility for any financing in connection with the transactions contemplated hereby. Accordingly and notwithstanding anything in this Agreement to the contrary, the failure of the Company, its Subsidiaries and/or Representatives to provide the cooperation contemplated by this Section 5.14 shall not constitute grounds for (i) Parent or omissions in information provided by Merger Sub to refuse to consummate the Merger or to terminate this Agreement or (ii) give rise to the payment of the Company or any of its Subsidiaries for use in such financing)Termination Fee.
Appears in 2 contracts
Sources: Merger Agreement (Magicjack Vocaltec LTD), Merger Agreement (B. Riley Financial, Inc.)
Financing Cooperation. (ai) The Prior to the Closing, the Company shall use its reasonable best efforts to provide to Parent and Merger Sub, and shall cause each of its Subsidiaries to, to use its reasonable best efforts to provide (in each case at BuyerParent’s sole expense, ) the following cooperation to the extent reasonably cooperate requested by Parent in connection with the arrangement of any Debt debt financing in connection with the transactions contemplated hereby, (provided, however, that nothing in this Section 6.16(c) shall require the Company, its Subsidiaries or any of its or their Representatives to disclose any information that is subject to attorney-client, attorney work product or similar privilege or to contravene Law or violate any Contract; provided, that the Company or such Subsidiary shall use reasonable best efforts to provide an alternative means of disclosing or providing such information, and in the case of any Contract, Company shall, to the extent permitted by such confidentiality obligations, notify Parent if any such information that Parent, Merger Sub or any Financing Source has specifically identified and requested is being withheld as a result of any such obligation of confidentiality), (i) assisting in preparation for and participate (and use commercially reasonable efforts to cause management of an appropriate level to participate) in a reasonable number of meetings (but no more than two (2) in person “bank meetings” and additional telephonic meetings at reasonably agreed times), due diligence sessions, drafting sessions, and presentations with prospective lenders and rating agencies, (ii) assisting Parent with the timely preparation of customary materials for bank information memoranda and ratings agency presentations (and assisting in the obtaining of corporate, credit and facility ratings from ratings agencies), (including executing and delivering a customary authorization letter to the extent reasonably requested by the lenders authorizing the distribution of information about the Company and its Subsidiaries to prospective lenders), (iii) furnishing Parent with the historical financial statements of the Company reasonably requested by the applicable financing sources or arrangers, including (A) within forty-five (45) days after the end of any fiscal quarter that is not a fiscal year end, with the unaudited consolidated balance sheet of the Company as of the end of such quarter and the related unaudited consolidated statements of operations and cash flows, (B) within one hundred and twenty (120) days after the end of any fiscal year, with the audited consolidated balance sheet of the Company as of the end of such fiscal year and the related audited consolidated statements of operations and cash flows, and (C) such information as is necessary in connection with Parent’s preparation of pro forma financial statements of the Company and its Subsidiaries of the type necessary or reasonably requested by the Financing Sources to be included in any bank information memoranda or other customary marketing materials, including by providing such financial and other pertinent information regarding the Company and its Subsidiaries and their respective businesses (it being understood that the Company needs only provide information to assist in the preparation thereof, and shall not be required to provide pro forma financial statements or pro forma adjustments), (iv) providing Parent and Merger Sub with information reasonably necessary to complete customary perfection certificates and other customary loan documents as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries Parent or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective productsMerger Sub, services, offerings or intellectual property rights;
(v) participate reasonably facilitating the pledging of collateral as of (but not prior to) the Closing and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is reasonably required by under applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act Act, at least five (5) Business Days prior to the Closing Date to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates in writing at least ten (10) Business Days prior to the anticipated Acceptance Time;Closing Date.
(viiiii) provide information reasonably necessary Notwithstanding anything to assist Buyer the contrary in this Section 6.16(c), no action contemplated in this Section 6.16(c) shall be required if any such action shall: (I) unreasonably disrupt or interfere with the business or ongoing operations of the Company or the Company Subsidiaries; (II) (x) cause any representation or warranty or covenant contained in this Agreement to be breached or (y) cause the Company or any of its Affiliates Subsidiaries to violate or waive any attorney-client privilege or beach any Contract, applicable Law or Organizational Document; (III) involve the entry into any definitive agreements with respect to any debt financing or any other binding commitment by the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer Company or any of its Affiliates Subsidiaries that is required not contingent upon the Closing Date occurring or that would be effective prior to file under the 1934 Act following Closing Date (excluding the Closingauthorization and representation letters mentioned above); (IV) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer require the Company or any of its Affiliates Subsidiaries or any of their Representatives to provide (or to have provided on its behalf) any certificates that would be included in effective prior to the Closing Date or any offering documents;
legal opinions; (ixV) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of require the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing Subsidiaries to ensure that, pay any out-of-pocket fees or expenses prior to the extent practicable and appropriate, any syndication efforts Closing that are not promptly reimbursed by Parent as set forth in connection with Section 6.16(c)(iii) if the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information Closing does not include material non-public information about the Companyoccur; (VI) cause any director, its Affiliates officer or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security employee of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect Subsidiaries to the Debt Financing or under Section 5.01incur any personal liability; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (AVII) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which require the Company or any of its Subsidiaries is a party to execute and deliver any pledge or (F) execute any agreementsecurity documents or certificates, certificate, document documents or instrument pursuant instruments relating to this Section 7.08(a) the provision of guarantees and collateral in connection with respect to any Debt the Financing that is not contingent on upon the ClosingClosing Date occurring or that would be effective prior to the Closing Date; (VIII) except as necessary to give effect to the items expressly contemplated in this Section 6.16(c) and without limiting clauses (III) and (VII) above, require the Company or any of its Subsidiaries to execute and deliver any documentation (including corporate resolutions) related to the Financing; or (IX) cause any condition to the Closing set forth in Article VII to fail to be satisfied. The Company hereby consents to the use of the Company’s and the Company Subsidiaries’ logos solely to the extent necessary in connection with the Financing and solely in connection with a description of the Company, the Company Subsidiaries or the transactions contemplated by this Agreement and solely in a manner that is not intended or reasonably likely to harm or disparage the reputation or goodwill of the relevant party, or any of their respective Intellectual Property rights and will comply with the Company’s usage requirements and guidelines to the extent made available to Parent prior to such use. In no event shall the Company or the Company Subsidiaries or any of their respective Affiliates be in breach of this Agreement because of the failure to deliver any financial or other information that is not readily available or is not otherwise prepared in the ordinary course of business of the Company and the Company Subsidiaries at the time requested by Parent. Notwithstanding anything to the contrary herein, any breach by the Company or the Company Subsidiaries of their obligations under this Section 6.16(c), shall not constitute a breach of this Agreement for the purposes of Article VIII or a breach of the condition precedent set forth in Section 7.3, unless the Company has knowingly and willfully breached its obligations under this Section 6.16(c) and such breach has been the primary and direct cause of Parent’s debt financing not being obtained.
(biii) Buyer shall, Parent shall (A) promptly upon request by the Company, reimburse the Company and the Company Subsidiaries for all reasonable and documented out-of-pocket costs and expenses (including reasonable and documented attorneys’ fees) incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries in connection with the cooperation provided for use in this Section 6.16, and (B) promptly indemnify and hold harmless the Company and the Company Subsidiaries and their respective Representatives from and against any and all liabilities, claims, losses, damages, costs, expenses, interest, awards, judgments and penalties (including reasonable and documented attorneys’ fees) actually suffered or incurred by them in connection with the arrangement or consummation of the Financing, except to the extent any such financing)liabilities, claims, losses, damages, costs, expenses, interest, awards, judgments or penalties arise out of or result from bad faith, gross negligence, fraud or willful misconduct by any of the Company, its Subsidiaries or their respective Representatives, as determined by a final, non-appealable judgment of a court of competent jurisdiction.
Appears in 2 contracts
Sources: Merger Agreement (Qad Inc), Merger Agreement (Qad Inc)
Financing Cooperation. (a) The Prior to the Closing Date, the Company shall and shall cause its Subsidiaries toeach of the Group Companies and their respective officers, at Buyer’s sole expenseemployees and advisors, including legal and accounting advisors, accountants, attorneys and auditors to provide such reasonable cooperation to the Purchaser as may be requested by Purchaser to the extent permitted by laws (and the request will be precise and specific as reasonably cooperate practicable) in connection with the arrangement of any Debt Financing financing by Purchaser for purposes of this Agreement and the Share Purchase Agreement (the “Financing”), including by:
(a) promptly providing customary financial statements and financial information regarding the Group Companies as may be reasonably requested in writing by Buyer; provided that such requested cooperation does not unreasonably interfere with Purchaser (x) in order to consummate the ongoing operations Financing or (y) as necessary to satisfy the conditions set forth in the debt commitment letters received by the Purchaser and dated as of the date hereof (the “Debt Financing Commitment”), including (1) International Financial Reporting Standards adopted by the International Accounting Standards Board (“IFRS”) audited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of the Company or its Subsidiaries. Such cooperation for the 2012, 2013 and 2014 fiscal years of the Company (2) IFRS unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of the Company reviewed by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries auditors in accordance with PCAOB AU722 for each of its three most recent subsequent fiscal years quarter ended at least 60 days prior to before the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (Date, other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed any quarter-end that is also a SAS 100 review)fiscal year-end, and (x3) of all financial information about the type and form required Group Companies reasonably requested by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, Purchaser to (yX) of the type and form prepare customary pro forma financial statements customarily included in private placements of offering documents for high yield debt securities under Rule 144A of and (Y) assist Purchaser in reconciling the 1933 Actfinancial statements described in the foregoing clauses (1)-(3) to United States generally accepted accounting principles (“GAAP”), or and (z4) as otherwise reasonably required in connection with any Debt Financing or as otherwise financial information that would be necessary in order to assist in receiving receive customary “comfort” (including “negative reassuranceassurance” comfort) from independent accountants of Purchaser and the Company in connection with offering(s) the offering of debt such securities in connection with any Debt Financing; provided that (and the Company’s public filings with Company shall arrange the Securities and Exchange Commission under the 1934 Act, as amended, delivery of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation comfort with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(asuch information);
(iib) cause its independent accountants to cooperate cooperating with any the marketing and due diligence efforts of Purchaser and their financing source providing financing to Buyer or any of its Affiliates consistent sources, including by assisting with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable appropriate and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries materials for rating agency presentations, offering documents, prospectuses, private placement memoranda, lender and investor presentations, bank information memoranda, business projections and similar documents required in connection with the Financing and any syndication thereof and assisting in identifying any portion of any information contained in any such offering documents that constitutes material non-public information as to any Group Company;
(viic) provide furnishing the Purchaser at least three six (36) Business Days prior to the Acceptance Time all Closing Date with documentation and other information about the Company Group Companies expressly and its Subsidiaries as is specifically required by the Purchaser to comply with applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT U.S.A. Patriot Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates 2001, provided that it has received a precise list of such documentation and other information at least ten nine (109) Business Days prior to the anticipated Acceptance TimeClosing;
(viiid) provide executing and delivering certificates, legal opinions and other customary documents relating to the Financing, in each case, with effect from and after the Closing, as may be reasonably requested by Purchaser (provided that any obligations contained in such documents shall be effective no earlier than as of the Closing Date);
(e) designating members of senior management of the Group Companies to execute customary authorization letters, and assisting in obtaining comfort letters (including “negative assurance” comfort), and accountants’ consent letters and assisting Purchaser and its counsel with obtaining the customary legal opinions required to be delivered with respect to any offering documents in connection with the Financing and otherwise procuring the assistance of auditors to the extent needed in finalizing and producing customary comfort on the information reasonably contained in any offering memorandum;
(f) facilitating the execution and delivery (at Closing) of definitive documents related to the Financing;
(g) designating and causing members of senior management of the Group Companies to participate in a reasonable number of meetings, presentations, road shows, due diligence sessions, drafting sessions and sessions with rating agencies in connection with the Financing at mutually agreeable times and upon reasonable notice;
(h) facilitating the taking of all reasonable corporate actions by the Group Companies, subject to the occurrence of the Closing, necessary to permit the completion of the Financing, including executing and delivering any guarantee and any customary pledge and security documents by the Group Companies, in each case, with effect from and after the Closing as may be reasonably requested by the Purchaser (provided that any obligations contained in such documents shall be effective no earlier than as of the Closing Date);
(i) using reasonable best efforts to assist Buyer or any of its Affiliates Purchaser in connection with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ixj) obtain customary payoff letters and any necessary lien terminations and other instruments using reasonable best efforts to assist in reconciling the financial statements of discharge the Group Companies to GAAP;
(k) reasonably cooperating in connection with repayment the pay-off of existing indebtedness of the Company Group Companies and its Subsidiaries reasonably requested the release of related liens and termination of related security interests and the obtaining of customary pay-off and release letters (including by Buyer delivery of timely notices of repayment or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure thatprepayment); provided, however, that nothing in this Agreement shall require such cooperation to the extent practicable and appropriate, any syndication efforts in connection it would interfere unreasonably with the Debt Financing benefit from business or operations of the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written Group Companies, or formally presented information (other than projections and other forward-looking materials and information of a general economic would violate or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains infringe any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading applicable law in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does respect. The Group Companies shall not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, fees (except to the extent immediately reimbursed by the Purchaser) or provide any security or incur any other liability (except for amounts immediately reimbursed by the Purchaser) in connection with any Debt the debt financing prior to Closing. Neither the obtaining of the Financing, (B) give nor the completion of any indemnities in connection with any debt financing, (C) take any action that, in issuance of securities contemplated by the good faith determination Financing is a condition to the Closing. The Purchaser reaffirms its obligation to consummate the transactions contemplated by this Agreement and the Share Purchase Agreement irrespective and independently of the Company, would unreasonably interfere with the conduct availability of the business Financing or the completion of any such issuance, subject to the satisfaction of the Company and conditions set forth in Article 7 of the Share Purchase Agreement. In no event shall any Financing be permitted which might expose the Group Companies (or its Subsidiaries or create an unreasonable risk of damage or destruction management) to any property criminal liability. Notwithstanding anything to the contrary provided herein or assets in any other agreement among the parties hereto, Purchaser shall be permitted to disclose this Agreement and related documentation to any potential lenders or investors, subject to customary confidentiality undertakings by such potential lenders or investors with respect thereto. Purchaser shall indemnify, defend and hold harmless each of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its Group Companies and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify partners, members, managers, employees, accountants, legal counsel and hold harmless the Company, its Subsidiaries and their respective Representatives, other representatives from and against any and all losses liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties suffered or incurred by any of them in connection with any debt financing the Financing and the performance of their respective obligations under this Section 4.(ii) and any information utilized in connection therewith (therewith, other than material misstatements or omissions in to the extent arising from (x) historical information relating to the Group Companies provided by the Company or any of its Subsidiaries Group Companies in writing specifically for use in such financing)the Financing offering documents or (y) the wilful misconduct of the Group Companies or their respective partners, members, managers, employees, accountants, legal counsel and other representatives.
Appears in 2 contracts
Sources: Tender Offer Agreement, Tender Offer Agreement (XPO Logistics, Inc.)
Financing Cooperation. (a) The From and after the date hereof, the Company shall shall, and shall cause its Subsidiaries subsidiaries to, at Buyer’s sole expenseand shall use its reasonable best efforts to cause its and its subsidiaries’ representatives to, reasonably cooperate with Walgreens and Alliance Boots in connection with the arrangement of any Debt Financing as may be in the following manner (in each case to the extent reasonably requested by Buyer; provided that required in connection with any such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:Debt Financing):
(i) furnish such the report(s) of the auditors with respect to the audited financial statements of the Company and its subsidiaries, and use reasonable best efforts to obtain the consent of such auditors to the use of such report(s) in accordance with normal custom and practice with respect to any such Debt Financing, and use reasonable best efforts to cause such auditors to provide customary comfort letters to the underwriters, initial purchasers or placement agents, as applicable, in connection with any such Debt Financing;
(ii) furnish Walgreens and Alliance Boots (and their respective representatives) with additional financial statements, schedules or other financial data and other information relating to the Company and its Subsidiaries subsidiaries and assist Walgreens and Alliance Boots (and their respective representatives) with preparing pro forma financial statements, in each case, as reasonably requested in connection with any such Debt Financing (it being understood that none of Walgreens, Alliance Boots or any of their Affiliates (or any of their respective representatives) shall be permitted to disclose (whether by Buyer including such information in, or reflecting such information on, their financial statements or otherwise) any financial information provided by the Company pursuant to this clause (ii) prior to the Company first publicly disclosing such information in its Representatives ordinary course of business);
(iii) reasonably cooperate with the due diligence of the proposed lenders, underwriters, initial purchasers, ratings agencies or placement agents, as may be reasonably necessary or advisable to consummate applicable, and/or Walgreens, Alliance Boots and their respective representatives in connection with any such Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company extent customary and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior reasonable and to the Closing Date extent not unreasonably interfering with the business of the Company (and unaudited financial statements relating in the case of the provision of information, to the extent already existing or that can be prepared without excessive cost or management time), and only as long as any person involved in such due diligence enters into a confidentiality agreement with the Company in customary form and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior substance reasonably acceptable to the Closing Date (Company; provided, however, that none of the Company, its subsidiaries or their respective representatives shall be required to deliver any opinions, 10b-5 statements or officer’s certificates in connection with respect any such due diligence efforts; provided, further that none of the Company, its subsidiaries or their respective representatives shall be required to which independent auditors shall have performed a SAS 100 review), provide any cooperation or information to the extent that (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securitiessuch information is competitively sensitive, (y) providing such cooperation or information (A) would reasonably be expected to jeopardize attorney-client privilege or loss of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Actattorney work product protection, (B) would violate a confidentiality obligation to any person or (zC) as otherwise reasonably required in connection would violate any applicable law; provided, that with any Debt Financing or as otherwise necessary in order respect to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), clauses (x) and (y); provided, furtherthe Company uses reasonable efforts, that and cooperates in good faith with Walgreens and/or Alliance Boots, as applicable, to develop and implement reasonable alternative arrangements to provide Walgreens and Alliance Boots (and their respective representatives) with the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) intended benefits of this Section 7.08(a);3.7; and
(iiiv) cause its independent accountants to cooperate with any financing source providing financing to Buyer reasonably assist in the review or any preparation of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” applicable portions (including customary “negative assurances”) and customary consents i.e., to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related extent relating to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation Company) of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;in connection with such Debt Financing.
(ivb) provide Notwithstanding anything in this Section 3.7 to the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwritingcontrary, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill fulfilling obligations of the Company or any of its Subsidiaries or any of their respective productspursuant to this Section 3.7, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives subsidiaries shall be required to (A) pay any commitment or other feesfee, in each case, provide any security or incur any other liability or execute or enter into any agreement in connection with any such Debt Financing. Walgreens and Alliance Boots shall promptly, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-reasonable out of pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries subsidiaries in connection with the cooperation of the Company and its subsidiaries contemplated by this Section 3.7. For purposes of this Agreement, “Debt Financing” means any debt financing incurred by Walgreens or Alliance Boots, as applicable, for use purposes of exercising the Warrants and/or acquiring Initial Open Market Shares, Additional Open Market Shares or any New Securities or Replacement Pre-emptive Shares (each as defined in such financingthe Shareholders Agreement), including, for the avoidance of doubt, any refinancings or “take-out” financings with respect thereto. The obligations of the Company and its subsidiaries under this Section 3.7 shall automatically terminate upon the date that the Beneficial Ownership (as defined in the Shareholders Agreement) of the Investors, in the aggregate, of Common Stock is less than five percent (5%).
Appears in 2 contracts
Sources: Framework Agreement (Amerisourcebergen Corp), Framework Agreement (Walgreen Co)
Financing Cooperation. (a) The Company shall Subject to the limitations set forth in Section 5.1 and shall cause its Subsidiaries toSection 5.2, between the date of this Agreement and the earlier of the Effective Time and the time, if any, at Buyer’s sole expensewhich this Agreement is terminated pursuant to Section 8.1, (i) the Parties shall cooperate in good faith to implement any necessary, appropriate or desirable amendments or other arrangements in connection with each Party's and their respective Subsidiaries' documents governing or relating to Indebtedness as may reasonably cooperate be necessary or advisable to effect the Transactions (any such amendments or other arrangements, "Pre-Merger Financing Transactions"), and (ii) in connection with such cooperation, the Parties agree to use their reasonable best efforts to provide such information to each other as may be necessary or advisable in connection with the arrangement structuring, marketing and execution of any Debt such Pre-Merger Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt FinancingTransactions, including financial statements, financial data, projections, audit reports and other information (wA) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the closing date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w)Pre-Merger Financing Transactions, (x1) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion participating in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions meetings and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi2) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates assisting with the preparation of pro forma any portion of the disclosure, presentations or syndication and marketing materials in relation to such Pre-Merger Financing Transactions that relate to the Transactions (including by providing any financial information and financial statements operational data), and (3) delivering, or procuring the delivery of, customary representation letters, authorization letters and, to the extent required by SEC rules the Pre-Merger Financing Transactions, accountants' comfort and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff agreed-upon procedures letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness accountants' consent letters related to any of the Company foregoing and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financingon or immediately prior to the Effective Time, (C) take any action that, in delivering or procuring the good faith determination delivery of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Pre-Merger Financing that is not contingent on the ClosingDocuments.
(b) Buyer shallNeither Hurricane nor Cyclone shall be required by this Section 6.16 to provide the other Party or the Representatives of such other Party with access to or to disclose information (i) that such Party or its Representatives is prohibited from providing under the terms of a confidentiality agreement with a third party entered into prior to the date of this Agreement or entered into after the date of this Agreement in the ordinary course of business and not otherwise in breach of this Agreement (provided, promptly upon request by however, that the Companywithholding Party shall use its reasonable best efforts to obtain the required consent of such third party to such access or disclosure), reimburse (ii) the Company disclosure of which would violate any applicable Law or legal duty (provided, however, that the withholding Party shall use its reasonable best efforts to make appropriate substitute arrangements to permit reasonable disclosure not in violation of any such Law or duty) or (iii) that is subject to any attorney-client, attorney work product or other legal privilege (provided, however, that the withholding Party shall use its reasonable best efforts to allow for all outsuch access or disclosure to the maximum extent that does not result in a loss of any such attorney-of-pocket costs and expenses incurred by the Companyclient, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered attorney work product or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financinglegal privilege).
Appears in 2 contracts
Sources: Merger Agreement (Huntsman CORP), Merger Agreement (Huntsman CORP)
Financing Cooperation. (a) The Company shall use its reasonable best efforts, and shall cause each of its Subsidiaries toto use its reasonable best efforts, at Buyer’s sole expenseand each of them shall use their reasonable best efforts to cause their respective Representatives to use their reasonable best efforts, to provide customary, reasonable and timely cooperation to the Parent and Merger Sub and their respective Representatives, to the extent reasonably cooperate requested by Parent, in connection with the arrangement offering, arrangement, syndication, marketing, consummation, issuance or sale of any Debt Financing as may be reasonably requested by Buyer; provided (including, for greater certainty, any potential Alternative Financing ) (provided, that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or any of its Subsidiaries. Such cooperation by Affiliates), including, to the Company and its Subsidiaries shall include, at the reasonable request of Buyerextent so requested, using their respective commercially reasonable best efforts to:
(i) as promptly as reasonably practical, furnish Parent, Merger Sub and the Financing Parties (and their respective Representatives, as applicable) with the Required Financing Information and such further information as may be reasonably necessary for the Required Financing Information to remain Compliant and such other customary financial statements and other financial data and other information relating to regarding the Company and its Subsidiaries and requested by Buyer or its Representatives as may reasonably be reasonably requested by, and is necessary for, Parent or advisable Merger Sub to consummate any Debt Financing, including financial statements, financial data, projections, audit reports fulfill the conditions and other information (w) constituting audited financial statements relating obligations applicable to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated it under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a)Commitment Letters;
(ii) cause its independent accountants provide reasonable and customary assistance to cooperate Parent, Merger Sub and the Financing Parties (and their respective Representatives, agents and advisors, as applicable) in their preparation of (A) offering documents, offering memoranda, offering circulars, private placement memoranda, registration statements, prospectuses, syndication documents and other syndication materials, including information memoranda, lender and investor presentations, bank books and other marketing documents, and similar documents to be used in connection with any portion of the Debt Financing and (B) materials for rating agency presentations, including (but subject to Section 5.21(b)), by providing any financial information and other data required to prepare any pro forma financial statements that are required under applicable securities Laws to be included in, or as may otherwise be reasonably required for and are customarily included in the foregoing financing source providing financing materials;
(iii) make senior management of the Company available, at reasonable times and locations and upon reasonable prior notice, to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” participate in meetings (including one-on-one conference or virtual calls with Financing Parties and potential Financing Parties, including prospective investors in any Debt Financing involving the issuance of securities), drafting sessions, presentations, road shows, rating agency presentations and due diligence sessions and other customary syndication activities, provided, at the Company’s option in consultation with Parent, any such meeting or communication may be conducted virtually by videoconference or other media;
(iv) cause the Company’s independent registered accounting firm to provide customary assistance, including by using reasonable best efforts to cause the Company’s independent registered accounting firm (A) to provide customary comfort letters (including “negative assurances”assurance” comfort) and customary consents in connection with any capital markets transaction comprising a part of the Debt Financing to the applicable Financing Parties, (B) to provide any necessary consent to the inclusion of its audit reports report in respect of any financial statements of the Company included or incorporated in any of the applicable financing materials referred to in Section 5.21(a)(ii), and (C) to participate in a reasonable number of due diligence sessions at reasonable times and locations and upon reasonable prior notice; provided, at the Company’s option, any such session may be conducted virtually by videoconference or other media, and including by using reasonable best efforts to provide customary representation letters to the extent required by such independent registered accounting firm in connection with the foregoing;
(v) provide customary authorization letters authorizing the distribution of Company information to prospective lenders in connection with a syndicated bank financing;
(vi) assist Parent, Merger Sub and the Financing Parties in obtaining or updating corporate, facility and issue credit ratings;
(vii) assist in the negotiation, preparation and (contingent upon the Closing) execution and delivery of any credit agreement, indenture, note, debenture or other debt security, purchase, underwriting or agency agreement, guarantees, security documents, including any required information schedules or disclosures thereto, cash management agreements, hedging agreements, other supporting documents and customary closing certificates, and any other definitive and ancillary documentation for the Debt Financing as may be reasonably requested by Parent, in each case as contemplated in connection with the Debt Financing;
(iiiviii) provide information related make introductions of Parent to the Company Company’s existing lenders and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda facilitate relevant coordination between Parent and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliatessuch lenders;
(ivix) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the due diligence of Financing Parties and their Representatives in connection with the Debt Financing Sources’ documentary due diligenceFinancing, to the extent customary and reasonable;
(vi) provide , including the provision of all such information reasonably necessary requested with respect to assist Buyer or any the property and assets of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentationsand by providing to internal and external counsel of Parent, Merger Sub and the Financing Parties, as applicable, customary back-up certificates and factual information to support any legal opinion that such counsel may be required to deliver in connection with the Debt Financing; provided, that, the Company and its Affiliates shall not be required to deliver or cause the delivery of any legal opinions related to the Debt Financing;
(viix) provide deliver, at least three seven (37) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act Closing, to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates in writing at least ten (10) Business Days prior to Closing, all documentation and other information regarding the anticipated Acceptance Time;
(viii) provide information Company and its Subsidiaries that any Financing Party reasonably necessary to assist Buyer or any determines is required by domestic and foreign regulatory authorities under applicable “know your customer” and domestic and foreign anti-money laundering rules and regulations, including the USA Patriot Act of its Affiliates with the preparation of pro forma financial information and financial statements 2001, and, to the extent required by SEC rules any Financing Party, a beneficial ownership certificate (substantially similar in form and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, substance to the extent practicable and appropriateform of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided May 2018, by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading Loan Syndications and Trading Association and Securities Industry and Financial Markets Association) in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except Subsidiaries that qualifies as otherwise permitted a “legal entity customer” under the commitment Beneficial Ownership Regulation (31 C.F.R. § 1010.230);
(xi) cooperate with and use reasonable best efforts to provide all reasonable assistance to Parent in connection with any steps Parent may determine are necessary or desirable to take to prepay some or all amounts outstanding under the Company’s existing Credit Facility, including (A) preparing and submitting customary notices in respect of any such prepayment; provided that such prepayment shall be contingent upon the occurrence of the Closing unless otherwise agreed in writing by the Company, (B) obtaining from the agent a customary payoff letter in respect of the Company’s existing Credit Facility and (C) cooperate in the discharge and release of Liens securing indebtedness referenced in this clause (xi), including obtaining customary lien termination and other instruments of discharge, in each case in a form reasonably acceptable to Parent;
(xii) to the extent requested by Parent, provide guarantees and facilitate the pledging of collateral and granting of security interests in connection with respect to the Debt Financing (which discharges, releases, guarantees and security interests, for the avoidance of doubt, shall not be required to take effect before the Closing):
(xiii) as soon as reasonably practical following the receipt of a written request of Parent, as determined by Parent in its sole discretion, (A) commence one or under Section 5.01more consent solicitations to the holders of the Company’s Senior Notes, to waive, amend or remove any applicable change of control provisions, defaults or other covenants that would apply in connection with, or otherwise restrict the ability of the parties to consummate, the Merger or the Debt Financing as contemplated in this Agreement or the Debt Commitment Letters, as applicable (the “Consent Solicitations”), (B) commence one or more offers to purchase the Company’s Senior Notes (the “Debt Offers”), (C) issue a notice of optional redemption to redeem the Company’ Senior Notes pursuant to the terms thereof (the “Debt Redemptions”) or (D) take such other actions as may be permitted or required by the terms of the Company’s Senior Notes to satisfy and discharge, or defease any or all obligations under, the Company’s Senior Notes (the “Debt Discharge” and together with the Consent Solicitations, Debt Offers, and Debt Redemptions, the “Debt Transactions”), in each case on the terms and conditions specified by Parent (and, for greater certainty, Parent may request any combination of Debt Transactions pursuant to this clause (xiii)); provided that neither the Company shall not be required to commence any Debt Transaction until Parent shall have provided the Company with the necessary consent solicitation statement, offer to purchase, related letter of transmittal, supplemental indenture, redemption notice and other related documents in connection therewith; provided, further, that Parent shall consult with the Company regarding the timing of any Debt Transaction in light of the regular financial reporting schedule of the Company and the requirements of applicable Law; and
(xiv) consent to the use of its and its Subsidiaries’ trademarks, trade names and logos in connection with the Debt Financing; provided that such trademarks, trade names and logos are used solely in a manner that is not intended to, nor reasonably likely to, harm or disparage the Company or its Subsidiaries or the Company’s or its Subsidiaries’ reputation or goodwill.
(b) Notwithstanding the foregoing, none of the Company nor any of its Affiliates shall be required to take or permit the taking of any action pursuant to Section 5.21 that would: (i) require the Company or its Subsidiaries nor or any of their respective Affiliates or Representatives shall any persons who are officers or directors of such entities to pass resolutions or consents to approve or authorize the execution of the Debt Financing or enter into, execute or deliver any certificate, document, instrument or agreement or agree to any change or modification of any existing certificate, document, instrument or agreement (except for the authorization letters contemplated by Section 5.21(a)(v)) in each case, which are not contingent on Closing, (ii) cause any representation, warranty or other provision in this Agreement to be required breached by the Company or any of its Affiliates, (iii) require the Company or any of its Affiliates to (Ax) pay any commitment or other feessimilar fee or (y) incur any other expense, in each caseliability or obligation which expense, liability or obligation is not reimbursed or indemnified hereunder in connection with the Debt Financing prior to the Closing, or (z) have any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets obligation of the Company or any of its SubsidiariesAffiliates under any agreement, certificate, document or instrument be effective until the Closing, (Div) provide cause any information director, officer, employee or stockholder of the disclosure Company or any of which is prohibited or restricted under applicable Law or subject its Affiliates to legal privilege, or that is confidential or proprietary to the providing Partyincur any personal liability, (Ev) take any action that would conflict with or violate its organizational documents the Organizational Documents of the Company or any applicable Law of its Affiliates or would any Laws, (vi) reasonably be expected to result in a material violation or material breach of, or a default (with or without notice, lapse of time, or both) under, any agreement Contract to which the Company or any of its Subsidiaries Affiliates is a party party, (vii) provide access to or disclose information to the extent that the Company or any of its Affiliates determines in good faith would jeopardize any attorney-client privilege or other similar privilege or protection of the Company or any of its Affiliates in respect of such information, or (Fviii) execute require the Company to prepare any agreementfinancial statements or information (other than the Required Financing Information) that are not available to it and prepared in the Ordinary Course of Business consistent with its historic financial reporting practice, certificatewith it being further understood that Parent (and not the Company or any of its Affiliates) shall be responsible for the preparation of any pro forma financial statements for the Debt Financing (including, document for the avoidance of doubt, any Alternative Financing), including the preparation of any pro forma calculations, any post-Closing or instrument pursuant to other pro forma cost savings synergies, capitalization, ownership or other pro forma adjustments that may be included therein. Nothing contained in this Section 7.08(a) 5.21 or otherwise shall require the Company or any of its Affiliates, prior to the Closing, to be an issuer or other obligor with respect to any the Debt Financing that is not contingent on the Closing.
(b) Buyer Financing. Parent shall, promptly upon on request by the Company, reimburse the Company and its Affiliates for all reasonable and documented out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and them or their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer such cooperation and shall indemnify and hold harmless the Company, Company and its Subsidiaries Affiliates and their respective Representatives, Representatives from and against any and all losses suffered or incurred by any of them in connection with the arrangement of the Debt Financing, any debt financing action taken by them at the request of Parent or its Representatives pursuant to this Section 5.21 and any information utilized used in connection therewith (other than material misstatements or omissions in information provided by or on behalf of the Company expressly for use in connection therewith).
(c) The Parties hereto acknowledge and agree that the provisions contained in this Section 5.21 represent the sole obligation of the Company and its Subsidiaries with respect to cooperation in connection with the arrangement of any financing (including the Debt Financing) to be obtained by Parent with respect to the transactions contemplated by this Agreement, and no other provision of this Agreement shall be deemed to expand or modify such obligations. In no event shall the receipt or availability of any funds or financing (including the Debt Financing) by Parent any of its Affiliates or any other financing or other transactions be a condition to any of Parent’s obligations under this Agreement. Notwithstanding anything to the contrary in this Agreement, the Company’s breach of any of the covenants required to be performed by it under this Section 5.21 shall not be considered in determining the satisfaction of the condition set forth in Section 6.3(b), unless such breach is the primary cause of Parent being unable to consummate, and obtain the proceeds of, the Debt Financing at or prior to Closing.
(d) All non-public or otherwise confidential information regarding the Company or any of its Subsidiaries for use Affiliates obtained by Parent or its Representatives pursuant to this Section 5.21 shall be kept confidential in accordance with the Confidentiality Agreement; provided, that Parent shall be permitted to disclose such financing)information to (i) the Financing Parties subject to their confidentiality obligations under the Debt Commitment Letters and the definitive documentation evidencing the Debt Financing and (ii) otherwise to the extent necessary and consistent with customary practices in connection with the Debt Financing subject to customary confidentiality arrangements reasonably satisfactory to the Company.
Appears in 2 contracts
Sources: Merger Agreement (Enerflex Ltd.), Merger Agreement (Exterran Corp)
Financing Cooperation. (a) The Company At the reasonable request of Moon, Comet shall provide, and shall use reasonable best efforts, consistent with the terms of and the obligations of each Party under this Agreement, to cause its Subsidiaries toSubsidiaries, at Buyer’s sole expenseand shall use reasonable best efforts to cause each of its and their respective Representatives, reasonably cooperate including legal and accounting Representatives, to provide all cooperation necessary and/or customary in connection with the arrangement arrangements of any Debt Financing financings such as may be the Financings as is reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere Moon in connection with the ongoing operations Financings. In performing its respective foregoing obligations under this Section 7.21, each of the Company or Moon, Moon’s Subsidiaries, Comet and Comet’s Subsidiaries shall use its Subsidiaries. Such cooperation by the Company reasonable best efforts to, as applicable, (i) provide reasonably required information relating to that Party and its Subsidiaries shall includeto the parties providing the Financings, at (ii) participate in meetings, drafting sessions and due diligence sessions in connection with the Financings, (iii) assist in the preparation of (A) any offering documents for any portion of the Financings, and (B) materials for rating agency presentations, including execution and delivery of customary representation letters in connection with bank information memoranda, (iv) reasonably cooperate with the marketing efforts for any portion of the Financings, (v) execute and deliver (or use reasonable request best efforts to obtain from its advisors), and cause its Subsidiaries to execute and deliver (or obtain from its advisors), customary certificates, accounting comfort letters (including consents of Buyer, using accountants for use of their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information reports in any materials relating to the Company Financings), customary surveys, title insurance or other documents and its Subsidiaries instruments relating to guarantees, the pledge of collateral and requested by Buyer or its Representatives other matters ancillary to the Financings as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to the Financings, (vi) assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants obtaining such consents, waivers, estoppels, approvals, authorizations and instruments that may be reasonably requested in connection with offering(s) of debt securities in connection with the Financing and any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Actcollateral arrangements therefor, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) payoff letters, lien releases, instruments of termination or discharge, appraisals, surveys, landlord consents, waivers and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memorandaaccess agreements, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries such Person as is requested by any Financing Source and required by under applicable “know your customer” and anti-money money-laundering rules and regulations including the USA PATRIOT Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, (viii) enter into one or more secured or unsecured credit or other agreements, or related guarantees and other ancillary agreements on terms satisfactory to Moon and that are reasonably necessary in connection with the Financings immediately prior to the Effective Time provided the same are not effective until the Effective Time, (ix) as promptly as practicable, furnish the sources for the Financings with all financial and other information regarding Moon, Comet and their respective Subsidiaries, as applicable, as may be reasonably necessary of a type generally used in connection with a syndicated bank financing as well as a registered public offering or an offering pursuant to Rule 144A of the Securities Act in each case by Moon, (x) take all actions reasonably necessary in connection with the termination at the Closing of all commitments in respect of the Existing Moon Debt and the Existing Comet Debt, as applicable, and any other Debt in each case to the extent reasonably requested contemplated by any financing source providing financing to Buyer or any required in connection with the Financings (collectively, the “Existing Debt”), the repayment in full on the Closing Date of its Affiliates at least ten all obligations in respect of the Existing Debt, and the release of related Liens securing such Existing Debt and guarantees in connection therewith, and (10xi) Business Days prior take all corporate actions, subject to the anticipated Acceptance Time;
(viii) provide information occurrence of the Closing, reasonably necessary to assist Buyer permit the consummation of the Financings and the direct borrowing or incurrence of all of the proceeds of the Financings by Moon concurrently with the Effective Time; provided, however, none of Comet or its Affiliates shall be required to take or permit the taking of any action pursuant to this Section 7.21 that would (A) require Comet, its Affiliates or any Persons who are directors or officers of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer Comet or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness pass resolutions or consents to approve or authorize the execution of the Company and its Subsidiaries reasonably requested by Buyer Financings or execute or deliver any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure thatagreement, certificate, opinion, document or instrument that is effective prior to the extent practicable and appropriateEffective Time, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xiB) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company require Comet or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, similar fee or incur any liability in connection with any Debt Financing, (B) give any indemnities in connection with any debt financingthe Financings prior to the Effective Time, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere conflict with the conduct organizational documents of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company Comet or any of its SubsidiariesAffiliates or any Laws, or (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject reasonably be expected to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or a default (with or without notice, lapse of time, or both) under, any agreement Contract to which the Company Comet or any of its Subsidiaries Affiliates is a party or (F) execute any agreementparty, certificate, document or instrument pursuant to including this Agreement. Notwithstanding anything in this Section 7.08(a) 7.21 to the contrary, neither Comet, on the one hand, nor Moon, on the other hand, nor any of their respective Subsidiaries, shall be required to provide any information which it reasonably believes it may not provide by reason of any applicable Law (including with respect to any Debt Financing that privacy of employees), which constitutes information protected by attorney/client privilege, or which it is not contingent on the Closingrequired to keep confidential by reason of contract or agreement with third parties.
(b) Buyer shallNotwithstanding anything in this Agreement to the contrary, promptly upon request in the event that the Combination and/or the other transactions contemplated by this Agreement are not consummated due to circumstances arising out of any failure to obtain the CompanyFinancings, reimburse Moon shall not have any liability to any Comet Party arising out of such failure; provided, however, that the Company for all out-of-pocket costs foregoing shall not relieve Moon of its obligations under Section 7.7 and expenses incurred Section 7.20, including its obligation to use reasonable best efforts to obtain the Financing to the extent required by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a7.20(b). Buyer shall indemnify and hold harmless Each Party acknowledges that no Moon Party would have entered into this Agreement but for the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any agreement of them the Comet Parties set forth in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financingthis Section 7.21(b).
Appears in 2 contracts
Sources: Business Combination Agreement (Chicago Bridge & Iron Co N V), Business Combination Agreement (McDermott International Inc)
Financing Cooperation. (a) The Company Prior to the Closing, the Seller shall provide, and shall cause its Subsidiaries to, at Buyer’s sole expenseand shall use its commercially reasonable efforts to cause their respective Representatives, including legal and accounting, to, provide all cooperation reasonably cooperate requested by the Buyer or any financing source providing the Financing in connection with the arrangement of Financing, including, without limitation (i) furnishing the Buyer and its financing sources with readily-available historical financial and other pertinent information used by the Buyer to consummate the Financing or any Debt Financing as may be other financing transaction executed in connection with the transactions contemplated hereby, (ii) delivering to the Title Company the Owner’s Affidavit and all other items reasonably requested by the Buyer or the Title Company in order to facilitate the issuance of customary lender’s policies of title insurance in form and substance satisfactory to the applicable financing source, (iii) taking such actions as are reasonably and customarily undertaken by sellers of real estate to mitigate mortgage recording or similar taxes such as requesting the lender under the Existing Loans to assign over existing mortgages to Buyer; provided that ’s lender, as described in Article XV of this Agreement and (iv) providing such information, documents and certificates reasonably requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and Buyer customary in debt financings of transactions similar to the transactions contemplated by this Agreement.
(b) Notwithstanding anything to the contrary contained herein, (i) neither the Seller nor any of its Subsidiaries shall includebe required to pay any commitment or other fee in connection with the Financing, at (ii) neither the reasonable request Seller nor any of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries shall be required to incur, and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financingnone of them shall have, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating Closing, any liability or obligation under any loan agreement or any related document or any other agreement or document or contract related to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)Financing, (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates pre-Closing directors of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company Seller or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, shall not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with adopt resolutions approving the Debt Financing;
contracts, agreements, documents and instruments pursuant to which the Financing is obtained, (xiviv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company Seller nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay execute any commitment definitive financing documents, including any credit or other feesagreements, in each casepledge or security documents, or other certificates, legal opinions or documents in connection with any Debt Financing, the Financing and (Bv) give any indemnities in connection with any debt financing, (C) take any action that, in neither the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or Seller nor any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject Subsidiaries shall be required to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents respective Organizational Documents or any applicable Law Laws or that would result in the contravention of, or that would reasonably be expected to result in a violation or breach of, or a default under, any agreement Contract to which the Company or any of its Subsidiaries such Person is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closingparty.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 2 contracts
Sources: Asset Purchase Agreement (Colony Financial, Inc.), Asset Purchase Agreement (Colony Financial, Inc.)
Financing Cooperation. (a) The Prior to the Closing, the Company shall use its reasonable best efforts to, and shall cause its Subsidiaries to use their reasonable best efforts to, and shall use its reasonable efforts to cause its and their Representatives to, provide, at Buyer’s sole expensethe expense of Parent, all cooperation reasonably cooperate in connection with requested by Parent necessary and customary for the arrangement of any the Debt Financing as may (including, solely for purposes of this Section 5.13, one or more offerings of “high yield” non-convertible debt securities to be reasonably requested issued or incurred in lieu of any bridge facility contemplated by Buyer; provided the Debt Commitment Letter or pursuant to any “market flex” or securities demand provisions of the applicable fee letter) (provided, that such requested cooperation does not neither unreasonably interfere interferes with the ongoing operations of the Company or any of its Subsidiaries. Such cooperation Subsidiaries nor conflicts with guidelines reasonably necessary in response to or related to COVID-19), including by (i) participating in a reasonable number of meetings (including meetings with prospective lenders and investors), presentations, road shows, due diligence sessions (including, directing the Company’s auditors to participate in such sessions or in separate due diligence calls) and sessions with rating agencies, in each case, at reasonable times, on a virtual basis and with reasonable advance notice, (ii) executing and delivering Definitive Agreements and other certificates (including a certificate of the chief financial officer of or person performing similar functions for the Company with respect to solvency matters substantially in the form attached to the Debt Commitment Letter) as may be reasonably requested by Parent, and to the extent required by the Debt Financing, if requested by Parent, using reasonable best efforts to facilitate the pledging of, and perfection of security interests in, collateral, including, in the case of any proposed debt financing that includes an asset-based loan facility, by permitting the evaluation or appraisal of assets and the taking of all actions reasonably requested by Parent necessary to (A) permit the Lenders or their designees to evaluate the Company’s and its Subsidiaries inventory, current assets, cash management and accounting systems, policies and procedures relating thereto for the purpose of establishing collateral arrangements (including conducting the commercial finance examination and inventory appraisals contemplated by the Debt Commitment Letter) and (B) establish bank and other accounts and blocked account and control agreements in connection with the foregoing; in each such case, effective no earlier than the Effective Time, (iii) furnishing Parent and the Lenders as promptly as reasonably practicable the Required Financial Information and, following the delivery of a request therefor to the Company by Parent (which notice shall state with specificity the information requested), such financial and other information regarding the Company as is readily available to the Company at such time and is customarily required in connection with the execution of financings of a type similar to the Debt Financing, (iv) if requested by Parent, using reasonable best efforts to assist Parent in connection with Parent’s preparation of customary pro forma financial statements as of, and for the most recent twelve-month period ending on, the latest balance sheet date included in clause (i) of the Required Financial Information; provided, that (x) Parent shall be responsible for the preparation of such pro forma financial statements and any pro forma adjustments giving effect to the Merger and the other transactions contemplated herein and (y) the Company’s assistance shall relate solely to the financial information and data derived from the Company’s historical books and records, (v) in each case following Parent’s reasonable request, using reasonable best efforts to assist Parent and Merger Sub in the preparation of customary (A) confidential information memoranda (including a version that does not include material non-public information and executing and delivering one or more customary authorization and representation letters contemplated by the Debt Commitment Letter or otherwise that are customary in the Debt Financing), offering documents, private placement memoranda and other customary marketing materials required in connection with financings similar to the Debt Financing, (B) materials for rating agency presentations and (C) definitive documentation for the Debt Financing, (vi) following Parent’s reasonable request, using reasonable best efforts to cause directors and officers who will continue to hold such offices and positions from and after the Effective Time to execute resolutions or consents of the Company and its Subsidiaries shall includethat do not become effective until the Effective Time with respect to entering into the definitive documentation for the Debt Financing and otherwise as necessary to authorize consummation of the Debt Financing, at (vii) providing drafts of the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements Payoff Letter and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives notices as may be reasonably required pursuant to Section 5.20 and giving (by the date required under the agreements governing such indebtedness) any necessary or advisable notices (including conditional notices of prepayment and redemption), to consummate any Debt Financingallow for the prepayment, including financial statementsredemption, financial datapayoff, projectionssatisfaction, audit reports discharge and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended termination in full at least 60 days prior to the Closing Date and unaudited financial statements relating of all indebtedness required by this Agreement to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to be repaid on the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)Date, (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably if requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwritingParent, as applicableproviding, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time Closing Date, all documentation and other information about relating to the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act to and including, if the extent reasonably requested by any financing source providing financing to Buyer Company or any of its Affiliates Subsidiaries qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certificate (each as defined in the Debt Commitment Letter), to the extent requested by Parent in writing at least ten nine (109) Business Days prior to the anticipated Acceptance Time;
Closing Date, (viiiix) directing the Company’s auditors to provide information customary comfort letters (including “negative assurance” comfort and change period comfort) reasonably necessary requested by Parent with respect to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to of the extent required by SEC rules and regulations (including those required to be Company included in any periodic report that Buyer syndication, offering or any of its Affiliates is required other marketing documents relating to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any that consists of its Affiliates to be included debt securities in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness which the consolidated financial statements of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure thatare included, and, if required, customary consents to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any use of their respective securities;
(xiii) cooperate with audit reports on the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security consolidated financial statements of the Company in any syndication, offering or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect other marketing documents relating to the Debt Financing or under Section 5.01; in which the consolidated financial statements of the Company are included, in each case subject to such auditors’ policies and procedures and applicable auditing standards, and (x) during the Marketing Period, updating any Required Financial Information provided that to Parent as may be necessary for such Required Financial Information to remain Compliant. Notwithstanding the foregoing, neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to take or permit the taking of any action pursuant to this Section 5.13 that (A) pay would require the Company, its Subsidiaries or any commitment Persons who are officers or directors of the Company or its Subsidiaries to pass resolutions or consents to approve or authorize the execution of the Debt Financing that is effective prior to the Effective Time or execute or deliver any certificate, document, instrument or agreement (other feesthan the authorization and representation letters referred to in clause (v)(A) above and the notices of redemption or prepayment referred to in clause (vii) above) or agree to any change or modification of any existing certificate, in each casedocument, in connection with any Debt Financinginstrument or agreement that is effective prior to the Effective Time, (B) give cause any indemnities representation or warranty in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction this Agreement to any property or assets of be breached by the Company or any of its Subsidiaries, (C) require the Company or any of its Subsidiaries to pay any commitment or other similar fee or incur any other expense, liability or obligation (other than those set forth in this Section 5.13) in connection with the Debt Financing prior to the Closing or have any obligation of the Company or any of its Subsidiaries under any agreement, certificate, document or instrument (other than the authorization and representation letters referred to in clause (v)(A) above or prepayment or redemption notices referred to in clause (vii) above) be effective until the Closing, or redeem, tender, discharge or defease the Senior Secured Notes or the Senior Secured Notes Indenture prior to the Closing, (D) provide cause any information director, officer or employee or stockholder of the disclosure Company or any of which is prohibited or restricted under applicable Law or subject its Subsidiaries to legal privilege, or that is confidential or proprietary to the providing Partyincur any personal liability, (E) take any action that would conflict reasonably be expected to result (with or violate its organizational documents without notice, lapse of time, or any applicable Law or would result both) in a material violation or breach of, or a default under, any agreement Contract to which the Company or any of its Subsidiaries is a party or party, (F) execute provide access to or disclose information that the Company or any agreementof its Subsidiaries determines would jeopardize any attorney-client privilege of the Company or any of its Subsidiaries, certificate, document (G) prepare any financial statements or information that (x) are not available to it and prepared in the ordinary course of its financial reporting practice and (y) would not otherwise be available to it or capable of being prepared by it without undue burden or other than with the use of its commercially reasonable efforts or (H) require the Company or any of its Subsidiaries to enter into any instrument pursuant or agreement (other than the authorization and representation letters referred to in clause (v)(A) above or prepayment or redemption notices referred to in clause (vii) above) that is effective prior to the Effective Time or that would be effective if the Closing does not occur. Nothing contained in this Section 7.08(a) 5.13 or otherwise shall require the Company or any of its Subsidiaries, prior to the Closing, to be an issuer or other obligor with respect to any the Debt Financing that is not contingent on the Closing.
(b) Buyer Financing. Parent shall, promptly upon request by the Company, reimburse the Company following termination of this Agreement for all reasonable out-of-pocket costs and expenses incurred by the Company, Company or its Subsidiaries and its and or their respective Representatives in connection with their respective obligations pursuant to the cooperation contemplated by this Section 7.08(a). Buyer 5.13 and shall indemnify and hold harmless the Company and its Subsidiaries and their respective Representatives from and against any and all losses, damages, claims, costs or expenses (including legal fees and expenses), awards, judgments and amounts paid in settlement suffered or incurred by them in connection with the arrangement of the Debt Financing, any action taken by them at the request of Parent pursuant to this Section 5.13 and any information used in connection therewith (other than information provided in writing by the Company or its Subsidiaries specifically in connection with its obligations pursuant to this Section 5.13).
(b) For the avoidance of doubt, the parties hereto acknowledge and agree that the provisions contained in this Section 5.13, represent the sole obligation of the Company, its Subsidiaries and their respective RepresentativesRepresentatives with respect to cooperation in connection with the arrangement of any financing (including the Financing) to be obtained by Parent or Merger Sub with respect to the transactions contemplated by this Agreement and no other provision of this Agreement (including the Exhibits and Schedules hereto) shall be deemed to expand or modify such obligations. In no event shall the receipt or availability of any funds or financing (including, from and against any and all losses suffered for the avoidance of doubt, the Financing) by Parent, Merger Sub or incurred by any of them their respective Affiliates or any other financing or other transactions be a condition to any of Parent’s or Merger Sub’s obligations under this Agreement.
(c) All non-public or otherwise confidential information regarding the Company or its Subsidiaries obtained by Parent or its Representatives pursuant to this Section 5.13 shall be kept confidential and otherwise treated in accordance with the Confidentiality Agreement or other confidentiality obligations that are substantially similar to those contained in the Confidentiality Agreement (which, with respect to the Lenders, shall be satisfied by the confidentiality provisions applicable thereto under the Debt Commitment Letter if made for the benefit of the Company). The Company hereby consents to the use of its and its Subsidiaries’ logos in connection with the Debt Financing, so long as the Company has a reasonable opportunity to preview such use of logos and such logos (i) are used solely in a manner that is not intended to or likely to harm or disparage the Company or its Subsidiaries or the reputation or goodwill of the Company or its Subsidiaries; (ii) are used solely in connection with a description of the Company, its business and products or the Merger (including in connection with any debt financing marketing materials related to the Debt Financing); and any information utilized (iii) are displayed and presented in connection therewith (other than material misstatements or omissions in information provided by a manner consistent with the Company or any of its Subsidiaries for use in such financing)Company’s past practices.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (At Home Group Inc.), Merger Agreement (At Home Group Inc.)
Financing Cooperation. (a) The From the date hereof until the Closing (or the earlier termination of this Agreement pursuant to Section 8.01), subject to the limitations set forth in this Section 5.06, and unless otherwise agreed by Parent, the Company shall will, and shall will cause each of its Subsidiaries to, at Buyer’s sole expenseand will use its reasonable efforts to cause its and its Subsidiaries’ Representatives to, use its or their reasonable best efforts to cooperate with Parent as reasonably cooperate requested by Parent in connection with the Parent’s arrangement of any Debt the Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with (which, solely for purposes of this Section 5.06 and the ongoing operations use of the Company term Financing Party in this Section 5.06, shall include any alternative equity or its Subsidiariesdebt financings, all or a portion of which will be used to fund the Cash Consideration). Such cooperation by the Company and its Subsidiaries shall include, at the will include using reasonable request of Buyer, using their respective commercially reasonable best efforts to:
(i) furnish such financial statements cooperate with the marketing efforts of Parent for all or any part of the Financing, including making appropriate officers reasonably available, with appropriate advance notice, for participation in lender or investor meetings, due diligence sessions, meetings with ratings agencies and other financial data road shows, and other reasonable assistance in the preparation of confidential information memoranda, private placement memoranda, prospectuses, lender and investor presentations and similar documents as may be reasonably requested by Parent or any Financing Party, in each case, with respect to information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a)efforts;
(ii) cause its independent accountants to cooperate furnish Parent and the Financing Parties with the Required Financial Information and any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide other information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is reasonably requested by Parent or any Financing Party and is customarily (A) required for the marketing, arrangement and syndication of financings similar to the Financing or (B) used in the preparation of customary offering or information documents or rating agency, lender presentations or road shows relating to the Financing;
(iii) request that the Company’s independent accountants participate in drafting sessions and accounting due diligence sessions and cooperate with the Financing (including as set forth in the Debt Letters as in effect on the date of this Agreement) or in connection with a customary offering of securities, including the type described in the Commitment Letter, consistent with their customary practice, including requesting that they provide customary consents and comfort letters (including “negative assurance” comfort) to the extent required in connection with the marketing and syndication of the Financing (including as set forth in the Debt Letters as in effect on the date of this Agreement) or as are customarily required in an offering of securities of the type contemplated by the Financing;
(iv) obtain or provide certificates and other customary documents (other than legal opinions) relating to the Financing as reasonably requested by Parent;
(v) cooperate in satisfying the conditions precedent set forth in any definitive documentation relating to the Financing to the extent the satisfaction of such condition reasonably requires the cooperation of, or is within the control of, the Company;
(vi) furnish all documentation and other information required by a Governmental Entity or any Financing Party under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act ACT (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates Purchaser at least ten (10) 10 Business Days prior to the anticipated Acceptance TimeClosing Date;
(vii) assist Parent in obtaining any credit ratings from rating agencies contemplated by the Debt Letters; and
(viii) provide information reasonably necessary use reasonable best efforts to assist Buyer or any of its Affiliates with the preparation of pro forma financial information obtain such consents, waivers, estoppels, approvals, authorizations and financial statements to the extent required by SEC rules and regulations (including those required to instruments which may be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts Parent in connection with the Debt Financing benefit from Financing; provided, further, that nothing in this Agreement shall require the Company’s and its Subsidiaries’ existing lending relationships;
Company to cause the delivery of (xi1) supplement legal opinions or reliance letters or any certificate as to solvency or any other certificate necessary for the written or formally presented information (Financing, other than projections and other forwardas allowed by Section 5.06(a)(iii), (2) any audited financial information or any financial information prepared in accordance with Regulation S-looking materials and K or Regulation S-X under the Securities Act of 1933, as amended, or any financial information of in a general economic or industry specific nature) provided form not customarily prepared by the Company with respect to such period or its Subsidiaries (3) any financial information with respect to a month or fiscal period that has not yet ended or has ended less than forty-five (45) days prior to the date of such request.
(b) Notwithstanding anything to the contrary contained in this Agreement (including this Section 5.06): (i) nothing in this Agreement (including this Section 5.06) shall require any such cooperation to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
that it would (xii1) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of require the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with reimburse any Debt Financing, (B) expenses or otherwise incur any liabilities or give any indemnities in connection with any debt financingprior to the Closing, (C2) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the ongoing business or operations of the Company and or its Subsidiaries Subsidiaries, or create an unreasonable risk of damage or destruction to any property or assets of (3) require the Company or any of the Company Subsidiaries to enter into or approve any agreement or other documentation effective prior to the Closing and (ii) no action, liability or obligation (including any obligation to pay any commitment or other fees or reimburse any expenses) of the Company, its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute their respective Representatives under any certificate, agreement, certificatearrangement, document or instrument pursuant relating to this Section 7.08(a) the Financing shall be effective until the Closing. The Company hereby consents to the use of its and its Subsidiaries’ logos in connection with respect to any Debt the Financing in a form and manner mutually agreed with the Company; provided, however, that such logos are used solely in a manner that is not contingent on intended, or reasonably likely, to harm or disparage the ClosingCompany or its Subsidiaries or any of their respective subsidiaries or the reputation or goodwill of any of the foregoing.
(bc) Buyer shall, Parent shall (i) promptly upon request by the Company, reimburse the Company for all of its reasonable and documented out-of-pocket costs fees and expenses (including reasonable fees and expenses of counsel and accountants) incurred by the Company, any of the Company Subsidiaries, any of its Subsidiaries and its and or their respective Representatives in connection with their respective obligations pursuant to any cooperation contemplated by this Section 7.08(a). Buyer shall 5.06 and (ii) indemnify and hold harmless the Company, its the Company Subsidiaries and its and their respective Representatives, from and Representatives against any claim, loss, damage, injury, liability, judgment, award, penalty, fine, cost (including cost of investigation), expense (including fees and all losses suffered expenses of counsel and accountants) or settlement payment incurred by any of them as a result of, or in connection with any debt financing with, such cooperation or the Financing and any information utilized used in connection therewith (other than material misstatements those claims, losses, damages, injuries, liabilities, judgments, awards, penalties, fines, costs, expenses and settlement payment arising out of or omissions in information provided by resulting from the gross negligence, fraud or willful misconduct of the Company, any of the Company Subsidiaries or any of its Subsidiaries for use in such financing)their respective Representatives as finally determined by a court of competent jurisdiction.
Appears in 2 contracts
Sources: Merger Agreement (Kansas City Power & Light Co), Merger Agreement (Westar Energy Inc /Ks)
Financing Cooperation. (a) The Company shall use its commercially reasonable efforts to, and shall use commercially reasonable efforts to cause each of its Subsidiaries and its and their respective directors, officers, managers, employees, members and Representatives to, provide to Parent, at BuyerParent’s sole cost and expense, reasonably cooperate in connection with the arrangement of any Debt Financing such customary cooperation as may be reasonably requested by Buyer; Parent to assist Parent in causing the conditions in the Definitive Debt Financing Agreements to be satisfied and such customary cooperation as is otherwise reasonably requested by Parent solely in connection with obtaining the Debt Financing (provided that nothing herein shall require such requested cooperation does not to the extent that it would unreasonably interfere with the ongoing business or operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall includeCompany), at the reasonable request of Buyer, using their respective commercially reasonable efforts which includes but is not limited to:
(i) furnish senior management of the Company participating, on advance notice, in a customary and reasonable number of meetings, presentations, road shows, due diligence sessions, drafting sessions and sessions with rating agencies, including direct contact between senior management and Representatives of the Company and its Subsidiaries and the Debt Financing Sources;
(ii) reasonably cooperating with the preparation of customary materials for rating agency presentations, offering documents, private placement memoranda, bank information memoranda, prospectuses and similar documents reasonably required in connection with the Debt Financing, and providing reasonable and customary authorization letters to the Debt Financing Sources authorizing the distribution of information to prospective lenders and other financing sources and containing customary information; provided, that any such prospective lenders and financing sources shall have agreed to keep such information confidential pursuant to customary confidentiality undertakings with respect to such information (and as to which the Company shall be an express beneficiary);
(iii) assisting in the negotiation, execution and delivery of officer’s certificates (including relating to solvency matters of the Company both before and after giving effect to the incurrence of the Debt Financing and the consummation of the transactions contemplated by this Agreement and such Debt Financing), it being understood that such solvency certificate shall not require the applicable officer to address (A) the solvency of any entity other than Parent, any Subsidiary of Parent and/or the Company or (B) transactions other than the transactions contemplated by this Agreement and the Definitive Debt Financing Agreements, credit agreements, indentures, purchase agreements, pledge and security documents, collateral documents and documents facilitating the pledge of collateral for the Debt Financing (including reasonable cooperation in connection with any pay-down or pay-off of the Indebtedness of the Company, including the payment of the Credit Party Closing Payment Amount, and the release of related Liens, as applicable); provided, that such documents shall not take effect until, and shall be conditioned upon the occurrence of, the Closing;
(iv) furnishing Parent and the Debt Financing Sources as promptly as reasonably practicable following written request from the Parent with all consolidated financial statements and other financial data and other pertinent information relating related solely to the Company and its Subsidiaries and required or otherwise reasonably requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any the Debt FinancingFinancing Sources, including the financial statementsstatements required by paragraph 4 of Exhibit B of the Debt Commitment Letter; provided, financial datathat the Company shall not be responsible for, the preparation of projections, audit reports risk factors and other information (w) constituting audited financial forward-looking statements relating to all or any component of the Debt Financing and pro-forma financial information, including pro-forma cost savings, synergies, capitalization, or other pro-forma adjustments desired to be incorporated into any pro-forma financial information;
(v) permitting the prospective lenders or investors involved in the Debt Financing or their representatives to evaluate, examine or audit the Company and its Subsidiaries Subsidiaries, including their respective assets, borrowing base, cash management and accounting systems, policies and procedures relating thereto for each the purpose of its three most recent fiscal years ended at least 60 days prior establishing collateral arrangements; and
(vi) using commercially reasonable efforts to cooperate in satisfying the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as conditions precedent set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information commitment letters related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;Debt Financing.
(ivb) provide Notwithstanding anything to the reasonable use by Buyer and its Affiliates of contrary contained in this Agreement (i) nothing in this Agreement (including this Section 6.17) shall require any cooperation to the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing extent that it would (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage A) require the Company or any of its Subsidiaries to pay any commitment or other fees or reimburse any expenses that are not contingent upon and due on or after the reputation Closing, or goodwill incur any liability or give any indemnities that are not contingent upon and due on or after the Closing, (B) unreasonably interfere with the ongoing business or operations of the Company or any of its Subsidiaries, (C) require the Company or any of its Subsidiaries to take any action that would conflict with or violate 38031572.13 the Company’s or any of its Subsidiaries’ Charter Documents or other organizational documents or any Laws, or (D) result in any officer or director of the Company or any of its Subsidiaries incurring personal liability with respect to any matters relating to the Debt Financing; and (ii) any action, liability or obligation (including any obligation to pay any commitment or other fees or reimburse any expenses) of the Company or any of its Subsidiaries or any of their respective productsrepresentatives under any certificate, servicesagreement, offerings arrangement, document or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, instrument relating to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, shall not be effective until following the Closing.
(c) The Company shall and shall cause each of its Subsidiaries to deliver to Parent promptly (to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide requested at least three five (35) Business Days days prior to the Acceptance Time Closing Date), with all documentation and other information about the Company and its Subsidiaries as is reasonably required by under applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act regulations.
(d) The Company hereby consents to the extent reasonably requested by any financing source providing financing to Buyer or any use of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts logos in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of in a general economic or industry specific nature) provided by the Company or its Subsidiaries manner consistent with debt financings similar to the extent Debt Financing, provided, that such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery logos are used in a timely fashion of customary authorization letters manner that is not intended or reasonably likely to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about harm or disparage the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingIntellectual Property.
(be) Buyer shallParent and Merger Sub shall (i) promptly, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses (including attorneys’ fees and accountants’ fees) incurred by the CompanyCompany or any of its Affiliates, its Subsidiaries and its and their respective Representatives officers or representatives in connection with their respective obligations pursuant to the actions and undertakings contemplated by this Section 7.08(a). Buyer shall 6.17, and (ii) indemnify and hold harmless the Company, its Subsidiaries the Company and their respective RepresentativesAffiliates, officers and representatives from and against any and all losses liabilities suffered or incurred by any of them in connection with the arrangement of any debt financing and any information utilized in connection therewith (other than material misstatements Debt Financing or omissions in Alternative Financing. All information provided by or on behalf of Company and its Affiliates, officers and representatives pursuant to this Section 6.17 shall be kept confidential by Parent and its Affiliates in accordance with the Company terms of this Agreement, except that Parent and Merger Sub shall be permitted to disclose such information to the Debt Source Parties, subject to the Debt Source Parties entering into customary confidentiality undertakings with respect to such information. This Section 6.17(e) shall survive the consummation of the Transactions or any earlier termination of its Subsidiaries for use in such financingthis Agreement and is intended to benefit, and may be enforced by, the Persons indemnified pursuant to this Section 6.17(e).
Appears in 2 contracts
Sources: Merger Agreement (Apex Global Brands Inc.), Merger Agreement (Apex Global Brands Inc.)
Financing Cooperation. (a) The Prior to the Closing, the Company shall use its reasonable best efforts to cooperate, and shall to cause its Subsidiaries toto cooperate, at Buyer’s sole expense, reasonably cooperate with Parent and Sub in connection with Parent and Sub obtaining the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall includeFinancing, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
including (i) furnish such furnishing financial statements and other financial data and other pertinent information relating to the Company and its Subsidiaries business (including information to be used in the preparation of an information package regarding the business, operations, financial projections and prospects of the Parent and the Company customary for such financing or any prospectus or offering memorandum or otherwise reasonably necessary for the completion of the Financing by the Financing Sources) to Parent, Sub and the Financing Sources to the extent reasonably requested by Buyer the Parent to assist in preparation of customary offering or its Representatives as may information documents to be reasonably necessary or advisable to consummate any Debt Financingused for the completion of the Financing and in advance of the Marketing Period, including (ii) without limiting the generality of the preceding clause (i), furnishing promptly such financial statements, financial data, projections, audit reports and other pertinent information (w) constituting audited financial statements relating to regarding the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior as may be reasonably requested by Parent to consummate the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)Financing, (x) including, without limitation, information of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Securities Act for a registered public offering of debt securities, (yexcluding information required by Regulation S-X Rule 3-10 and Regulation S-X Rule 3-16) and of the type and form customarily included in offering documents used in private placements of debt securities under Rule 144A of the 1933 ActSecurities Act and in any event the information regarding the Company and its Subsidiaries required to be delivered pursuant to paragraphs vi and ix of Annex III to the Commitment Letter (the information described in this clause (ii), the “Required Company Financing Information”), (iii) prior to and during the Marketing Period, participating in a reasonable number of meetings (including customary one-on-one meetings with the parties acting as lead arrangers or agents for, and prospective lenders and purchasers with respect to, the Financing and senior management and Representatives, with appropriate seniority and expertise, of the Company), presentations, roadshows, due diligence sessions, drafting sessions (zincluding accounting due diligence sessions) as otherwise reasonably and sessions with rating agencies in connection with the Financing, (iv) prior to the Marketing Period, assisting with the preparation of (A) any customary offering documents or memoranda, bank information memoranda, prospectuses and similar documents and (B) materials for rating agency presentations and bank information memoranda and similar documents required in connection with the Financing, (v) cooperating with the marketing efforts for any Debt of the Financing, (vi) executing and delivering (or using reasonable best efforts to obtain from its advisors), and causing its Affiliates to execute and deliver (or use reasonable best efforts to obtain from their advisors), customary certificates, accountants’ comfort letters (and consents of accountants for use of their reports in any materials relating to the Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities and in connection with any Debt filings required to be made by Parent pursuant to the Securities Act or the Exchange Act where the Financial Statements or any of the other Required Company Financing Information is included or incorporated by reference), legal opinions or other documents and instruments relating to guarantees and other matters ancillary to the Financing as may be reasonably requested by the Parent as necessary and customary in connection with the Financing, (vii) (A) preparing and executing customary perfection certificates required in connection with the Financing, (B) obtaining pay-off letters and lien releases and instruments of discharge required to be delivered under the Commitment Letter and (C) obtaining guarantees, pledging of collateral, including taking all actions reasonably necessary to establish bank and other accounts and blocked account agreements in connection with the foregoing and executing and delivering customary pledge and security documents or other definitive financing documents and other certificates and documents as may be reasonably requested by Parent, consistent with the terms of this Agreement and the Commitment Letter, to obtain and perfect security interests in assets of the Company and its Subsidiaries that are intended to constitute collateral securing the Financing or otherwise facilitating the obtaining of guarantees, pledging of collateral from and after the Closing as may be reasonably requested by Parent; provided provided, that any obligations contained in all such agreements and documents shall be executed and effective no earlier than the Closing, (viii) providing authorization letters to the Financing Sources authorizing the distribution of information to prospective lenders or investors and containing a representation to the Financing Sources that the Company’s public filings side versions of such documents, if any, do not include material non-public information about the Company or its Subsidiaries or securities, (ix) reasonably cooperating with the Securities Financing Sources’ due diligence, providing all documentation and Exchange Commission under other information about the 1934 Act, Company and each of its Subsidiaries as amended, of any such financial statements will satisfy is reasonably requested in writing by Parent which is in connection with the requirements of these items (w), Financing and relates to applicable “know your customer” and anti-money laundering rules and regulations including without limitation the USA PATRIOT Act and (x) and taking all corporate actions, subject to the occurrence of the Closing, necessary to permit the consummation of the Financing including entering into one or more credit agreements, indentures or other instruments on terms reasonably satisfactory to Parent in connection with the Financing as of or immediately after the Effective Time to the extent direct borrowings or debt incurrence (y)or any guarantees thereof) by the Company is contemplated in the Financing; provided, however, that nothing herein shall require such cooperation to the extent it would interfere unreasonably with the business or operations of the Company or its Subsidiaries; provided, further, that neither the Company’s sole obligation with respect Company nor any of its Subsidiaries shall be required to commit to take any action that is not contingent upon the Closing (including the entry into any agreement) or that would be effective prior to the preparation Effective Time and no personal liability shall be imposed on the officers or employees involved. Neither the Company nor any of its Subsidiaries shall be required to take any pro forma financial information and financial statements for inclusion in action that would subject it to actual or potential liability prior to the Effective Time, to bear any confidential information memorandum, prospectus, offering memorandum cost or expense or to pay any commitment or other marketing and syndication materials shall be as set forth similar fee or make any other payment (other than reasonable out-of-pocket costs) or incur any other liability or provide or agree to provide any indemnity in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate connection with any financing source providing financing to Buyer the Financing or any of the foregoing prior to the Effective Time. Parent shall, promptly upon request by the Company, reimburse the Company for all documented and reasonable out-of-pocket costs incurred by the Company or its Affiliates consistent Subsidiaries in connection with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary this Section 6.12. The Company hereby consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwritingin connection with the Financing, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (logos and causing senior management on such other customary terms and representatives, with appropriate seniority conditions as the Company shall reasonably impose. For the avoidance of doubt and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, notwithstanding anything to the extent customary contrary above in this Section 6.12, Parent acknowledges and reasonable;
(vi) provide information reasonably necessary agrees that the obligations of Parent and Sub to assist Buyer consummate the Merger and the other transactions contemplated by this Agreement are not conditioned upon the availability or any consummation of its Affiliates in its preparation the Financing or receipt of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included proceeds therefrom but, in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure thatevent, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from without limiting the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such informationobligations under this Agreement, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to including this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing6.12.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 2 contracts
Sources: Merger Agreement (Sealy Corp), Merger Agreement (Tempur Pedic International Inc)
Financing Cooperation. (a) The Company From the date hereof until the Closing (or the earlier termination of this Agreement pursuant to Article IX), subject to the limitations set forth in this Agreement, each of ▇▇▇▇▇▇, ▇▇▇ and ▇▇▇▇▇▇ shall cooperate, and shall use their reasonable best efforts to cause its their respective Subsidiaries to(and use their reasonable best efforts to cause each of their respective officers, directors, affiliates and agents) to cooperate, with Holdco and with each other, as reasonably requested, to arrange and consummate the ABL Financing and the Exchange Financing. Such cooperation will include:
(i) using reasonable best efforts to make officers of appropriate seniority available, with appropriate advance notice and at Buyer’s sole expensetimes and locations reasonably acceptable to the applicable party for participation in bank meetings, reasonably cooperate additional bank calls during normal business hours at times to be mutually agreed, due diligence sessions during normal business hours at times to be mutually agreed, reasonable assistance in connection with the arrangement preparation of any Debt Financing confidential information memoranda and similar customary documents as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations any Financing Source for all or any portion of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt ABL Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate furnishing the Financing Sources with any financing source providing financing to Buyer or any copies of its Affiliates consistent such historical financial data with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents respect to the inclusion NAM Business or ▇▇▇▇▇▇, as applicable, and their respective Subsidiaries, which is prepared by the NAM Business or ▇▇▇▇▇▇ (or their respective Subsidiaries), as applicable, in the ordinary course of audit reports in connection with any Debt Financingbusiness, and other financial data or other pertinent information as may be required to be delivered to satisfy a condition precedent under the Commitment Letter and is customarily required for the arrangement and syndication of debt financings similar to the ABL Financing or is required pursuant to the Commitment Letter;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in assisting with the preparation of one appropriate and customary materials relating to the NAM Business or more confidential ▇▇▇▇▇▇, as applicable, and their respective Subsidiaries, for rating agency presentations and meetings, offering documents, marketing materials, bank information memoranda, prospectuseslender presentations, offering memoranda investor presentations and other marketing and syndication materials similar documents, in each case, reasonably requested by Buyer the Financing Sources in connection with the ABL Financing and, in each case, with respect to information relating to the NAM Business or any of its Affiliates▇▇▇▇▇▇, as applicable, and their respective Subsidiaries;
(iv) provide providing at least five days prior to Closing all documentation and other information reasonably requested by the Financing Sources at least ten days prior to Closing under applicable “know your customer,” anti-money laundering rules and regulations and the USA PATRIOT Act of 2001;
(v) providing reasonable use by Buyer and its Affiliates customary authorization letters, confirmations and undertakings to the Financing Sources authorizing the distribution of information relating to the Company’s and its Subsidiaries’ logos for syndication and underwritingNAM Business or ▇▇▇▇▇▇, as applicable, of financing and their respective Subsidiaries, to prospective lenders (subject to advance review of and consultation including with respect to presence or absence of material non-public information and accuracy of the information contained therein) and subject to customary confidentiality provisions;
(vi) assisting with the preparation of any credit agreement, indenture, pledge and security documents (including any intercreditor agreement), perfection certificates, hedging agreements, or other definitive financing documents or other documents related to the ABL Financing and the Exchange Financing; provided, that no obligation of Holdco or its Subsidiaries (including ▇▇▇▇▇▇ and its Subsidiaries) under any such use)document or agreement shall be effective until the Closing;
(vii) facilitating the pledging of collateral owned by Holdco or its Subsidiaries; provided, that no pledge shall be effective until the Closing; and
(viii) assisting in the preparation of the pro forma financial statements and projections required in connection with the ABL Financing; and
(ix) (A) allowing the usual and customary use of the logos of the parties in connection with the ABL Financing (provided that such logos are shall be used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm harm, disparage or disparage the Company or any of its Subsidiaries or otherwise adversely affect the reputation or goodwill of such party) and (B) in connection with the Company Closing, allowing the placement of customary advertisements in financial and other newspapers and periodicals or on a home page or similar place for dissemination of customary information on the Internet or worldwide web as the Financing Sources may choose, and circulate similar promotional materials in the form of a “tombstone” or otherwise describing aspects of the transactions contemplated hereby and the ABL Financing.
(b) Notwithstanding anything to the contrary contained in this Agreement (including this Section 7.21):
(i) nothing in this Agreement (including this Section 7.21) shall require any of its Subsidiaries such cooperation to the extent that it would: (A) require any party or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each casereimburse any expenses or otherwise incur any liabilities or give any indemnities prior to the Closing that will not be paid, in connection with any Debt Financingreimbursed, incurred or given by Holdco following the Closing; (B) give materially interfere with the ongoing business or operations of ▇▇▇▇▇▇, the NAM Business, ▇▇▇▇▇▇ or any indemnities in connection with any debt financingof their respective Subsidiaries, (C) take require any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company party or any of its Subsidiariestheir respective Subsidiaries to enter into any agreement or other document effective prior to the Closing (other than authorization letters, confirmations and undertakings described in Section 7.21(a)(iv) or Section 7.21(a)(v)) or agree to any change or modification of any existing agreement that would be effective prior to the Closing (other than customary authorization letters); (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilegerequire, or that is confidential or proprietary prior to the providing PartyEffective Time, any party or any of their respective Subsidiaries or any of their respective boards of directors (or equivalent bodies) to approve or authorize the ABL Financing; (E) take require any action that would conflict with or violate its organizational documents the Organizational Documents of any party or any applicable Law of its Subsidiaries or any material laws, or orders or result in the contravention of, or that would reasonably be expected to result in a violation or breach of, or default under, any agreement NAM Material Contract or ▇▇▇▇▇▇ Material Contract, as applicable; (F) cause any director, officer, employee or stockholder of any party or any of their respective Subsidiaries to which incur any personal liability; or (G) provide access to or disclose information that would jeopardize any attorney-client or work product privilege; provided that in such circumstances, the Company party in possession of such information shall provide a reasonable description of such information and shall cooperate in good faith to design and implement alternative disclosure arrangements to enable to evaluate such information, in each case without resulting in any attorney-client privilege or work-product privilege being jeopardized; or (H) require the NAM Business, ▇▇▇▇▇▇ or any of their respective Subsidiaries to prepare separate financial statements for any Subsidiary thereof, or change any fiscal period; and
(ii) no action, liability or obligation (including any obligation to pay any commitment or other fees or reimburse any expenses) of any party or their respective Subsidiaries, or any of their respective representatives under any certificate, agreement, arrangement, document or instrument relating to the ABL Financing (other than with respect to customary authorization letters) shall be effective until the Closing.
(c) Following the Closing, Holdco shall indemnify and hold harmless ▇▇▇▇▇▇, ▇▇▇, ▇▇▇▇▇▇ and their respective Subsidiaries (other than with respect to any of the following that result from information furnished by such party or their respective Subsidiaries) against any claim, loss, damage, injury, liability, judgment, award, penalty, fine, cost (including cost of investigation), reasonable and documented out-of-pocket expenses (including reasonable and documented out-of-pocket fees and expenses of counsel and third-party accountants) or settlement payment incurred as a result of such cooperation or the ABL Financing and any information used in connection therewith; provided however, that the foregoing indemnification and hold harmless shall not apply to ▇▇▇▇▇▇, ▇▇▇ or ▇▇▇▇▇▇, as applicable, in the case of any item arising from the willful misconduct or gross negligence of such party or any of its Subsidiaries is a party or (F) execute their respective affiliates or representatives. All non-public or other confidential information provided by any agreementparty, certificate, document or instrument and its affiliates and representatives pursuant to this Section 7.08(a) 7.21 shall be subject to customary confidentiality agreements in accordance with respect to any Debt Financing that is not contingent on the ClosingSection 7.06.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 2 contracts
Sources: Merger Agreement (Forbes Energy Services Ltd.), Merger Agreement (Superior Energy Services Inc)
Financing Cooperation. (a) The From and after the date of this Agreement, and until the earlier of the Effective Time and the termination of this Agreement pursuant to Article VIII, the Company shall shall, and shall cause each of its Subsidiaries and their respective officers and directors to, at Buyer’s sole expenseand shall instruct and use reasonable best efforts to cause its and their Representatives (including their auditors and reserve engineers) to, reasonably cooperate in connection use its respective reasonable best efforts to provide all customary cooperation (including providing financial and other information regarding the Company and its Subsidiaries, including (x) proved reserve reports with respect to the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations Oil and Gas Properties of the Company or and its Subsidiaries. Such cooperation by , (y) information with respect to property descriptions of the Oil and Gas Properties of the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
necessary to execute and record mortgages and (iz) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act regulations, for use in marketing, rating agency and offering documents, and to the extent enable Parent to prepare pro forma financial statements) as reasonably requested by Parent to assist Parent in (i) the arrangement of any bank debt financing source providing financing (including through amendments to Buyer existing bank debt financings) or any capital markets debt or equity financing and (ii) any tender offer or consent solicitation in respect of outstanding senior notes of Parent.
(b) The Company shall, and shall cause each of its Affiliates Subsidiaries and their respective officers and directors to, after (and not prior to) the receipt of a written request from Parent to do so, use reasonable best efforts to deliver all notices and take all other actions to facilitate the termination at least ten the Closing of all commitments in respect of each of any credit agreement of the Company, the repayment in full on the Closing Date of all obligations in respect of the indebtedness thereunder, the release on the Closing Date of any Encumbrances securing such indebtedness and guarantees in connection therewith, and, with respect to any letters of credit, hedging transactions or bank products arrangements outstanding thereunder, the cash collateralization thereof or the making of any alternate arrangements with respect thereto that are reasonably requested by Parent. The Company shall, and shall cause each of its Subsidiaries and their respective officers and directors to, after (10and not prior to) Business Days prior the receipt of a written request from Parent to do so, use reasonable best efforts to (i) issue one or more notices of optional redemption (and any updates thereto), which notices may be subject to one or more conditions specified by Parent, for some or all of the outstanding aggregate principal amount of Company Notes pursuant to the anticipated Acceptance Time;
Company Notes Indenture to effect a redemption of the Company Notes on or after the Closing Date, and (viiiii) provide information reasonably necessary any other reasonable cooperation requested by Parent to assist Buyer facilitate the redemption of some or any all of its Affiliates the Company Notes (and, if elected by Parent, the satisfaction and discharge of the Company Notes and the Company Notes Indenture substantially concurrently with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any the release of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge all guarantees in connection with repayment therewith, effective as of existing indebtedness and conditioned upon the occurrence of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
Closing Date (x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with including delivering any legal opinions that may be opinions, notices, requests, order or certificates required to be delivered in connection with the Debt Financing;such discharge). The redemption (or, if applicable, satisfaction and discharge) of the Company Notes and Company Notes Indenture pursuant to this Section 6.18(b) and the release of all guarantees in connection therewith, are referred to collectively as the “Discharge.” Parent shall deposit, or cause to be deposited, funds with the trustee for the Company Notes sufficient to fund any Discharge requested by Parent no later than the redemption time specified in the applicable redemption notice in accordance with the applicable Company Notes Indenture to the extent such redemption occurs on the Closing Date.
(xivc) prevent Notwithstanding anything to the syndicationcontrary in this Section 6.18, incurrence no action shall be required of the Company or issuanceits Subsidiaries pursuant to Section 6.18(a)-(b) , if any such action shall: (i) unreasonably disrupt or interfere with the business or ongoing operations of Company and its Subsidiaries; (ii) cause any representation or warranty or covenant contained in this Agreement to be breached (unless waived by Parent); (iii) involve the entry by the Company or any attempt Subsidiary into any agreement with respect to syndicate, incur or issue, or any announcement or authorization of financing arrangement that is operative prior to the announcement of Closing (it being understood and agreed that such agreements may be effective and binding against the syndication, incurrence or issuance, of any debt facility or any debt security of Company and its Subsidiaries after the Closing); (iv) require Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing Subsidiaries or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor or their Representatives to provide (or to have provided on its behalf) any of their respective Affiliates certificates or Representatives shall be legal opinions, other than certificates or legal opinions delivered at (or effective as of) the Closing Date, customary representation, authorization and comfort letters, any officer’s certificate required to be delivered in connection with any Parent financing permitted by this Agreement and any officer’s certificate or legal opinion pursuant to the Company Notes Indenture in connection with any Discharge pursuant to Section 6.18(b); (Av) require the Company or any Subsidiary to pay any commitment or other feesfee, in each case, in connection with reimburse any Debt Financing, (B) give expenses or otherwise incur any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary liabilities prior to the providing Party, Closing Date for which it has not received prior reimbursement; (Evi) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which require the Company or any of its Subsidiaries is a party or their respective Representatives to prepare pro forma financial information or projections, which shall be the responsibility of Parent; provided, however, the Company will use its reasonable best efforts to assist with such preparation if requested by Parent; or (Fvii) cause any director, officer, or employee of Company or any of its Subsidiaries to execute any agreementagreement or certificate in his or her individual, certificaterather than official, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closingcapacity.
(bd) Buyer shall, promptly Promptly upon request by the Company’s request, reimburse the Company for all reasonable and documented out-of-pocket costs fees and expenses incurred by the Company and its Subsidiaries in connection with assisting in any financing arrangement pursuant to this Section 6.18 shall be paid or reimbursed by Parent, and, in the event the Closing shall not occur, Parent shall indemnify and hold harmless Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses actually suffered or incurred by any of them in connection with the arrangement or consummation of such financing arrangement, except to the extent such losses arise out of or results from the fraud, intentional misrepresentation, intentional breach, bad faith or willful misconduct of the Company, its Subsidiaries or any debt financing and any information utilized in connection therewith (other than material misstatements of its or omissions in their Representatives related to this Section 6.18, or from the information provided by the Company or any of its Subsidiaries for use in such financing)connection with any financing arrangement pursuant to this Section 6.18.
Appears in 2 contracts
Sources: Merger Agreement (WildHorse Resource Development Corp), Merger Agreement (Chesapeake Energy Corp)
Financing Cooperation. (a) The Company shall, and shall cause the Company Subsidiaries to, and shall cause its Subsidiaries and their Representatives to, at Buyerprovide all cooperation reasonably requested by Parent in connection with any financing arranged by Parent or any of its Subsidiaries for the purpose of financing Parent’s sole expense, reasonably cooperate or its Subsidiaries’ obligations in connection with the arrangement completion of the Mergers or the other transactions contemplated hereby (including, without limitation, the payment of fees and expenses in connection therewith and the repayment of any Debt Financing as may be reasonably requested by Buyer; provided that Indebtedness of Parent, the Company or any of their Subsidiaries in connection therewith). Such cooperation shall include (i) participating in a reasonable number of meetings, presentations and due diligence sessions in connection with such requested cooperation does not unreasonably interfere financing arrangements, (ii) providing reasonable and timely assistance with the ongoing operations preparation of materials for presentations, offering memoranda, prospectuses and similar documents required in connection with such financing arrangements (including relating to the preparation of pro forma financial statements), (iii) as promptly as reasonably practical, furnishing Parent and any of its financing sources with (A) audited consolidated balance sheets and related audited consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for each of the three most recently completed fiscal years of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 sixty (60) days prior to the Closing Date Date, in each case, prepared in accordance with GAAP applied on a basis consistent with that of the most recent fiscal year and (B) unaudited financial consolidated balance sheets and related condensed consolidated statements relating of operations, comprehensive income, changes in equity and cash flows (in each case, subject to normal year-end adjustments and absence of footnotes) for the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth each subsequent fiscal quarter) quarter ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 forty (40) days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 reviewother than the fourth fiscal quarter of any fiscal year), in each case, prepared in accordance with GAAP and reviewed by the Company’s independent public accountants, and (xC) of any other information regarding the type Company and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise Company Subsidiaries that Parent may reasonably required request in connection with any Debt Financing the arrangement or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) execution of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Actsuch financing, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use obtain customary authorization letters, comfort letters and accountants’ consent letters as may be requested by Buyer ▇▇▇▇▇▇ and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
requested in writing at least ten (vi10) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating Business Days prior to the Company and its Subsidiaries for rating agency presentations;
(vii) provide Closing, delivering at least three (3) Business Days prior to the Acceptance Time Closing all documentation and other information about with respect to the Company and its the Company Subsidiaries as is that are required by regulatory authorities under applicable “know your know-your-customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act Act. Notwithstanding the foregoing, nothing in this Section 7.15(a) shall require the Company, the Company Subsidiaries and their respective Representatives shall not be required to enter into any letter, certificate, document, agreement or instrument (other than customary authorization and representation letters) that will be effective prior to the Closing or to pay any commitment fee or other amount to any financing source prior to the Closing and nothing in this Section 7.15(a) shall require (x) such cooperation to the extent reasonably requested by any financing source providing financing to Buyer it would disrupt unreasonably the business or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness operations of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such informationSubsidiaries, taken as a whole, not misleading in or require any of them to take any actions that would reasonably be expected to violate its organizational documents or (if such violation of law would be material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters and adverse to the providers interests of the debt financing authorizing Company) applicable Law or contract, (y) the distribution board of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates directors or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security similar governing body of the Company or any Company Subsidiary to adopt resolutions approving any letter, certificate, document, agreement or instrument (other than customary authorization and representation letters to the extent necessary) that will be effective prior to the Closing or (z) the Company or any Company Subsidiary to incur any liability prior to the Closing for which it has not received prior reimbursement or is not otherwise indemnified by or on behalf of Parent. Parent shall indemnify, defend and hold harmless the Company and its SubsidiariesAffiliates, and its and their respective pre-Closing Representatives, from and against any liability, obligation or loss suffered or incurred by them in connection with any cooperation provided under this Section 7.15(a) and any information utilized in connection therewith, except as otherwise permitted under in the commitment letter with respect to event such liabilities, obligations or losses arose out of or result from (i) information furnished in writing by or on behalf of the Debt Financing or under Section 5.01; provided that neither Company, the Company nor any of Subsidiaries or its Subsidiaries nor any of or their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, for use in connection with any Debt Financinga transaction of the type described in the first sentence of this Section 7.15(a), (Bii) give any indemnities in connection with any debt financingthe bad faith, (C) take any action that, in the good faith determination of gross negligence or willful misconduct by the Company, would unreasonably interfere with the conduct of the business any of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, or their respective Affiliates or Representatives or (Diii) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or material breach of, or default under, any agreement to which by the Company or any the Company Subsidiaries of its Subsidiaries is a party or their obligations under this Agreement (Fclauses (i) execute any agreementthrough (iii) collectively, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer “Indemnity Exceptions”). Parent shall, promptly upon request by the Company, reimburse the Company and the Company Subsidiaries and Representatives for all reasonable, documented and invoiced out-of-pocket costs and expenses actually incurred by the Company or the Company Subsidiaries in connection with any cooperation provided under this Section 7.15(a) (including reasonable, documented out-of-pocket auditor’s and attorneys’ fees and expenses, but excluding the costs of the Company’s preparation of its annual quarterly and financial statements and any other information or data and excluding costs arising out of or resulting from the Indemnity Exceptions). It is understood and agreed that a failure to consummate a financing of the type described in the first sentence of this Section 7.15(a) shall not, in and of itself, constitute a failure by the Company to satisfy its obligations under this Section 7.15(a).
(b) The Company shall, and shall cause the Company Subsidiaries to, use reasonable best efforts to, as soon as reasonably practicable after (and not prior to) the receipt of a written request from Parent to do so, on the terms and conditions specified by Parent and in compliance with all applicable terms and conditions of the applicable Company Debt Agreement, seek an amendment or amendments to any of the Company Debt Agreements or pursue any approach chosen by Parent to (subject to the occurrence of the Closing) the assumption, defeasance, satisfaction and discharge, constructive satisfaction and discharge, refinancing, repayment, repurchase, redemption, termination, amendment, guarantee, purchase, unwinding or other treatment of, the Company Debt Agreements and the indebtedness incurred pursuant thereto, (any such transaction, a “Debt Transaction”). The Company shall not be required to take any action in respect of any Debt Transaction until Parent shall have provided the Company with drafts of any necessary documentation required in connection with such Debt Transaction in a form reasonably satisfactory to the Company (collectively, the “Debt Transaction Documents”) at least three (3) Business Days prior to the date of such requested action. The Company shall use reasonable best efforts to, and shall cause the Company Subsidiaries to use reasonable best efforts to, cause its and their respective Representatives to provide cooperation and assistance reasonably requested by Parent in connection with the Debt Transactions (including taking all corporate action reasonably necessary to authorize the execution and delivery of any Debt Transaction Documents to be entered into prior to Closing and delivering all officer’s certificates and legal opinions required to be delivered in connection therewith), provided, that nothing in this Section 7.15(b) shall require the Company to (i) enter into any such Debt Transaction Documents which are effective prior to Closing (other than (A) amendments to the terms of Company Debt Agreements to facilitate the consummation (at or following the Closing) of a Debt Transaction (provided that the Company shall not be required to enter into any such amendment if the terms are more restrictive to the Company than the applicable Company Debt Agreement as in effect prior to such amendment and such more restrictive terms are effective prior to or not conditioned upon the Closing) and any documents or instruments delivered in connection therewith) or (B) notices of prepayment or redemption that are expressly conditioned on the Closing) or (ii) to pay any amendment fee or other amount with respect to such Debt Transaction (except with respect to the Company’s outside counsel fees and any other amount promptly reimbursed by Parent) prior to the Closing.
(c) All material non-public or otherwise confidential information regarding the Company obtained by Parent or any of their respective obligations Representatives pursuant to this Section 7.08(a). Buyer 7.15 shall indemnify and hold harmless be kept confidential in accordance with the Confidentiality Agreement; provided that the Company agrees that Parent may (i) share non-public or otherwise confidential information with (x) rating agencies, (y) counterparties to Indebtedness of the Company, its and (z) actual or potential financing sources if (in the case of this clause (z) the recipients of such information agree to customary confidentiality arrangements, including customary “click through” confidentiality agreements and confidentiality provisions contained in customary bank books and offering memoranda).
(d) The Company shall, and shall cause the Company Subsidiaries to, deliver all notices and their respective Representativestake all other actions to facilitate the termination at the Partnership Merger Effective Time of all financing commitments and other indebtedness of the Company or the Company Subsidiaries to be paid off, discharged and terminated on the Closing Date as specifically requested by Parent in writing (the “Payoff Indebtedness”), the repayment in full on the Closing Date of all obligations in respect of the indebtedness thereunder, and the release on the Closing Date of any Liens securing such indebtedness and guarantees in connection therewith. In furtherance and not in limitation of the foregoing, the Company and the Company Subsidiaries shall use reasonable best efforts to deliver to Parent (i) at least ten (10) Business Days prior to the Closing Date (or such short period as agreed by Parent), a draft payoff letter with respect to the Payoff Indebtedness to be paid off, discharged and terminated on the Closing Date and (ii) at least one (1) Business Day prior to the Closing Date, an executed payoff letter with respect to the Company’s credit facility (together with the payoff letter contemplated by clause (i), the “Payoff Letters”) and such other indebtedness (including mortgages) of the Company or the Company Subsidiaries to be paid off, discharged and terminated on the Closing Date, in each case in form and substance customary for transactions of this type, from the Persons (or the applicable agent on behalf of the Persons) to whom such indebtedness is owed, which Payoff Letters together with any related release documentation shall, among other things, (x) include the payoff amount (including customary per diem) and against any (y) provide that Liens (and all losses suffered or incurred by any of them guarantees), if any, granted in connection with any debt financing such Payoff Indebtedness relating to the assets, rights and any information utilized in connection therewith (other than material misstatements or omissions in information provided by properties of the Company and the Company Subsidiaries securing or any relating to such indebtedness, shall, upon the payment of its Subsidiaries for use the amount set forth in such financing)the applicable Payoff Letter at or prior to the Partnership Merger Effective Time, be released and terminated.
Appears in 2 contracts
Sources: Merger Agreement (Kimco Realty Corp), Merger Agreement (RPT Realty)
Financing Cooperation. (a) The Company Prior to the Completion Date, ▇▇▇▇▇▇ shall provide to ▇▇▇▇▇, and shall cause its Subsidiaries to, at Buyer’s sole expenseand shall use all reasonable endeavours to cause the respective officers, reasonably cooperate in connection with the arrangement employees and advisors and other Representatives, including legal and accounting, of any Debt Financing ▇▇▇▇▇▇ and its Subsidiaries to, provide to ▇▇▇▇▇ and its Subsidiaries such cooperation as may be reasonably requested by Buyer; ▇▇▇▇▇ in connection with the syndication and consummation of the Financing (provided that such requested cooperation does not unreasonably interfere with the ongoing business or operations of the Company or ▇▇▇▇▇▇ and its Subsidiaries. Such cooperation by ), including (i) participating in a reasonable number of meetings, presentations, road shows, drafting sessions, due diligence sessions and sessions with prospective lenders, investors and rating agencies, (ii) assisting with the Company preparation of materials for rating agency presentations, offering documents, private placement memoranda, bank information memoranda, prospectuses and similar documents required or necessary in connection with the Financing, (iii) furnishing ▇▇▇▇▇ as promptly as reasonably practicable with financial and other pertinent information regarding ▇▇▇▇▇▇ and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable requested by ▇▇▇▇▇ to consummate any Debt the Financing, including all financial statements, statements and financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company data in respect of ▇▇▇▇▇▇ and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form that would be required by Regulation S-X and Regulation S-K promulgated under the 1933 Securities Act for a if the Financing were registered public offering of debt securities, (y) of on Form S-1 under the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Securities Act, including audits thereof to the extent so required (which audits shall be unqualified, provided, that ▇▇▇▇▇ acknowledges that no audits other than those set forth in the Scheme Document, the Joint Proxy Statement or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (wForm S-4 are required), (xiv) providing such documents and (y); provided, further, that the Company’s sole obligation with respect other information relating to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company ▇▇▇▇▇▇ and its Subsidiaries as may be reasonably necessary required to assist Buyer or enable the delivery of any customary negative assurance opinion and customary comfort letters relating to the Financing, (v) using all reasonable endeavours to obtain the consents of its Affiliates ▇▇▇▇▇▇’▇ accountants for use of their reports on the audited financial statements of ▇▇▇▇▇▇ in any materials relating to the preparation of one or more confidential information memorandaFinancing, prospectuses, offering memoranda and other marketing and syndication materials (vi) using reasonable endeavours to obtain ▇▇▇▇▇▇’▇ accountant’s comfort letters reasonably requested by Buyer or any of its Affiliates;
▇▇▇▇▇, (ivvii) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos reasonably cooperating with requests for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
, (viviii) provide information reasonably necessary using reasonable endeavours to assist Buyer or any ensure that the Financing benefits from the existing lender relationships of its Affiliates in its preparation of material relating to the Company ▇▇▇▇▇▇ and its Subsidiaries for rating agency presentations;
and (viiix) provide at least three (3) Business Days prior to the Acceptance Time all providing such documentation and other information about the Company ▇▇▇▇▇▇ and its Subsidiaries as is required reasonably requested in writing by ▇▇▇▇▇ reasonably in advance of the Completion Date in connection with the Financing that relates to applicable “know your customer” and anti-money laundering rules and regulations regulations, including without limitation, the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer ACT; provided that none of ▇▇▇▇▇▇ or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those Subsidiaries shall be required to be included in pay any periodic report that Buyer commitment or other fee or incur any of its Affiliates is required to file under the 1934 Act following the Closing) other cost or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts expense in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections fees and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any expenses of its Subsidiariesaccountants and attorneys that are promptly reimbursed by ▇▇▇▇▇ under Clause 7.8(b)); and provided, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided further, that neither the Company (A) none of ▇▇▇▇▇▇ nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to incur any liability (Aother than the fees and expenses of its accountants and attorneys that are promptly reimbursed by ▇▇▇▇▇ under Clause 7.8(b)) pay any commitment or other fees, in each case, in connection with any Debt Financingthe Financing prior to the Completion Date, (B) give any indemnities in connection with any debt financingthe ▇▇▇▇▇▇ Board and officers of ▇▇▇▇▇▇ prior to the Completion Date and the directors and officers of the Subsidiaries of ▇▇▇▇▇▇ prior to Completion Date shall not be required to adopt resolutions approving the agreements, documents and instruments pursuant to which the Financing is obtained, (C) take any action that, in the good faith determination none of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or ▇▇▇▇▇▇ nor any of its Subsidiaries is a party shall be required to execute, prior to the Completion Date, any definitive financing agreements, including any credit or other agreements in connection with the Financing, and (FD) execute except as expressly provided above, none of ▇▇▇▇▇▇ nor any agreement, certificate, document or instrument pursuant of its Subsidiaries shall be required to this Section 7.08(a) with respect take any corporate actions prior to any Debt Financing that is not contingent on the ClosingCompletion Date to permit the consummation of the Financing.
(b) Buyer ▇▇▇▇▇ shall, promptly upon request by the Company▇▇▇▇▇▇, reimburse the Company ▇▇▇▇▇▇ for all reasonable documented out-of-pocket costs and expenses incurred by the Company, ▇▇▇▇▇▇ or its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer such cooperation and shall indemnify and hold harmless the Company▇▇▇▇▇▇, its Subsidiaries and their respective Representatives, Representatives (including the ▇▇▇▇▇▇ Board and officers of ▇▇▇▇▇▇ or any of its Subsidiaries prior to the Completion Date) from and against any and all losses liabilities, losses, damages, claims, expenses, interest, judgments and penalties suffered or incurred by any of them in connection with any debt financing and the syndication or consummation of the Financing, any information utilized utilised in connection therewith (other than material misstatements or omissions in information provided by the Company ▇▇▇▇▇▇ or any of its Subsidiaries for use in such financing)accordance with the terms hereof) and any action taken by them at the request of ▇▇▇▇▇ or its Representatives.
Appears in 2 contracts
Sources: Transaction Agreement (Eaton Corp), Transaction Agreement (Cooper Industries PLC)
Financing Cooperation. (a) The From the date of this Agreement and prior to the Closing, or the earlier termination of this Agreement in accordance with Section 8.1, the Seller shall use its commercially reasonable efforts to cause the Company shall and shall cause its Subsidiaries Representatives to, provide, at the sole cost and expense of Buyer’s sole expense, all customary cooperation reasonably cooperate requested by Buyer in writing in connection with the arrangement and obtaining of any Debt Financing as may be reasonably requested financing for purposes of consummating the transactions contemplated by Buyer; provided this Agreement (the “Financing”) (provided, that such requested cooperation does not not, in the judgment of the Seller, unreasonably interfere with the ongoing operations of the Company Seller or its Subsidiaries. Such cooperation the Group Companies), including by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements Upon Buyer’s reasonable request and upon reasonable advance notice, cause appropriate members of senior management of the Company to be available, at reasonable times during normal business hours, to participate in a reasonable and customary number of management and other financial data and other information relating meetings (including customary one-on-one meetings) (or, at the option of the Seller, calls in lieu of meetings), in each case, to the Company extent usual and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating customary for financings of a similar type to the Company Financing and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt the Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer executing and delivering customary certificates or any of its Affiliates consistent with their customary practice documents as may be reasonably requested by ▇▇▇▇▇, and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports extent required by the Financing, in connection with any Debt Financingeach such case, effective no earlier than the Closing;
(iii) provide information related to furnishing Buyer and the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in Financing Sources with the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its AffiliatesRequired Information;
(iv) provide assisting Buyer in the reasonable use by Buyer preparation of customary pro forma consolidated balance sheet and related pro forma consolidated statements of income (it being understood that Buyer, and not the Seller, the Company or its Affiliates Representatives, shall be responsible for the preparation of the pro forma financial statements and any other pro forma information, including any pro forma adjustments and the Company’s assistance shall relate solely to the financial information and its Subsidiaries’ logos for syndication data derived from the Company’s historical books and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such userecords); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary any current Company directors and reasonable;officers continue to hold such offices and positions with the Company from and after the Closing, causing such directors and officers to execute resolutions or consents of the Company that do not become effective until the Closing with respect to entering into the definitive documentation for the Financing and otherwise as necessary to authorize consummation of the Financing; and
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide provide, at least three (3) Business Days prior to the Acceptance Time Closing, all documentation and other information about relating to the Company and its Subsidiaries as is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act Act, to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates ▇▇▇▇▇ in writing at least ten (10) Business Days prior to the anticipated Acceptance Time;Closing Date.
(viiib) provide information reasonably necessary to assist Buyer or any of its Affiliates with Notwithstanding the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure thatforegoing, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company Seller nor any of its Subsidiaries nor any of their respective Affiliates or Representatives Group Company shall be required to take or permit the taking of any action pursuant to this Section 6.22 or otherwise that would (A) require any Group Company or any Persons who are officers or directors of any Group Company to pass resolutions or consents to approve or authorize the execution of the Financing that is effective prior to the Closing or execute or deliver any certificate, document, instrument or agreement or agree to any change or modification of any existing certificate, document, instrument or agreement that is effective prior to the Closing, (B) require any Group Company to pay any commitment or other feessimilar fee or incur any other expense, liability or obligation (other than those set forth in each case, this Section 6.22) in connection with any Debt Financing, (B) give any indemnities in connection with any debt financingthe Financing prior to the Closing, (C) take any action that, in the good faith determination judgment of the Seller or the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law law or the applicable party’s Governing Documents or would reasonably be expected to result in a violation or breach of, or default under, any agreement Contracts to which any Group Company is a party, (D) in the judgment of the Seller or the Company, provide access to or disclose information that the Seller or the Company determines would jeopardize any attorney-client privilege of the Company (provided, that the Company and its Representatives shall use commercially reasonable efforts to grant such access or provide such disclosure in a manner which would not jeopardize such privilege) Seller or any Group Company, (E) require any Group Company to enter into any instrument or agreement that is effective prior to the Closing or that would be effective if the Closing does not occur, (F) require the Seller, a Group Company or any of its Subsidiaries is their Affiliates or their respective Representatives, as applicable, to waive or amend any terms of this Agreement, (G) result in any officer or director of Seller, a party Group Company or any of their Affiliates, Representatives thereof or other personnel, incurring personal liability with respect to any matters relating to the Financing, (H) unreasonably disrupt or interfere with the ongoing business or operations of the Seller or any Group Company, (I) take any action in respect of the Financing to the extent such action would cause any condition to the Closing set forth in Article VII to fail to be satisfied by the Termination Date or (FJ) execute other than with respect to the definition of “Required Information”, deliver any agreementfinancial or other information that is not readily available or prepared in the Ordinary Course by the Group Companies at the time requested by Buyer. Upon the written request of the Seller, certificateBuyer shall provide information (whether in summary written form, document or instrument pursuant to this Section 7.08(ain part or full drafts or final definitive documentation) with respect to any Debt Financing that as is not contingent on reasonably necessary to permit the ClosingSeller and Group Companies to comply with any requested cooperation under this Section 6.22.
(bc) Buyer shall, promptly upon request by the Seller or the Company, reimburse reimburse, at any time, on demand, the Seller, the Company, any other Group Company or any of their respective Affiliates or Representatives, as applicable, for all out-of-pocket costs and expenses (including reasonable attorney’s fees) incurred by the Seller, the Company, its Subsidiaries and its and any other Group Company or any of their respective Affiliates or Representatives in connection with their respective obligations pursuant to the cooperation contemplated by this Section 7.08(a). Buyer 6.22 and shall indemnify and hold harmless the Seller, the Company, its Subsidiaries any other Group Company and their respective Representatives, Affiliates and Representatives from and against any and all losses losses, liabilities, claims, costs, expenses and/or damages suffered or incurred by any of them in connection with the Financing, any debt financing action taken by them at the request of or on behalf of Buyer (or the Financing Sources) pursuant to this Section 6.22 and any information utilized used in connection therewith therewith.
(other than material misstatements d) For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, ▇▇▇▇▇ acknowledges, affirms and agrees that (i) its obligation to consummate the transactions contemplated under this Agreement on the terms and subject to the conditions set forth herein are not conditioned upon compliance with this Section 6.22 or omissions in information provided by the Company availability or the consummation of the Financing or receipt of proceeds therefrom and (ii) that Section 6.22 sets forth the sole obligations of the Seller and Group Companies with respect to any of its Subsidiaries for use in such financing)Financing.
Appears in 1 contract
Financing Cooperation. (a) The Subject to Section 6.12(a), the Company shall and shall cause its Subsidiaries subsidiaries and Representatives to, at BuyerParent’s sole expense, reasonably cooperate in connection with the arrangement of any Debt the Financing (or alternative financing, as the case may be) as may be reasonably requested by Buyer; Parent (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or and its Subsidiariessubsidiaries). Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts toParent:
(ia) furnish agreeing to enter into such agreements, and to deliver such officer’s certificates, as are customary in financings of such type (including using reasonable best efforts to deliver a certificate of the chief financial statements and other financial data and other information relating officer of the Company with respect to solvency of the Company and its Subsidiaries subsidiaries on a consolidated basis or any officer’s certificate of a similar nature to the extent required in connection with the Financing) and requested by Buyer or its Representatives as are, in the good faith determination of the persons executing such officer’s certificates, accurate, and agreeing to pledge, grant security interests in, and otherwise grant liens on, the Company’s assets pursuant to such agreements as may be reasonably necessary requested, provided that no obligation of the Company under any such agreement, pledge or advisable grant shall be effective until the Effective Time;
(b) subject to consummate any Debt FinancingSection 6.5(a) and Section 6.5(b), including furnishing Parent, Acquisition Sub and their financing sources as promptly as practicable with available financial statements, financial data, projections, audit reports and other pertinent available information (w) constituting audited financial statements relating to regarding the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior subsidiaries, including: (I) to the Closing Date and extent required under the Debt Commitment Letter, the unaudited financial statements relating to consolidated balance sheet of the Company and its Subsidiaries for subsidiaries and the related statements of operations and cash flows as of the end of any month or quarterly interim period or periods (other than the fourth fiscal quarter) ended ending after the date execution of this Agreement, and (II) all financial information related to the Company and/or its most recent audited subsidiaries reasonably required by Parent for Parent to produce the financial statements (and corresponding periods of any prior years) and at least 40 days prior required to be delivered pursuant to the Closing Date Financing (with respect to which independent auditors shall have performed a SAS 100 review)including, (x) if required, all financial statements and financial data of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securitiesSecurities Act);
(c) making the Company’s senior officers available to (i) assist the lenders specified in the Financing Commitments, (yii) participate in a reasonable number of meetings, presentations, due diligence sessions and sessions with prospective lenders, investors and rating agencies in connection with the type Financing, (iii) assist with the preparation of materials for rating agency presentations, bank information memoranda and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably similar documents required in connection with any Debt the Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfortrequesting any consents of accountants for use of their reports in any materials relating to the Financing) from independent accountants and (iv) otherwise reasonably cooperate in connection with offering(sthe consummation of the Financing, including reasonably cooperating in obtaining, prior to the date which is twenty (20) of debt securities in connection with any Debt Financing; provided that days prior to the Company’s public filings with Merger Closing Date, corporate and facilities ratings to the Securities and Exchange Commission extent required under the 1934 Act, as amended, of Financing Commitments (or any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(areplacement thereof);
(iid) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any causing the taking of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to corporate actions by the Company and its Subsidiaries subsidiaries reasonably necessary to assist Buyer or any permit the completion of the Financing (including (1) using commercially reasonable efforts to cooperate with Parent’s efforts to obtain non-invasive environmental assessments, legal opinions, surveys and title insurance (including providing reasonable access to Parent and its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials Representatives to all Owned Property) as reasonably requested by Buyer or Parent, provided, that, any access by Parent onto the properties of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries subsidiaries shall be subject to reasonable security measures and insurance requirements and shall be during reasonable business hours and shall not unreasonably interfere with the operations thereon, (2) requesting customary payoff letters, Lien terminations and instruments of discharge to be delivered at Merger Closing to allow for rating agency presentations;
(vii) provide at least three the payoff, discharge and termination in full on the Merger Closing Date of all indebtedness and Liens under the Credit Agreement and (3) Business Days furnishing Parent and its lenders promptly, and in any event at least ten (10) days prior to the Acceptance Time Merger Closing Date, with all documentation and other information about the Company and its Subsidiaries as is required by Governmental Authorities with respect to the Financing under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time2001, as amended);
(viiie) provide information reasonably facilitating the execution and delivery of definitive documents related to the Debt Financing on the terms contemplated by the Debt Commitment Letter;
(f) making all necessary to assist Buyer or any of its Affiliates filings with the preparation of pro forma financial information and financial statements United States Copyright Office to register copyright in the Company Products to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Financing; and
(g) using commercially reasonable efforts to ensure that any efforts to syndicate the Debt Financing benefit materially from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by investment banking relationships Parent shall promptly reimburse the Company or its Subsidiaries to the extent such information contains for any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders out-of-pocket expenses and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered costs reasonably incurred in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence Company’s or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted affiliates’ obligations under the commitment letter with respect this Section 6.13. Notwithstanding anything in this Agreement to the Debt Financing or under Section 5.01; provided that contrary, neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives subsidiaries shall be required to (A) pay any commitment or other fees, in each case, similar fee or enter into any definitive agreement or incur any other liability or obligation in connection with any Debt Financing, the Financing (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (Dalternative financing) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary prior to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingEffective Time.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Financing Cooperation. (a) The Company shall use its reasonable best efforts to, and shall cause its Subsidiaries to, at Buyer’s sole expense, reasonably cooperate and its and their respective Representatives to use their reasonable best efforts to provide customary cooperation in connection with the arrangement of any debt financing to fund the transactions contemplated hereby (the “Debt Financing Financing”) as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall includeParent, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
including: (i) furnish such financial statements participating in a reasonable number of meetings, due diligence sessions and other financial data sessions with prospective financing sources, investors and other information relating to ratings agencies, in each case, upon reasonable advance notice, during normal business hours, and at mutually agreed times, (ii) cooperating with Parent’s marketing efforts in connection with the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statementsby assisting with the preparation of materials for rating agency presentations, financial data, projections, audit reports bank information memoranda and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably similar documents required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any the Debt Financing; provided that that, Parent is solely responsible for the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation content of any pro forma financial statements, synergies, projections or adjustments contained therein other than the content of historical financial information and financial statements for inclusion in any confidential information memorandumof the Company contained therein, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials taking corporate actions reasonably requested by Buyer Parent to permit the consummation of the Debt Financing, including executing and delivering any definitive financing documents; provided that no such actions or any of its Affiliates;
documents shall be required to be effective prior to the Closing, (iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwritingfurnishing, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all Closing, such documentation and other information about the Company and its Subsidiaries as is requested in writing by Parent at least 10 days prior to the Closing to the extent required by under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act to and 31 C.F.R. §1010.230, (v) facilitating the extent reasonably requested by any financing source providing financing to Buyer termination and payoff of the commitments under the indebtedness set forth on Section 6.05 of the Company Disclosure Schedule (the “Payoff Indebtedness”) at Closing upon or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates simultaneously with the preparation funding of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing and arranging for delivery to Buyer or any Parent of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary letters, lien terminations and other instruments of discharge in customary form and substance in respect of the Payoff Indebtedness (the “Payoff Letters”) and (vi) furnishing Parent with any pertinent and customary information (including financial information) regarding the Company and its Subsidiaries as may be reasonably requested by Parent in connection with repayment of existing indebtedness the Debt Financing.
(b) The Company shall furnish to Parent, as soon as reasonably practicable, (i) the audited consolidated balance sheets of the Company and its Subsidiaries reasonably requested by Buyer or any as at the end of, and related statements of its Affiliates;
(x) cooperate with the providers income and cash flows of the Debt Financing Company and its Subsidiaries for, the most recently completed fiscal year ended at least 60 days prior to ensure thatthe Closing Date and (ii) the unaudited consolidated balance sheet of the Company and its Subsidiaries as at the end of, and related statements of income and cash flows of the Company and its Subsidiaries for, each subsequent fiscal quarter (other than the fourth fiscal quarter of any fiscal year) of the Company and its Subsidiaries subsequent to the last fiscal year for which financial statements were delivered pursuant to the preceding clause (a) and ended at least 45 days before the Closing Date (in the case of this clause (b), without footnotes), in each case of clauses (i) and (ii), prepared in accordance with GAAP. The Company shall use reasonable best efforts to furnish to Parent promptly after Parent’s written request therefore, to the extent practicable and appropriate, any syndication efforts reasonably required in connection with the Debt Financing benefit from Financing, (i) other Company information of the type required by Regulation S-X or Regulation S-K under the 1933 Act in connection with a registered offering of securities by Parent and other information of the type customarily included in (A) a bank information memorandum of Parent and (B) a registered offering of Parent debt securities by Regulation S-X and Regulation S-K under the 1933 Act (which, for the avoidance of doubt, shall not include Company financial statements or information required by Rules 3-09, 3-10 or 3-16 of Regulation S-X or Compensation Discussion and Analysis required by Regulation S-X Item 402(b), but would include customary disclosure of certain guarantor and non-guarantor information), and (ii) Company information of the type and form that are customarily included in a private placement of Parent debt securities pursuant to Rule 144A promulgated under the 1933 Act. Solely as required by the terms of the Debt Financing, the Company shall assist Parent in securing the customary cooperation of the independent accountants of the Company and its Subsidiaries.
(c) The Company hereby consents, on behalf of itself and its Subsidiaries, to the use of the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered logos in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither such logos are used in a manner that is not intended or likely to harm or disparage the Company nor any Company’s or its Subsidiaries’ reputation or goodwill.
(d) Notwithstanding the foregoing or anything else in this Agreement to the contrary, in no event shall “reasonable best efforts” of the Company, its Subsidiaries nor any of or their respective Affiliates or Representatives officers, directors, employees, agents, attorneys, accountants and advisors be deemed to construe to require such Persons to and such Persons shall not be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financingto, (B) give any indemnities in connection with any debt financing, (Ci) take any action that, in to the good faith determination of the Company, extent it would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets operations of the Company or any of its Subsidiaries, (Dii) provide pay any information fee or reimburse any expense in connection with the disclosure Debt Financing unless and until the Closing occurs, (iii) pass resolutions or consents to approve or authorize the Debt Financing or the execution and delivery of which the definitive documentation related thereto or require the board of directors (or any similar governing body) to take any action or cause any of its representatives to waive or amend any terms of this Agreement or to approve the execution or delivery of any document or certificate in connection with the Debt Financing, in each case that is prohibited or restricted under applicable Law or subject to legal privilegenot contingent on, or that is confidential or proprietary to would be effective prior to, the providing Partyoccurrence of the Closing, (Eiv) take any action that would will conflict with or violate its their formation or organizational documents or any applicable Law result in the contravention of, or would reasonably be expected to result in a violation or breach of, or default under, any law or material agreement in any material respect (in each case prior to which the Closing), (v) take any action that could reasonably be expected to result in any officer, director, employee, agent, attorney, accountant or advisor of the Company or any of its Subsidiaries is a party incurring personal liability (as opposed to liability in his or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(aher capacity as an officer of such Person) with respect to any matters related to the Debt Financing, (vi) take any action that could reasonably be expected to cause any condition to Closing set forth in this Agreement to fail to be satisfied or otherwise cause any breach of this Agreement that would provide Parent the right to terminate this Agreement (unless, in each case, waived in advance by Parent), (vii) incur any liability under the Debt Financing that is not contingent on prior to the ClosingClosing Date or (viii) cause the delivery of any legal opinions, any authorization letters or any certificate (including as to solvency or beneficial ownership) by the Company or its Subsidiaries (except customary documents in connection with the termination and payoff of the Payoff Indebtedness).
(be) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer Parent shall indemnify and hold harmless the Company, its Subsidiaries and or any of their respective Representatives, directors, officers, employees, representatives and advisors (including legal, financial and accounting advisors) from and against any and all losses losses, liabilities, costs or expenses suffered or incurred by any of them in connection with any debt financing the arrangement of the Debt Financing and any information utilized cooperation efforts set forth herein, except to the extent such losses, liabilities, costs or expenses arise from breach of this Agreement or result from the gross negligence, bad faith or willful misconduct of the foregoing. Upon the written request of the Company after the earlier of the Closing or the valid termination of this Agreement in connection therewith (other than material misstatements accordance with its terms for any reason, Parent shall promptly reimburse the Company for all reasonable and documented out-of-pocket costs or omissions in information provided expenses incurred by the Company and its Subsidiaries in connection with cooperation provided for in this Section 6.05.
(f) Parent and its Representatives shall not allege that the Company, its Subsidiaries, or their respective Representatives is or has not been in compliance with this Section 6.05 for purposes of the condition set forth in Section 9.02(b) unless and until Parent provides written notice of the alleged failure to comply specifying in reasonable detail specific steps to cure such alleged failure, which failure to comply has not been cured within five (5) Business Days from receipt of such written notice. Notwithstanding anything to the contrary contained in this Agreement, the condition set forth in Section 9.02(b), as it applies to the Company’s, its Subsidiaries’ and their Representatives’ obligations under this Section 6.05, shall be deemed satisfied if the Company’s, its Subsidiaries’ or their Representatives’ breach(es), if any, of their respective obligations under this Section 6.05 did not cause the failure of Parent to obtain the Debt Financing.
(g) For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, each of Parent and Merger Sub acknowledges and agrees that its obligation to consummate the transactions contemplated by this Agreement on the terms and subject to the conditions set forth herein are not conditioned upon the availability or consummation of the Debt Financing or any other debt financing, the availability of its Subsidiaries for use in such any alternate debt financing), the availability of any equity financing or receipt of the proceeds therefrom.
Appears in 1 contract
Financing Cooperation. (a) The During the period from the date of this Agreement and continuing until the earlier of (x) the Closing and (y) the termination of this Agreement in accordance with its terms, the Company shall agrees to use reasonable best efforts to provide, and shall cause its Subsidiaries toand its and their respective officers who will be officers of the Company and its Subsidiaries after the Closing (the “Continuing Officers”), any other officer, employees and advisors to use reasonable best efforts to provide, at BuyerPurchaser’s sole expense, reasonably cooperate in connection with the arrangement of any Debt Financing all reasonable and customary cooperation as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere Purchaser to assist Purchaser in connection with consummating the ongoing operations Debt Financing. Without limiting the generality of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries foregoing, such reasonable best efforts shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements upon reasonable notice, participating, at reasonable times and other financial data locations, as jointly determined by Purchaser and other the Company, in a reasonable number of customary meetings and presentations with prospective lenders (but not more than one general “bank meeting”);
(ii) assisting Parent with its preparation of materials for bank information memoranda and similar documents reasonably necessary in connection with the Debt Financing (but solely with respect to information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable Subsidiaries);
(iii) at least three (3) Business Days prior to consummate any Debt Financingthe Closing Date, including financial statements, financial data, projections, audit reports provide all documentation and other information (w) constituting audited financial statements relating with respect to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form that is required by Regulation Sregulatory authorities under applicable “know your customer” and anti-X money laundering rules and Regulation S-K promulgated under regulations, including the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 USA PATRIOT Act, as amended, of any such financial statements will satisfy and the requirements of these items 31 C.F.R. §1010.230 and that has been requested of the Company in writing by or on behalf of Purchaser at least ten (w)10) Business Days prior to the Closing Date;
(iv) assisting in the preparation of customary definitive loan and security documentation (including, to the extent reasonably requested by Parent, (x) the completion of schedules thereto and a customary perfection certificate and (y); provided, further, that ) a customary certificate from the Company’s sole obligation chief financial officer or other similar officer of one or more of the Company with respect to solvency matters as of the preparation Closing); provided that, notwithstanding the foregoing (for the avoidance of doubt), no such documents executed and delivered by such officers shall be effective until after (or substantially concurrently with) the Closing;
(v) cooperating in connection with obtaining customary payoff letters and release documentation in respect of any pro forma financial information existing debt and, effective as of the Closing Date, the replacement (or backstopping) by Purchaser of any outstanding letter of credit maintained or provided for the account of the Company or any of its Subsidiaries; and
(vi) to the extent required by the Debt Commitment Letter; reasonably assisting in facilitating the pledging of collateral and financial statements for inclusion the granting of security interests in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause respect of the Debt Financing.
(viiib) During the period from the date of this Agreement and continuing until the earlier of (x) the Closing and (y) the termination of this Agreement in accordance with its terms, the Company agrees to use commercially reasonable efforts to, and shall cause its Subsidiaries and the Continuing Officers, any other officer, employees and advisors to use commercially reasonable efforts to, at Purchaser’s sole expense:
(i) cooperate with the reasonable due diligence requests of any Debt Financing Source and provide reasonable access to documents and other information in connection with customary due diligence investigations; and
(ii) provide such other assistance as may be reasonably requested by Purchaser or any Debt Financing Source to satisfy any requirements necessary to satisfy the conditions to obtaining the Debt Financing.
(c) Notwithstanding anything in this Section 7.08(a)6.16 to the contrary, the Company shall not be required to provide, or cause any Subsidiary or its or such Subsidiary’s employees (including Continuing Officers) or advisors to provide, cooperation under this Section 6.16 that, individually or in the aggregate, that would, or would reasonably be expected to directly or indirectly:
(i) unreasonably interfere with the business, normal operations or employee relations of Seller, the Company or any of its Subsidiaries;
(ii) cause its independent accountants any covenant, representation or warranty in this Agreement to cooperate with be breached;
(iii) require the Company, any financing source providing financing to Buyer Subsidiary thereof or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” respective Representatives to take any action that would or would reasonably be expected to (including customary “negative assurances”A) and customary consents subject such Person to any actual or potential liability, (B) violate or result in a default or breach under the Seller’s organizational documents, the Company Organizational Documents or the Company Subsidiary Organizational Documents, any Legal Requirement, this Agreement or material binding agreements, (C) cause any condition to the inclusion consummation of audit reports the Closing set forth in Section 7 not to be satisfied;
(iv) require the Company, any Subsidiary thereof or any of their respective Representatives to bear any cost or expense or to pay any commitment or other similar fee or make any other payment or incur any other liability of any kind or provide or agree to provide any indemnity in connection with any the Debt Financing;
(iiiv) provide information related prior to the Company and its Subsidiaries reasonably necessary Closing Date, require payment of any commitment or other similar fee or incur any other expense, liability or obligation or make any other payment or agree to assist Buyer provide any indemnity in connection with the Debt Financing or any of its Affiliates in the preparation foregoing;
(vi) require (A) any of one Seller, the Company, their respective Subsidiaries or more confidential their respective directors, officers or employees to execute prior, deliver or enter into, or perform any agreement, document or instrument, including any Definitive Debt Financing Agreement, with respect to the Debt Financing and or (B) the directors and managers of the Company or the Company’s Subsidiaries to adopt resolutions approving or ratifying any agreements, instruments, certificates or other documents with respect to the Debt Financing;
(vii) require provision of access to or disclosure of any information memorandathat the Seller or the Company reasonably determines (A) would or would reasonably be expected to jeopardize any attorney-client privilege or other applicable privilege or protection of Seller, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer the Company or any of its Affiliatestheir respective Subsidiaries or (B) relates to information or materials that relate to the proposed sale of the business of the Company or the negotiation, execution and delivery of this Agreement;
(ivviii) require the Company or any Subsidiary thereof to arrange any legal opinion or other opinion of counsel;
(ix) require the Company or any Subsidiary thereof to provide any information that is prohibited or restricted by Legal Requirements;
(x) require the reasonable Company, any Subsidiary thereof or any of their respective Representatives to deliver any certificate that it reasonably believes in good faith contains any untrue certifications;
(xi) require the Company, any Subsidiary thereof or any of their respective Representatives to waive or amend any term of this Agreement;
(xii) require the Company, any Subsidiary thereof or any of their respective Representatives to provide any information regarding any post-Closing or pro forma cost savings, synergies, capitalization, ownership or other post-Closing pro forma adjustments, or prepare any pro forma financial statements or other post-Closing financial information; or
(xiii) require the Company, any Subsidiary thereof or any of their respective Representatives to provide any financial or other information that is not currently readily available thereto on the date hereof or prepared in the ordinary course of business at the time requested by Purchaser or obtain a review of any financial or other information by its accountants or advisors.
(d) Each of Seller and the Company hereby consents to the use by Buyer and its Affiliates of its, the Company’s and its the Company Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation in connection with respect to such use)the Debt Financing; provided that such logos are used solely in a manner that is reasonable does not violate any existing contractual obligation of such person and customary for such purposes and that is not intended to or to, nor reasonably likely to to, harm or disparage Seller, the Company or their respective Subsidiaries in any respect.
(e) Notwithstanding anything to the contrary in this Section 6.16 or otherwise in this Agreement:
(i) for all purposes of this Agreement, including, without limitation for purposes of determining satisfaction of the conditions set forth in Section 7.1(b)(i)(B), the Company and its Subsidiaries shall be deemed to have performed and complied with in all material respects their agreements, covenants and obligations under this Section 6.16 unless the Company has caused a Willful and Material Breach of such agreements, covenants or obligations and such Willful and Material Breach is the proximate cause of Purchaser’s failure to obtain the Debt Financing;
(ii) none of the Seller’s Representative, the Sellers, the Company or any of its Subsidiaries or their respective Affiliates or any of their respective Representatives shall be required to take any action that would subject such Person to actual or potential liability, to bear any cost or expense or to pay any commitment or other similar fee or make any other payment or incur any other liability or obligation, make any other payment or provide or agree to provide any indemnity in connection with the reputation Debt Financing or goodwill their performance of their respective obligations under Section 6.16 or any information utilized in connection therewith; and
(iii) for the avoidance of doubt, the parties hereto acknowledge and agree that the provisions contained in this Section 6.16 represent the sole obligation of the Sellers’ Representative, the Sellers, the Company and its Subsidiaries and their respective Affiliates and any Representatives of any of the foregoing with respect to cooperation in connection with the arrangement and consummation of the Debt Financing.
(f) Parent and Purchaser shall indemnify, defend and hold harmless the Sellers’ Representative, the Sellers, the Company and each of its Subsidiaries and their respective Affiliates and all Representatives of any of the foregoing (collectively, the “Financing Indemnitees”) from and against any and all fees, costs and expenses (including legal and accounting fees and expenses), judgments, fines, claims, losses, penalties, damages, interest, awards and Liabilities directly or indirectly suffered or incurred by them in connection with the Debt Financing and the performance of their respective obligations under this Section 6.16. Section 6.16 and any information utilized in connection therewith. Parent shall, promptly on request, reimburse or pay any Financing Indemnitee for all reasonable and documented out-of-pocket costs and expenses incurred by such Persons in connection with the Debt Financing or their performance of their respective obligations under Section 6.16. Parent shall ensure that any and all information provided to the Debt Financing Sources under this Agreement shall be subject to the Confidentiality Agreement, and shall indemnify, defend and hold harmless the Financing Indemnitees from and against any and all fees, costs and expenses (including legal and accounting fees and expenses), judgments, fines, claims, losses, penalties, damages, interest, awards and Liabilities directly or indirectly suffered or incurred by them as a result of a breach thereof by any Debt Financing Source. This Section 6.16(f) shall survive the Closing and any termination of this Agreement, and is intended to benefit, and may be enforced by, the Financing Indemnitees and their respective heirs, executors, estates, personal representatives, successors and assigns, who are each third party beneficiaries of this Section 6.16(f), and shall be binding on all successors and assigns of Parent and Purchaser. Any fees, costs or expenses incurred by any of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts Representatives in connection with the Debt Financing benefit from performance of their obligations under this Section 6.16 may, at the CompanySellers’ Representative’s and its Subsidiaries’ existing lending relationships;election, be added to the Total Closing Date Payment if the Transactions are consummated.
(xig) supplement Notwithstanding anything to the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by contrary, nothing in this Section 6.16 shall oblige the Company or its the Company Subsidiaries to the extent such information contains undertake any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters actions prior to the providers of Closing Date (including the debt entry into any definitive financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter documents with respect to the Debt Financing or under Section 5.01; provided that neither (including any guarantees, pledge agreements, security agreements, other security documents and other certificates, documents and instruments relating to guarantees, the Company nor any pledge of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required collateral and other matters ancillary to (A) pay any commitment or other fees, in each case, in connection with any the Debt Financing, (B)) give any indemnities in connection with any debt financing, (C) take any action that, in that would constitute ‘financial assistance’ within the good faith determination meaning of section 260A of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingCorporations Act.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Financing Cooperation. (a) The Prior to the earlier of the Effective Time and the valid termination of this Agreement in accordance with ARTICLE VII, the Company shall use its reasonable best efforts to provide (and shall cause each Subsidiary of the Company and direct its Subsidiaries to, at Buyer’s sole expense, reasonably cooperate and their respective Representatives to use reasonable best efforts to provide) such cooperation in connection with the arrangement of any the Financing as is reasonably requested by Parent; provided, that the Company shall in no event be required to provide such assistance to the extent it would unreasonably interfere with the business or operations of the Company and its Subsidiaries. Such assistance shall include using reasonable best efforts to assist Parent in connection with arranging the Debt Financing, including using reasonable best efforts to do the following, each of which shall be at Parent’s written request with reasonable prior notice and at Parent’s sole cost and expense:
(i) deliver to Parent the Debt Financing Deliverables;
(ii) facilitate and assist in the preparation and negotiation of the Debt Financing Documents, including one or more credit agreements, pledge and security agreements, guarantees, certificates (including a solvency certificate) and other definitive financing documents as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
Parent (iincluding furnishing all (A) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested their respective businesses to be included in any schedules thereto or in any perfection certificates and (B) stock certificates and any other pledged collateral to the extent held by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each Subsidiaries); provided, that (x) the foregoing documentation (or, as applicable, the pledge of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods such pledged collateral) (other than the fourth fiscal quartercustomary authorization letters described herein) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior shall be subject to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) occurrence of the type Closing and form required by Regulation S-X become effective no earlier than the Effective Time, and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials no event shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its officers, director or employees (other than Persons continuing in such roles after Closing) be required to approve, ratify or execute any of the Debt Financing Documents (other than the customary authorization letters described herein) prior to the consummation of the Merger (unless contingent on the consummation of the Merger);
(iii) make available to Parent, its advisors and its Financing Sources such financial and other pertinent information regarding the Company and each Subsidiary of the Company as may be reasonably requested by Parent, its advisors or its Financing Sources, including (I) the financial statements and other information necessary to satisfy the conditions set forth in paragraph 5 of Exhibit C of the Debt Commitment Letter, (II) unaudited financial statements of the Company for each fiscal quarter of the Company ended forty-five (45) days prior to the Closing and the audited financial statements of the Company for any fiscal year of the Company ended ninety (90) days prior to the Closing; (III) such information as is necessary to allow Parent, its advisors and its Financing Sources to prepare pro forma financial statements and (IV) customary authorization letters; and
(iv) assist with the preparation of lender and investor presentations, rating agency presentations, bank information memoranda, marketing materials and other similar documents and materials in connection with the Debt Financing, participate in a reasonable number of meetings, presentations, road shows, drafting sessions and due diligence sessions (in each case, including via video conference) with providers or potential providers of the Debt Financing and ratings agencies and otherwise assist in the marketing efforts of Parent and its Financing Sources; provided, that nothing in this Section 5.19 shall require (w) any such action to the extent it would (1) unreasonably interfere with the business or operations of the Company or require the Company to agree to pay any fees, reimburse any expenses or give any indemnities, in any case prior to the Closing, for which Parent does not promptly reimburse or indemnify it, as the case may be, under this Agreement, (2) require the Company, or any of its Subsidiaries or their respective Representatives to execute, deliver or enter into any Debt Financing Document (other than the reputation customary authorization letters described herein (provided that any confidential information memoranda or goodwill marketing materials distributed in connection therewith shall include language that exculpates the Company, each of its Subsidiaries and their respective Representatives and Affiliates from any liability in connection with the unauthorized use by the recipients thereof of the information set forth in such confidential information memoranda or marketing materials)) prior to the Closing and consummation of the Merger, or (3) require the Company to deliver or cause the delivery of any Debt Financing Document or take any other action prior to the Closing and consummation of the Merger that would reasonably be expected to result in liability to the Company or its Representatives in connection with the Financing, (x) any of the board of directors (or other similar governing body) of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(vother than Persons continuing in such roles after Closing) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with adopt resolutions approving the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days Documents prior to the Acceptance Time all documentation Closing and other information about consummation of the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten Merger (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations such adoption or approval at Closing shall be performed by such board of directors (or other similar governing body) as constituted after the Effective Time and other instruments of discharge in connection with repayment of existing indebtedness of the Company Closing), and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(xy) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect Subsidiaries to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information to the disclosure of which is prohibited or restricted under extent it would (1) violate applicable Law or subject to legal privilege, the provisions of any Contract not entered into in contemplation hereof (including any confidentiality agreement or that is confidential similar agreement or proprietary to the providing Party, (Earrangement) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party party, (2) jeopardize any attorney-client or other legal privilege or (F3) execute violate any agreement, certificate, document applicable confidentiality obligation of the Company or instrument pursuant any of its Subsidiaries not entered into in contemplation hereof so long as that the Company provides Parent written notice of any information so withheld and reasonably cooperates with Parent in seeking to this Section 7.08(a) with respect to any Debt Financing allow disclosure of such information in a manner that is not contingent on the Closingreasonably likely to violate such applicable Law or Contract, jeopardize such attorney-client or other legal privilege or violate any such confidentiality obligation.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer Parent shall indemnify and hold harmless the CompanyCompany and its Subsidiaries, its Subsidiaries and each of their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with the Financing or any debt financing and information, assistance or activities provided under this Section 5.19, except to the extent arising from (i) any material inaccuracy of any historical information utilized furnished in connection therewith (other than material misstatements writing by or omissions in information provided by on behalf of the Company or its Subsidiaries, including financial statements or (ii) the gross negligence, fraud, bad faith or willful misconduct of the Company, any of its Subsidiaries or any of their respective Representatives. Parent shall reimburse the Company and its Subsidiaries for any reasonable, documented out-of-pocket third party costs and expenses incurred by the Company and its Subsidiaries and each of their Representatives in connection with the Financing or such assistance under this Section 5.19.
(c) The Company hereby consents to (i) the use of the financial statements and other information provided under this Section 5.19 in connection with the Debt Financing and (ii) the use of the logos of the Company and each of its Subsidiaries in connection with the Debt Financing; provided, that such financinglogos shall be used solely in a manner that would reasonably be expected to harm, disparage or otherwise adversely affect the Company and/or its Subsidiaries or their reputation or goodwill.
(d) Notwithstanding anything to the contrary herein, it is understood and agreed that the condition precedent set forth in Section 6.2(b), as applied to the Company’s obligations under this Section 5.19, shall be deemed to be satisfied unless a proximate cause of the Debt Financing having not been obtained is (i) the Company, its Subsidiaries or their respective Representatives having breached the obligations under this Section 5.19 in any material respect, (ii) Parent having notified the Company of such breach in writing, detailing reasonable steps that comply with this Section 5.19 in order to cure such breach and (iii) the Company, its Subsidiaries or their respective Representatives having not taken such steps or otherwise cured such breach a reasonably sufficient time prior to the End Date for Parent (in its reasonable determination) to consummate the Debt Financing.
(e) All Information (as such term is defined in the Confidentiality Agreement) obtained by Parent or its representatives shall be kept confidential in accordance with the Confidentiality Agreement, except that Parent shall be permitted to disclose such information to Parent’s or its Affiliates’ Financing Sources, rating agencies and prospective lenders and investors in connection with the arrangement and/or syndication of the Financing subject to each prospective recipient’s entering into customary confidentiality undertakings with respect to such information.
Appears in 1 contract
Financing Cooperation. (a) The Company Prior to the Initial Closing, the Seller shall use Reasonable Efforts, and shall use Reasonable Efforts to cause its Subsidiaries toofficers, management employees and (at Buyerthe Purchaser’s sole expense, cost) advisors (including legal and accounting) to provide the Purchaser with such cooperation and assistance as the Purchaser may reasonably cooperate request in connection with reasonable due diligence access to the Business in connection with the arrangement financing of the Purchase Price and the Purchaser’s working capital requirements for the transactions contemplated under this Agreement (the “Financing”), in order to allow the Purchaser and DragonWave to comply with its obligations under applicable Laws or regulations. The Seller shall not be required to prepare any additional financial information or reporting for these purposes and the Seller does not give any warranty or representation in respect of any Debt Financing as may management reporting. For clarity, such cooperation and assistance shall be reasonably requested by Buyerlimited to (i) participating in a reasonable number of meetings (but not including meetings and due diligence sessions with prospective lenders unless the Seller agrees to such meetings); provided that such requested cooperation does not unreasonably interfere with (ii) the ongoing operations provision of historical unaudited financial statements of the Company or its Subsidiaries. Such Business; and (iii) using Reasonable Efforts to procure cooperation by of the Company and its Subsidiaries shall includeauditors of the Seller, at the reasonable request Purchaser’s cost, to assist with the syndication of Buyerthe senior bank credit facilities of the Purchaser or any Affiliate of the Purchaser and any financing. The Purchaser acknowledges that nothing in this Section 5.12 shall in any way limit the Purchaser’s obligations under this Agreement in the event of any failure to obtain the Financing for whatever reason. Further, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and in no event will the Seller be liable to the Purchaser or any other financial data and other information Person for any matter relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statementsany representation, financial datawarranty, projectionscovenant, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period agreement, undertaking or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required promise made in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt such Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Financing Cooperation. (ai) Subject to the limitation set forth in Section 5.1, during the period from the date of this Agreement to the Effective Time, the parties hereto shall cooperate in good faith to implement any necessary, appropriate or desirable arrangements in connection with each party’s indentures or other documents governing or relating to indebtedness with respect to any financing matters concerning the Company, Parent and the Transactions.
(ii) The parties hereto acknowledge and agree that, prior to the Effective Time, subject to the limitation set forth in Section 5.1, it may be necessary for the Company shall and/or Parent to enter into financing transactions (including, without limitation, the raising of new financing, the refinancing of existing indebtedness, the retirement, prepayment or redemption of existing indebtedness and/or producing amendments, amendment and restatements, modifications, waivers or consents in relating to existing indebtedness) (any such financing transaction, a “Pre-Merger Financing Transaction”). In connection with any Pre-Merger Financing Transaction, the parties hereto shall, and shall cause its Subsidiaries totheir subsidiaries and their respective officers, at Buyer’s sole expensedirectors, employees, accountants, consultants, investment bankers, legal counsel, agents, financial advisors and other advisors and representatives to cooperate and use their reasonable best efforts to provide such information and documentation to each other as may be necessary or reasonably cooperate desirable in connection with the arrangement structuring, marketing and execution of any Debt Pre-Merger Financing Transaction, including (A) participating in meetings and due diligence sessions and rating agency presentations in connection with the Pre-Merger Financing Transaction and preparing materials in connection therewith, (B) assisting with the preparation of any portion of the disclosure in relation to the Pre-Merger Financing Transaction that relates to the Merger or the Transactions (including any historical and pro forma financial information and operational data), (C) executing and delivering any pledge and security document, guarantees, indentures, other definitive financing documents, and other certificates or documents and legal opinions as may be reasonably requested by Buyer; (provided that such requested cooperation does documents will not unreasonably interfere with take effect until the ongoing operations of Effective Time) and (D) delivering, or procuring the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall includedelivery of, at the reasonable request of Buyersuch information, using their respective commercially reasonable efforts to:
(i) furnish such financial statements certificates, authorization letters, comfort letters, representation letters and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives documents as may be reasonably necessary or advisable desirable by any party to consummate any Debt Financingsuch Pre-Merger Financing Transaction (including, including financial statementswithout limitation, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period investment or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of commercial banks appointed in any prior years) and at least 40 days prior to the Closing Date (capacity with respect to which independent auditors any Pre-Merger Financing Transaction). Neither party shall have performed a SAS 100 review), (x) of the type and form required by Regulation Senter into any Pre-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 ActMerger Financing Transaction, or (z) as otherwise reasonably required incur any fees and expenses in connection with any Debt Pre-Merger Financing or as otherwise necessary in order Transaction that would be subject to assist in receiving customary “comfort” reimbursement under Section 6.5, without the other party’s prior written consent (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financingnot to be unreasonably withheld); provided that that, for the Company’s public filings with avoidance of doubt, consent shall not be required for (x) any inter-company indebtedness solely involving Parent and/or direct or indirect wholly-owned subsidiaries of Parent or solely involving the Securities Company and/or direct or indirect wholly-owned subsidiaries of the Company and Exchange Commission under the 1934 Act(y) any other action permitted by Section 5.1(a)(vi) or Section 5.1(b)(vi), as amendedapplicable.
(iii) Notwithstanding anything to the contrary in this Section 5.1(d), neither the Company nor Parent shall be required to (x) enter into any Pre-Merger Financing Transaction that is not conditioned upon the consummation of the Merger or (y) disclose any information pursuant to this Section 5.1(d) to the extent that (A) in the reasonable good faith judgment of such party, any Applicable Law requires such party or its subsidiaries to restrict or prohibit access to any such information, (B) in the reasonable good faith judgment of such party, the information is subject to confidentiality obligations to a third party or (C) disclosure of any such financial statements will satisfy information or document would result in the requirements loss of these items (w), (x) and (y)attorney-client privilege; provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause clauses (viiiA) through (C) of this Section 7.08(a5.1(d);
, the Company or Parent, as applicable, shall use its commercially reasonable efforts to (ii1) cause its independent accountants obtain the required consent of any third party necessary to cooperate with any financing source provide such disclosure, (2) develop an alternative to providing financing such information so as to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related address such matters that is reasonably acceptable to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda Parent and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to clauses (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, through (C) take any action that), in utilize the good faith determination procedures of a joint defense agreement or implement such other techniques if the Company, parties determine that doing so would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information reasonably permit the disclosure of which is prohibited or restricted under applicable such information without violating Applicable Law or subject to legal jeopardizing such privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Sources: Merger Agreement (IHS Inc.)
Financing Cooperation. (a) The Company Without limiting, amending or waiving any other obligation of a Party under this Agreement (including Section 8.04), prior to the Closing, each Party shall use its respective reasonable best efforts, and shall cause its Subsidiaries totheir respective officers, at Buyer’s sole expense, reasonably cooperate directors and employees to use their reasonable best efforts to provide such customary cooperation in connection with the timely arrangement and implementation of the debt financing described in the Convertible Subscription Agreement(s) on the terms specified therein as the other Party may reasonably request from time to time as long as any Debt Financing such request is timely made so as not to delay the Closing, including:
(i) assisting with the preparation of the Convertible Notes indenture governing the Convertible Notes as promptly as practicable after the date hereof and consistent with the Convertible Subscription Agreement(s), including engaging a trustee and settlement agent (in Acquiror’s reasonable discretion);
(ii) assisting in the preparation of, and executing and delivering, definitive financing documents, including documents contemplated by or related to the Convertible Notes indenture, customary closing certificates as may be required by the issuance of the Convertible Notes (none of which shall be a solvency or similar certificate) and other customary documents as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with either Party (all of which in the ongoing operations case of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating be subject to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each occurrence of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to none of which require the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date delivery of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (ylegal opinion); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;and
(iii) provide information related cooperating with the other Party, and taking all corporate actions, subject to the Company and its Subsidiaries occurrence of the Closing, reasonably necessary requested by the other Party to assist Buyer or any permit the consummation of its Affiliates in the preparation of transactions contemplated by the Convertible Subscription Agreement(s).
(b) Pursuant to one or more confidential information memorandaSubscription Agreements, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer one or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates more of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject PIPE Investors is required to advance review of and consultation with respect to such use); provided that such logos are used solely in deposit all or a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill portion of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
Common PIPE Investment and/or Convertible PIPE Investment Amount into an escrow account two (v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (32) Business Days prior to the Acceptance Time Closing. In connection therewith, Acquiror shall (in Acquiror’s reasonable discretion) designate and appoint one or more United States escrow agents and establish one or more United States escrow accounts and complete all documentation and other “know-your-customer” information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including such escrow agent as promptly as practicable after the USA PATRIOT Act date hereof to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days hold prior to the anticipated Acceptance Time;Closing, and disburse to the Acquiror at or prior to the closing thereof (and in any event prior to the Closing), the portion of the Common PIPE Investment Amount and/or Convertible PIPE Investment Amount, as applicable, subject thereto; provided, however, the Company hereby consents to the designation and appointment of State Street Bank as United States escrow agent for all or a portion of the Convertible PIPE Investment Amount.
(viiic) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements Notwithstanding anything to the extent required by SEC rules contrary in this Agreement, it is understood and regulations (including those required agreed that the condition precedent set forth in Section 10.02(b), as applied to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably Holdings’ and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement obligations under Section 9.08(a), shall be deemed to be satisfied unless the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken Convertible PIPE Investment has not been obtained as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion result of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about Holdings’ or the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any intentional breach of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or obligations under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A9.08(a) pay any commitment or other feesand such intentional breach has been noticed at least 15 days prior to, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach remains uncured as of, or default under, any agreement the date Closing is scheduled to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this occur as determined in accordance with Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing4.01.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Financing Cooperation. (a) The Prior to the Closing, the Company shall use its reasonable best efforts to, and shall cause its Subsidiaries to use their reasonable best efforts to, and shall use its reasonable best efforts to cause its and their Representatives to, provide, in each case at BuyerParent’s sole cost and expense, such cooperation as is customary and reasonably cooperate requested by Parent in connection with the arrangement of any Debt the Financing as may be reasonably requested by Buyer; provided (provided, that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or any of its Subsidiaries. Such cooperation by Subsidiaries (it being understood that cooperating in the manner set forth in clauses (i) through (x) below shall be deemed in all cases not to so interfere)), including by:
(i) making appropriate senior officers of the Company and its Subsidiaries shall includeavailable, with reasonable advance notice, for participation during normal business hours in a reasonable number of meetings (including meetings with prospective lenders), presentations, road shows, due diligence sessions and sessions with rating agencies upon reasonable advance notice at the reasonable request of Buyer, using their respective commercially reasonable efforts to:a mutually agreed time and place;
(iii) furnish such financial statements executing and delivering Definitive Agreements (including one or more credit agreements and related guarantee agreements and the schedules and exhibits thereto) and related certificates and other documents (including a certificate of the chief financial data and other information relating officer of, or person performing similar functions for, the Company with respect to solvency matters substantially in the form attached to the Company and its Subsidiaries and requested by Buyer or its Representatives Debt Commitment Letter) as may be reasonably necessary or advisable requested by Parent, and to consummate any the extent required by the Debt Financing, including financial statementsreasonably assist in facilitating the pledging of, financial dataand perfection of security interests in, projectionscollateral (including, audit reports for the avoidance of doubt, providing stock certificates and other information (w) constituting audited financial statements relating stock powers with respect to outstanding certificated shares of the Company (if any) and its using commercially reasonable efforts to cause the delivery of stock certificates and stock powers with respect to outstanding certificated shares of the Company’s Subsidiaries for (if any), in each of its three most recent fiscal years ended at least 60 days case, prior to the Closing Date and unaudited financial statements relating to be held in escrow pending the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such useClosing); provided that (A) no such logos are used solely Definitive Agreement, related certificate or pledge shall be effective until the Effective Time, (B) other than the Authorization Letter, none of the Definitive Agreements, related certificates or pledges shall be executed and/or delivered except in a manner that is reasonable connection with the Closing and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of (C) no liability shall be imposed on the Company or any of its Subsidiaries or any of their respective productsdirectors, servicesofficers or employees involved prior to the Closing Date;
(iii) furnishing Parent and the Financing Parties as promptly as reasonably practicable with the financial statements of the Company and its consolidated Subsidiaries as required by paragraph 4 in Exhibit C to the Debt Commitment Letter (such financial statements, offerings or intellectual property rightsthe “Required Financial Information”) and, as promptly as reasonably practicable following the delivery of a request therefor to the Company by Parent, such financial and other information regarding the Company and its Subsidiaries (including customary and reasonably requested due diligence information) as is reasonably available to the Company at such time and is customarily required in connection with the financings of a type similar to the Debt Financing;
(iv) in each case following Parent’s reasonable request, assisting Parent and Merger Sub in the preparation of customary (A) confidential information memoranda (including a version that does not include material non-public information) and other customary marketing materials required in connection with financings similar to the Debt Financing, (B) materials for rating agency presentations and (C) definitive documentation for the Debt Financing;
(v) participate (following Parent’s reasonable request, using reasonable best efforts to cause directors and causing senior management officers who will continue to hold such offices and representatives, positions from and after the Effective Time to execute resolutions or consents of the Company and its Subsidiaries that do not become effective until the Effective Time with appropriate seniority and expertise, respect to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with entering into the definitive documentation for the Debt Financing Sources’ documentary due diligence, and otherwise as necessary to authorize consummation of the extent customary and reasonableDebt Financing;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide if requested by Parent, provide, at least three (3) Business Days prior to the Acceptance Time Closing Date, all documentation and other information about relating to the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act to and including, if the extent reasonably requested by any financing source providing financing to Buyer Company or any of its Affiliates subsidiaries qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certificate (each as defined in the Debt Commitment Letter) (provided that none of the Company or its Subsidiaries shall be responsible for including in any Beneficial Ownership Certificate information relating to the post-closing ownership of the Company or its Subsidiaries), to the extent requested by Parent in writing at least ten (10) Business Days prior to the anticipated Acceptance TimeClosing Date;
(vii) executing and delivering one or more customary authorization letters in connection with the confidential information memoranda as contemplated by the Debt Commitment Letter (the “Authorization Letters”) or otherwise that are customarily required in connection with the financings of a type similar to the Debt Financing;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates cooperating with the preparation marketing and due diligence efforts of pro forma financial information Parent and financial statements to the extent required by SEC rules and regulations (including those required to be included in Financing Parties for any periodic report that Buyer or any portion of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or (provided that any of its Affiliates to requests made by Parent and the Financing Parties in connection with marketing and due diligence efforts shall be included in any offering documentsreasonable);
(ix) obtain on or prior to the Closing Date, delivering customary payoff letters letters, in form and in substance reasonably satisfactory to Parent and the Financing Parties party to the Debt Commitment Letter, specifying the aggregate amount required to be paid with respect to the Company’s existing credit facilities under the Amended and Restated Credit Agreement, dated as of December 2, 2020 (the “Credit Agreement”), between the Company and JPMorgan Chase Bank, N.A. (together with such other lien release documentation that may be reasonably required in connection therewith and in form and substance reasonably satisfactory to Parent and the Financing Parties party to the Debt Commitment Letter) and providing for (A) the discharge, upon payment of such amounts, of any necessary lien terminations obligations, guarantees and liens under the Credit Agreement, (B) the termination of all borrowing commitments under the Credit Agreement and (C) the release, upon payment of such amounts, of all Liens on and other instruments of discharge security interests in connection with repayment of existing indebtedness the properties and assets of the Company and its Subsidiaries reasonably requested by Buyer securing the obligations under the Credit Agreement at or any of its Affiliates;substantially simultaneously with the Closing; and
(x) cooperate with the providers of the Debt Financing to ensure thatif requested by Parent, to the extent practicable and appropriate, any syndication efforts assisting Parent in connection with Parent’s preparation of customary pro forma financial statements; provided, that (x) Parent shall be responsible for the Debt Financing benefit preparation of such pro forma financial statements and any pro forma adjustments giving effect to the Merger and the other transactions contemplated herein and (y) the Company’s assistance shall relate solely to the financial information and data derived from the Company’s historical books and its Subsidiaries’ existing lending relationships;
(xi) supplement records. Notwithstanding the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such informationforegoing, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to take or permit the taking of any action pursuant to this Section 5.13 that would (A) pay require the Company, its Subsidiaries or any commitment Persons who are directors, officers or employees of the Company or its Subsidiaries to pass any resolution or consent to approve or authorize the consummation of the Debt Financing that is effective prior to the Effective Time or execute or deliver any certificate, document, instrument or agreement (other fees, in each case, in connection with than any Debt Financingprepayment notices required to be delivered pursuant to the Credit Agreement and the Authorization Letters) that is effective prior to the Effective Time, (B) give cause any indemnities representation or warranty in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction this Agreement to any property or assets of be breached by the Company or any of its Subsidiaries, (C) require the Company or any of its Subsidiaries to pay any commitment or other similar fee or incur any other expense, liability or obligation (other than those set forth in this Section 5.13) in connection with the Debt Financing prior to the Closing unless promptly reimbursed in accordance with following paragraph, (D) provide cause any information director, officer or employee or stockholder of the disclosure Company or any of which is prohibited or restricted under applicable Law or subject its Subsidiaries to legal privilege, or that is confidential or proprietary to the providing Partyincur any personal liability, (E) take any action that would conflict with or violate its the organizational documents of the Company or its Subsidiaries or any applicable Law Laws, (F) reasonably be expected to result (with or would result without notice, lapse of time, or both) in a material violation or breach of, or a default under, any agreement Contract to which the Company or any of its Subsidiaries is a party party, (G) provide access to or disclose information that the Company or any of its Subsidiaries determines would jeopardize any attorney-client privilege of the Company or any of its Subsidiaries or could reasonably be expected to result in the disclosure of any trade secrets or violate confidentiality obligations binding the Company or any of its Subsidiaries (provided that the Company and its Subsidiaries shall use commercially reasonable efforts to provide such information in a manner which would not jeopardize such privilege, disclose such trade secrets or violate such confidentiality obligations), (H) prepare any financial statements that are not available to it and prepared in the ordinary course of its financial reporting practice, or (FI) execute result in the Company or any agreement, certificate, document of its Subsidiaries being an issuer or instrument pursuant to this Section 7.08(a) with respect to any obligor under the Debt Financing that is not contingent on prior to the Closing.
(b) Buyer . Parent shall, promptly upon request by the Company, reimburse the Company for all reasonable out-of-pocket costs and expenses incurred by the Company, Company or its Subsidiaries and its and or their respective Representatives (including reasonable and documented fees and expenses of the Company’s legal and financial advisors) in connection with their respective obligations pursuant to the cooperation contemplated by this Section 7.08(a). Buyer 5.13 and shall indemnify and hold harmless the Company, Company and its Subsidiaries and their respective Representatives, Representatives from and against any and all losses losses, damages, claims, judgments, inquiries, fines, costs or expenses suffered or incurred by any of them in connection with the arrangement of the Debt Financing, any debt financing action taken by them at the request of Parent pursuant to this Section 5.13 and any information utilized used in connection therewith (other than material misstatements or omissions in information provided in writing by the Company or any of its Subsidiaries specifically for use in connection with the Debt Financing), in each case, other than as a result of fraud, bad faith, gross negligence or willful misconduct by such financingRepresentatives.
(b) All non-public or otherwise confidential information regarding the Company or its Subsidiaries obtained by Parent or its Representatives pursuant to this Section 5.13 shall be kept confidential and otherwise treated in accordance with the Confidentiality Agreement or other confidentiality obligations that are substantially similar to those contained in the Confidentiality Agreement (which, with respect to the Financing Parties, shall be satisfied by the confidentiality provisions applicable thereto under the Debt Commitment Letter if made for the benefit of the Company). The Company hereby consents to the use of its and the Company Subsidiaries’ logos in connection with the Debt Financing; provided that Parent and Merger Sub shall ensure that such logos are used solely in a manner that is not intended to or reasonably likely to harm or disparage the Company or the Company’s reputation or goodwill.
Appears in 1 contract
Sources: Merger Agreement (ORBCOMM Inc.)
Financing Cooperation. (a) The Stockholders agree to cause the Companies and the Company shall and shall cause its Subsidiaries Subsidiaries, as applicable, to, cooperate with Acquiror, at BuyerAcquiror’s sole cost, in connection with Acquiror’s financing of the transactions contemplated in this Agreement, all as reasonably requested by Acquiror, and in each case provided that such requested cooperation does not interfere in any material respect with the Stockholders’ efforts to prepare for Closing or with the ongoing operations of the Companies and the Company Subsidiaries. Such cooperation may include, among other things, (A) participating in meetings, presentations, road shows, drafting sessions, due diligence sessions and sessions with rating agencies, (B) furnishing Acquiror and its financing sources with financial and other pertinent information regarding the Companies and the Company Subsidiaries as may be reasonably requested by Acquiror, (C) cooperating with Acquiror and its financing sources in their activities relating to the preparation of any offering document for any such financing to be raised to complete the transactions contemplated hereby, materials for rating agency presentations, and any similar documents, (D) forming, effective at Closing, or as promptly as practicable prior to Closing, additional entities to serve as direct and/or indirect Subsidiaries of any of the Companies or Designated Subsidiaries, (E) executing documents as may be reasonably requested by Acquiror, provided that such agreements are not effective until concurrent with or immediately following Closing and do not and will not result in any actual or potential liability to any of the Stockholders, Management Holdco or any of the Management Subsidiaries or any the foregoing entities’ Affiliates (other than the Companies and the Designated Subsidiaries), (F) requesting, and using commercially reasonable efforts, at Acquiror’s sole cost and expense, to obtain, estoppel certificates from landlords and other third parties (it being understood and agreed by Acquiror that receipt of any such requested estoppel certificates is not a condition of Closing), and (G) cooperating with Acquiror’s efforts in connection with the repayment or defeasance of any indebtedness of the Companies or any of the Designated Subsidiaries as of the Closing, including delivering (and/or revoking if not prohibited by terms of the applicable agreement) such payoff, defeasance or similar notices under any existing mortgage or mezzanine loans of the Companies or any Designated Subsidiary as reasonably cooperate requested by Acquiror (it being understood and agreed, by Acquiror, that if the Companies and Company Subsidiaries deliver any such notice and Acquiror subsequently fails to repay, defease or take whatever other action was required as a result of the notice having been given, within the timeframe therefor under the relevant documents, and the failure was not caused by a breach by the Stockholders of any material obligation required of any of them pursuant to the terms of this Agreement, then Acquiror will indemnify the Stockholders, the Companies and the Company Subsidiaries from and against all fees, costs and expenses resulting from the giving of the notice and/or the failure to act, and, if the underlying loan obligation becomes due and payable prior to its scheduled maturity Acquiror further will provide or arrange for, at Acquiror’s sole cost, substitute financing on terms no less favorable to the Stockholders and the Companies and the Company Subsidiaries and Management Holdco and its Subsidiaries. Acquiror confirms that none of the Stockholders or the Companies or any Company Subsidiary shall be required to incur or pay any commitment or other similar fee or incur or pay any other cost or expense not reimbursable by Acquiror hereunder, or incur any liability in connection with such financing or any of the foregoing. Acquiror shall, promptly upon request by the Stockholders, reimburse the Stockholders for all reasonable out-of-pocket costs, including professional fees and expenses, incurred by the Stockholders and their representatives in connection with such cooperation. Acquiror shall indemnify and hold harmless the Stockholders and their representatives from and against any and all liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties suffered or incurred by them in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with repayment, defeasance or replacement financing and the ongoing operations of the Company or its Subsidiariesother activities described above. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating Notwithstanding anything herein to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financingcontrary, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as limitations set forth in clause (viiiSection 6 shall not apply to Acquiror’s obligations under this Section 5(a)(vii), and Acquiror’s obligations under this Section 5(a)(vii) shall survive a termination of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any Agreement. For purposes of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents clarity, notwithstanding anything to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related contrary herein, Acquiror agrees that its obligation to consummate the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (transactions contemplated hereby is not subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material condition relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Sources: Merger Agreement (Ventas Inc)
Financing Cooperation. (a) The Solely between the date of this Agreement and the earlier of the Closing Date and the termination of this Agreement pursuant to Article IX, subject to the limitations set forth in this Section 7.18, the Company shall shall, and shall cause its Subsidiaries Representatives to, at Buyer’s sole expense, use its and their commercially reasonable efforts to provide such cooperation as is reasonably cooperate requested in writing by Buyer in connection with Buyer’s consummation of an accordion debt financing pursuant to the arrangement of any Timber Existing Credit Facility to finance the Transactions (the “Debt Financing as may be reasonably requested by Buyer; provided that Financing”) in each case, to the extent such requested cooperation does not unreasonably interfere is necessary and customary in connection with debt financings similar to the ongoing operations of Debt Financing, at the Company or its SubsidiariesBuyer Parties’ sole cost and expense. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, will include using their respective commercially reasonable efforts to:
to (i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days upon reasonable prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) written notice and at least 40 days prior to the Closing Date reasonable times, make appropriate officers reasonably available for participation in a reasonable number of meetings, presentations and due diligence sessions (with respect to which independent auditors shall have performed a SAS 100 reviewbut not more than one primary bank meeting), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for in each case, on a registered public offering of debt securitiestelephonic basis, (yii) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings furnish Buyer with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items Financial Statements (w)provided, (xA) and (y); provided, further, that the Company’s sole obligation with respect to Buyer shall be responsible for the preparation of any pro forma financial statements and any pro forma adjustments giving effect to the transactions contemplated herein and (B) the Company’s assistance shall relate solely to the financial information and financial statements for inclusion in any confidential information memorandumdata derived from the Company’s historical books and records), prospectus(iii) execute and deliver as of, offering memorandum or other marketing and syndication materials shall be as set forth in clause but not effective before, the Closing, the definitive agreements with respect to the Debt Financing (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ the “comfort letters” (including customary “negative assurancesDefinitive Financing Agreements”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials documentation as may be reasonably requested by Buyer or any ▇▇▇▇▇, to the extent required on the Closing Date by the terms the Definitive Financing Agreements; provided, none of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries respective officers, directors, managers, employees, equity holders or the reputation representatives shall be required to execute or goodwill of the Company adopt any certificate, document or instrument (including any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participateauthorizing resolutions) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate connection with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time Closing Date and (iv) provide as promptly as practicable all documentation and other information about the Company and its Subsidiaries as is required by bank regulatory authorities under applicable “know your know-your-customer” ”, beneficial ownership and anti-money laundering rules and regulations regulations, including the USA PATRIOT U.S.A. Patriot Act of 2001 and the requirements of 31 C.F.R. §1010.230, in each case, to the extent reasonably requested in writing by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer Closing Date; provided, nothing in this Agreement will require the Company, Seller, any of their respective Affiliates or any of its Affiliates each of their respective officers, employees, advisors or other Representatives to (1) cause the delivery of (A) (x) any financial information in a form not customarily prepared by the Company with respect to a particular period or (y) financial statements that cannot be reasonably obtained from the preparation books and records of the Company without undue effort or expense or (B) any projections, pro forma financial information and financial statements or pro forma adjustments, (2) provide cooperation to the extent required by SEC rules and regulations it would interfere unreasonably (in the good faith judgment of the Seller) with the business or operations of the Company, (3) provide cooperation that causes any covenant, representation or warranty in this Agreement to be breached; (4) provide cooperation that causes any condition to Closing to fail to be satisfied or would reasonably be expected to conflict with, violate or result in a breach of or default under any Contract or any Organizational Document of the Company; (5) incur any fee, expense or other liability (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closingcommitment fees) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from not contingent on the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written Closing or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries that would be effective prior to the extent such information contains Closing; (6) provide any material misstatement legal opinion or other opinion of fact or omits to state counsel; (7) encumber any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security assets of the Company or any of its Subsidiariesotherwise be an issuer, except as otherwise permitted under the commitment letter guarantor or other obligor with respect to the Debt Financing prior to the Closing; (8) incur, or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates commit to incur, or Representatives shall be required to (A) pay reimburse, or commit to reimburse, any commitment cost, expense, liability or other feesobligation or provide or agree to provide any indemnity, in each case, in connection with any the Debt Financing, Financing prior to the Closing; (B) give any indemnities in connection with any debt financing, (C9) take any action thatthat could reasonably be expected to subject any director, in the good faith determination of the Companyofficer, would unreasonably interfere with the conduct of the business employee, agent, manager, consultant, advisor or other representative of the Company and its Subsidiaries or create an unreasonable risk any of damage or destruction their Affiliates to any property actual or assets potential personal liability; (10) cause any breach of any requirement of Law; (11) execute or adopt any document or instrument in connection with or relating to the Debt Financing prior to the Closing; provided, however, in no event shall anything in this Agreement require the board of managers, board of directors or similar governing body of the Company or any of its SubsidiariesSubsidiaries to execute any consent or adopt resolutions, in each case, approving or otherwise relating to the Debt Financing prior to the Closing, (D12) provide access to or disclose information that would jeopardize any information attorney client privilege of the disclosure Company or any of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Partyits Affiliates, (E13) take deliver any action certificate or document that would conflict it reasonably believes in good faith contains any untrue, incorrect, incomplete or misleading certifications, representations or warranties, (14) issue any prospectus, information memorandum, “bank book” or other analogous document in connection with the Debt Financing or violate its organizational documents (15) enter into any commitment or agreement that restricts in any applicable Law or would result in a violation or breach of, or default under, any agreement to which manner payments by the Company or any of its Subsidiaries is a party on or (F) execute before the Closing of any agreementdividend, certificate, document Company Transaction Expense or instrument pursuant to other payment contemplated by this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingAgreement.
(b) Upon the request of Seller or any of its attorneys, Buyer shallshall promptly update the Seller as to the status of any Debt Financing.
(c) The Buyer Parties will promptly, promptly upon request by the Company▇▇▇▇▇▇, reimburse Seller, the Company and their respective Representatives, as applicable (or, after the Closing Date, any designated representative thereof), for all reasonable and documented out-of-pocket costs (such as reasonable and expenses documented travel costs and attorneys’ fees) incurred by the Company, its Subsidiaries and its such Persons and their respective Affiliates and Representatives in connection with their respective obligations pursuant compliance with this Section 7.18. The Buyer Parties shall (i) ensure (and agree) that any and all information provided to Section 7.08(a). Buyer the Debt Financing sources under this Agreement shall be subject to the Confidentiality Agreement or other customary confidentiality undertakings in accordance with standard syndication practices of the Debt Financing sources and (ii) indemnify and hold harmless Seller, the Company, its Subsidiaries their respective Representatives and their respective Representatives, Affiliates from and against any and all losses losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with any debt financing the arrangement and any information utilized in connection therewith consummation of the Debt Financing (other than any such losses, damages, claims, costs or expenses that arise from (x) the bad faith, gross negligence or willful misconduct of, or material misstatements breach of this Agreement by, Seller, the Company, their respective Representatives or omissions in their respective Affiliates, as applicable, or (y) written information provided by the Seller, the Company, their respective Representatives or their respective Affiliates expressly for use in connection with the Debt Financing, as applicable, containing any intentional misrepresentation). This Section 7.18 is intended to be for the benefit of each of Seller, the Company, their respective Representatives and their respective Affiliates and may be enforced by any such Person as if such Person were a party to this Agreement.
(d) For the avoidance of doubt, the Parties acknowledge and agree that the provisions contained in this Section 7.18 represent the sole obligation of Seller, the Company and their respective Affiliates with respect to cooperation in connection with the Debt Financing.
(e) Notwithstanding anything to the contrary in this Agreement or elsewhere, no breach or failure to perform by Seller or the Company of any covenant or obligation set forth in this Section 7.18 shall constitute the failure of any condition set forth in Article VIII, give rise to any right of any Buyer Party to terminate this Agreement or refuse to consummate the Closing or otherwise relieve any Buyer Party of any of its Subsidiaries for use obligations under this Agreement.
(f) Buyer acknowledges and agrees that its obligations under this Agreement to consummate the transactions contemplated by this Agreement shall not be conditioned in such financing)any respect on Buyer’s receipt of proceeds from, or any other aspect of, the Debt Financing.
Appears in 1 contract
Financing Cooperation. (a) The Prior to the Closing, the Company shall use its reasonable best efforts to, and shall cause its Subsidiaries to use their reasonable best efforts to, at Buyer’s sole expenseand shall use its reasonable efforts to cause its and their Representatives to, provide all cooperation reasonably cooperate in connection with requested by Parent necessary and customary for the arrangement of any the Debt Financing as may be reasonably requested by Buyer; provided (provided, that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or any of its Subsidiaries). Such cooperation Without limiting the generality of the foregoing, such reasonable best efforts in any event shall include (i) participating in a reasonable number of meetings (including meetings with prospective Debt Financing Sources), presentations, road shows, due diligence sessions and sessions with rating agencies, at reasonable times and with reasonable advance notice, (ii) to the extent required by the Debt Financing and requested by Parent, using reasonable best efforts to facilitate the pledging of, and perfection of security interests in, collateral, effective no earlier than the Effective Time, (iii) furnishing Parent and the Debt Financing Sources as promptly as reasonably practicable following the delivery of a request therefor to the Company by Parent (which notice shall state with specificity the information requested) such financial and other information regarding the Company and its Subsidiaries shall includeas is customarily required in connection with the execution of financings of a type similar to the Debt Financing, at including the Required Financial Information, (iv) in each case following Parent’s reasonable request of Buyerrequest, using their respective commercially reasonable best efforts to:
to assist Parent and Merger Sub in the preparation of (iA) furnish such financial statements confidential information memoranda (including a version that does not include material non-public information) and other financial data customary marketing materials required in connection with financings similar to the Debt Financing and other information relating (B) materials for rating agency presentations, (v) following Parent’s reasonable request, using reasonable best efforts to cause directors and officers who will continue to hold such offices and positions from and after the Effective Time to execute resolutions or consents of the Company and its Subsidiaries that do not become effective until the Effective Time with respect to entering into the Definitive Agreements and requested by Buyer or its Representatives otherwise as may be reasonably necessary or advisable to consummate any authorize consummation of the Debt Financing, including financial statements, financial data, projections, audit reports (vi) providing (A) customary authorization and other information (w) constituting audited financial statements relating representation letters to the Debt Financing Sources with respect to marketing materials from a senior officer of the Company and its Subsidiaries for each (B) a certificate of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited chief financial statements relating to officer of the Company and its Subsidiaries for any quarterly interim period or periods in the form set forth on Annex A to Exhibit C of the Debt Commitment Letter (other than the fourth fiscal quarter) ended after as in effect on the date of its most recent audited financial statements (and corresponding periods of any prior yearshereof) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)solvency matters, (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide if requested by Parent, provide, at least three (3) Business Days prior to the Acceptance Time Closing Date, all documentation and other information about regarding the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT U.S.A. Patriot Act of 2001 to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates Parent in writing at least ten (10) nine Business Days prior to the anticipated Acceptance Time;
Closing Date, (viii) provide information assisting reasonably in the preparation, execution and delivery of necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations customary Definitive Agreements (including those required to be included in any periodic report that Buyer one or any of its Affiliates is required to file under more credit agreements, security agreements, mortgages and/or guarantees and the 1934 Act following the Closingschedules and exhibits thereto) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic certificates or industry specific nature) provided documents as may reasonably be requested by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing thatParent, in each case, effective as of Closing, and (ix) using commercially reasonable efforts to ensure that the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter syndication efforts with respect to the Debt Financing benefit materially from the existing lending and investment banking relationships of the Company. Notwithstanding anything to the contrary contained in this Section 7.14 or under Section 5.01; provided that otherwise, neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment take or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take permit the taking of any action that, in the good faith determination of pursuant to this Section 7.14 that would: (i) require the Company, would unreasonably interfere with the conduct of the business its Subsidiaries or any Persons who are directors or officers of the Company and or any of its Subsidiaries to pass resolutions or create an unreasonable risk consents to approve or authorize the execution of damage the Debt Financing that is effective prior to the Effective Time or destruction execute or deliver any certificate, opinion, document, instrument or agreement or agree to any property change or assets modification of any existing certificate, opinion, document, instrument or agreement that is effective prior to the Effective Time, (ii) cause any representation or warranty in this Agreement to be breached by the Company or any of its Subsidiaries, (Diii) provide require the Company or any information of its Subsidiaries to pay any commitment or other similar fee or incur any other expense, liability or obligation in connection with the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary Financing prior to the providing PartyClosing or have any obligation of the Company or any of its Subsidiaries under any certificate, document, instrument or agreement be effective until the Closing, (Eiv) take cause any action that would director, officer, employee or stockholder of the Company or any of its Subsidiaries to incur any personal liability, (v) conflict with or violate its the organizational documents of the Company or any applicable Law of its Subsidiaries or would any Laws, (vi) reasonably be expected to result in a material violation or breach of, or a default (with or without notice, lapse of time, or both) under, any agreement Contract to which the Company or any of its Subsidiaries is a party party, (vii) provide access to or disclose information that the Company or any of its Subsidiaries reasonably determines would jeopardize any attorney-client privilege or other applicable privilege of the Company or any of its Subsidiaries, (viii) require the Company or any of its Subsidiaries to enter into any instrument or agreement that is effective prior to the occurrence of the Closing or that would be effective if the Closing does not occur (other than customary authorization and representation letters) or (Fix) execute require the Company or any agreementof its Subsidiaries to prepare any financial statements or information that (a) are not available to it and prepared in the ordinary course of its financial reporting practice or (b) would not be otherwise available to it or capable of being prepared by it without undue burden or otherwise with the use of commercially reasonable efforts. Nothing contained in this Section 7.14 or otherwise shall require the Company or any of its Subsidiaries, certificateprior to the Closing, document to be an issuer or instrument other obligor with respect to the Debt Financing. Parent shall indemnify and hold harmless the Company and its Subsidiaries and their respective Representatives from and against any and all losses suffered or incurred by them in connection with the arrangement of the Debt Financing, any action taken by them at the request of Parent pursuant to this Section 7.08(a) 7.14 and any information used in connection therewith (other than information provided in writing by the Company or its Subsidiaries specifically in connection with respect its obligations pursuant to any Debt Financing that is not contingent on the Closing.
(b) Buyer this Section 7.14), and Parent shall, promptly upon request by the Company, reimburse the Company for all reasonable out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for or their respective Representatives in connection with the arrangement of the Debt Financing and any action taken by them pursuant to this Section 7.14.
(b) All non-public or otherwise confidential information regarding the Company or its Subsidiaries obtained by Parent or its Representatives pursuant to this Section 7.14 shall be kept confidential and otherwise treated in accordance with the Confidentiality Agreements or other confidentiality obligations that are substantially similar to those contained in the Confidentiality Agreements (which, with respect to the Debt Financing Sources, shall be satisfied by the confidentiality provisions applicable thereto under the Debt Commitment Letter or other customary confidentiality undertakings in the context of customary syndication practices from Debt Financing Sources not party to the Debt Commitment Letter). The Company hereby consents to the use of its and its Subsidiaries’ logos in connection with the Debt Financing; provided, that such financing)logos are used solely in a manner that is reasonable and customary and that is not reasonably likely to harm or disparage the Company or its Subsidiaries in any respect.
Appears in 1 contract
Financing Cooperation. (a) The Parent shall use its reasonable best efforts to obtain the Financing on or prior to the Closing Date on the terms and conditions described in the Commitment Letter. Parent shall not amend, modify, waive the terms of, or replace, the Commitment Letter or reduce the aggregate amount of the Financing available under the Commitment Letter (other than through the issuance of securities in lieu of the bridge facility contemplated by the Commitment Letter) without the prior written consent of the Company, unless such amendment, modification, waiver or replacement or reduction would not (i) reduce the aggregate amount of the Financing below the amount required to consummate the transactions contemplated by this Agreement (including by changing the amount of fees to be paid or original issue discount of the Financing), except to the extent (A) replacement commitments for indebtedness to be incurred by Parent after the date hereof are then made available in order to consummate the transactions contemplated by this Agreement or (B) the representations set forth in Section 5.24(a) would be true after giving effect to such reduction; provided that the terms and conditions of such replacement commitments (including with respect to conditionality) shall be no less favorable, in the aggregate, to Parent than those contained in the Commitment Letter; or (ii) impose new, additional or more expansive conditions precedent, or otherwise amend, modify or expand any conditions precedent, to the receipt of the Financing, in each case, in a manner that would reasonably be expected to (x) materially delay or prevent the consummation of the transactions contemplated by this Agreement; or (y) adversely impact in any material respect the ability of Parent to consummate the transactions contemplated by this Agreement or enforce its rights under the Commitment Letter; provided, however, that Parent may amend the Commitment Letter without the prior written consent of the Company to add additional financing sources, lenders, lead arrangers, bookrunners, syndication agents or similar entities. References in this Agreement to the Financing shall include the financing contemplated by the Commitment Letter as amended or modified in compliance with this Section 7.19 and references to the Commitment Letter shall include such document as amended or modified in compliance with this Section 7.19.
(b) Parent shall use reasonable best efforts to (i) maintain in effect the Commitment Letter until the consummation of the transactions contemplated by this Agreement, other than any reduction in the amount of the Financing available under the Commitment Letter through the issuance of securities in lieu of the bridge facility contemplated by the Commitment Letter; (ii) satisfy on a timely basis all conditions within the control of Parent to obtaining the Financing, including delivery of all information required by items 4 and 10 of Exhibit C of the Commitment Letter, and (iii) negotiate and enter into definitive agreements with respect to the Financing (“Financing Agreements”) on the terms and conditions contained in the Commitment Letter (including any “market flex” provisions related thereto). Parent shall keep the Company reasonably informed with respect to all material activity concerning the status of the Financing and shall give the Company notice of any material change with respect to such Financing as promptly as practicable. Parent shall give the Company reasonably prompt notice of (A) any material breach by any party to the Commitment Letter of which Parent becomes aware to the extent such breach would reasonably be expected to impair or materially delay the Closing or result in insufficient financing to consummate the transactions contemplated by this Agreement; and (B) any termination of the Commitment Letter (or the Financing Documents) or the receipt of any notice of termination, breach or default under the Commitment Letter (or the Financing Documents). In the event that all conditions in the Commitment Letter have been satisfied or, upon funding will be satisfied, and Parent is otherwise required under the terms of this Agreement to consummate the Merger, Parent shall use reasonable best efforts to (1) consummate the Financing and (2) enforce its rights under the Commitment Letter (or the Financing Documents); provided that, notwithstanding anything to the contrary herein, Parent shall have no obligation hereunder to threaten or initiate any Action against any of the Financing Sources or any other party to the Commitment Letter or to the Financing Agreements. If any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Commitment Letter, Parent shall use reasonable best efforts to arrange and obtain alternative debt financing from alternative sources in an amount sufficient to consummate the transactions contemplated by this Agreement (the “Alternative Financing”); provided that the terms and conditions of such Alternative Financing (including with respect to conditionality, structure, covenants and pricing) shall be no less favorable, in the aggregate, to Parent than those contained in the Commitment Letter. For the purposes of this Agreement, (x) the term “Commitment Letter” shall be deemed to include any commitment letter or similar agreement with respect to any Alternative Financing arranged in compliance with this Section 7.19 (and any Commitment Letter remaining in effect at the time in question); and (y) the term “Financing Agreements” shall also be deemed to include any definitive agreements with respect to the Alternative Financing arranged in compliance with this Section 7.19 (and any Financing Agreements remaining in effect at the time in question).
(c) Prior to the Closing, the Company shall, and shall use reasonable best efforts to cause its Subsidiaries and its and their respective Representatives to, at Buyer’s sole expense, provide to Parent all cooperation reasonably cooperate requested by Parent in connection with the arrangement arrangement, marketing and consummation of any Debt the Financing as may be reasonably requested by Buyer; provided or, if applicable, the Alternative Financing (provided, however, that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by ), including using reasonable best efforts to: (i) deliver to Parent financial and other pertinent information regarding the Company and its Subsidiaries shall includeas may be reasonably requested by Parent and that is customarily required for the Financing or, at if applicable, the reasonable request of BuyerAlternative Financing, using their respective commercially reasonable efforts to:
including (iA) furnish such the financial statements statements, business and other financial data and other information relating expressly referred to in the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) Commitment Letter and (y); provided, further, that the Company’s sole obligation with respect B) such information as to the preparation of enable Parent to prepare any required pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
statements; (ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion extent customarily required for the Financing or, if applicable, the Alternative Financing, make appropriate officers available to participate upon reasonable notice in a reasonable number of audit reports in connection meetings, presentations, road shows, due diligence sessions and sessions with any Debt Financing;
rating agencies at times and locations to be mutually agreed; (iii) provide information related reasonable assistance to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates Parent in the preparation of one or more customary offering documents, including confidential information memoranda, prospectuses, private placement memoranda, offering memoranda and bank confidential information memoranda and road show materials, rating agency materials and other marketing similar documents necessary in connection with the Financing or, if applicable, the Alternative Financing, and syndication materials reasonably requested by Buyer or any of its Affiliates;
provide reasonable and customary authorization letters related thereto; (iv) provide the reasonable use if requested in writing by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwritinga Financing Source, as applicable, of financing (subject to advance review of and consultation with respect furnish to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide Source all information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to regarding the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as that is required in connection with the Financing or, if applicable, the Alternative Financing, by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act Patriot Act, to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
Closing Date; (viiiv) provide information reasonably necessary assist Parent in obtaining corporate, corporate family, credit, facility and securities ratings from rating agencies; (vi) assist Parent in obtaining (A) customary releases and consents (including consents with respect to assist Buyer or any inclusion of its Affiliates with the preparation of pro forma financial information and Company’s financial statements to the extent required by SEC rules and regulations (including those any audit opinions in respect thereof required to be included in any periodic report prospectus or offering memorandum or similar documents for any portion of the Financing or, if applicable, the Alternative Financing) and (B) customary comfort letters of the Company’s current and former independent accountants (including “negative assurance” comfort), including by executing and delivering any customary representation letters to the accountants in connection therewith and subject to the completion by such accountants of customary procedures related thereto; (vii) assist Parent in obtaining customary legal opinions related to the Company required to be obtained in connection with the Financing or, if applicable, the Alternative Financing; and (viii) obtain and, if applicable, execute customary payoff letters and execute customary certificates as may be reasonably requested by Parent as necessary in connection with the Financing or, if applicable, the Alternative Financing (provided, however, that Buyer (A) any such certificates will not be executed except in connection with the pricing or closing of any Financing or, if applicable, any Alternative Financing, and (B) no personal liability will be imposed on the officers or employees involved with such certificates). Notwithstanding the foregoing, nothing in this Agreement shall require the Company or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer Subsidiaries or any of its Affiliates their respective Representatives (1) to take any action that would reasonably be included expected to conflict with or violate the certificate of incorporation or bylaws of the Company or any of the provisions of the certificate of incorporation or bylaws (or equivalent organizational documents) of a Subsidiary of the Company or any Law or result in the breach of any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments contract if the consequences of discharge in connection with repayment the breach of existing indebtedness such Law or contract would be material to the business or operations of the Company and its Subsidiaries reasonably requested Subsidiaries, taken as a whole, (2) to pay any commitment or similar fee or reimburse any expenses incurred by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts Parent in connection with the Debt Financing benefit from or, if applicable, the Company’s Alternative Financing, (3) to execute and its Subsidiaries’ existing lending relationships;
(xi) supplement deliver any definitive agreements with respect to the written or formally presented information Financing prior to the Closing Date (other than projections any definitive agreements that are executed and other forward-looking materials and information delivered in escrow pending the occurrence of the Closing or effective as of the Closing) or incur any liability that is not contingent on the occurrence of the Closing Date or (4) to take any action in its capacity as a general economic shareholder, member, partner or industry specific nature) provided by member of the board of directors of any of the Company or its Subsidiaries to authorize or approve the extent such information contains any material misstatement Financing; provided, however, that the foregoing clauses (3) and (4) of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
this sentence and clause (xiiA) assist of the Buyer proviso in the delivery in a timely fashion of immediately preceding sentence shall not apply to customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 resolutions, representation and a representation to the providers of the debt financing thatletters, officer’s certificates, supplemental indentures (which do not result in the case creation or assumption of any public-side version of additional obligations by the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates Company or any of their respective securities;
(xiiiits Subsidiaries prior to the Effective Time) cooperate and similar documents required to be executed in connection with the Buyerclosing of a debt financing into escrow on customary terms so long as such documents are not released from escrow or become effective prior to the Closing Date. The Company consents to the reasonable use of the Company’s legal counsel logos in connection with any legal opinions Financing in a manner customary for such financing transactions; provided, that may be required to be delivered such logos are used solely in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuancea manner that is not intended, or any attempt reasonably likely, to syndicate, incur harm or issue, disparage the Company or any announcement the reputation or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security goodwill of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer Affiliates. Parent shall, promptly upon request by the Company, reimburse the Company for all reasonable and documented out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Company, Company or any of its Subsidiaries (other than with respect to any costs associated with preparing regular quarterly and its annual financial statements) in performing their obligations under this Section 7.19, and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against Company for any and all losses liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties suffered or incurred by the Company or any of them its Subsidiaries arising therefrom, in connection with any debt financing and any information utilized in connection therewith (each case other than to the extent any of the foregoing (x) arises from the bad faith, gross negligence or intentional misconduct of, or material misstatements breach of this Agreement by, the Company or omissions in any of its Subsidiaries or (y) arises from or relates to information provided by or on behalf of the Company or any of its Subsidiaries for use in such financing)connection with the Financing or, if applicable, the Alternative Financing. None of the representations, warranties or covenants of the Company set forth in this Agreement shall be deemed to apply to, or deemed breached or violated by, any of the actions taken by the Company or any of its Subsidiaries at the express request of Parent set forth in this Section 7.19. Each of Parent and Merger Sub acknowledges and agrees that in no event will the availability of the Financing constitute a condition precedent to Closing.
Appears in 1 contract
Sources: Merger Agreement (Metaldyne Performance Group Inc.)
Financing Cooperation. (a) The Subject to Section 6.10(a), the Company shall and shall cause its Subsidiaries Subsidiaries, and shall use its reasonable best efforts to cause their respective Representatives to, at Buyer’s Parent's sole expense, reasonably cooperate in connection with the arrangement of any Debt the Financing or alternative financing as may be reasonably requested by Buyer; Parent (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company and its Subsidiaries or its utilize an undue amount of the Company's or Subsidiaries' personnel time). Such Subject to the immediately preceding sentence, such cooperation by the Company and its Subsidiaries and their respective Representatives shall include, at the reasonable request of BuyerParent, (a) participating in a reasonable number of meetings and presentations with prospective lenders (including using their respective commercially reasonable best efforts to:
to make available the Company's senior management for participation in such meetings), (ib) furnish such using reasonable best efforts to provide information (including any information necessary to facilitate preparation of projections and the pro forma financial statements required pursuant to the Securities Act (including Article XI of Regulation S-X) in connection with the Merger), documents, authorization letters, opinions and certificates, enter into agreements and take other actions that are customary in connection with the Financing or alternative financing or necessary or desirable to permit Parent to fulfill conditions or obligations under the definitive documentation for the Financing or the alternative financing, (c) furnishing the report of the Company's auditor on the most recently available audited consolidated financial data and other information relating to statements of the Company and its Subsidiaries and requested by Buyer or using its Representatives as may be reasonably necessary or advisable reasonable best efforts to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating obtain the consent of such auditor to the Company use of such report in accordance with normal custom and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)practice, (xd) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order using reasonable best efforts to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer Parent and (e) using commercially reasonable efforts to assist in procuring any necessary rating agency ratings or any of its Affiliates;
(iv) provide approvals. The Company hereby consents to the reasonable use by Buyer and of its Affiliates of logos in connection with the Company’s and its Subsidiaries’ logos for syndication and underwritingFinancing or any alternative Financing, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such use is disclosed to the Company in writing prior to the time that it is so used, such logos are used solely in a manner that is reasonable and customary for such purposes and that is could not intended to or reasonably likely be expected to harm or disparage the Company, its Subsidiaries or their marks and on such other customary terms and conditions as the Company or applicable Subsidiary shall reasonably impose. Parent shall, promptly upon termination of this Agreement, reimburse the Company for all reasonable out-of-pocket expenses and costs incurred in connection with the Company's or its Affiliates' obligations under this Section 6.11. Notwithstanding anything in this Agreement to the contrary, neither the Company nor any of its Subsidiaries shall be required to pay any commitment or other similar fee or enter into any definitive agreement or incur any other liability or obligation in connection with the reputation Financing (or goodwill of any alternative financing) prior to the Effective Time. All material non-public information provided by the Company or any of its Subsidiaries or any of their respective productsRepresentatives pursuant to this Section 6.11 shall be kept confidential in accordance with the Confidentiality Agreement, servicesexcept that Parent and Merger Sub shall be permitted to disclose such information to the lenders in respect of the Commitment Letter and other potential sources of capital, offerings or intellectual property rights;
(v) participate (rating agencies and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with during syndication of the Debt Financing Sources’ documentary due diligence, or any alternative Financing subject to the extent customary lenders, potential sources of capital, ratings agencies and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a investors entering into customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter confidentiality undertakings with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to such information (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company including through a notice and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result undertaking in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company form customarily used in confidential information memoranda for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financingsenior credit facilities).
Appears in 1 contract
Financing Cooperation. (a) The Company During the Transition Period, the Seller shall and shall cause its Subsidiaries to, at Buyer’s sole expense, the Group Companies to cooperate with the Buyers and their advisors as reasonably cooperate necessary in connection with the arrangement third party debt financing (the “Financing”) obtained by any of the Buyers and/or their Affiliates in connection with the transactions contemplated by this Agreement as long as it does not constitute a breach of applicable law or regulation or any Debt Financing confidentiality obligation, including by:
6.5.1 subject to appropriate confidentiality protections, upon reasonable notice furnishing the Buyers’ Representative, lenders and prospective lenders (and their advisors) with financial and other available and existing information regarding the Group Companies as may be reasonably requested required by Buyer; such lenders and of a type generally used in connection the Financing (including all financial statements, bank account details, pro forma financial information, financial data, audit reports and projections);
6.5.2 upon reasonable notice, reasonably assisting in the preparation of any bank information memoranda, business projections and financial statements and similar documents that may be reasonably required by the lenders and the prospective lenders, subject to appropriate confidentiality protections, in connection with the Financing and provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company Seller shall only be required to provide information that is or its Subsidiaries. Such cooperation has been produced by the Company and its the Subsidiaries shall includein the ordinary course; and
6.5.3 regarding the Subsidiaries, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included cooperating in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings good faith with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates Buyers in the preparation of one or more confidential information memorandathe corporate actions, prospectusessubject to the occurrence of Closing, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its SubsidiariesBuyers’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts Representative in connection with the Debt Financing benefit from Financing. Notwithstanding any other provisions of this Agreement, the CompanyBuyers shall pay all the documented and reasonable Third Party expenses and costs incurred by the Seller, the Seller’s Affiliates and its Subsidiaries’ existing lending relationships;
(xi) supplement the Company in relation to any action properly taken by such person in compliance with the written or formally presented information (other than projections and other forward-looking materials and information request of a general economic Buyer or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains Buyers´ Representative in connection with this Clause 6.5. The Seller does not represent and warrant any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providersthe Buyers, such information does not include material non-public information about the Company, its Affiliates lenders or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument prospective lenders pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingClause 6.5.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Financing Cooperation. (a) The From the date of this Agreement through the earlier of the Closing and the valid termination of this Agreement, subject to the limitations set forth in this Section 6.6, and unless otherwise agreed by Purchaser, the Company shall agrees to use reasonable best efforts to provide such assistance (and shall use reasonable best efforts to cause its Subsidiaries to, at Buyer’s sole expense, personnel and advisors to provide such assistance) as is reasonably cooperate requested by Purchaser in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that for purposes of consummating the Transactions.
(b) Subject to Section 6.6(d), such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries assistance shall include, at but not be limited to, the reasonable request of Buyer, using their respective commercially reasonable efforts tofollowing:
(i) furnish such furnishing Purchaser and the Debt Financing Sources as promptly as reasonably practicable (or (x) in the case of any audited financial statements furnished pursuant to clause (A), as promptly as reasonably practicable but in no event more than 120 days after the relevant fiscal year and (y) in the case of any unaudited quarterly financial statements furnished pursuant to clause (A), as promptly as reasonably practicable but in no event more than 45 days after the relevant fiscal quarter) with (A) the Required Information; provided, that in no event shall the Required Information be deemed to include, nor shall the Company otherwise be required to provide, any information regarding any post-Closing or pro forma financial statements, post-Closing pro forma adjustments desired to be incorporated into any information used in connection with the Debt Financing (including any synergies or cost savings), projections, ownership or an as-adjusted capitalization table, and (B) for any fiscal quarter ending after the date hereof and prior to the Closing, such other financial and other financial data and other pertinent information relating pertaining to the Company and its Subsidiaries and requested by Buyer or its Representatives as may (it being understood that the Company shall not be reasonably necessary or advisable required to consummate provide any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating other than those required pursuant to the Company and its Subsidiaries for each definition of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(aRequired Information);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financingreserved;
(iii) provide information related to the Company preparing for and its Subsidiaries reasonably necessary to assist Buyer or any participating in (through management with appropriate seniority and expertise) a reasonable number of its Affiliates in the preparation of one or more confidential information memorandameetings, prospectusespresentations, offering memoranda road shows, drafting sessions, due diligence sessions, sessions with rating agencies and other marketing customary syndication activities in connection with the Debt Financing at reasonable times and syndication materials reasonably requested by Buyer or any of its Affiliatesupon reasonable advanced notice;
(iv) provide solely as required by the reasonable use by Buyer and its Affiliates terms of the Company’s and its Subsidiaries’ logos for syndication and underwritingDebt Financing Commitment, as applicable, of financing (subject using reasonable best efforts to advance review of and consultation with respect to such use); provided request that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill independent auditors of the Company or assist and cooperate with Purchaser in connection with the Debt Financing (it being understood that the Company cannot control the timing of the independent auditors’ response and shall not be responsible for any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rightsdelay in procuring such response);
(v) participate (using reasonable best efforts to assist P▇▇▇▇▇▇▇▇ and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligenceSources in Purchaser’s preparation of any bank information memoranda and similar documents and any materials for rating agency presentations, including execution and delivery of customary authorization letters related thereto (including customary representations with respect to the extent customary absence of material non-public information in the public-side versions of documents and reasonablethe absence of material misstatements or omissions); provided that Purchaser is solely responsible for the content of any pro forma financial statements, synergies, projections or adjustments contained therein other than the content of historical financial information of the Company contained therein;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating solely with respect to the Company Company, using reasonable best efforts to facilitate the pledging of, granting a security interest in and its Subsidiaries for rating agency presentationsobtaining perfection of any liens on, collateral in connection with and solely to the extent effective subject to the occurrence of the Closing;
(vii) provide at least using reasonable best efforts to obtain documents reasonably requested by P▇▇▇▇▇▇▇▇ or the Debt Financing Sources relating to the repayment of the Payoff Indebtedness, and the release on the Closing Date of all related liens, including the Payoff Letters;
(viii) providing as promptly as reasonably practicable (and in any event, no less than three (3) Business Days prior to the Acceptance Time Closing Date) all documentation and other information about the Company and its Subsidiaries as is required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including (A) the USA PATRIOT Patriot Act and (B) a certification regarding beneficial ownership as required by 31 C.F.R. §1010.230 to any Debt Financing Source that has requested such certification, relating to the extent Company prior to the Closing, in each case as reasonably requested of the Company in writing by any financing source providing financing to Buyer Purchaser or any of its Affiliates the Debt Financing Sources at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documentsClosing Date;
(ix) obtain customary payoff letters executing and any necessary lien terminations delivering definitive documents and other instruments of discharge in connection with repayment of existing indebtedness of closing certificates relating to the Company and its Subsidiaries Debt Financing as may be reasonably requested by Buyer or any P▇▇▇▇▇▇▇▇, in each case subject to the occurrence of its Affiliates;the Closing; and
(x) cooperate with causing the providers officers of the Company who will remain officers of the Company immediately after the Closing to take, in their capacities as post-Closing officers, all reasonable corporate and other actions, subject to the occurrence of the Closing and approval of the post-Closing boards of the Company, to permit the consummation of the Debt Financing and the proceeds thereof to ensure thatbe made available to Purchaser at the Closing.
(c) The Company hereby consents to the use of all of its logos in connection with the Debt Financing; provided, that such trademarks and logos are used solely in a manner that is not intended, or reasonably likely, to harm or disparage the extent practicable Company or the reputation or goodwill of the Company.
(d) Notwithstanding anything in this Agreement to the contrary, (i) except with respect to the authorization letters referred to in clause (b)(v) above and appropriate“know your customer” information referred to in clause (b)(viii) above, the Company shall not be required to pay any syndication efforts commitment or other similar fee or enter into any binding agreement or commitment or incur any other actual or potential Liability in connection with the Debt Financing benefit from (or any Alternative Financing) that is not subject to the Company’s and its Subsidiaries’ existing lending relationships;
occurrence of the Closing, (xiii) supplement the written no director, manager, officer or formally presented information (other than projections and other forward-looking materials and information employee of a general economic or industry specific nature) provided by the Company shall be required to deliver any certificate or its Subsidiaries take any other action pursuant to this Section 6.6 to the extent any such information contains any material misstatement of fact or omits action would reasonably be expected to state any material fact necessary to make such information, taken as a whole, not misleading result in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided personal liability to such providersdirector, such information does not include material non-public information about the Companymanager, its Affiliates officer or any of their respective securities;
employee, (xiiiiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor respective directors or officers shall be obligated to adopt resolutions or execute consents to approve or authorize the execution of the Debt Financing (or any Alternative Financing), provided that this clause (iii) shall not prohibit the adoption or execution of their respective Affiliates any resolutions or Representatives consents effective no earlier than the Closing Date by any persons that shall remain or will become officers or directors of the Company immediately following the Closing, (iv) the Company shall not be required to (A) pay deliver any commitment or other fees, in each case, in connection with financial statements for any Debt Financingperiod that is not otherwise specifically required hereunder, (Bv) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction shall not be required to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would will conflict with or violate its organizational documents or any applicable Law result in the contravention of, or would could reasonably be expected to result in a violation or breach of, or default under, any agreement Law in any material respect or Material Contract (in each case prior to which the Closing), (vi) the Company shall not be required to take any action that would reasonably be expected to cause any condition to the Closing set forth in this Agreement to fail to be satisfied or otherwise cause any breach of this Agreement that would provide Purchaser the right to terminate this Agreement, and (vii) the Company shall not be required to cause the delivery of any legal opinions or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant certificate as to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closingsolvency.
(be) Buyer shallOn the Closing Date or following the valid termination of this Agreement, Purchaser shall promptly upon request by the Company, reimburse the Company for all reasonable and documented out-of-pocket costs and expenses incurred by the Company, its Subsidiaries Company and its and their respective Representatives payable to unaffiliated third parties in connection with their respective obligations pursuant such assistance; provided, that Purchaser shall not be required to Section 7.08(a). Buyer reimburse the Company for costs and expenses with respect to financial statements, financial information or other materials prepared prior to the date hereof or, after the date hereof, that the Company would have prepared in the ordinary course of business.
(f) Purchaser shall indemnify and hold harmless the CompanyCompany and its personnel, its Subsidiaries and their respective Representatives, agents, and advisors from and against any and all losses liabilities, losses, damages, claims, costs, expenses, interest, fines, awards, judgments, and penalties suffered or incurred by any of them in connection with the Debt Financing or any debt financing and any information utilized requested assistance or activities provided in connection therewith therewith; provided, that the foregoing shall not apply in the Company’s personnel or advisors’ willful misconduct, bad faith or gross negligence.
(other than material misstatements or omissions in information provided by g) The Company shall not be required to provide any such assistance that would unreasonably interfere with its business operations. Such assistance shall not include any actions that the Company determines, in its reasonable judgment, exercised in good faith, would result in a violation of any confidentiality arrangement, or jeopardize any legal or other applicable privilege. Neither Purchaser nor the Debt Financing Sources shall have the right to perform any investigative procedures that involve physical disturbance or damage to any property or other assets of the Company.
(h) The Company shall have the right, but not the obligation, to review and comment on any marketing materials relating to the Company’s operation and performance prior to the dissemination of such materials to potential Debt Financing Sources (or filing with any Governmental Entity); provided, that the Company shall communicate in writing its Subsidiaries for use in comments, if any, to Purchaser and its counsel within a reasonable period of time under the circumstances and consistent with the time accorded to other participants who were asked to review and comment on such financing)marketing materials.
Appears in 1 contract
Financing Cooperation. (a) The Prior to the Closing, the Company shall and shall Seller will, and will cause its the Company’s Subsidiaries and Advisors to, at Buyer’s sole expenseuse their reasonable best efforts to, reasonably cooperate with Buyer and its Advisors in connection with the marketing, arrangement and/or syndication of the Debt Financing, including using reasonable best efforts to:
(i) facilitate the execution and delivery of customary definitive financing documentation, including pledge, collateral and security documents, effective following the Closing, on the terms and conditions contemplated by the Debt Letters and/or the other definitive documentation with respect to the applicable Debt Financing;
(ii) deliver to Buyer: (A) the financial statements described in Section 2.02(l), and (B) unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of the Company for each subsequent fiscal quarter ended at least forty-five (45) days before the Closing Date (other than any fourth fiscal quarter of the Company), together with financial statements for the comparative quarter in the prior fiscal year, on a consolidated basis in accordance with GAAP, which quarterly financial statements, in each case, shall have been reviewed by the Company’s independent accountants pursuant to the procedures specified by the American Institute of Certified Public Accountants for a review of interim financial statements (the financial statements described in clauses (A) and (B), the “Required Financing Information”);
(iii) provide to Buyer reasonably available information relating to, and otherwise reasonably assist Buyer in preparing, customary pro forma financial statements meeting the requirements applicable to the pro forma financial statements of the Buyer to be filed by the Buyer with the SEC on Form 8-K in connection with the Transactions; provided that, nothing in this Section 6.10 shall require Seller or the Company, or their respective Subsidiaries or Advisors, to prepare financial statements complying with FASB Accounting Standards Codification Topic 606 (Revenue from Contracts with Customers);
(iv) (A) update any Required Financing Information provided to Buyer as necessary so that the Required Financing Information for the most recent period provided would not be deemed stale under customary practices for registered public offerings of debt securities and are in a form sufficient to permit the Company’s independent accountants to issue customary comfort letters in connection with the applicable Debt Financing, including as to customary negative assurances and change period, in order to consummate any offering of debt securities of the Buyer on any day prior to the Closing Date and (B) as promptly as practicable, inform Buyer if the chief executive officer, chief financial officer, treasurer or controller of the Company or any member of the Company’s board of directors shall have actual knowledge of any facts as a result of which a restatement of any Required Financing Information to comply with GAAP is probable or under active consideration, or if the Required Financial Information would otherwise fail to be in a form (i) sufficient to permit the Company’s independent accountants to issue the comfort letters described in clause (A) or (ii) meeting the requirements applicable to acquired company financial statements to be filed by Buyer with the SEC on Form 8-K in connection with the Transactions;
(v) request that the Company’s independent accountants provide, and use reasonable best efforts to cause them to provide, customary comfort letters (including customary “negative assurance” comfort) and consents for use of their reports, on customary terms and consistent with their customary practice in connection with the applicable Debt Financing;
(vi) make appropriate officers available to participate in a reasonable number of sessions with rating agencies (to the extent necessary), information meetings and road shows, in each case, to the extent customarily required for financings of the type contemplated by the Debt Financing as may be and upon reasonable advance notice and at mutually agreeable dates and times;
(vii) reasonably assist Buyer and its Advisors with the preparation of customary materials for a bank information memorandum, prospectus, offering memorandum, investor presentation, lender presentation and/or similar offering documents and customary rating agency presentations for the Debt Financing;
(viii) furnish at least four (4) Business Days prior to the Closing Date all customary information regarding the Company and each of its Subsidiaries that is requested in writing and required in connection with the Debt Financing by U.S. regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing by Debt Financing Sources at least ten (10) Business Days prior to the Closing Date;
(ix) cooperate reasonably with any customary due diligence investigation of the Company and its Subsidiaries in connection with the Debt Financing, including participation in due diligence sessions (and including requesting that the Company’s independent accountants participate in accounting due diligence sessions) upon reasonable advance notice and at mutually agreeable times; and
(x) take all customary corporate actions, subject to the occurrence of the Closing, reasonably requested by Buyer; provided Buyer and necessary to permit the consummation of the Debt Financing.
(b) Notwithstanding anything to the contrary contained in this Section 6.10, neither the Company nor any of its Subsidiaries shall be required to take or permit the taking of any action that such requested cooperation does not would (i) unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation , (ii) cause any representation or warranty in this Agreement to be breached by the Company and or any of its Subsidiaries, (iii) require the Company or any of its Subsidiaries shall includeto pay any commitment or other similar fee or incur any other expense, at liability or obligation in connection with the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statementsthat would not be reimbursed by Buyer, financial data(iv) cause any director, projections, audit reports and other information (w) constituting audited financial statements relating to officer or employee of the Company and or any of its Subsidiaries for each to incur any personal liability, (v) conflict with the organizational documents of the Company or any of its three most recent fiscal years ended at least 60 days Subsidiaries or any Laws, (vi) result in the contravention of, or that could result in a violation or breach of, or a default (with or without notice, lapse of time, or both) under, any contract or agreement, (vii) provide access to or disclose information that the Company or any of its Subsidiaries determines would jeopardize any attorney-client privilege of the Company or any of its Subsidiaries, (viii) authorize any corporate action of the Company or any of its Subsidiaries that would become effective and operative prior to the Closing Date and unaudited financial statements relating to Closing, (ix) require the Company, its Subsidiaries or any Persons who are directors of the Company and or its Subsidiaries for any quarterly interim period to pass resolutions or periods (other than consents to approve or authorize the fourth fiscal quarter) ended after execution of the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)Debt Financing, (x) require the Company or any of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, its Subsidiaries to enter into any instrument or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation agreement with respect to the preparation Debt Financing that is effective prior to the occurrence of any pro forma financial information and financial statements for inclusion in any confidential information memorandumthe Closing or that would be effective if the Closing does not occur, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viiixi) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer require the Company or any of its Affiliates consistent Subsidiaries to prepare any projections or pro forma financial statements (provided, that actions to assist with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents the preparation of pro forma financial statements may be required to the inclusion extent provided in Section 6.10(a)(iii)), or (xii) deliver or cause to be delivered any opinion of audit reports counsel in connection with any the Debt Financing;.
(iiic) provide information related to Buyer shall indemnify and hold harmless Seller, the Company and each of its Subsidiaries reasonably necessary and their respective pre-Closing directors, officers, employees and representatives from and against any and all liabilities, losses, damages, claims, costs, expenses (including reasonable attorney’s fees) interest, awards, judgments and penalties of any kind imposed on, sustained, incurred or suffered by, or asserted against, any of them, directly or indirectly, relating to, arising out of or resulting from the arrangement of the Debt Financing, any cooperation pursuant to assist Buyer this Section 6.10 and/or the provision of information utilized in connection therewith, except to the extent any of the foregoing arise out of the willful breach or Fraud of the Company or any of its Affiliates Subsidiaries, whether or not the Transactions are consummated or this Agreement is terminated. Buyer shall, promptly upon written demand by the Company, reimburse the Company for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Company or its Subsidiaries in connection with this Section 6.10, whether or not the preparation of one Transactions are consummated or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;this Agreement is terminated.
(ivd) provide The Company hereby consents to the reasonable use by Buyer and of its Affiliates of the Company’s and its Subsidiaries’ trademarks, service marks and logos for in connection with the marketing, syndication and underwritingunderwriting of the Debt Financing or consummation of an offering of equity or equity-linked securities in replacement of all or any portion of the Debt Financing; provided, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such trademarks, service marks and logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm harm, disparage or disparage otherwise adversely affect the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;Subsidiaries.
(ve) participate Buyer expressly acknowledges and agrees that (and causing senior management and representatives, with appropriate seniority and expertise, to participatei) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with obtaining the Debt Financing Sources’ documentary due diligence, is not a condition to the extent customary Closing and reasonable;
(viii) provide information reasonably necessary notwithstanding anything contained in this Agreement to assist the contrary, Buyer’s obligations hereunder are not conditioned in any manner upon Buyer obtaining the Debt Financing, or any of its Affiliates in its preparation of material relating to other financing. In the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of event the Debt Financing has not been obtained, Buyer will continue to ensure thatbe obligated, subject to the satisfaction or waiver of the conditions set forth in ARTICLE VIII or the termination of this Agreement in accordance with ARTICLE IX, to consummate the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingTransactions.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Financing Cooperation. (a) The Prior to the Closing, the Company shall shall, and shall cause its the Company’s Subsidiaries to, promptly provide the Required Information. From and after the date of this Agreement until the Closing Date (or, if earlier, the termination of this Agreement), the Company will, and will cause each of the Subsidiaries and its and their Representatives to, use its reasonable best efforts to provide, at BuyerPurchaser’s sole expensecost and expense (subject to the provisions of this Section 6.11), such cooperation as is reasonably cooperate requested by Purchaser in connection with the arrangement of any Debt Financing, including with respect to the following:
(i) furnishing to Purchaser (or its Affiliates) and the Debt Financing Sources, such historical financial information and other information that Purchaser (or its Affiliates) reasonably request in order to assist in arranging and/or to consummate the Debt Financing and is customary for Debt Financings of the type contemplated by the Debt Commitment Letter, to the extent such information is readily available;
(ii) cooperating with Purchaser (or its Affiliates) in the preparation of, customary certificates and security documents required by the Debt Financing Sources and the Definitive Debt Financing Agreements entered into in connection with the Debt Financing (including loan agreements, guarantees, collateral agreements, officer’s certificates, solvency certificates (which may be in the form of the solvency certificate attached as an exhibit to the Debt Commitment Letter), resolutions and other customary documentation), in each case, to be held in escrow pending the Closing, with such signatures not effective until and conditioned upon the consummation of the Closing;
(iii) furnishing to Purchaser and the Debt Financing Sources customary information regarding the Company and the Subsidiaries as may be reasonably requested by Buyer; provided that Purchaser to consummate the Debt Financing to the extent such information exists and is reasonably available to Company and the Subsidiaries without undue burden or expense;
(iv) assisting in preparation for and participating (including making appropriate officers of the Company and the Subsidiaries available to participate) in a reasonable number of meetings or calls with providers or potential providers of the Debt Financing (which may, at the Company’s election, be limited to teleconference or virtual meeting platforms) upon reasonable advance notice and at a date, time and location to be mutually agreed;
(v) delivering notices of prepayment for the repayment in full of all Indebtedness (which notices may be conditioned on the occurrence of the Closing) required to be paid off at Closing and for which a prepayment notice is required;
(vi) taking all reasonably requested cooperation does not unreasonably interfere with formal corporate or other organizational actions but only if the ongoing operations officers, directors, members, managers or similar Persons will remain in their respective or similar roles after the Closing, subject to the occurrence of the Closing;
(vii) cooperating in the replacement or backstop of any outstanding letters of credit issued for the account of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:;
(iviii) furnish such financial statements and other financial data and other information relating assisting Purchaser with the Purchaser’s preparation of schedules to the Company and its Subsidiaries and requested by Buyer or its Representatives Definitive Debt Financing Agreements as may be reasonably necessary or advisable required in connection with the Debt Financing, and, to consummate any the extent applicable, facilitating the pledging of, and granting of liens on, collateral for the Debt Financing, including financial statements, financial data, projections, audit reports making reasonable arrangements to deliver possessory collateral (such as certificated equity and other information (wpromissory notes) constituting audited financial statements relating to the Company and within its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form possession required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing Sources to be delivered at or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended after Closing to or reasonably likely to harm or disparage at the Company or any direction of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, subject to the extent customary and reasonable;occurrence of the Closing; and
(viix) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide providing at least three (3) Business Days prior to the Acceptance Time Closing Date all documentation and other information about the Company and its Subsidiaries requested by Purchaser as is required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Patriot Act and the requirements of 31 C.F.R. §1010.230, to the extent reasonably requested by any financing source providing financing to Buyer Purchaser or any of its Affiliates Representatives at least ten nine (109) Business Days prior to the anticipated Acceptance Time;
Closing; provided, however, that notwithstanding the foregoing or anything else contained herein to the contrary, (viiix) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements no such cooperation shall be required to the extent required by SEC rules it could (a) disrupt or interfere materially and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate unreasonably with the providers conduct of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
or the Subsidiaries business, (xib) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about require the Company, the Subsidiaries or its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with Representatives to pay or incur any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndicationcosts, incurrence fees and expenses or issuance, or any attempt to syndicate, incur or issueassume any other Obligation prior to the Closing other than as are expressly reimbursable or payable by the Purchaser and for which it is promptly reimbursed (subject to the limitations on reimbursement set forth in Section 6.11(b) below), (c) require any director, officer or any announcement employee or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security other Representative of the Company or any of its Subsidiariesthe Subsidiaries to deliver, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay deliver, any commitment certificate or other feesdocument or take any action, in each case, that could result in connection with any Debt Financingpersonal liability, (Bd) give any indemnities in connection with any debt financingrequire the Company or its Affiliates to produce carve-out audits, (Ce) take any action that, in the good faith determination of require the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage its or destruction their respective Representatives to any property or assets of the Company or any of its Subsidiaries, (D) provide any information or cooperation that would reasonably be expected to (i) result in the disclosure loss of which is prohibited attorney-client privilege or restricted rights under the attorney work product doctrine, (ii) breach or violate any applicable Law or subject to legal privilegeLaw, or that is confidential or proprietary (iii) violate any confidentiality obligation with respect to the providing Partysuch information, (Ef) require the Company, the Subsidiaries or its or their respective Representatives to take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, the material contravention of any material agreement to which the Company or any of its Subsidiaries is a party as of the date hereof, (g) require the Company, the Subsidiaries or its or their respective Representatives to prepare or deliver any pro forma financial information, (Fh) execute require the Company, the Subsidiaries or its or their respective Representatives to take any agreement, certificate, document action to authorize or instrument pursuant to this Section 7.08(a) adopt any formal corporate or similar action with respect to any the Debt Financing that is are not contingent on the Closing or would be effective prior to the Closing, or (i) materially and unreasonably interfere with or adversely affect any commercial relationships with customers or other parties, and (y) notwithstanding any other provision set forth herein, nothing herein shall require the Company, the Subsidiaries or its or their respective Representatives to deliver any legal opinion.
(b) Buyer shallPurchaser shall indemnify, promptly upon request by defend and hold harmless the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses losses, damages, claims, liabilities, costs, fees and expenses suffered or incurred by any of them in connection with the provision of assistance in connection with the Debt Financing or any debt other financing and by Purchaser or any of its Affiliates (including the arrangement thereof) and, in each case, any information utilized used in connection therewith therewith, except any such losses, damages, claims costs, fees and expenses arising out of the bad faith, gross negligence, willful misconduct or any Fraud by any of the Company, the Subsidiaries or its or their respective Representatives. The Purchaser shall promptly, upon request, reimburse the Company, the Subsidiaries and its and their respective Representatives for all reasonable and documented out-of-pocket costs incurred by the Company, the Subsidiaries or its or their respective Representatives in connection with any assistance provided in connection with the Debt Financing or any other financing by Purchaser or any of their Affiliates (including the arrangement thereof) (including reasonable and documented out-of-pocket auditor’s and attorneys’ fees and expenses), in each case, other than material misstatements than: (A) any ordinary course amounts payable to employees of, or omissions consultants to, the Company and its Subsidiaries with respect to services provided prior to the Closing Date, (B) any amounts incurred in connection with the Debt Payoff Letter, (C) any other amounts that would have been incurred in connection with the transactions contemplated hereby regardless of the Debt Financing (including, for the avoidance of doubt, with respect to the preparation of historical financial statements required by this Agreement), and (D) de minimis expenses.
(c) The Company hereby consents to the use of the Company’s and the Subsidiaries’ logos in connection with the Debt Financing; provided that such logos shall be used (x) solely in a manner that is not intended or reasonably likely to harm or disparage the Company or the Subsidiaries or (y) in any manner as consented to by the Company.
(d) All confidential information provided by the Company Company, the Subsidiaries or its or their Representatives in connection with the provision of assistance in connection with the Debt Financing or any other financing by Purchaser or any of its Subsidiaries for use Affiliates shall be kept confidential in accordance with the Confidentiality Agreement, except that notwithstanding anything herein or in the Confidentiality Agreements to the contrary, Purchaser shall be permitted to disclose any confidential information provided pursuant to this Section 6.11 to any actual or bona fide prospective Debt Financing Sources in connection with the Debt Financing so long as such financing)Persons (x) agree to be bound by the Confidentiality Agreement as if parties thereto or (y) are subject to other confidentiality undertakings reasonably satisfactory to the Company and of which the Company is a beneficiary.
(e) The Company shall be deemed to have complied with its obligations under this Section 6.11 to the extent it has acted in good faith in attempting to satisfy its obligations under this Section 6.11 unless the Company’s breach of its obligations under this Section 6.11 is the direct and proximate cause of the Debt Financing not being available to Purchaser.
Appears in 1 contract
Sources: Merger Agreement (Compass Group Diversified Holdings LLC)
Financing Cooperation. (a) The During the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of this Agreement pursuant to Article VIII and the Effective Time, the Company shall shall, and shall cause its Subsidiaries and the Company’s and its Subsidiaries’ Representatives to, at BuyerParent’s sole expense, reasonably cooperate in connection with the arrangement of any Debt the Financing as may be reasonably requested by Buyer; Parent (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or and its Subsidiaries). Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts toParent:
(i) furnish agreeing to enter into such financial statements agreements, and other financial data to use its reasonable best efforts to deliver such officer’s certificates, as are customary in financings of such type and other information relating as are, in the good faith determination of the persons executing such officer’s certificates, accurate, and agreeing to pledge, grant security interests in, and otherwise grant liens on, the Company Company’s and its Subsidiaries and requested by Buyer or its Representatives material Subsidiaries’ assets pursuant to such agreements as may be reasonably necessary or advisable requested;
(ii) providing to consummate any Debt Financing, including the Lender financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating relevant to the Financing in the Company’s or its Subsidiaries’ possession or that is reasonably available or that the Company and or its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date date hereof in the ordinary course of business would have produced (and in accordance with the timeframe in which such information would have been produced) (including audited and unaudited financial statements relating to the Company as of and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended both before and after the date of its most recent audited hereof, provided that such financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (shall be provided in a manner as is consistent with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (wexisting practices), (x) and (y); provided, further, that the Company’s sole obligation with respect to assisting in the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandumor projections, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of making the Company’s and its Subsidiaries’ logos senior officers available at reasonable times and for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings to assist the Lender (including by way of participation in meetings, presentations and road shows with prospective lenders and investors and in drafting presentations, marketing sessions and due diligence sessions, as applicable), and otherwise cooperate reasonably cooperating in connection with the Debt Financing Sources’ documentary due diligence, to consummation of the extent customary and reasonableFinancing;
(viiii) provide information reasonably necessary using reasonable best efforts to assist Buyer or any of its Affiliates in its preparation of material relating to obtain from the Company Company’s and its Subsidiaries Subsidiaries’ accounting firm accountants’ comfort letters and consents customary for rating agency presentationsdebt financings, and assisting Parent and its counsel with information required for customary legal opinions required to be delivered in connection therewith and cooperating in obtaining any necessary valuations;
(viiiv) provide at least three (3) Business Days prior to the Acceptance Time furnishing all documentation and other information about the Company and its Subsidiaries as that the potential financing sources have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations including regulations;
(v) taking all corporate, limited liability company, partnership or other similar actions by the USA PATRIOT Act Company and its Subsidiaries that are reasonably necessary to permit the consummation of the necessary financing; and
(vi) using reasonable best efforts to cooperate with Parent to satisfy any conditions precedent to any the Financing to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to within the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness control of the Company and its Subsidiaries Subsidiaries. Parent shall promptly reimburse the Company for any out-of-pocket expenses and costs reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts incurred in connection with the Debt Financing benefit from the Company’s and or its SubsidiariesAffiliates’ existing lending relationships;obligations under this Section 6.16(a).
(xib) supplement Notwithstanding anything in this Agreement to the written or formally presented information contrary:
(other than projections and other forward-looking materials and information of a general economic or industry specific naturei) provided by the Company or its Subsidiaries nothing in this Agreement shall require any cooperation to the extent such information contains any material misstatement that it would require the board of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security directors of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect Subsidiaries to the Debt Financing take any action or under Section 5.01; provided that neither the Company nor or any of its Subsidiaries nor or Representatives, as applicable, to waive or amend any terms of their respective Affiliates or Representatives shall be required this Agreement, agree to (A) pay any commitment or other fees, in each case, fees or reimburse any expenses prior to the Effective Time (for which the Company is not promptly reimbursed by Parent) or to approve the execution or delivery of any document or certificate in connection with the Financing (or any Debt Financing, alternative financing);
(Bii) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets no officer of the Company or any of its Subsidiaries, (D) provide Subsidiaries who is not reasonably expected to be an officer of the Surviving Corporation shall be obligated to deliver any information certificate in connection with the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which Financing and no counsel for the Company or any of its Subsidiaries is a party or (F) execute shall be obligated to deliver any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives opinion in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the CompanyFinancing; and
(iii) irrespective of the above, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any no obligation of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing)under any certificate, document or instrument (other than the authorization letters referred to above) shall be effective until the Effective Time and none of the Company or any of its Subsidiaries shall be required to take any action under any certificate, document or instrument that is not contingent upon the Closing (including entry into any agreement that is effective before the Effective Time or distribution of any cash by or to the Company that is effective before the Effective Time) or that would be effective prior to the Effective Time.
Appears in 1 contract
Financing Cooperation. (a) The From and after the date of this Agreement, and until the earlier of the Effective Time and the termination of this Agreement pursuant to Article VII, the Company shall shall, and shall cause each of its Subsidiaries Subsidiaries to, at Buyer’s sole expenseand shall instruct and use reasonable best efforts to cause its and their Representatives (including their auditors and reserve engineers) to, use its respective reasonable best efforts to cooperate reasonably cooperate in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by (including using reasonable best efforts to (A) provide financial and other information regarding the Company and its Subsidiaries shall includeSubsidiaries, at including (x) proved reserve reports with respect to the reasonable request Oil and Gas Properties of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries Subsidiaries, (y) information with respect to property descriptions of the Oil and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to Gas Properties of the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior Subsidiaries necessary to the Closing Date execute and unaudited financial statements relating to the Company record mortgages and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten and (10B) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of Parent in preparing pro forma financial information and financial statements statements) as reasonably requested by Parent to assist Parent with the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;Financing.
(ixb) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection Notwithstanding the foregoing, (A) such requested cooperation shall not unreasonably interfere with repayment of existing indebtedness the business or ongoing operations of the Company and its Subsidiaries reasonably Entities, (B) such requested by Buyer cooperation shall not require the Company to waive or amend any terms of its Affiliates;
this Agreement, (xC) cooperate with the providers of no Company Entity shall be obligated to adopt resolutions or execute consents to approve or authorize the Debt Financing prior to ensure thatClosing, (D) no obligation of the Company Entities under any certificate, document or instrument of any financing shall be effective until the Closing, (E) no Company Entity shall be required to the extent practicable and appropriate, pay any syndication efforts commitment or similar fee or incur any other liability in connection with the arrangement of any Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries prior to the extent such Closing, (F) any information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt provided hereunder shall be reasonably available to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither Entities and (G) such requested cooperation shall not require the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required Entities to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law Law, the Organizational Documents of any of the foregoing or result in the contravention of, or would reasonably be expected to result in a the violation or breach of, or default under, any agreement Contract to which the Company or any of its Subsidiaries the foregoing is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closingparty.
(bc) Buyer Parent shall, promptly upon written request by the Company, reimburse the Company Entities for any and all reasonable and customarily documented out-of-pocket costs and expenses incurred incurred, paid or payable by the Company, its Subsidiaries Company Entities or their Affiliates and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer regarding the Debt Financing.
(d) Parent shall indemnify and hold harmless the Company, its Subsidiaries Company Entities and their respective Representatives, Affiliates and Representatives from and against any and all claims and losses suffered or incurred by any of them in connection with any debt financing the Debt Financing and any information utilized used in connection therewith therewith.
(other than material misstatements or omissions e) Notwithstanding anything in information provided this Agreement to the contrary, in no event will any failure by the Company to comply with this Section 5.22 be used by Parent as a basis to (i) terminate this Agreement pursuant to Article VII or any (ii) assert the failure of its Subsidiaries for use the condition set forth in such financing)Section 6.2 to be satisfied.
Appears in 1 contract
Financing Cooperation. (a) The Company Prior to the Closing, Sellers shall, and shall use reasonable best efforts to provide, and shall cause its their Subsidiaries to(including the Purchased Subsidiaries) and their Subsidiaries’ officers, employees and advisors to use reasonable best efforts to provide, at Buyer’s sole expense, reasonably cooperate all cooperation in connection with the arrangement and consummation of any the Debt Financing as may be reasonably requested by Buyer; provided Buyer that such requested cooperation does not unreasonably interfere is customary for, and in connection with the ongoing operations of arranging, syndicating and obtaining of, the Company or its Subsidiaries. Such Debt Financing, which such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts towithout limitation:
(i) furnish such financial statements and other financial data and other information relating to (A) participating in the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any marketing efforts in connection with the Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended participating at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) times in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions rating agency and due diligence sessionssessions that are customary for financings of the type of Debt Financing contemplated in the Debt Commitment Letter, as applicablein each case on reasonable advance notice, and otherwise cooperate with (B) assisting Buyer and the Debt Financing Sources’ documentary due diligence, to Sources with the extent preparing of customary documents and reasonablematerials for rating agency presentations and lender presentations and bank information memoranda for any portion of the Debt Financing;
(viii) provide information reasonably necessary to assist furnishing Buyer or and the Debt Financing Sources with the Financing Information; provided that neither Sellers nor any of its their respective Affiliates shall be required to prepare or deliver any financial or other information (other than the Financial Statements) that is not otherwise regularly prepared and readily available in its preparation the books and records of material relating to the Company Sellers and its their Subsidiaries for rating agency presentations(including pro forma financial statements);
(viiiii) provide assisting with preparation, and executing and delivering, the definitive documentation with respect to the Debt Financing and facilitating, effective as of the Closing Date, the granting of a security interest (and perfection thereof) in collateral and the obtaining of guarantees and the preparation of customary closing certificates and other matters ancillary to the Debt Financing (provided that any obligation contained in such documents is effective no earlier than the Closing Date); and
(iv) furnishing to Buyer at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act Closing Date (to the extent reasonably requested a written request is received by any financing source providing financing to Buyer or any of its Affiliates Sellers at least ten (10) Business Days prior to the anticipated Acceptance TimeClosing Date) all documentation and other information that the Debt Financing Sources have determined is required by regulatory authorities in connection with applicable “know your customer,” beneficial ownership and anti-money laundering rules and regulations, including the USA PATRIOT Act;
(viiiv) provide information reasonably necessary subject to assist Buyer or any of its Affiliates customary confidentiality agreements, cooperating with the preparation due diligence investigation of pro forma financial information and financial statements the Debt Financing Sources, to the extent required by SEC rules customary and regulations reasonable; and
(including those required vi) subject to be included in any periodic report that Buyer or any Section 5.05(b), taking all corporate actions, subject to the occurrence of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries , reasonably requested by Buyer to permit the consummation of the Debt Financing.
(b) Notwithstanding the foregoing, nothing in this Section 5.05 shall require Sellers or any of their respective Affiliates (including the Purchased Subsidiaries) or their respective Representatives to (i) take any action to the extent it would interfere unreasonably with the operation of the Business or the other operations of any Seller or any of its Affiliates;
, in any material respect, including any Purchased Subsidiary, (xii) cooperate with the providers (A) bear any cost or expense, pay any commitment or other similar fee or make any payment in respect of the Debt Financing to ensure that(in respect of the Purchased Subsidiaries, prior to the extent practicable and appropriateClosing Date), or (B) provide or agree to provide any syndication efforts indemnity in connection with the Debt Financing benefit from (in respect of the Company’s and its Purchased Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries , prior to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other feesClosing Date), in each case, in connection with any Debt Financingfor which it has not received prior reimbursement by or on behalf of Buyer, (Biii) give deliver any indemnities in connection with any debt financing, (C) certificate or take any other action that, that would result in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries actual or create an unreasonable risk of damage or destruction potential personal liability to any property or assets Representative of the Company any Seller or any of its SubsidiariesAffiliates, including any Purchased Subsidiary, (Div) provide require the governing body of any information Purchased Subsidiary to approve the disclosure Debt Financing or Contracts related thereto unless Buyer shall have determined that the directors or managers constituting such governing body are to remain as directors and managers of which is prohibited or restricted under applicable Law or subject the Purchased Subsidiaries on and after the Closing Date and such resolutions are contingent upon the occurrence prior to legal privilegethe Closing of, or only effective as of, the Closing, (v) execute any agreement, certificate or other document that is confidential or proprietary would be effective prior to the providing PartyClosing Date, (Eother than customary authorization letters), (vi) take any action that would conflict with or violate its organizational documents or any applicable Applicable Law or Contract, (vii) provide any information (A) the disclosure of which is prohibited or restricted under Applicable Law or by any confidentiality agreement to which any Seller or any its Affiliates, including any Purchased Subsidiary, is subject (and not executed solely in contemplation of the transactions contemplated hereby) or (B) where access to such information would give rise to a material risk of waiving the protection of attorney-client privilege or similar privilege if such party shall have used reasonable best efforts to disclose such information in a way that would not waive such privilege, (viii) take any action in respect of the Debt Financing to the extent such action would cause any condition to the Closing set forth in Article 10 to fail to be satisfied by the End Date or otherwise result in a violation breach of this Agreement by any Seller, (ix) take any action to the extent such action would cause significant competitive harm to any Seller or breach ofits Subsidiaries if the transactions contemplated by this Agreement are not consummated, (x) issue any bank information materials, lender presentations, offering memoranda, or default undersimilar documents (A) with respect to the Business that reflects any Seller or its Subsidiaries (other than, after the Closing, the Purchased Subsidiaries) as the obligor(s) or (B) in the name of any agreement Seller or its Subsidiaries, (xi) waive or amend any terms of this Agreement or any other Contract to which any Seller or its Subsidiaries, including the Company Purchased Subsidiaries, is party or (xii) make any representations, warranties or certifications as to which any Seller or any of its Subsidiaries is a party Subsidiaries, as applicable, has in its good faith determined that such representation, warranty or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that certification is not contingent on the Closingtrue.
(bc) Buyer shallshall promptly, promptly upon request by the Company▇▇▇▇▇▇▇, reimburse the Company Sellers and their respective Affiliates for all reasonable and documented out-of-pocket costs and expenses (including reasonable and documented attorneys’ fees and financial consultant fees) incurred by the Company, its Subsidiaries and its and Sellers or any of their respective Representatives Affiliates in connection with the cooperation of Sellers or their respective obligations pursuant to Section 7.08(a). Buyer Subsidiaries provided in this Section 5.05 and shall indemnify and hold harmless the CompanySellers, its Subsidiaries their respective Affiliates and their and their Affiliates’ respective Representatives, Representatives from and against any and all losses losses, damages, claims, costs or expenses actually suffered or incurred by any of them of any type in connection with any debt Debt Financing or any alternative financing (including the Alternative Financing) and any information utilized used in connection therewith (other than therewith, except to the extent such losses, damages, claims, costs or expenses result from the bad faith, willful misconduct, fraud or any intentional misrepresentation with respect to any such information or matters arising out of a material misstatements misstatement in, or omissions in information failure to state a material fact pertinent to, the written historical financial information, including the Financing Information, provided by the Company or on behalf of Seller or any of its the Purchased Subsidiaries for use in connection with the Debt Financing, of Sellers, any of their respective Affiliates or their or their Affiliates’ respective Representatives, and the foregoing obligations shall survive termination of this Agreement.
(d) Each Seller hereby consents, on behalf of itself and its Affiliates, to the use of such financingSeller’s and its Subsidiaries’ logos relating to the Business in connection with the Debt Financing; provided that such logos are used in a manner that is not intended to or reasonably likely to harm or disparage such Seller’s or its Subsidiaries’ reputation or goodwill.
(e) All material non-public information provided by Sellers or any of their respective Affiliates or any of their respective Representatives pursuant to this Section 5.05 shall be kept confidential in accordance with the Confidentiality Agreement, except that Buyer shall be permitted to disclose such information to the Debt Financing Sources, other potential sources of capital, rating agencies and prospective lenders during syndication of the Debt Financing or any permitted replacement, amended, modified or alternative financing (including the Alternative Financing) subject to the potential sources of capital, ratings agencies and prospective lenders entering into customary confidentiality undertakings with respect to such information (including through a notice and undertaking in a form customarily used in confidential information memoranda for senior credit facilities).
(f) Buyer acknowledges and agrees that (i) obtaining the Financing, or any alternative financing (including the Alternative Financing), is not a condition to the Closing and reaffirms its obligation to consummate the transactions contemplated by this Agreement at the Closing irrespective and independently of the availability of the Financing or any alternative financing (including the Alternative Financing), subject to fulfillment or waiver of the conditions to the Closing set forth in Article 10, and (ii) any failure of Sellers or their Subsidiaries to provide to Buyer any financial or other information (other than the Financing Information) shall not be deemed to constitute a failure by any Seller to perform in all material respects its obligations under Section 5.05(a).
(g) Notwithstanding anything to the contrary in this Agreement, for all purposes of this Agreement (including the condition set forth in Section 10.02(b) and Section 11.01(a)(iv)), Sellers’ obligations under this Section 5.05 shall be deemed satisfied unless (i) a Seller has materially breached its obligations under this Section 5.05, (ii) such material breach was the proximate cause of Buyer’s failure to receive any material portion of the proceeds of the Debt Financing and (iii) Buyer notified Seller Parent of such material breach in writing a reasonably sufficient amount of time prior to the Closing to afford the applicable Seller with a reasonable opportunity to cure such material breach prior to the End Date and (iv) the applicable Seller failed to cure such material breach within ten (10) calendar days of receiving such written notice.
Appears in 1 contract
Financing Cooperation. (a) The Each of Seller and the Company shall, and the Company shall and shall cause its Subsidiaries the Subsidiary to, at BuyerAcquiror’s sole expense, reasonably use commercially reasonable efforts to cooperate in connection with the arrangement of any the Debt Financing (or any replacement thereof) as may be reasonably requested by Buyer; Acquiror (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiariesand the Subsidiary). Such cooperation by may include, but not be limited to, (a) assisting Acquiror with respect to information regarding the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements Subsidiary in preparing customary offering and other financial data and other information relating to marketing materials required in connection with the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statementsan offering memorandum, financial dataconfidential information memorandum, projectionsrating and agency presentations, audit reports as reasonably requested by Acquiror, (b) providing Acquiror with the Required Financial Statements, in each case, prepared in accordance with, or reconciled to, generally accepted accounting principles in the United States and other information (w) constituting audited prepared in all material respects in accordance with Regulation S-X under the Securities Act, subject to customary exceptions for Rule 144A offering memoranda including that such offering memorandum shall not be required to include financial statements relating to the Company or information required by Rules 3-10 or 3-16 of Regulation S-X, Compensation Discussion and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form Analysis otherwise required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for Item 402(b) or other information customarily excluded from a registered public Rule 144A offering of debt securitiesmemorandum, (yc) obtaining customary payoff letters, termination statements and other release and Encumbrance termination documents and instruments from existing financing sources and other lienholders of the type and form customarily included in private placements of debt securities under Rule 144A Company or the Subsidiary as reasonably requested by Acquiror or the Lenders solely with respect to Indebtedness of the 1933 ActCompany or the Subsidiary, or (zd) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving providing customary “comfort” (including “negative reassurance” comfort) letters referred to in the Debt Commitment Letter from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings auditors (with respect to information regarding the Securities Company and Exchange Commission under the 1934 ActSubsidiary, as amendedsubject to completion by such auditors of customary procedures relating thereto, including the receipt of any such financial statements will satisfy the requirements of these items (wcustomary representation letters), (xe) furnishing such documentation and (y); provided, further, that other information regarding the Company’s sole obligation Company and the Subsidiary required with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by under applicable “know your customer” and anti-money laundering rules and regulations including to the USA PATRIOT Act extent that such documentation and information has been reasonably requested at least ten Business Days prior to the anticipated Closing Date, and (f) providing customary cooperation with respect to the Company and the Subsidiary to the extent reasonably requested by any financing source providing financing Acquiror to Buyer or any of its Affiliates at least ten (10) Business Days prior to facilitate the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information execution and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness delivery of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of definitive agreements related to the Debt Financing to ensure that, to on the extent practicable and appropriate, any syndication efforts terms contemplated by the Debt Commitment Letter or as otherwise reasonably necessary in connection with the Debt Financing benefit from to the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement extent within the written or formally presented information (other than projections and other forward-looking materials and information control of a general economic or industry specific nature) provided by Seller, the Company or its Subsidiaries the Subsidiary. Notwithstanding anything in this Agreement to the contrary, (i) nothing in this Agreement shall require any cooperation to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of it would require the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect Subsidiary to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, reimburse any expenses or incur any other liability or obligation or provide or agree to provide any indemnity in connection with any the Debt Financing, Financing prior to the Closing Date and (Bii) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets no obligation of the Company or the Subsidiary under any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant (other than customary authorization letters) delivered in connection with the Debt Financing shall be effective until the Closing Date and none of the Company or the Subsidiary shall be required to this Section 7.08(a) take any action under any certificate, document or instrument delivered in connection with respect to any the Debt Financing that is not contingent on upon the Closing or that would be effective prior to the Closing.
(b) Buyer shall. The managers of the Company and officers of the Company, promptly and the managers and officers of the Subsidiary, shall not be required, prior to the Closing Date, to adopt resolutions approving the agreements, documents and instruments in connection with the Debt Financing or pursuant to which any portion of the Debt Financing is obtained or execute any of such agreements, documents or instruments, and the Subsidiary shall not be required to execute, prior to the Closing Date any documents contemplated by the Debt Financing. Acquiror shall promptly, upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, Company and its Subsidiaries Affiliates and their respective Representativesdirectors, officers, employees and representatives from and against any and all losses losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with the arrangement of the Debt Financing (including any debt financing action taken in accordance with this Section 5.10) and any information utilized used in connection therewith (other than information relating to the Company or the Subsidiary provided to Acquiror in writing by the Company expressly for use therewith)), in each case, other than to the extent that such losses, damages, claims, costs or expenses arise from the gross negligence or willful misconduct of, or with respect to any material misstatements misstatement or omissions omission in any information provided by hereunder in writing by, the Company or any of its Subsidiaries Affiliates expressly for use in such financing)connection with the Debt Financing. This indemnification shall survive termination of this Agreement.
Appears in 1 contract
Financing Cooperation. (a) The Company shall use commercially reasonable efforts to, and shall cause each of its Subsidiaries and its and their respective Representatives to use its and their commercially reasonable efforts to, at Buyer’s sole expense, provide all cooperation and assistance reasonably cooperate requested by Parent in connection with the arrangement of any Debt Financing as may and any replacement, amended, modified, supplemental or alternative financing (including one or more offerings of non-convertible debt securities, convertible debt securities and/or equity securities to be reasonably requested issued or incurred in lieu of or supplemental to any bridge facility contemplated by Buyer; provided that such requested cooperation does not unreasonably interfere the Debt Commitment Letter or pursuant to any “market flex” or “securities demand” provisions relating thereto) (all of the foregoing, together with the ongoing operations of Debt Financing, the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include“Anticipated Financings”), at the reasonable request of Buyer, including using their respective commercially reasonable efforts to:
(i) furnish Parent, promptly following Parent’s reasonable request, with such financial statements pertinent and other financial data and other customary information relating to regarding the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect information to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates used in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda packages or disclosure documents regarding the business and other marketing operations of the Company and syndication materials its Subsidiaries) as is necessary or customary and as may be reasonably requested by Buyer Parent for the arrangement or marketing of any Anticipated Financing or for the preparation of any syndication, offering or other similar marketing materials and/or disclosure documents or rating agency or lender presentations (and otherwise assisting Parent in procuring customary corporate and facilities ratings), bank information memoranda (including a version that does not include material non-public information regarding the Company and its AffiliatesSubsidiaries) and similar documents relating to, or required in connection with, any Anticipated Financing, and including (A) within 45 days after the end of each fiscal quarter of the Audit Subsidiary ending after September 30, 2020 and prior to the End Date, the unaudited consolidated balance sheet of the Audit Subsidiary as of the end of each such fiscal quarter and the related unaudited consolidated statements of comprehensive income, changes in members’ capital and cash flows of the Audit Subsidiary for each such quarter and the elapsed portion of the fiscal year then-ending, in each case prepared in accordance with GAAP applied on a consistent basis and (B) information with respect to the Company and its Subsidiaries as may be reasonably necessary in order for Parent to prepare customary pro forma consolidated balance sheets and related pro forma consolidated statements of income;
(ii) participate in a reasonable number of conference calls with the Financing Sources and prospective lenders, investors and purchasers of any Anticipated Financing and reasonably cooperate with the marketing and due diligence efforts of Parent and the Financing Sources, in each case in connection with any Anticipated Financing;
(iii) in connection with any offering of securities, direct the Audit Subsidiary’s auditors to provide customary comfort letters (including “negative assurance” comfort and change period comfort) reasonably requested by Parent with respect to financial information of the Audit Subsidiary included in any offering documents relating to any Anticipated Financing in which the consolidated financial statements of the Audit Subsidiary are included, and, if required, customary consents to the use of their audit reports on the consolidated historical financial statements of the Audit Subsidiary in any offering documents relating to any Anticipated Financing in which the consolidated historical financial statements of the Audit Subsidiary are included;
(iv) provide assist in the reasonable use preparation of, and execute and deliver, one or more credit agreements, pledge and security documents, other definitive financing documents and other customary certificates or documents (including the execution and delivery of customary authorization and representation letters with respect to the bank information memoranda) on terms that are reasonably requested by Buyer Parent in connection with any Anticipated Financing, and take organizational actions as may be reasonably requested by Parent in connection with any Anticipated Financing, in each case subject to the protective provisions in the proviso below;
(i) assist with the payoff, discharge and termination of the Payoff Debt, including by arranging for, and executing and delivering, customary prepayment notices, the Payoff Letter, lien terminations and instruments of discharge, and (ii) assist with the payoff and early termination of the SunTrust Swap, including by arranging for, and executing and delivering, customary termination notices and the SunTrust Swap Termination Letter, in each case in a customary form;
(vi) no less than five Business Days prior to the Closing Date, furnish to Parent all documentation and information as is reasonably requested in writing by the Parent (on behalf of the Financing Sources) at least eight Business Days prior to the Closing Date about the Company and its Affiliates Subsidiaries that the Financing Sources reasonably determine is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and applicable beneficial ownership regulations; and
(vii) amend or supplement, or cause its Subsidiaries to amend or supplement, any information supplied by or on behalf of the Company or any of its Subsidiaries to Parent and the Financing Sources on a reasonably current basis to the extent such information, to the Knowledge of the Company’s and , taken as a whole, is not correct in all material respects, contains any untrue statement of material fact or omits to state any material fact necessary to make such information, in light of the circumstances under which they were made, not materially misleading; provided, however, that none of the Company or any of its Subsidiaries’ logos for syndication and underwritingSubsidiaries or their respective Representatives shall be required under this Section 5.09 to (a) pay any commitment or other fee, reimburse any expenses or incur any other liability in connection with any Anticipated Financing prior to the Effective Time unless promptly reimbursed or indemnified, as applicable, by Parent in accordance with Section 5.09(b), (b) take any action that would (1) unreasonably interfere with the ongoing business or operations of financing the Company or any of its Subsidiaries or (subject 2) cause material harm to advance review of and consultation the Company or its Subsidiaries if the transactions contemplated by this Agreement are not consummated, (c) enter into or approve any agreement or other documentation if such agreement or other documentation would be effective with respect to the Company or any of its Subsidiaries prior to the Closing (except the authorization and representation letters referred to in clause (iv) above and prepayment notices referred to in clause (v) above), (d) require the Company or any of its Subsidiaries, or any director or manager on any of their respective boards of directors or managers (or equivalent bodies), to approve or authorize any Anticipated Financing unless Parent shall have determined that such usedirectors and managers (or members of equivalent bodies) are to remain as directors and managers (or members of equivalent bodies) of the Company or such Subsidiary on and after the Closing Date and such resolutions are contingent upon the occurrence of, or only effective as of, the Closing, (e) take any action that would conflict with or violate any provision of any of the Governing Documents of the Company or any of its Subsidiaries or any Applicable Law or Material Contract binding on the Company or any of its Subsidiaries (provided that in the event that the Company and/or its Subsidiaries do not provide information in reliance on the exclusion in this clause (e) related to confidentiality obligations, the Company and/or its Subsidiaries shall use commercially reasonable efforts to provide prompt notice to Parent that such information is being withheld), (f) take any action that would subject any director, manager, officer, employee or other Representative of the Company or any of its Subsidiaries to any actual or potential personal liability, (g) provide access to or disclose information that would jeopardize any attorney-client privilege of the Company or any of its Subsidiaries or which is restricted or prohibited under Applicable Law (provided that the Company and its Subsidiaries shall use commercially reasonable efforts to grant such access or provide such disclosure in a manner which would not jeopardize such privilege or contravene any such Applicable Law), (h) take any action in respect of any Anticipated Financing to the extent that such action would cause any condition to Closing set forth in Article 9 to fail to be satisfied by the End Date or otherwise result in a breach of this Agreement by the Company or any of its Subsidiaries or (i) waive or amend any terms of this Agreement or any other Contract to which the Company or its Subsidiaries is party.
(b) The Company hereby consents to the reasonable use of its logos in connection with any Anticipated Financing; provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of goodwill. All material non-public information provided by the Company or any of its Subsidiaries or any of their respective productsRepresentatives pursuant to this Section 5.09 shall be kept confidential in accordance with the Confidentiality Agreement; provided that, servicesnotwithstanding anything in the Confidentiality Agreement to the contrary, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, the Company shall consider in good faith any request by Parent for the Company’s consent to participate) use such information in a reasonable and limited number of meetings, presentations and road shows customary manner in connection with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicableany Anticipated Financing, and otherwise cooperate with the Debt Financing Sources’ documentary due diligenceshall not unreasonably withhold, condition or delay such consent. Notwithstanding anything to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to contrary set forth herein, the Company and its Subsidiaries shall be deemed to have complied with their obligations under this Section 5.09 for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries purposes of this Agreement unless any Anticipated Financing has not been obtained primarily as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any a result of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries’ intentional and material breach of its obligations under this Section 5.09. Parent and Merger Sub acknowledge and agree that, except as otherwise permitted under the commitment letter with respect notwithstanding anything in this Agreement to the Debt contrary, the obligations to perform their respective agreements hereunder, including to consummate the Closing subject to the terms and conditions hereof, are not conditioned on obtaining any Anticipated Financing or under Section 5.01; provided that neither on the Company nor performance of any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingLetter.
(bc) Buyer shallParent shall promptly, promptly upon written request by the Company, reimburse the Company for all reasonable out-of-pocket and documented costs and expenses (including reasonable attorneys’ and accountants’ fees) incurred by the Company, Company or any of its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to the cooperation of the Company and its Subsidiaries contemplated by this Section 7.08(a). Buyer 5.09 and shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, Representatives from and against any and all losses losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with the cooperation contemplated by this Section 5.09 or the arrangement of any debt financing Anticipated Financing and any information utilized used in connection therewith (other than material misstatements (i) historical financial information furnished by or omissions in information provided by on behalf of the Company or any of its Subsidiaries in writing specifically for use in connection with any Anticipated Financing or (ii) to the extent such financinglosses, damages, claims, costs or expenses result from the gross negligence or bad faith of the Company, its Subsidiaries or its or their respective Representatives, as determined by a court of competent jurisdiction in a final and non-appealable decision).
Appears in 1 contract
Sources: Merger Agreement (Cable One, Inc.)
Financing Cooperation. (a) The Company parties hereto shall use their commercially reasonable efforts to, and shall cause its their respective Subsidiaries to, at Buyer’s sole expense, reasonably cooperate with ▇▇▇▇▇▇ Holding and its Subsidiaries and their lenders in connection with ▇▇▇▇▇▇ Holding and its Subsidiaries obtaining the financing on the terms provided for in the Commitment Letter (the “Financing”), including (i) making representatives of all parties hereto available at reasonable times in connection with the arrangement syndication of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with debt financing and (ii) assisting ▇▇▇▇▇▇ Holding and its Subsidiaries in obtaining all customary waivers, estoppels, approvals, opinions, transfer documents and consents from counterparties to the ongoing operations HSI Material Contracts and the ▇▇▇▇▇▇ Material Contracts. ▇▇▇▇▇▇ Holding and its Subsidiaries will use their commercially reasonable efforts to perform all of its obligations under the Company or its SubsidiariesCommitment Letter and satisfy all conditions precedent to the funding thereunder. Such cooperation by the Company ▇▇▇▇▇▇ Holding and its Subsidiaries shall includenot amend the Commitment Letter in any manner that shall make the consummation of the transactions contemplated hereby materially less likely to occur. In the event that the Financing is not available to consummate the transactions contemplated by this Agreement, at the reasonable request of Buyerparties hereto shall, using and shall cause their respective Subsidiaries to, use commercially reasonable efforts to:
(i) furnish such financial statements to obtain alternative financing on terms, taken in the aggregate, that are, in the reasonable judgment of ▇▇▇▇▇▇ Holding and other financial data and other information relating HSI, no less favorable to the Company ▇▇▇▇▇▇ Holding and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as those set forth in clause the Commitment Letter (viii) of the “Alternative Financing”). Subject to the Shared Expenses Agreement, nothing in this Section 7.08(a);
8.15 shall require any party other than ▇▇▇▇▇▇ Holding, BAHS and any Subsidiary of ▇▇▇▇▇▇ Holding and BAHS to provide any credit enhancement or other credit support (ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer including, without limitation, guaranty, indemnification or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closingcollateral) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts incur a material cost in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Alternative Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Sources: Omnibus Agreement (Henry Schein Inc)
Financing Cooperation. (a) The Company shall and shall cause its Subsidiaries each Company Subsidiary to, at BuyerParent’s sole expense, use its and their respective reasonable best efforts to provide such cooperation in connection with arranging, obtaining and syndicating the debt financing for the Transactions (the “Debt Financing”) as may be reasonably cooperate requested by Parent or Merger Sub, as applicable, as is necessary and customary in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyerdebt financings; provided that such requested cooperation is consistent with applicable Law and does not unreasonably interfere with the ongoing operations of the Company or its Subsidiariesany Company Subsidiary. Such cooperation by the Company and its the Company Subsidiaries shall include, in each case at the reasonable request of Buyer, using their respective commercially reasonable efforts toParent:
(i) furnish such preparing and furnishing Parent or Merger Sub, as applicable, and the Lenders, not later than a time reasonably sufficient to allow Parent or Merger Sub, as applicable, to satisfy the conditions in the Debt Financing Documentation, all Required Information and all other financial statements and other financial data pertinent information and other disclosures regarding the Company and the Company Subsidiaries as may be reasonably requested by Parent or Merger Sub, as applicable, for use in connection with the Debt Financing,
(ii) causing the Company’s senior officers with appropriate expertise to participate in a reasonable number of lender meetings, rating agency presentations and due diligence meetings at reasonable times and upon reasonable advance notice,
(iii) assisting Parent and Merger Sub, as applicable, and the Lenders in the preparation of (A) Debt Marketing Documents (and any supplements thereto) solely with respect to information relating to the Company and its the Company Subsidiaries and (B) pro forma financial statements or other pro forma financial information, in each case to the extent reasonably requested by Buyer Parent; provided, that (w) any such Debt Marketing Documents (and any supplements thereto), financial statements or its Representatives other financial information with respect to the Company shall only reflect the Surviving Corporation as may the obligor(s), (x) the Company shall not be responsible for the preparation of such Debt Marketing Documents (and any supplements thereto), pro forma financial statements and any pro forma adjustments giving effect to the Transactions contemplated herein and (y) the Company’s assistance shall relate solely to the financial information and data derived from the Company’s historical books and records (which shall not involve the Company itself preparing such pro forma financial information), and providing reasonable cooperation with the due diligence efforts of the Lenders to the extent reasonable and customary,
(iv) reasonably necessary or advisable to consummate any cooperating with the marketing efforts of Parent and the Lenders in connection with the Debt Financing, including financial statementsdirect contact between such management of the Company and potential lenders in the Debt Financing,
(v) reasonably cooperating with Parent’s legal counsel in connection with customary legal opinions required of Parent in connection with the Debt Financing,
(vi) reasonably assisting Parent in obtaining any corporate credit and family ratings from any ratings agencies contemplated by the Debt Financing Documentation, financial data, projections, audit reports including assisting Parent and other the Lenders in the preparation of customary materials for rating agency presentations solely with respect to information (w) constituting audited financial statements relating to the Company and its the Company Subsidiaries,
(vii) reasonably assisting in the preparation of, and executing and delivering, Debt Financing Documentation and other customary financing documents, including guaranty and collateral documents and other certificates, schedules and documents as may be reasonably requested by Parent or Merger Sub, as applicable,
(viii) facilitating the pledging of, granting security interests in and obtaining performance liens on, collateral for the Debt Financing (including delivery of original stock certificates and original stock powers of the Company Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the extent required on the Closing Date by the Lenders in connection with the Debt Financing and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior extent available to the Closing Date Company),
(with respect ix) using reasonable best efforts to which independent auditors shall have performed a SAS 100 review), assist the Lenders in benefiting from the existing lending relationships of the Company,
(x) taking all ministerial company actions, subject to and only effective upon the occurrence of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securitiesEffective Time, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer Parent or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwritingMerger Sub, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage permit the Company or any of its Subsidiaries or the reputation or goodwill consummation of the Company or any of its Subsidiaries or any of their respective productsDebt Financing, services, offerings or intellectual property rights;and
(vxi) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days business days prior to the Acceptance Time Closing Date, providing all documentation and other information about the Company and its the Company Subsidiaries as is required reasonably requested in writing by Parent or Merger Sub, as applicable, at least ten (10) business days prior to the Closing in connection with the Debt Financing that relates to applicable “know your customer” and anti-money laundering rules and regulations including without limitation the USA PATRIOT Act to and the extent reasonably requested by any financing source providing financing to Buyer or any requirements of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;31 C.F.R. §1010.230.
(viiib) provide information reasonably necessary The Company shall and shall cause each Company Subsidiary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements use reasonable best efforts to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ixx) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure thatterminations, if applicable, to the extent practicable necessary to allow for the payoff, discharge and appropriatetermination in full of all obligations under the Credit Facility, in each case in form and substance customary for transactions of this type, (y) provide Parent with a copy of any syndication efforts such payoff letters and lien terminations at least two (2) business days prior to the Closing Date and (z) give (by the date required under the Credit Facility) any necessary notices (including notices of prepayment) to allow for the prepayment, payoff, discharge and termination in full of the Credit Facility at the Closing.
(c) Notwithstanding anything in this Agreement to the contrary, (A) neither the Company nor any Company Subsidiary shall be required to pay any commitment or other similar fee or enter into any binding agreement or commitment or incur any other actual or potential liability or obligation in connection with the Debt Financing benefit from that is not subject to the Company’s and its Subsidiaries’ existing lending relationships;
occurrence of the Closing, (xiB) supplement the written no director, manager, officer or formally presented information (other than projections and other forward-looking materials and information employee of a general economic or industry specific nature) provided by the Company or its Subsidiaries any Company Subsidiary shall be required to deliver any certificate or take any other action pursuant to Section 6.19(a) to the extent any such information contains any material misstatement of fact or omits action would reasonably be expected to state any material fact necessary to make such information, taken as a whole, not misleading result in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided personal liability to such providersdirector, such information does not include material non-public information about manager, officer or employee, (C) none of the Company, its Affiliates any of the Company Subsidiaries or any of their respective securities;
directors or officers shall be obligated to adopt resolutions or execute consents to approve or authorize the execution of the Debt Financing, provided that this clause (xiiiC) cooperate with shall not prohibit the Buyer’s legal counsel in connection with adoption or execution of any legal opinions resolutions or consents effective no earlier than the Closing Date by any persons that may shall remain or will become officers or directors of the Company or any of the Company Subsidiaries as of the Effective Time, and (D) neither the Company nor any Company Subsidiary shall be required to take any action that would reasonably be delivered expected, in the reasonable judgment of the Company, to conflict with, or result in any violation or breach of, any applicable Law, any Company Material Contract or any obligations of confidentiality (not created in contemplation hereof) binding on the Company or the Company Subsidiaries. The Company hereby consents to the use of the Company’s and the Company Subsidiaries’ logos in connection with the Debt Financing;
(xiv) prevent the syndication; provided, incurrence or issuancehowever, that such logos are used solely in an manner that is not intended, or any attempt reasonably likely, to syndicateharm, incur disparage or issue, otherwise adversely affect the Company or any announcement the reputation or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security goodwill of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closingsubsidiaries.
(bd) Buyer In the event that the Closing does not occur, Parent or Merger Sub, as applicable, shall, promptly upon request by the Company, reimburse the Company for all reasonable and documented out-of-pocket costs and expenses incurred by the Company, its the Company Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a6.19(a). Buyer Parent and Merger Sub shall jointly and severally indemnify and hold harmless the Company, its the Company Subsidiaries and their respective Representatives, from and against any and all losses claims, losses, liabilities, damages, judgments, inquiries, fines and reasonable fees, costs and expenses, including attorneys’ fees and disbursements suffered or incurred by any of them in connection with any debt financing the Debt Financing and any information utilized supplied or provided in connection therewith (except to the extent suffered or incurred as a result of (i) the gross negligence, willful misconduct or material breach of this Agreement by the Company, any Company Subsidiary or any Representative thereof, in each case as determined by a court of competent jurisdiction, or (ii) any inaccuracy (other than material misstatements or omissions any immaterial inaccuracy) in the historical financial information provided by the Company or any to Parent pursuant to clause (i) in the definition of its Subsidiaries for use in such financing“Required Information”).
Appears in 1 contract
Sources: Merger Agreement (Anaplan, Inc.)
Financing Cooperation. (a) The Prior to the Closing, the Company shall use, and shall use its reasonable best efforts to cause its the Company Subsidiaries toto use, their reasonable best efforts, at Buyer’s the sole expensecost and expense of the Parent Entities, reasonably Merger Sub I and Merger Sub II, to cooperate with the Parent Entities, Merger Sub I and Merger Sub II to the extent required by the Debt Financing Sources in connection with the arrangement of any the Debt Financing Financing, in each case as may be customary and reasonably requested by Buyer; the Parent Entities (provided that such requested cooperation does not unreasonably interfere with the ongoing business or operations of the Company or its Subsidiaries. Such cooperation by and the Company and its Subsidiaries shall includeSubsidiaries), at the including (but not limited to) using reasonable request of Buyer, using their respective commercially reasonable best efforts to:
(i) cause the Company's and the Company Subsidiaries' (and their respective Representatives) management teams, with appropriate seniority and expertise, to participate in a reasonable number of meetings, lender presentations, due diligence sessions, drafting sessions, road shows, calls and meetings with prospective lenders and ratings agencies, in each case, upon reasonable notice at mutually agreed times and places, and only to the extent customarily needed for financing of the type contemplated by the Debt Commitment Letter;
(ii) assist the Parent Entities, Merger Sub I and Merger Sub II with the preparation of customary materials for rating agency presentations, confidential information memoranda and similar documents reasonably necessary in connection with the Debt Financing, and assisting with the identification of any portion of the information that constitutes material non- public information;
(iii) assist the Parent Entities, Merger Sub I and Merger Sub II with the preparation of any guarantee, pledge and security documents contemplated by the Debt Financing, and any certificates and schedules related thereto and other customary definitive documents relating to the Debt Financing, any certificates and schedules related thereto, and otherwise reasonably assist in facilitating the pledging of collateral contemplated by the Debt Financing, as may be reasonably requested by the Parent Entities, Merger Sub I or Merger Sub II, in each case to the extent such items are effective no earlier than the Closing;
(iv) subject to Section 5.5(d), assist the Parent Entities, Merger Sub I and Merger Sub II with obtaining third- party consents to the Debt Financing, and assist the Parent Entities, Merger Sub I and Merger Sub II with the preparation of any required notices or execute any supplemental indentures or similar documents, in each case, as may reasonably be requested by the Parent Entities, Merger Sub I or Merger Sub II, including, if required (as reasonably determined by the Parent Entities, Merger Sub I and Merger Sub II), consent from third parties to existing joint-venture agreements, financing documents, property management agreements, ground leases, tax credit agreements, and purchase and sale agreements;
(v) furnish to the Parent Entities: (1) GAAP audited balance sheets and related statements of income, equity and cash flows for the Company and the Company's consolidated subsidiaries as of and for the fiscal years ended on December 31, 2019, December 31, 2020 and December 31, 2021 (it being understood that the Parent Entities, Merger Sub I and Merger Sub II acknowledge receipt of the information described in this clause (1) as of the date hereof); (2) GAAP unaudited balance sheet and related statements of income, equity and cash flows for the Company and the Company's consolidated subsidiaries as of and for each fiscal quarter ended after December 31, 2021 and more than 45 days prior to the Closing Date, it being understood that, with respect to such information for each such fiscal year and subsequent interim period, such covenant shall be deemed satisfied through the filing with the SEC by the Company of its Annual Report on Form 10-K or quarterly report on Form 10-Q with respect to the relevant period; and (3) historical financial, statistical and other pertinent information about the Company and the Company Subsidiaries customarily included in the Rule 144A offerings of commercial mortgage backed securities facilities, to the extent reasonably available and prepared by the Company and the Company Subsidiaries in the ordinary course of business (the information and financial statements referred to in subclauses (1), (2) and (3) above, the "Required Financial Information");
(vi) assist the Parent Entities, Merger Sub I and Merger Sub II to the extent requested, with the Parent Entities, Merger Sub I and Merger Sub II's preparation of a pro forma balance sheet;
(vii) upon the request by the Parent Entities, Merger Sub I or Merger Sub II, providing customary authorization and representation letters (including customary 10b-5 and material non-public information representations) in connection with the information provided as Required Financial Information in any confidential information memorandum (including prior to any bank meeting for the Debt Financing);
(viii) assist the Parent Entities, Merger Sub I and Merger Sub II in the Parent Entities, Merger Sub I and Merger Sub II obtaining surveys and title insurance as reasonably requested by the Parent Entities, Merger Sub I or Merger Sub II, including by providing title affidavits or similar documents required by a nationally-recognized title company for (A) the deletion of any standard or pre- printed exceptions in any title insurance policies or pro forma or (B) the satisfaction of any requirement set forth in any title commitment and, to the extent appropriate, appraisals of real property and assist in obtaining assignments or similar documents as reasonably requested by the Parent Entities and not effective earlier than the Closing, Merger Sub I or Merger Sub II to minimize mortgage recording tax and other financial data costs and expenses;
(ix) at least four (4) Business Days prior to the Closing (in each case, to the extent requested at least ten (10) Business Days prior to the Closing), provide all documentation and other information relating about the Company and any of its Subsidiaries as is reasonably requested in writing by the Parent Entities which the parties to the Debt Commitment Letter (other than the Parent Entities) reasonably determine is required by applicable "know your customer," anti-money laundering rules and regulations (including the PATRIOT Act) and the requirements of the beneficial ownership regulation pursuant to 31 C.F.R. § 1010.230;
(x) assist the Parent Entities, Merger Sub I and Merger Sub II with the Parent Entities, Merger Sub I and Merger Sub II obtaining property-level financing and facilities (including any agency financing and commercial mortgage backed security facilities) as may reasonably be requested by the Parent Entities;
(xi) subject to Section 5.2(a), provide the Parent Entities and its Representatives and Debt Financing Sources (including any appraisers, engineers, environmental or rating agency personnel) reasonable access to the Company and its Subsidiaries' properties and enter into customary engagements regarding the scope of such access; and
(xii) assist the Parent Entities with obtaining tenant and ground lessor estoppels (it is acknowledged that obtaining any such estoppel is not a condition to Closing).
(b) Nothing in this Section 5.16 shall require any cooperation or other action by the Company, the Company Subsidiaries and requested by Buyer or its or their respective Representatives as may be reasonably necessary to the extent that it would unreasonably interfere in any material respect with the business or advisable operations of the Company or any of the Company Subsidiaries. Notwithstanding the foregoing or anything else contained herein to consummate the contrary, nothing in this Section 5.16 shall require the Company or any of the Company Subsidiaries or their respective Representatives (1) to execute or approve any definitive financing documents, including any credit or other agreements, pledge documents, security documents or other certificates in connection with the Debt Financing (other than customary authorization and representation letters in connection with the Debt Financing, including financial statementsif any, financial data, projections, audit reports and other information (w) constituting audited financial statements relating solely to the extent set forth in Section 5.16(a)(vii) above), (2) to provide cooperation to the extent that it would reasonably be expected to conflict with or violate any applicable Law or result in a breach of, or a default under, any material contract to which the Company and its or any of the Company Subsidiaries for each is a party, (3) to breach, waive or amend any terms of its three most recent fiscal years ended at least 60 days prior this Agreement, (4) to provide cooperation to the extent it would cause any condition to the Closing Date and unaudited financial statements relating set forth in Section 6.1 or Section 6.2 to not be satisfied or (5) to violate any obligation of confidentiality (not created in contemplation hereof) binding on the Company, the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)their Representatives. Additionally, (xA) neither the Company nor any of the type and form Company's Subsidiaries shall be required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, to pay or (z) as otherwise reasonably required incur any commitment or other similar fee or incur or assume any liability or obligation in connection with any Debt Financing prior to the Closing (other than as are expressly reimbursable or as otherwise necessary payable by Parent and Merger Sub and except for the obligation to deliver the customary authorization and representation letter referenced above), (B) none of the directors of the Company or any Company Subsidiary, acting in order such capacity, shall be required to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants authorize or adopt any resolutions approving the agreements, documents, instruments, actions and transactions contemplated in connection with offering(sthe Debt Financing, (C) except as set forth in Section 5.16(a)(vii), none of debt securities the Company, any of the Company Subsidiaries or any of their respective Representatives shall be required, prior to Closing, to make any representation to the Parent Entities, any of their affiliates, any lender, agent or lead arranger to any Debt Financing, or any other Person with respect to any action under this Section 5.16, as to the solvency of the Company, any of the Company Subsidiaries, or any of their respective Representatives, or to deliver or require to be delivered any solvency or similar certificate and (D) except as set forth in Section 5.16(a)(iv), none of the Company, any of the Company Subsidiaries or any of its or their Representatives shall be required to seek any amendment, waiver, consent or other modification under any indebtedness. Nothing hereunder shall require any employee, officer, director or other Representative of the Company or any of the Company Subsidiaries to deliver any certificate or opinion or take any other action that would result in personal liability to such employee, officer, director or other Representative. None of the representations, warranties or covenants of the Company and the Partnership set forth in this Agreement shall be deemed to apply to, or be deemed to be breached or violated by, any of the actions taken by the Company and the Company Subsidiaries at the request of any of the Parent Entities set forth in this Section 5.16. All non-public or otherwise confidential information regarding the Company obtained by the Parent Entities, Merger Sub I or Merger Sub II or any of their respective Representatives pursuant to this Section 5.16, shall be kept confidential in accordance with the Confidentiality Agreement; provided that the Company agrees that the Parent Entities, Merger Sub I and Merger Sub II may share non-public or otherwise confidential information with the rating agencies and Debt Financing Sources as contemplated by the Debt Commitment Letter if the recipients of such information are rating agencies and Debt Financing Sources in connection with the Debt Financing as contemplated by the Debt Commitment Letter and agree to customary confidentiality arrangements, including customary "click through" confidentiality agreements and confidentiality provisions contained in customary bank books and offering memoranda, provided, in each case, that such confidentiality arrangements shall provide that the Company is a third-party beneficiary thereof and shall satisfy the confidentiality obligations under Regulation FD.
(c) The Parent Entities shall jointly and severally indemnify, defend and hold harmless the Company and its affiliates, and its and their respective pre-Closing directors, officers, employees, agents, representatives and professional advisors, from and against any liability, obligation or loss suffered or incurred by them in connection with any cooperation provided under this Section 5.16, the arrangement of the Debt Financing; Financing and any information provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items in connection therewith (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma other than arising from historical financial information and financial statements furnished in writing by or on behalf of the Company and/or its Subsidiaries specifically for inclusion in such materials for the Debt Financing, but including any confidential information memorandumviolation of the Confidentiality Agreement), prospectusexcept in the event such liabilities, offering memorandum obligations or other marketing and syndication materials shall be as set forth in clause (viii) losses arose out of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with or result from the bad faith, gross negligence or willful misconduct by the Company, any financing source providing financing to Buyer of the Company Subsidiaries or any of its Affiliates consistent with their customary practice respective affiliates and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) Representatives. The Parent Entities shall promptly reimburse the Company and customary consents to the inclusion of audit reports Company Subsidiaries and Representatives for all reasonable, documented and invoiced costs incurred by the Company or the Company Subsidiaries in connection with any cooperation provided under this Section 5.16 or otherwise in connection with the Debt Financing (including reasonable and documented out-of- pocket auditor's and attorneys' fees and expenses). Subject to the Parent Entities' indemnification obligations under this Section 5.16, the Company hereby consents to the use of all of its and the Company Subsidiaries' corporate logos in connection with the initial syndication or marketing of the Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, so long as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Financing Cooperation. (a) The Between the date of this Agreement and the Closing, the Company shall shall, and the Principals shall cause its Subsidiaries the Company to, use its reasonable best efforts, at the Buyer’s sole cost and expense, to provide, and to cause its representatives to provide, to the Buyer such cooperation that is reasonably cooperate requested by the Buyer and is customary in connection with the arrangement of any debt financings similar to the Debt Financing as may be reasonably requested by Buyer; (provided that such requested assistance and cooperation is consistent with applicable Law and does not unreasonably interfere with the ongoing operations operation of the Company’s business), including using its reasonable best efforts to (this clause (a), together with clauses (b) and (c) below, the “Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:Cooperation Covenant”):
(i) as promptly as practicable furnish the Buyer such financial statements information regarding the Company customarily included in marketing materials for financings similar to the Debt Financing;
(ii) (A) make senior management available for a reasonable number of lender meetings, meetings with parties acting as arrangers or agents, sessions with rating agencies and other financial data “roadshow” presentations, conference calls, due diligence sessions (including accounting due diligence sessions), drafting sessions, presentations and other sessions (all of which may be virtual if circumstances so require) with prospective financing sources and ratings agencies, in each case, on reasonable advance notice and (B) cooperate with prospective lenders in performing their due diligence;
(iii) (A) reasonably cooperate with the marketing efforts of the Buyer and the Debt Financing Sources and assist the Buyer in obtaining ratings, in each case, in connection with the Debt Financing, and (B) reasonably cooperate in the preparation of materials for rating agency presentations, any marketing materials, bank information memoranda (including (x) confirming the absence of material non-public information relating to the Company and its Subsidiaries securities contained therein upon request by the Buyer and (y) the delivery of customary authorization letters authorizing the distribution of information to prospective lenders), lender presentations or similar document;
(iv) assist the Buyer with the preparation of pro forma financial information and pro forma financial statements to the extent reasonably requested by the Buyer or its Representatives as may the Debt Financing Sources to be reasonably necessary included in any marketing materials or advisable to consummate of the type required by the Debt Commitment Letter (provided that the Company shall not be responsible for the preparation of any pro forma financial statements or pro forma adjustments in connection with the Debt Financing);
(v) request and facilitate the Company’s independent auditors to (A) provide, consistent with customary practice, customary auditors consents (including financial statements, financial data, projections, audit consents of accountants for use of their reports in any materials relating to the Debt Financing) and reports and other customary comfort letters (including “negative assurance” comfort and change period comfort) with respect to financial information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each (B) attend a reasonable number of its three most recent fiscal years ended accounting due diligence sessions and drafting sessions;
(vi) if requested in writing by a Debt Financing Source at least 60 days nine (9) Business Days prior to the Closing Date Date, furnish to such Debt Financing Source, at least three (3) Business Days prior to the Closing, information regarding the Company that is required by U.S. regulatory authorities under applicable “know your customer” and unaudited financial statements anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act of 2001 and the requirements of 31 C.F.R. §1010.230;
(vii) (A) assist with the pledging of collateral for the Debt Financing and (B) assist with obtaining releases of existing Liens (provided that no such documents or agreements shall be effective prior to the Closing);
(viii) take all corporate actions, subject to the occurrence of the Closing, reasonably requested by the Buyer to permit the consummation of the Debt Financing;
(ix) cooperate in satisfying the conditions precedent set forth in the Debt Commitment Letter or any definitive document relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior Debt Financing to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)extent the satisfaction of such condition requires the cooperation of, or is within the control of, the Company; and
(x) assist with the preparation of definitive financing documentation (including any guarantee, pledge and security documents, other definitive financing documents or other certificates or documents as may be reasonably requested by the Buyer or the Debt Financing Sources), and the schedules and exhibits thereto, in each case, as may be reasonably requested by the Buyer.
(b) The Company hereby consents to the use of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities Company’s logos in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective Company’s reputation, goodwill, products, services, offerings or intellectual property rights;.
(vc) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, Notwithstanding anything to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates contrary in its preparation of material relating to this Section 5.14, the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those shall not be required to be included in take any periodic report action pursuant to Section 5.14(a) that Buyer would (i) (A) contravene any applicable Law or any of its Affiliates is required to file under conflict with or violate the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness organizational documents of the Company and its Subsidiaries reasonably requested or (B) result in any breach or violation of or constitute a default by Buyer the Company under, or give to others any right of its Affiliates;
(x) cooperate with termination, amendment, acceleration or cancellation of any material Contract to which the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written Company is a party or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by which the Company or its Subsidiaries properties or assets is bound or (C) require the Company to disclose information subject to any attorney-client, attorney work product or other legal privilege (provided that the extent Company shall use commercially reasonable efforts to allow the disclosure of such information contains any material misstatement (or as much of fact or omits to state any material fact necessary to make such information, taken it as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xiireasonably possible) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information manner that does not include material non-public information about result in a loss of attorney client (or other legal) privilege), (ii) cause any covenant, representation or warranty in this Agreement to be breached by the Company, its Affiliates or any of their respective securities;
(xiiiiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of require the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (Ax) pay any commitment or other feesfinancing fee prior to the Closing Date or (y) otherwise incur any other expense, indemnity, liability or obligation, in each casecase under this sub-clause (y), except if such amounts are advanced or reimbursed as provided in connection with any Debt FinancingSection 5.14(d) below, (Biv) give cause any indemnities in connection with any debt financingdirector, (C) take any action thatofficer, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business manager or employee or equityholder of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to incur any property or assets of personal liability, (v) require the Company or any persons who are directors or managers of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company to pass any resolution or any consent to approve or authorize the execution of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any the Debt Financing that is not contingent on subject to the Closingoccurrence of the Closing or (vi) require the Company or any persons who are officers or managers of the Company to execute or deliver any certificate, document, instrument or agreement or agree to any change or modification of any existing certificate, document, instrument or agreement that is effective prior to the Closing (other than any authorization letter or “know-your-customer” information contemplated by Section 5.14(a); provided that in no event shall Section 5.14(a) require the Company to cause any officer or 48 manager of the Company that is not continuing in such capacity after the Closing to execute any certificate, document, instrument or agreement).
(bd) On the Closing Date or following the termination of this Agreement, the Buyer shall, shall promptly upon request by the Company, reimburse the Company for all documented out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives Company in connection with their respective obligations cooperation with the Debt Financing pursuant to this Section 7.08(a)5.14; provided that the Buyer shall not be required to reimburse the Company for costs and expenses with respect to financial statements, financial information or other materials prepared prior to the date hereof or, after the date hereof, that the Company would have prepared in the ordinary course of business. In addition, the Buyer shall indemnify and hold harmless the CompanyCompany and its directors, its Subsidiaries managers, officers, employees and their respective Representatives, representatives from and against any and all losses losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with any debt financing assistance provided pursuant to this Section 5.14 in connection with the arrangement, negotiation and consummation of the Debt Financing, and any information utilized used in connection therewith (other than losses, damages or claims solely resulting from the material misstatements or omissions in inaccuracy of written information provided by the Company), in each case, other than to the extent any of the foregoing was suffered or incurred as a result of the gross negligence, intentional misrepresentation or willful misconduct of the Company or any of its Subsidiaries for use their representatives. The obligations in such financing)this Section 5.14(d) shall survive any termination of this Agreement.
Appears in 1 contract
Sources: Unit Purchase Agreement (Victory Capital Holdings, Inc.)
Financing Cooperation. (a) The Prior to the Closing, the Company shall and shall cause its Subsidiaries to, at Buyer’s sole expensecause their respective officers and employees and use commercially reasonable efforts to cause their respective advisors, reasonably including legal and accounting advisers, to cooperate with the Parent in connection with the arrangement of any the Debt Financing as may be to the extent customary and reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall includeParent, at the reasonable request of Buyer, including using their respective commercially reasonable efforts to:
to (i) furnish the Parent and its financing sources (including the Financing Sources) as promptly as reasonably practicable following the Parent’s request, with information (other than financial information, which is covered by clause (ii) below) regarding the Company Parties (including information to be used in the preparation of one or more information packages regarding the business, operations, financial projections and prospects of the Company Parties) customary for the arrangement of loans contemplated by the Debt Financing, to the extent reasonably available to the Company and reasonably requested in writing by the Parent to assist in preparation of customary information documents or lender presentations (as applicable) relating to such arrangement of loans, and including all information and data that is reasonably necessary to satisfy the conditions set forth in the Commitment Letter (other than financial information, which is covered by clause (ii) below) (collectively, the “Marketing Material”), (ii) furnish to the Parent and its financing sources (including the Financing Sources), as promptly as practicable, all financial statements, pro forma financial statements and other financial data and other financial information relating of the Company Parties, in each case, to the extent reasonably available to the Company and its Subsidiaries and reasonably requested by Buyer or its Representatives as may the Parent to the extent required under the Commitment Letter to consummate the Debt Financing at the time the Debt Financing is to be consummated, including (A) all information and data that is reasonably necessary or advisable to consummate any Debt Financingsatisfy the conditions set forth in paragraphs 5 and 6 of Exhibit C to the Commitment Letter and (B) audited, including financial statements, financial data, projections, audit reports interim and other information (w) constituting audited financial statements relating and all customary information to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily be included in private placements of debt securities under Rule 144A of the 1933 Acta bank information memorandum or customary offering memorandum, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary the financings contemplated by the Commitment Letter (the information, data, financial statements, pro forma financial statements, business and other financial data and financial information referred to in order to assist in receiving customary “comfort” this clause (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings ii), together with the Securities and Exchange Commission under authorization letters referred to in clause (xii) below, shall constitute the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w“Financing Information”), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(iiiii) cause its independent accountants senior management of the Company to cooperate with any financing source providing financing to Buyer or any participate at reasonable times and upon reasonable notice in a reasonable number of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” meetings (including customary “negative assurances”) one-on-one meetings with the parties acting as lead arrangers, bookrunners or agents for, and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in purchasers of the Debt Financing, drafting sessions sessions, presentations, and due diligence sessions, as applicable(iv) reasonably assist the Parent and the Financing Sources in the preparation of bank information memoranda, offering memoranda, private placement memoranda and otherwise cooperate with similar documents for any portion of the Debt Financing Sources’ documentary due diligenceFinancing, (v) obtain title insurance surveys, comfort letters and legal opinions reasonably requested by the Parent, furnish to the extent customary Parent and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all Financing Sources such documentation and other information about regarding the business of the Company and its Subsidiaries as is Parties required by with respect to the Debt Financing under applicable “know your customer” and anti-money laundering rules and regulations including necessary to satisfy the USA PATRIOT Act condition set forth in paragraph 7 of Exhibit C to the extent Commitment Letter, (vi) deliver any customary credit agreements and pledge and security documents and otherwise reasonably facilitate the granting of a security interest (and perfection thereof) in collateral, guarantees, mortgages, other definitive financing documents or other certificates, customary closing certificates (including a solvency certificate) and documents as may be reasonably requested by the Parent (provided that no obligation of any Company Party under any such agreement or other financing source providing financing to Buyer or any of its Affiliates at least ten document shall be effective until the Effective Time), (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ixvii) obtain customary payoff authorization letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, respect to the extent practicable and appropriatebank information memoranda (including, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such informationwithout limitation, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing Financing Sources authorizing the distribution of information to prospective lenders lenders) and containing a customary 10b-5 representation and a representation consents of accountants to the providers use of their reports in any materials relating to the Debt Financing, (viii) reasonably assist in (A) the preparation and execution of one or more credit agreements, purchase agreements, currency or interest hedging agreements or (B) the amendment of any of the debt financing thatCompany Parties’ currency or interest hedging agreements, in each case, on terms that are reasonably requested by the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered Parent in connection with the Debt Financing;
, (xivix) prevent cooperate reasonably with the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization due diligence of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect Financing Sources to the Debt Financing or under Section 5.01; provided that neither extent customary and reasonable and to the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection extent not unreasonably interfering with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries Parties, (x) take such actions as are reasonably requested by the Parent or create an unreasonable risk the Financing Sources to facilitate the satisfaction of damage or destruction all conditions precedent to any property or assets obtaining the Debt Financing set forth in the Commitment Letter to the extent within the control of the Company Parties (including (A) delivery to the Parent of the stock certificates of the Company Parties, if any, and (B) corporate actions to permit the consummation of the Debt Financing and to permit the proceeds thereof to be made available to the Company at Closing) and (xi) to the extent required by the Commitment Letter, take all actions as may be required or any reasonably requested by the Parent or the Financing Sources in connection with the repayment of its Subsidiariesthe existing third-party indebtedness for borrowed money of the Company Parties and the termination or release of all commitments or security interests related thereto, which repayment shall occur substantially concurrently with the Closing. 76
(Db) Notwithstanding anything in this Section 5.18 to the contrary, the Company Parties shall not be obligated to provide any information Marketing Material or Financial Information the disclosure of which is prohibited or restricted under by applicable Law or subject confidentiality obligations (to legal privilegethe extent not entered into in contemplation hereof), the Company Parties shall only be obligated under this Section 5.18 to deliver such Marketing Material and Financial Information to the extent they may be obtained from the books and records of the Company Parties without undue burden or expense, and in no event shall the Financial Information be deemed to include or shall the Company Parties otherwise be required to provide pro forma financial statements or pro forma adjustments related to the Debt Financing. The Company Parties shall not be required to provide any cooperation under this Section 5.18 that (i) causes any representation or warranty of the Company Parties in this Agreement to be breached, or that is confidential (ii) causes any closing condition set forth in Article VI to fail to be satisfied or proprietary to otherwise causes the providing Party, (E) take any action that would conflict with or violate its organizational documents breach of this Agreement or any applicable Law or would result in a violation or breach of, or default under, any agreement Contract to which the any Company or any of its Subsidiaries Party is a party party. In no event shall any Company Party be in breach of this Agreement because of the failure to deliver any Marketing Material or (F) execute any agreement, certificate, document or instrument Financial Information pursuant to this Section 7.08(a) with respect to any Debt Financing 5.18 that is not contingent currently readily available to the Company Parties on the Closingdate hereof or is not otherwise prepared in the ordinary course of business of the Company Parties at the time requested by the Parent or for the failure to obtain review of any of the Financial Information by its accountants.
(bc) Buyer shallIn no event shall any Company Party be required to pay any commitment or similar fee or incur any Liability (including due to the act or omission of any Company Party or any of their respective directors, officers, employees or Representatives) or expense in connection with assisting the Parent in arranging the Debt Financing or as a result of any information provided by the Company Parties or any of their respective directors, officers, employees or Representatives in connection therewith. The Parent shall (i) promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred in good faith by the Company, its Subsidiaries and its and their respective Representatives Company Parties in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall such cooperation and (ii) indemnify and hold harmless the Company, its Subsidiaries Company Parties and their respective Representativesdirectors, officers, employees and Representatives from and against any and all losses losses, damages, liabilities, claims and other costs and expenses suffered or incurred by any of them in connection with the arrangement of the Debt Financing or providing any debt financing and any of the information utilized in connection therewith (therewith, other than any such losses, damages, liabilities, claims or other costs and expenses to the extent resulting from the gross negligence, willful misconduct or material misstatements or omissions in information provided breach of this Agreement by the Company or any of its Subsidiaries for the foregoing.
(d) The Company Parties will use commercially reasonable efforts to provide to the Parent and the Financing Sources such information as may be necessary so that the Financing Information and Marketing Material is true and correct in all material respects and does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in the light of the circumstances under which such financing).statements are made, not misleading. 77
Appears in 1 contract
Sources: Merger Agreement
Financing Cooperation. (ai) The Company shall Prior to the Closing and subject to the limitations in this Agreement, the Seller shall, and shall cause its Subsidiaries to, use reasonable best efforts (at BuyerPurchaser’s sole cost and expense) to cause the appropriate officers, reasonably cooperate in connection with the arrangement employees and representatives of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries to, provide such customary cooperation as is reasonably requested by Purchaser upon reasonable prior notice to assist Purchaser solely in connection with causing the conditions to the Debt Financing to be satisfied or as is otherwise reasonably requested by Purchaser solely in connection with Purchaser’s efforts to obtain the Debt Financing (provided that any such requests are timely made so as not to delay the Closing beyond the date on which it would otherwise occur), which cooperation may include (1) participating in a reasonable number of meetings and due diligence sessions with providers or potential providers of the Debt Financing (which shall includebe limited to teleconference or virtual meeting platforms) during normal business hours and at mutually agreed times, at (2) reasonably assisting Purchaser in the reasonable request preparation of Buyermaterials reasonably and customarily requested to be used in connection with obtaining the Debt Financing, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other in each case, solely with respect to information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be Subsidiaries, (3) providing reasonably necessary or advisable promptly to consummate any Debt Financing, including Purchaser such financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to regarding the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date that is reasonably requested by Purchaser and unaudited financial statements relating to the Company customary and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with a syndicated financing or a high-yield offering and is prepared by Seller in the ordinary course or is readily available or within the Seller’s possession, (4) in the case of the Company, executing and delivering customary authorization letters (provided that, such customary authorization letters, or the bank information memoranda in which such letters are included, shall include language that exculpates the Seller, its Subsidiaries and their respective Representatives and Affiliates from any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants Liability in connection with offering(s) the unauthorized use or misuse by the recipients thereof of debt securities the information set forth in any such bank information memoranda or similar memoranda or report distributed in connection with any therewith) and other reasonable and customary certificates, management representation letters and other documentation required by the Debt Financing Sources and the definitive documentation related to the Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items in each case (w), (x) and (y); provided, further, that the Company’s sole obligation other than with respect to the preparation of any pro forma financial such authorization letters), which shall not be effective prior to Closing and (5) delivering information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information documentation related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda required and other marketing and syndication materials reasonably requested in writing by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide Sources at least three ten (310) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by Closing Date with respect to compliance under applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act regulations.
(ii) Notwithstanding anything to the extent reasonably requested by any financing source providing financing to Buyer contrary in this Agreement, none of the Seller, its Subsidiaries or any officer, employee or Representative of its Affiliates at least ten any of the foregoing, shall be required to (10) Business Days prior to the anticipated Acceptance Time;
(viii1) provide information reasonably necessary to assist Buyer or any of its Affiliates with prepare, and Purchaser shall be solely responsible for, the preparation of pro forma financial information and information, including pro forma costs savings, synergies, capitalization or other pro forma adjustments desired to be incorporated into any pro forma financing information, (2) pay any fee, (3) provide Regulation S-X compliant financial statements statements, (4) approve any document or other matter related to the extent required Debt Financing or incur or reimburse any costs or expenses or incur any other Liability or obligation of any kind or give any indemnities in connection with the Debt Financing (unless given by SEC rules the Company and regulations its Subsidiaries or any of their continuing officers after the Closing), (including those required to be included 5) enter into, approve or perform any agreement or commitment in connection with the Debt Financing or modify any periodic report that Buyer agreement or commitment or provide any certification in each case, unless by the Company and its Subsidiaries or any of its Affiliates is required to file under the 1934 Act following continuing officers and effective only after the Closing, excluding any customary authorization letters described in Section 6.10(b), (6) provide any legal opinion or necessary reliance letters or reasonably and customarily required by any Debt Financing Source providing financing to Buyer certificate, comfort letter or opinion of any of its Affiliates Representatives, (7) provide access to or disclose any information to Purchaser or its Representatives to the extent such disclosure could jeopardize the attorney-client privilege, attorney work product protections or similar protections or violate any applicable Law or contract, (8) take any action that could (A) unreasonably interfere with the day-to-day operations of the Seller or the Company and its Subsidiaries, (B) cause any representation or warranty in this Agreement to be included breached or cause any condition to Closing to fail to be satisfied or otherwise cause any breach of this Agreement, (C) result in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and director, officer, employee or other instruments of discharge in connection with repayment of existing indebtedness Representative of the Company and its Subsidiaries reasonably requested by Buyer incurring any personal Liability, (D) conflict with the certificates of incorporation or bylaws or equivalent organizational documents of the Seller, the Company and its Subsidiaries or any Law, (E) result in the contravention, violation or breach of, or a default under, any contract, (9) prepare or provide any financial statements or financial statements other as expressly set forth in Section 6.10(b)(i)(4) or change any fiscal period, (10) make any representations, warranties or certifications, (11) cause or permit any Liens to be placed on any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts assets in connection with the Debt Financing benefit from prior to the Closing Date, (12) adopt any resolutions, execute any consents or otherwise take any corporate or similar action (in each case, unless by the Company and its Subsidiaries or any of its continuing directors or officers and effective only after the Closing) or (13) consent to the use of the Company’s and its Subsidiaries’ existing lending relationships;names and logos in connection with the Debt Financing (provided that such logos are used solely in a manner that is not intended to harm the reputation or goodwill of the Company and its Subsidiaries).
(xiiii) supplement Without prejudice to Section 6.10(b)(iv) below. Purchaser expressly acknowledges and agrees that neither the written availability, the terms nor the obtaining of the Debt Financing or formally presented information (any other than projections financing is in any manner a condition to the Closing or the obligations of Purchaser to consummate the transactions contemplated hereby. The Seller and other forward-looking materials its Subsidiaries will be deemed to be in compliance with this Section 6.10(b), and information of a general economic Purchaser shall not allege that the Seller or industry specific nature) provided by the Company or and its Subsidiaries is or has not been in compliance with this Section 6.10(b), unless Purchaser provides prompt written notice of the alleged failure to the extent comply specifying in reasonable detail specific steps to cure such information contains any material misstatement alleged failure in a commercially reasonable and practical manner consistent with this Section 6.10(b), for which such alleged failure to comply has not been cured within ten (10) Business Days from receipt of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;written notice.
(xiiiv) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers None of the debt financing authorizing the distribution Seller nor any of its Affiliates or Subsidiaries (or any of their respective Representatives) shall have any Liability to Purchaser in respect of any financial statements, other financial information or data or other information provided pursuant to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing thatthis Section 6.10(b), except in the case of any publicgross negligence or willful misconduct, in each case as determined by a final non-side version appealable judgment by a court of competent jurisdiction, in the information materials provided to preparation or presentation of such providersfinancial statements, such information does not include material financial information, data or other information. All non-public or other confidential information about provided by or on behalf of the Company, Seller to Purchaser or its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a6.10(b) shall be kept confidential in accordance with respect to any Debt Financing that is not contingent on the Closingterms of the Confidentiality Agreement.
(bv) Buyer shallThe obligations of each of the Seller, its Subsidiaries, and their respective Representatives and Affiliates under this Section 6.10 shall reasonably continue following the Reference Time, including but not limited to their financing cooperation obligations under this Section 6.10.
(vi) Purchaser shall (I) promptly upon request by the CompanySeller, reimburse the Company Seller for all of its reasonable and documented out-of-pocket costs fees and expenses (including reasonable and documented fees and expenses of counsel and accountants) incurred by the CompanySeller, its Affiliates or Subsidiaries and its and (or any of their respective Representatives Representatives) in connection with their respective obligations pursuant to any cooperation contemplated by this Section 7.08(a). Buyer shall 6.10 and (II) indemnify and hold harmless the CompanySeller, its Affiliates or Subsidiaries and (or any of their respective Representatives, from and ) against any claim, loss, damage, injury, liability, judgment, award, penalty, fine, cost (including cost of investigation), expense (including reasonable and all losses suffered documented fees and expenses of counsel and accountants) or settlement payment incurred by any of them as a result of, or in connection with any debt financing with, such cooperation or the Debt Financing and any information utilized used in connection therewith (other than material misstatements those claims, losses, damages, injuries, liabilities, judgments, awards, penalties, fines, costs, expenses and settlement payment arising out of or omissions in information provided by from the Company gross negligence, fraud or willful misconduct of the Seller or any of its Subsidiaries for use in such financing)Representatives as finally determined by a court of competent jurisdiction.
Appears in 1 contract
Sources: Stock Purchase Agreement (Biocryst Pharmaceuticals Inc)
Financing Cooperation. (a) The Prior to the Effective Time, the Company shall shall, and shall cause its Subsidiaries and Representatives to, at Buyer’s sole expense, reasonably cooperate in connection with the arrangement of any Debt Financing use its and their reasonable best efforts to provide such cooperation as may be reasonably requested by Buyer; Parent in connection with obtaining the Debt Financing (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or and its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include), at the reasonable request of Buyerincluding, using their respective commercially reasonable efforts but not limited to:
(i) furnish to Parent the Required Information and such financial statements and other financial data and other customary information relating as is necessary to comply with clause (ii)(B) below;
(ii) (A) have appropriate members of senior management of the Company and its Subsidiaries participate in a reasonable number of meetings, presentations, road shows, due diligence sessions, drafting sessions, meetings with prospective lenders and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt sessions with rating agencies in connection with the Financing, including financial statements(B) assist with the preparation of materials for rating agency presentations, financial dataroad show presentations, projectionsoffering memoranda, audit reports and other private placement memoranda, bank information memoranda (w) constituting audited financial statements relating including, to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)extent necessary, (x) of the type an additional bank information memorandum that does not include material non-public information and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type authorization letters), confidential information memorandum, offering documents and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or similar documents (zand any supplements thereto) as otherwise reasonably required in connection with the Financing and (C) assist Parent in procuring a public corporate credit rating and a public corporate family rating in respect of the relevant borrower under the Financing and public ratings for any Debt of the tranches of the Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants be offered in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries (A) assist reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memorandacredit or other agreements, prospectusesas well as any pledge and security documents, offering memoranda and other marketing and syndication materials definitive financing documents, collateral filings or other certificates or documents as may be reasonably requested by Buyer or any Parent and otherwise reasonably facilitating the pledging of collateral (including the delivery of original share certificates, together with share powers executed in blank, with respect to the Company and each of its AffiliatesSubsidiaries) and (B) reasonably facilitating the taking of all corporate actions by the Company and its Subsidiaries with respect to entering such definitive financing documents and otherwise necessary to permit consummation of the Financing;
(iv) cooperate reasonably with the due diligence requests, to the extent customary and reasonable, in connection with the Financing;
(v) obtain customary consents of accountants for use of their auditor opinions in any materials relating to the Debt Financing at the expense of and as reasonably requested by Parent on behalf of the Financing Sources;
(vi) a certificate of the chief financial officer of the Company with respect to solvency matters in the form of Annex I of Exhibit C of the Debt Commitment Letter; and
(vii) provide Parent at least five (5) Business Days prior to the reasonable use by Buyer Closing Date all customary documentation and other information with respect to the Company and its Affiliates Subsidiaries, as is reasonably requested in writing by Parent, at least eight (8) Business Days prior to the Closing Date that is required in connection with the Debt Financing by U.S. regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act; provided that until the Effective Time, the Company shall (i) have no liability or any obligation under any agreement or document related to the Financing and (ii) not be required to incur any other liability in connection with the Financing unless simultaneously reimbursed or reasonably satisfactorily indemnified by Parent.
(b) Parent shall (i) promptly upon request by the Company, reimburse the Company for all reasonable and documented out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Company or any of its Subsidiaries in connection with providing the assistance contemplated by this Section 8.07 and (ii) indemnify and hold harmless the Company and its Subsidiaries and its and their Representatives from and against any losses, damages, obligations or liabilities suffered or incurred in connection with the Debt Financing or any assistance or activities in connection therewith, in each case, except to the extent suffered or incurred as a result of the bad faith, gross negligence, willful misconduct or material breach of this Agreement by the Company or any of its Subsidiaries or their respective Representatives or arise out of or result from information provided by or on behalf of the Company’s .
(c) For the avoidance of doubt, Parent may require the cooperation of the Company and its Subsidiaries under this Section 8.07 at any time, and from time to time and on multiple occasions, between the date hereof and the Closing, whether or not the Marketing Period will commence or be able to be satisfied in connection with any such request for information.
(d) The Company hereby consents to the use of its and the Subsidiaries’ logos for syndication and underwritingin connection with the Financing; provided, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its the Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any Subsidiaries.
ARTICLE 9 Covenants of their respective products, services, offerings or intellectual property rights;
(v) participate (Parent and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure The parties hereto agree that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).:
Appears in 1 contract
Sources: Merger Agreement (PharMerica CORP)
Financing Cooperation. (a) The Company Redfish shall provide, and shall cause the Redfish Subsidiaries to provide, and shall use its Subsidiaries toreasonable best efforts to cause each of its and their respective representatives, at Buyer’s sole expenseincluding legal, tax, regulatory and accounting, to provide, all cooperation reasonably cooperate requested by Dorado and/or the Financing Sources in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of Redfish and the Company or its Redfish Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include), at the reasonable request of Buyerincluding, using their respective commercially reasonable efforts but not limited to:
(i) furnish such financial statements and other financial data and other providing information relating to Redfish and the Company Redfish Subsidiaries to the Financing Sources (including information to be used in the preparation of an information package regarding the business, operations, financial projections and its Subsidiaries prospects of Dorado and Redfish customary for such financing or reasonably necessary for the completion of the Financing by the Financing Sources) to the extent reasonably requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order Dorado to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial customary offering or information and financial statements documents to be used for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be the completion of the Financing as set forth in clause (viii) of this Section 7.08(a)contemplated by the Commitment Letter;
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any participating in a reasonable number of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” meetings, presentations, due diligence sessions (including customary “negative assurances”accounting due diligence sessions) and customary consents to sessions with the inclusion of audit reports in connection with any Debt Financingrating agencies;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates assisting in the preparation of one or more confidential documents and materials, including, but not limited to, (A) any customary offering documents, bank information memoranda, prospectuses, offering memoranda prospectuses and other marketing similar documents (including historical and syndication materials reasonably requested by Buyer or pro forma financial statements and information) for any of its Affiliatesthe Financing, and (B) materials for rating agency presentations;
(iv) provide cooperating with the reasonable use by Buyer and its Affiliates marketing efforts for any of the CompanyFinancing (including consenting to the use of Redfish’s and its the Redfish Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use)logos; provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage Redfish or the Company or any of its Redfish Subsidiaries or the reputation or goodwill of the Company Redfish or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rightsthe Redfish Subsidiaries);
(v) participate executing and delivering (or using reasonable best efforts to obtain from its advisors), and causing senior management the Redfish Subsidiaries to execute and representativesdeliver (or use reasonable best efforts to obtain from its advisors), with appropriate seniority customary certificates, accounting comfort letters (including consents of accountants for use of their reports in any materials relating to the Financing), legal opinions or other documents and expertise, instruments relating to participate) guarantees and other matters ancillary to the Financing as may be reasonably requested by Dorado as necessary and customary in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate connection with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonableFinancing;
(vi) provide information assisting in (A) the preparation of one or more credit agreements, currency or interest hedging agreements, or other agreements or (B) the preparation of one or more amendments of any of Redfish’s or Redfish Subsidiaries’ existing credit agreements, currency or interest hedging agreements, or other agreements, in each case, on terms satisfactory to Dorado and that are reasonably necessary to assist Buyer requested by Dorado in connection with the Financing; provided that no obligation of Redfish or any of its Affiliates in its preparation of material relating to the Company and its Redfish Subsidiaries for rating agency presentationsunder any such agreements or amendments shall be effective until the Effective Time;
(vii) provide at least three (3) Business Days prior to as promptly as practicable, furnishing Dorado and the Acceptance Time Financing Sources with all documentation financial and other information about regarding Redfish and the Company and its Redfish Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent may be reasonably requested by any financing source providing financing Dorado and/or the Financing Sources to Buyer assist in preparation of customary offering or any information documents to be used for the completion of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance TimeFinancing as contemplated by the Commitment Letter;
(viii) using its reasonable best efforts, as appropriate, to have its independent accountants provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information their reasonable cooperation and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documentsassistance;
(ix) obtain customary payoff letters using its reasonable best efforts to permit any cash and any necessary lien terminations marketable securities of Redfish and the Redfish Subsidiaries (other instruments of discharge in connection with repayment of existing indebtedness of than the Company MLP and its Subsidiaries reasonably requested by Buyer or any of its Affiliatessubsidiaries) to be made available to the Dorado at the Closing;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary providing authorization letters to the providers of the debt financing Financing Sources authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers Financing Sources that the public side versions of the debt financing thatsuch documents, in the case of any public-side version of the information materials provided to such providersif any, such information does do not include material non-public information about the Company, Redfish or its Affiliates affiliates or any of their respective securities;
(xi) using its reasonable best efforts to ensure that the Financing Sources benefit from the existing lending relationships of Redfish and the Redfish Subsidiaries;
(xii) providing audited consolidated financial statements of Redfish covering the three (3) fiscal years immediately preceding the Closing for which audited consolidated financial statements are currently available, unaudited financial statements (excluding footnotes) for any interim period or periods of Redfish ended after the date of the most recent audited financial statements and at least 45 days prior to the Closing Date (within 45 days after the end of each such period); and
(xiii) cooperate cooperating reasonably with Dorado’s Financing Sources’ due diligence, to the extent customary and reasonable and to the extent not unreasonably interfering with the Buyer’s legal counsel in connection with business of Redfish; provided, that, until the Effective Time occurs, neither Redfish nor any legal opinions that may of the Redfish Subsidiaries shall:
(1) be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, similar fee;
(2) have any liability or any obligation under any credit agreement or any related document or any other agreement or document related to the Financing (or alternative financing that Dorado may raise in connection with the transactions contemplated by this Agreement); or
(3) be required to incur any Debt Financing, (B) give any indemnities other liability in connection with the Financing (or any debt financing, (C) take any action that, alternative financing that Dorado may raise in the good faith determination of the Company, would unreasonably interfere connection with the conduct transactions contemplated by this Agreement) unless reimbursed or indemnified by Dorado to the reasonable satisfaction of the business of the Company and its Subsidiaries Redfish; provided, further, that:
(I) all non-public or create an unreasonable risk of damage or destruction to any property or assets of the Company other confidential information provided by Redfish or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument representatives pursuant to this Section 7.08(a6.18 shall be kept confidential in accordance with the Confidentiality Agreements, except that Dorado shall be permitted to disclose such information to potential syndicate members during syndication, subject to customary confidentiality undertakings by such potential syndicate members; and
(II) with respect Redfish shall be permitted a reasonable period to comment on any Debt Financing documents or other information circulated to potential financing sources that is not contingent on the Closingcontain or are based upon any such non-public or other confidential information.
(b) Buyer shallDorado (A) shall promptly, promptly upon request by the CompanyRedfish, reimburse the Company Redfish for all out-of-reasonable out of pocket costs and expenses (including reasonable attorneys’ fees) incurred by Redfish, any of the Company, its Redfish Subsidiaries or their respective representatives in connection with the cooperation of Redfish and the Redfish Subsidiaries and its their representatives contemplated by this Section 6.18, (B) acknowledges and agrees that Redfish, the Redfish Subsidiaries and their respective Representatives representatives shall not have any responsibility for, or incur any liability to any person prior to the Effective Time under, the Financing or any alternative financing that Dorado may raise in connection with their respective obligations pursuant to Section 7.08(a). Buyer the transactions contemplated by this Agreement and (C) shall indemnify and hold harmless Redfish, the Company, its Redfish Subsidiaries and their respective Representatives, representatives from and against any and all losses losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with any debt financing the arrangement of the Financing and any information utilized regarding Dorado used in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing)therewith.
Appears in 1 contract
Financing Cooperation. (a) The From the date of this Agreement until the Closing (or the earlier termination of this Agreement pursuant to ARTICLE VIII), subject to the limitations set forth in this Section 5.03, the Company shall will use its reasonable best efforts to cooperate with Buyer and shall cause its Subsidiaries to, at Buyer’s sole expense, Merger Sub as reasonably cooperate requested by Buyer and Merger Sub in connection with the Buyer's and Merger Sub's arrangement of any the Debt Financing as may be reasonably requested by Buyer(or, for the avoidance of doubt, any alternate financing required under Section 6.05(c)); provided that nothing herein will require such requested cooperation does not unreasonably interfere to the extent it interferes, or would reasonably be expected to interfere, with the ongoing business or operations of the Company or its Subsidiaries. Such cooperation Cooperation pursuant to this Section 5.03 will include using reasonable best efforts to (i) participate in and make senior management of the Company available for a reasonable number of presentations, meetings, and due diligence sessions in connection with the Debt Financing (including with Debt Financing Sources) at reasonable times and locations (which may be virtual) reasonably acceptable to the Company, (ii) provide reasonable assistance to Buyer in its preparation of any customary bank information memoranda or lender presentation and similar documents, (iii) in respect of assets of the Company and its Subsidiaries, or equity interests in the Company and its Subsidiaries held by the Unitholders, provide reasonable assistance to the extent requested by Buyer with the preparation of loan agreements, pledge and security documents and other documents required in connection with the Debt Financing (which, in each case, shall be contingent upon, and only effective at, the Closing), including by providing reasonable assistance with the completion of schedules and other information disclosures reasonably requested by Buyer and required in connection with the Debt Financing; (iv) reasonably facilitate, effective as of the Closing Date, the pledging of collateral of the Company and its Subsidiaries, matters relating to title to assets or property of the Company and its Subsidiaries and the execution and delivery of definitive documents by the Company and its Subsidiaries related to the Debt Financing on the terms contemplated by the Debt Commitment Letter (provided, that (A) none of the documents or certificates related to the Debt Financing shall includebe executed or delivered except in connection with, at or contingent upon, the reasonable request Closing, (B) the effectiveness thereof shall be conditioned upon, or become operative after, the occurrence of Buyerthe Closing and (C) no liability shall be imposed on the Company, using any of its Subsidiaries or any of their respective commercially reasonable efforts to:
officers or employees involved prior to the Effective Time); provided that, notwithstanding anything in this Agreement to the contrary, the Company will not be required to deliver or cause the delivery of any legal opinions or any certificate as to solvency or any other certificate related to the Debt Financing; (iv) furnish such financial statements at Buyer's sole cost and other financial data expense, cooperate with the replacement or backstop of any outstanding letters of credit issued for the account of the Company or any of its Subsidiaries; (vi) furnish, as promptly as practicable, Buyer and the Debt Financing Sources with all documentation and other information relating with respect to the Company required under applicable "know your customer" and its Subsidiaries anti-money laundering laws, rules and regulations, including, without limitation, the USA PATRIOT Act, that is reasonably requested in writing by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any the Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended Financing Sources at least 60 days five (5) Business Days prior to the Closing Date Date; and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quartervii) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (solely with respect to which independent auditors shall have performed a SAS 100 review)any directors and officers continuing in such roles after the Closing Date, (x) and effective only on the Closing Date, take all organizational and other actions, subject to the occurrence of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securitiesClosing, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or to permit the consummation of any financing arrangement. The Company hereby consents to the use of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ ' logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation in connection with respect to such use)the Debt Financing; provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to intended, or reasonably likely likely, to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of any of them.
(b) Notwithstanding this Section 5.03 or anything else in this Agreement: (i) in no event will the Company or any of its Subsidiaries be required to pay any commitment fee or other fee or payment to obtain consent, or to incur any liability with respect to, or cause or permit any Lien to be placed on any of their respective productsassets in connection with, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation Effective Time; and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10ii) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included nothing in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under this Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives 5.03 shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take require any action that would conflict with or violate its the Company's or any Subsidiaries' organizational documents or any applicable Law Laws or result in the contravention of, or that would reasonably be expected to result in a violation or breach of, or a default under, any agreement contract to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closingparty.
(bc) Buyer shall(i) will promptly, promptly upon request by the Company, reimburse the Company for all reasonable and documented out-of-pocket fees, costs and expenses (including reasonable and documented out-of-pocket fees and expenses of Advisors) incurred by the Company, Company or any of its Subsidiaries and its and their respective Representatives Affiliates, officers and Advisors in connection their compliance with their respective obligations pursuant to this Section 7.08(a). Buyer shall 5.03 and (ii) will indemnify and hold harmless the Company, its Subsidiaries and their respective RepresentativesAffiliates, officers and Advisors from and against any and all losses losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with any debt financing the arrangement of the Debt Financing and any information utilized used in connection therewith therewith, except to the extent suffered or incurred as a result of the bad faith or willful misconduct of the Company or any Affiliate (to the extent determined by a final, non-appealable judgment of a court of competent jurisdiction).
(d) Buyer and the Debt Financing Sources may disclose confidential information regarding the Unitholders, the Company or their respective Affiliates obtained by Buyer, the Debt Financing Sources or their respective Representatives during the syndication of the Debt Financing to (i) potential lenders and investors in connection with the marketing and syndication of the Debt Financing and (ii) rating agencies in connection with confirming or obtaining ratings for Buyer or the Debt Financing; provided that all non-public or other than material misstatements or omissions in confidential information provided by the Company and its Affiliates and representatives shall be kept confidential in accordance with the Confidentiality Agreement, except that Buyer shall be permitted to disclose such information to the Debt Financing Sources, rating agencies and prospective lenders during syndication of the Debt Financing subject to the Debt Financing Sources, rating agencies and prospective lenders agreeing to customary confidentiality obligations (which may include customary "click through" language) with respect to such information.
(e) The parties agree that this Section 5.03 (and not Section 5.07) sets forth the Company's sole obligations with respect to the Debt Financing. Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, it is understood and agreed by the parties that the conditions set forth in Section 7.02 as applied to the Company's obligations under this Section 5.03 shall be deemed to be satisfied unless the Debt Financing contemplated by the Debt Commitment Letter has not been obtained as a direct result of the Company's Willful Breach of its Subsidiaries for use in such financing)obligation under this Section 5.03. For purposes of this Section 5.03, "Willful Breach" means a material breach by the Company that is a consequence of an act or omission knowingly undertaken or omitted by the Company with the intent of causing a breach of this Agreement.
Appears in 1 contract
Sources: Agreement and Plan of Merger (Primoris Services Corp)
Financing Cooperation. (a) The Prior to the Closing, the Company shall use its reasonable best efforts, and shall cause its Subsidiaries toand their respective Representatives to use reasonable best efforts, to provide customary cooperation for debt financings similar to the Debt Financing, to the extent reasonably requested by ▇▇▇▇▇▇ Sub in writing and at BuyerMerger Sub’s sole expense, reasonably cooperate in connection with the arrangement of any the Debt Financing as may be reasonably requested by Buyer; (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or any of its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include), at the including using reasonable request of Buyer, using their respective commercially reasonable best efforts to:
(i) furnish such financial statements assist in the preparation for and participate in a reasonable number of customary investor and lender meetings (including a reasonable and limited number of one-on-one meetings and calls that are requested in advance with or by the parties acting as lead arrangers or agents for, and prospective lenders of, the Debt Financing), presentations, road shows, due diligence sessions and sessions with rating agencies and accountants, at reasonable times and with reasonable advance notice, and in each case which shall be virtual unless otherwise agreed to by the Company;
(ii) to the extent required by the Debt Financing, to facilitate the pledging and the granting and perfection of security interests in collateral of the Company, effective no earlier than the Closing;
(iii) provide at least three Business Days prior to the Closing Date all documentation and other financial data information required by bank regulatory authorities under applicable “know-your-customer”, anti-money laundering rules and regulations and beneficial ownership rules and regulations, including the USA PATRIOT Act and 31 C.F.R. §1010.230, relating to the Company or any of its Subsidiaries to the extent they are intended, immediately following the Closing, to be obligors in respect of the Debt Financing, in each case as reasonably requested by Parent at least nine Business Days prior to the Closing Date;
(iv) to the extent reasonably requested by ▇▇▇▇▇▇, providing reasonable and customary assistance to Merger Sub in obtaining private corporate and facilities credit ratings with respect to the Debt Financing;
(v) assist in the preparation of, and facilitating the execution and delivery at the Closing of, Definitive Agreements, including schedules, guarantee and collateral documents and customary closing certificates to the extent required by the Debt Commitment Letter (including a solvency certificate in the form set forth on Annex I to Exhibit C of the Debt Commitment Letter);
(vi) facilitate in the taking of all corporate and other similar actions, subject to and contingent upon the occurrence of the Closing, reasonably necessary to permit the consummation of the Debt Financing on the Closing Date; it being understood that (A) no such corporate or other action will occur or take effect prior to the Closing and (B) any such corporate or other action will only be required of the directors, members, partners, managers or officers of the Company and its Subsidiaries who retain (or are appointed to) their respective positions as of and following the Closing;
(vii) provide reasonable and customary assistance to Parent and the Debt Financing Source in the preparation of customary offering documents, lender presentations, private placement memoranda, bank information memoranda, syndication memoranda, ratings agency presentations (including providing customary authorization and representation letters authorizing the distribution of information relating to the Company and its Subsidiaries to prospective lenders or investors and containing representations with respect to presence of or absence of material non-public information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other the accuracy of the information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior yearscontained therein) and at least 40 days prior to other customary marketing material for the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iiiviii) provide information related obtain and deliver to Parent a customary payoff letter executed by the lenders (or their duly authorized agent or representative) with respect to the Company Credit Agreement, together with all required UCC-3 termination statements and its Subsidiaries reasonably necessary any other customary documents required to assist Buyer or any of its Affiliates in evidence the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates discharge of the Company’s liens and its Subsidiaries’ logos for syndication and underwritingsecurity interests related thereto (in each case, as applicable, with drafts of financing (subject which to advance review of and consultation with respect to such use); be provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage by the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide Parent at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;); and
(ix) obtain customary payoff letters deliver the Required Information and any necessary lien terminations and such readily available other instruments of discharge in connection with repayment of existing indebtedness of financial information regarding the Company and its Subsidiaries as is reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered Merger Sub in connection with the Debt Financing;
(xiv) prevent , and solely to the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization extent such information is of the announcement of the syndication, incurrence or issuance, of any type customarily provided by a borrower in connection with similar debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect financings to the Debt Financing and can be prepared by the Company without unreasonable effort or under Section 5.01; provided that neither undue burden (it being understood and agreed that, notwithstanding anything to the contrary contained herein, the Company shall not be required to provide any Excluded Information).
(b) The foregoing notwithstanding, none of the Company nor any of its Subsidiaries nor any of its or their respective Affiliates or Representatives shall be required to take or permit the taking of any action pursuant to this Section 5.08 or Section 5.10 that could (i) require the Company or its Subsidiaries or any of its or their respective Representatives (collectively, the “Company Cooperation Parties”) to pass resolutions or consents to approve or authorize the execution of the Debt Financing or enter into, execute or deliver any certificate, document, instrument or agreement or agree to any change or modification of any existing certificate, document, instrument or agreement, in each case that are not conditioned on the occurrence of the Closing (other than the execution of customary authorization letters in connection with the obligations set forth above; provided that (1) in no event shall the Company or its Subsidiaries be required to assume any expense in connection with the execution of such documents and (2) any action will only be required of the directors, members, partners, managers or officers of the Company and its Subsidiaries who retain (or are appointed to) their respective positions as of and following the Closing), (ii) cause any representation or warranty in this Agreement to be breached by any Company Cooperation Party or require any Company Cooperation Party to make a representation, warranty or certification that, in good faith determination of such Person, is not true, (iii) require any Company Cooperation Party to (A) pay any commitment or other feessimilar fee or incur any other expense, in each case, in connection with any Debt Financing, liability or obligation whatsoever or (B) give require any indemnities Company Cooperation Party to enter into or approve any Debt Financing or any transaction in connection with any debt financing, (C) take any action that, in relation to the good faith determination Company Convertible Notes or the Capped Called Transactions that is not conditioned on the occurrence of the CompanyClosing or have any obligation of any Company Cooperation Party under any agreement, would unreasonably interfere with certificate, document or instrument be effective until the conduct of the business Closing or (iv) cause any director, officer, employee or stockholder or other Representative of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction Cooperation Parties to incur any property or assets of the Company or any of its Subsidiariespersonal liability, (Dv) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its the organizational documents of the Company Cooperation Parties or any applicable Law Laws or would any applicable Judgment or result in the disclosure or access to any trade secrets or competitively sensitive information to third parties and/or jeopardize the protection of an attorney-client privilege, attorney work product protection or other legal privilege, (vi) conflict or be reasonably expected to result in a violation or breach of, or a default (with or without notice, lapse of time, or both) under, any agreement Contract to which any of the Company Cooperation Parties is a party, (vii) require any of the Company Cooperation Parties to prepare any financial statements or information that are not available to it and prepared in the ordinary course of its financial reporting practice, (viii) provide or deliver any internal or external legal opinions by the Company Cooperation Parties, (ix) require any of the Company Cooperation Parties to consent to a pre-filing of UCC-1s or any other grant of Liens or that result in any Company Cooperation Party being responsible to any third parties for any representations or warranties prior to the Closing or (x) require any of the Company Cooperation Parties to prepare or deliver any Excluded Information. Nothing contained in this Section 5.08 or otherwise shall require the Company or any of its Subsidiaries is a party Subsidiaries, prior to the Closing, to be an issuer or other obligor with respect to the Debt Financing or other financing prior to the Closing or require any other Company Cooperation Party to be an issuer or other obligor with respect to the Debt Financing or other financing or to incur any liability or expense whatsoever.
(Fc) execute Parent shall, promptly, and in no event later than five Business Days of the Company’s written request therefor, reimburse the Company Cooperation Parties for all costs incurred by any agreement, certificate, document or instrument of the Company Cooperation Parties in connection with fulfilling their respective obligations pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
5.08 (b) Buyer shall, promptly upon request by the Company, reimburse the Company for including all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries attorneys’ fees and its and their respective Representatives expenses) or otherwise in connection with their respective obligations pursuant the Debt Financing or any other financing of Parent or Merger Sub (but in any event excluding costs relating to Section 7.08(a). Buyer ordinary course financial statement preparation or financial reporting requirements or other costs that would have been incurred regardless of whether the Debt Financing occurred) and shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, Company Cooperation Parties from and against any and all losses liabilities, losses, damages, claims, costs, expenses (including attorneys’ fees and expenses), interest, awards, judgments and penalties suffered or incurred by any of them in connection with the Debt Financing or any debt other financing of Parent or Merger Sub, any action taken by them pursuant to this Section 5.08 and any information utilized used in connection therewith or used with the cooperation by the Company Cooperation Parties, except if such liabilities or other losses are the result of the fraud, gross negligence or willful misconduct of the Company Cooperation Parties.
(d) The parties hereto acknowledge and agree that the provisions contained in this Section 5.08 represent the sole obligations of the Company Cooperation Parties with respect to cooperation in connection with the arrangement of any financing (including the Financing) to be obtained by Parent and/or Merger Sub with respect to the Transactions and the Commitment Letters and the provisions of Section 5.10 represent the sole obligations of the Company Cooperation Parties with respect to the Company Convertible Notes and the Capped Call Transactions, and no other than material misstatements provision of this Agreement (including the Exhibits and Schedules hereto) or omissions the Commitment Letters shall be deemed to expand or modify such obligations. In no event shall the receipt or availability of any funds or financing (including the Financing) by Parent, Merger Sub or any of their respective Affiliates or any other financing or other transactions be a condition to any of Parent’s or Merger Sub’s obligations under this Agreement.
(e) All non-public or otherwise confidential information regarding the Company Cooperation Parties obtained by Parent and its Representatives shall be kept confidential in information provided by accordance with the Confidentiality Agreement. Parent and its Affiliates shall have the right to use the name and logo of the Company or any of its Subsidiaries for use in connection with any Financing; provided, that such financing)name and logos shall be used solely in a manner that is not intended or reasonably likely to harm, disparage or otherwise adversely affect in any material respect the Company, any of its Subsidiaries or any of its or their respective Affiliates or Representatives.
(f) Notwithstanding anything to the contrary in this Agreement, the failure of the Company to comply with this Section 5.08 shall not give rise to the failure of a condition precedent set forth in Section 6.02(b) or a right to terminate this Agreement pursuant to Section 7.01(c)(i) unless such failure is the result of a knowing and intentional breach by the Company of any provision of this Section 5.08 and is the primary cause of Parent being unable to obtain the proceeds of the Debt Financing at the Closing Date.
Appears in 1 contract
Sources: Merger Agreement (Dayforce, Inc.)
Financing Cooperation. (a) The Company Prior to the Closing, Seller shall and shall cause its Subsidiaries touse Commercially Reasonable Efforts to provide to Buyer, at Buyer’s sole cost and expense, cooperation reasonably cooperate requested by Buyer that is necessary in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating using Commercially Reasonable Efforts to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings furnish Buyer with the Securities and Exchange Commission under the 1934 ActFinancial Statements, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential (A) any bank information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any delivery of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements customary representation letters to the extent required by SEC rules marketing documents and regulations (including those B) materials for rating agency presentations, each as required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries Debt Financing, reasonably requested by Buyer or any of its Affiliates;
(x) cooperate cooperating with the providers marketing efforts of Buyer and the Debt Financing to ensure that, Sources to the extent practicable and appropriate, any syndication efforts required in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries solely with respect to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such informationAcquired Assets, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with the preparation of any legal opinions that may be pledge and security agreements required to be delivered in connection with the Debt Financing;
Financing for the granting of a security interest (xivand perfection thereof) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; in collateral (provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment none of the agreements, documents, instruments or other feescertificates shall be executed or delivered except in connection with the Closing, in each case(B) the effectiveness thereof shall be conditioned upon, or become operative after, the occurrence of the Closing and (C) no liability shall be imposed on Seller or officers or employees involved). Seller shall use Commercially Reasonable Efforts to effect such steps as are necessary (as reasonably requested by Buyer) to ensure that, in connection with any Debt Financing, all break fees (Bincluding swap break fees) give any indemnities in connection with any debt financingthat may be triggered by such Debt Financing involving existing lenders to Seller are minimized to the extent possible.
(b) Notwithstanding Section 6.19(a), (Ci) take any action that, in the good faith determination of the Company, would such requested cooperation shall not unreasonably interfere with the conduct ongoing business and operations of Seller or any of their Affiliates, (ii) none of Seller, any of their respective Affiliates nor any of their respective officers, directors, employees, accountants, consultants, legal counsel, agents, investment bankers and other representatives shall be required to bear any cost or expense, pay any commitment or other fee or incur any other liability or obligation or agree to provide any indemnity in connection with the business Debt Financing, (iii) none of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company Seller or any of its SubsidiariesAffiliates or their respective officers, directors or employees shall be required to execute or enter into or perform any agreement, document or instrument, deliver any certificate or opinion or take any corporate or other organizational action (including the adoption of any resolutions) to authorize the execution, entering into or performance of any such agreement, document or instrument, in either case, with respect to the Debt Financing, (Div) provide such assistance shall not include any information the disclosure of which is prohibited actions that Seller reasonably believes would cause any representation, warranty, covenant or restricted under applicable Law other obligation in this Agreement to be breached or subject to legal privilege, or that is confidential or proprietary any condition to the providing PartyClosing hereunder to fail to be satisfied, (Ev) take such assistance shall not require the giving of representations or warranties to any action that would third parties or the indemnification thereof, (vi) such assistance shall not require the waiver or amendment of any terms of this Agreement or the payment of any fees or reimbursement of any expenses prior to the Closing for which Seller has not received prior reimbursement or is not otherwise indemnified by Buyer, (vii) such assistance shall not cause any director, officer or employee of Seller to incur any personal liability, (viii) such assistance shall not require delivery of any legal opinions or accountants’ cold comfort letters or reliance letters and (ix) such assistance shall not conflict with or violate its organizational documents any Laws or any applicable Law Seller’s Organizational Documents or would result in a the contravention of, or that would reasonably be expected to result in the violation or breach of, or a default under, any agreement Contract (including any confidentiality agreement) to which the Company or any of its Subsidiaries a Seller is a party or party.
(Fc) execute any agreement, certificate, document or instrument pursuant to To the extent that this Section 7.08(a) 6.19 requires Seller’s cooperation with respect to any of Buyer’s obligations relating to the Debt Financing that is Financing, the existence of any alternative financing shall not contingent on operate to increase Seller’s obligations under this Section 6.19 for purposes of Article 7 or Article 8 of this Agreement if Seller has provided Buyer with the Closingassistance required under this Section 6.19 with respect to the Debt Financing, in each case without giving effect to any such alternative financing.
(bd) Notwithstanding anything herein to the contrary, Buyer shall indemnify and hold harmless Seller, Seller’s Affiliates and their respective directors, officers, employees, accountants, consultants, legal counsel, agents, investment bankers and other representatives from and against any and all Losses suffered or incurred by them in connection with the arrangement of the Debt Financing and the performance of their respective obligations under this Section 6.19 (including any action taken in accordance with this Section 6.19) and any information utilized in connection therewith. Buyer shall, promptly upon request by the CompanySeller, reimburse the Company Seller for all reasonable out-of-pocket costs and expenses incurred by the Company, Seller or its Subsidiaries and its and their respective Representatives Affiliates in connection with their respective obligations pursuant to this Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith 6.19 (other than material misstatements or omissions in information provided by the Company or any including those of its Subsidiaries for use in such financingaccountants, consultants, legal counsel, agents, investment bankers and other representatives).
Appears in 1 contract
Sources: Purchase and Sale Agreement (NextEra Energy Partners, LP)
Financing Cooperation. (a) The Company Purchaser shall use its reasonable best efforts to consummate and obtain the Financing on the terms and conditions described in the Commitment Letter, including to (i) maintain in effect the Commitment Letter, (ii) negotiate definitive agreements with respect thereto on terms and conditions (including the “flex” provisions) contemplated by the Commitment Letter and execute and deliver to P&G a copy thereof substantially concurrently with such execution, (iii) satisfy on a timely basis all conditions applicable to Purchaser in the Commitment Letter that are within its control and comply with its obligations thereunder, and (iv) enforce its rights under the Commitment Letter in the event of a breach by the financing sources that impedes or delays Closing, including seeking specific performance of the parties thereunder. In the event that all conditions to the Commitment Letter have been satisfied, or upon funding will be satisfied, Purchaser shall use its reasonable best efforts to cause its Subsidiaries tothe lenders and the other Persons providing such Financing to fund on the Closing Date the Financing (together with funds from other Funding Sources) required to consummate the Acquisition, at Buyer’s sole expenseand to fund, reasonably cooperate when applicable, any portion of the Financing required to satisfy any obligations of Purchaser in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods a Sanofi Put (other than the fourth fiscal quarterP&G Funding Amount) ended after (in each case, including by Purchaser taking enforcement action, including seeking specific performance, to cause such lenders and the date other Persons providing such Financing to fund such Financing). Purchaser shall have the right from time to time to amend, replace, supplement or otherwise modify, or waive any of its most recent audited financial statements (and corresponding periods rights under, the Commitment Letter and/or substitute other debt or equity financing for all or any portion of the Financing from the same and/or alternative financing sources, provided that any such amendment, replacement, supplement or other modification to or waiver of any prior yearsprovision of the Commitment Letter that amends the Financing and/or substitution of all or any portion of the Financing shall not (A) and at least 40 days prior expand upon or amend in any way that is adverse to P&G the conditions precedent or contingencies to the Closing Date Financing as set forth in the Commitment Letter or (B) be reasonably expected to prevent or impede or delay the consummation of the Acquisition. Purchaser shall be permitted to reduce the amount of Financing under the Commitment Letter in its reasonable discretion, provided, that Purchaser shall not reduce the Financing to an amount committed below the amount that is required, together with respect other Funding Sources, to which independent auditors shall have performed a SAS 100 review)satisfy (1) Purchaser’s obligations under Section 2.04, (x2) any obligations of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required Purchaser in connection with any Debt Financing or as otherwise necessary in order a Sanofi Put (other than the P&G Funding Amount), and (3) the payment of all fees and expenses reasonably expected to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants be incurred in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities herewith, and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that such reduction shall not (A) expand upon or amend in any way that is adverse to P&G the Company’s sole obligation with respect conditions precedent or contingencies to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be Financing as set forth in clause the Commitment Letter or (viiiB) be reasonably expected to prevent or impede or delay the consummation of the Acquisition and the other transactions contemplated by this Section 7.08(a);
(ii) cause its independent accountants to cooperate with Agreement. If any financing source providing financing to Buyer portion of the Financing becomes unavailable or Purchaser becomes aware of any event or circumstance that makes any portion of its Affiliates consistent with their customary practice the Financing unavailable, in each case, on the terms and obtain customary accountants’ “comfort letters” conditions (including customary the “negative assurances”flex” provisions) contemplated in the Commitment Letter and customary consents such portion is reasonably required to satisfy (1) the inclusion Purchaser’s obligations under Section 2.04, (2) any obligations of audit reports the Purchaser in connection with the Sanofi Put (other than the P&G Funding Amount), and (3) the payment of all fees and expenses reasonably expected to be incurred in connection herewith, Purchaser shall use its reasonable best efforts to arrange and obtain alternative financing from alternative financing sources in an amount sufficient (together with other Funding Sources) to satisfy (1) the Purchaser’s obligations under Section 2.04, (2) any Debt obligations of the Purchaser in connection with the Sanofi Put (other than the P&G Funding Amount), and (3) the payment of all fees and expenses reasonably expected to be incurred in connection herewith upon conditions no less favorable than those in the Commitment Letter, as promptly as practicable following the occurrence of such event. Purchaser shall give P&G prompt oral and written notice (but in any event not later than 48 hours after the Purchaser becoming aware of occurrence) of any material breach by any party to the Commitment Letter or of any condition not likely to be satisfied, in each case, of which Purchaser becomes aware or any termination of the Commitment Letter. Purchaser shall keep P&G informed on a reasonably current basis of the status of its efforts to arrange the Financing;.
(iiib) P&G shall provide, and shall cause its Affiliates, and shall use its reasonable best efforts to cause each of its and their respective representatives, including legal, tax, regulatory and accounting, to provide all cooperation reasonably requested by Purchaser in connection with the Financing or any alternate debt or equity financing in connection with the transactions contemplated hereby (the “Financing Arrangements”), including (i) providing information related relating to the Company Pharmaceuticals Business to the lenders and its Subsidiaries reasonably necessary other financial institutions and investors that are or may become parties to assist Buyer the Financing Arrangements and to any underwriters, initial purchasers or any of its Affiliates placement agents in connection with the Financing Arrangements (the “Financing Parties”) (including information to be used in the preparation of one an information package regarding the business, operations, financial projections and prospects of Purchaser and the Pharmaceuticals Business customary for such financing or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably necessary for the completion of the Financing by the Financing Parties) to the extent reasonably requested by Buyer Purchaser to assist in preparation of customary offering or any of its Affiliates;
(iv) provide information documents to be used for the reasonable use by Buyer and its Affiliates completion of the Company’s Financing as contemplated by the Commitment Letter and its Subsidiaries’ logos for syndication in advance of the Marketing Period, (ii) prior to and underwritingduring the Marketing Period, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely participating in a manner that is reasonable number of meetings (including customary one-on-one meetings with the parties acting as lead arrangers for the Financing and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representativesRepresentatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetingsthe Pharmaceuticals Business), presentations and presentations, road shows with prospective lenders and investors and in shows, drafting sessions, due diligence sessions and (including accounting due diligence sessions) and sessions with the rating agencies, (iii) in advance of the Marketing Period, assisting in the preparation of (A) any customary offering documents, bank information memoranda, prospectuses and similar documents (including historical and pro forma financial statements and information customarily included in such documents or required by Form S-1 under the rules and regulations under the Securities Act of 1933, as applicableamended (the “Securities Act”), for any of the Financing, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(viB) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries materials for rating agency presentations;
, (viiiv) provide at least three (3) Business Days prior to cooperating with the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or marketing efforts for any of the Financing, (v) executing and delivering (or using reasonable best efforts to obtain from its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information advisors), and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of causing its Affiliates to be included in any offering documents;
execute and deliver (ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication use reasonable best efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).to
Appears in 1 contract
Financing Cooperation. (a) The Subject to Section 6.10(a), the Company shall and shall cause its Subsidiaries Subsidiaries, and shall use its reasonable best efforts to cause their respective Representatives to, at BuyerParent’s sole expense, reasonably cooperate in connection with the arrangement of any Debt the Financing or alternative financing as may be reasonably requested by Buyer; Parent (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company and its Subsidiaries or its utilize an undue amount of the Company’s or Subsidiaries’ personnel time). Such Subject to the immediately preceding sentence, such cooperation by the Company and its Subsidiaries and their respective Representatives shall include, at the reasonable request of BuyerParent, (a) participating in a reasonable number of meetings and presentations with prospective lenders (including using their respective commercially reasonable best efforts to:
to make available the Company’s senior management for participation in such meetings), (ib) furnish such using reasonable best efforts to provide information (including any information necessary to facilitate preparation of projections and the pro forma financial statements required pursuant to the Securities Act (including Article XI of Regulation S-X) in connection with the Merger), documents, authorization letters, opinions and certificates, enter into agreements and take other actions that are customary in connection with the Financing or alternative financing or necessary or desirable to permit Parent to fulfill conditions or obligations under the definitive documentation for the Financing or the alternative financing, (c) furnishing the report of the Company’s auditor on the most recently available audited consolidated financial data and other information relating to statements of the Company and its Subsidiaries and requested by Buyer or using its Representatives as may be reasonably necessary or advisable reasonable best efforts to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating obtain the consent of such auditor to the Company use of such report in accordance with normal custom and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)practice, (xd) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order using reasonable best efforts to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer Parent and (e) using commercially reasonable efforts to assist in procuring any necessary rating agency ratings or any of its Affiliates;
(iv) provide approvals. The Company hereby consents to the reasonable use by Buyer and of its Affiliates of logos in connection with the Company’s and its Subsidiaries’ logos for syndication and underwritingFinancing or any alternative Financing, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such use is disclosed to the Company in writing prior to the time that it is so used, such logos are used solely in a manner that is reasonable and customary for such purposes and that is could not intended to or reasonably likely be expected to harm or disparage the Company, its Subsidiaries or their marks and on such other customary terms and conditions as the Company or applicable Subsidiary shall reasonably impose. Parent shall, promptly upon termination of this Agreement, reimburse the Company for all reasonable out-of-pocket expenses and costs incurred in connection with the Company’s or its Affiliates’ obligations under this Section 6.11. Notwithstanding anything in this Agreement to the contrary, neither the Company nor any of its Subsidiaries shall be required to pay any commitment or other similar fee or enter into any definitive agreement or incur any other liability or obligation in connection with the reputation Financing (or goodwill of any alternative financing) prior to the Effective Time. All material non-public information provided by the Company or any of its Subsidiaries or any of their respective productsRepresentatives pursuant to this Section 6.11 shall be kept confidential in accordance with the Confidentiality Agreement, servicesexcept that Parent and Merger Sub shall be permitted to disclose such information to the lenders in respect of the Commitment Letter and other potential sources of capital, offerings or intellectual property rights;
(v) participate (rating agencies and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with during syndication of the Debt Financing Sources’ documentary due diligence, or any alternative Financing subject to the extent customary lenders, potential sources of capital, ratings agencies and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a investors entering into customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter confidentiality undertakings with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to such information (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company including through a notice and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result undertaking in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company form customarily used in confidential information memoranda for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financingsenior credit facilities).
Appears in 1 contract
Financing Cooperation. (a) The Company shall In connection with Buyer's efforts to obtain high-yield bond financing and shall cause its Subsidiaries toany other financings undertaken by Buyer, at Buyer’s sole expense, reasonably cooperate the Buyer Subs or their respective Affiliates in connection with the arrangement transactions contemplated hereby and by the Local Purchase Agreements, DuPont shall request certain members of DTI management (previously agreed upon by Buyer and DuPont), and shall request PWC, in each case to the extent practicable, to (i) aid in the preparation of written offering materials used to complete such financings, to the extent information contained therein relates to the DTI Business, DuPont or any Debt Financing as of its Affiliates or the Joint Ventures, (ii) provide Buyer and its Representatives with historical financial information and data (other than in any event projections) and other information and data in the possession of DuPont and reasonably requested in connection with such financings and, in the case of PWC, assist in the preparation of auditors reports, comfort letters and other documentation prepared in connection with the mitigation of financial assistance regulations that any DTI Company may be reasonably requested by Buyersubject to in connection therewith and (iii) participate in presentations, road shows, due diligence sessions, drafting sessions and other meetings customarily involved in financing efforts; provided PROVIDED, that such requested cooperation does the foregoing activities would not unreasonably interfere with the ongoing operations performance of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts Person's duties in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such informationDTI Business; PROVIDED, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any publicof clauses (i)-(iii) above, (A) Buyer shall promptly reimburse DuPont for any out-side version of-pocket expenses reasonably incurred by DuPont and its Affiliates (including the reasonably incurred out-of-pocket expenses of members of management of the information DTI Business) in connection with their compliance with this Section 5.35 and (B) any offering materials provided to such providers, such information does not include material non-public information about the Company, and other documents prepared by Buyer or its Affiliates which include any information provided by DuPont or any of their respective securities;
its Affiliates shall be subject to the prior approval of DuPont (xiiinot to be unreasonably withheld in the case of information regarding the DTI Business); PROVIDED, that, (x) cooperate Buyer shall not undertake any financing in connection with the Buyer’s legal counsel transactions contemplated hereby and by the Local Purchase Agreements which would result in any offering memorandum or financial statements relating to the DTI Business becoming publicly available prior to the Closing; PROVIDED, FURTHER, that the foregoing shall not prohibit distribution of any offering memorandum or other materials in a manner customary in connection with an offering under Rule 144A under the Securities Act and (y) Buyer shall include in any offering memorandum, banker's book or similar document used, or any other written offering materials used (collectively, "OFFERING MATERIALS"), in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndicationsuch high-yield debt offering or other such Buyer financing, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect a disclaimer to the Debt Financing or under Section 5.01; provided effect that neither the Company DuPont nor any of its Subsidiaries nor any employees thereof have any responsibility for the content of their respective Affiliates or Representatives such document and disclaim all responsibility therefor and shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in further include a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) disclaimer with respect to DuPont in any Debt Financing that is oral disclaimer included with respect to Parent, Buyer or KoSa B.V. in any oral disclosure with respect to such financing unless doing so would not contingent on the Closingmake sense in such context.
(b) Buyer DuPont shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any cause each of its applicable Subsidiaries for to, use its reasonable commercial efforts to obtain opinions of its local counsel (which may be in-house counsel) as set forth on Schedule 5.35(b) in the jurisdictions set forth on such financing)Schedule addressing the matters reasonably requested by, and addressed to, Buyer's lenders and placement agents and, in an offering under Rule 144A under the Securities Act, the initial purchasers.
Appears in 1 contract
Financing Cooperation. (a) The Company shall Prior to the Closing, Seller shall, and shall cause its Subsidiaries the Sold Companies to, use reasonable best efforts to provide to Buyer, at Buyer’s 's sole cost and expense, cooperation reasonably cooperate requested by Buyer that is necessary in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements(i) participation by senior members of management of the Sold Companies (together with their counterparts at Buyer) in meetings, financial datadue diligence sessions and sessions with rating agencies, projections(ii) assisting Buyer in the preparation of a confidential information memorandum and marketing materials for the Debt Financing, audit reports (iii) preparing and other information furnishing Buyer as promptly as practicable (wand in any event within thirty (30) constituting audited financial statements relating to days of the Company end of each calendar month and its Subsidiaries for within forty-five (45) days of the end of each calendar quarter) with the unaudited consolidated balance sheet of its three most recent fiscal years ended at least 60 days the Sold Companies as of the end of each calendar month and each calendar quarter prior to the Closing Date and unaudited financial the related statements relating to the Company of income, changes in equity and its Subsidiaries cash flows for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)such periods, (xiv) reasonably facilitating the pledging of collateral (provided that (A) none of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, documents or (z) as otherwise reasonably required certificates shall be executed or delivered except in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w)Closing, (xB) the effectiveness thereof shall be conditioned upon, or become operative after, the occurrence of the Closing and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials C) no liability shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer imposed on the Seller or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Sold Company or any of its Subsidiaries officers or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective productsemployees involved), services, offerings or intellectual property rights;
and (v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, providing to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time Buyer’s financing sources all documentation and other information about the Company and its Subsidiaries as is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act to Act. Notwithstanding the extent reasonably foregoing, (1) such requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates cooperation shall not unreasonably interfere with the preparation ongoing business and operations of pro forma financial information Seller, the Sold Companies and financial statements to any other Subsidiaries of Seller, (2) none of Seller, the extent required by SEC rules Sold Companies and regulations (including those any other Subsidiaries of Seller shall be required to be included in pay any periodic report that Buyer commitment or other fee or incur any of its Affiliates is required to file under the 1934 Act following the Closing) other liability or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts obligation in connection with the financings contemplated by the Debt Financing benefit from Commitment, (3) none of Seller, the Company’s Sold Companies and its Subsidiaries’ existing lending relationships;
(xi) supplement any other Subsidiaries of Seller or their respective officers, directors or employees shall be required to execute or enter into or perform any agreement with respect to the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided financing contemplated by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such informationDebt Financing Commitment, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, except in the case of the Sold Companies, for agreements that are contingent upon the Closing or that are effective only after the Closing, (4) such assistance shall not include any public-side version actions that Seller reasonably believes would cause any representation, warranty, covenant or other obligation in this Agreement to be breached or any condition to closing hereunder to fail to be satisfied, (5) such assistance shall not require the waiver or amendment of any terms of this Agreement or the payment of any fees or reimbursement of any expenses prior to the Closing for which Seller has not received prior reimbursement or is not otherwise indemnified by Buyer, and (6) cause any director, officer or employee of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates Seller or any Subsidiary of their respective securities;Seller to incur any personal liability.
(xiiib) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndicationNeither Seller, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives officers, directors, employees, accountants, consultants, legal counsel, agents, investment bankers and other representatives shall be required to take any action that would (Ai) subject such Person to actual or potential liability, to bear any cost or expense or to pay any commitment or other fees, in each case, similar fee or make any other payment or incur any other liability or provide or agree to provide any indemnity in connection with the Debt Financing or their performance of their respective obligations under this Section 5.32 and any Debt Financing, (B) give any indemnities information utilized in connection with any debt financing, therewith or (Cii) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its any Laws or such Person's organizational documents or any applicable Law or would result in a violation or breach ofdocuments. Buyer shall indemnify and hold harmless Seller, or default under, any agreement to which the Company or any of its Subsidiaries is a party and their respective directors, officers, employees, accountants, consultants, legal counsel, agents, investment bankers and other representatives from and against any and all Losses suffered or (F) execute any agreement, certificate, document or instrument pursuant to incurred by them in connection with the arrangement of the Debt Financing and the performance of their respective obligations under this Section 7.08(a) 5.32 (including any action taken in accordance with respect to any Debt Financing that is not contingent on the Closing.
(b) this Section 5.32). Buyer shall, promptly upon request by the CompanySeller, reimburse the Company Seller for all out-of-pocket reasonable costs and expenses incurred by the Company, Seller or its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to this Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith 5.32 (other than material misstatements or omissions in information provided by the Company or any including those of its Subsidiaries for use in such financingaccountants, consultants, legal counsel, agents, investment bankers and other representatives).
Appears in 1 contract
Sources: Stock Purchase Agreement (Caci International Inc /De/)
Financing Cooperation. (a) The Company Seller shall use commercially reasonable efforts to, and shall use commercially reasonable efforts to cause its Subsidiaries and its and their respective representatives to, at provide such cooperation as is reasonably requested by Buyer’s sole expense, reasonably cooperate necessary in connection with the arrangement of any Debt Financing as may be reasonably requested by Buyer; and is customarily provided that such requested cooperation does not unreasonably interfere with the ongoing operations for borrowers in financings of the Company or its Subsidiaries. Such cooperation type contemplated by the Company and its Subsidiaries shall includeFinancing Commitments, at the reasonable request of Buyer, in any event using their respective commercially reasonable efforts to:
to (iA) furnish such financial statements and other financial data and other information relating to Buyer with the Company and its Subsidiaries and requested Required Financial Statements (collectively, the “Required Information”), all of which shall be provided by Buyer or its Representatives Seller as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended promptly as practicable after the date of its most recent audited financial statements (hereof and corresponding periods of in any prior years) and at least 40 days prior to event not later than the Closing Date (applicable date, if any, with respect to which delivery is required by this Agreement (it being understood that the interim financial statements contained in the Required Financial Statements shall be subject to review by the Sold Company’s independent auditors shall have performed a SAS 100 reviewusing professional standards and procedures under AU Section 722 promulgated by the American Institute of Certified Public Accountants for conducting reviews of interim financial statements of private companies), (xB) upon reasonable prior written notice and at reasonable times, participation in a reasonable number of the type meetings (but not more than one primary bank meeting) (in each case, which may be held via teleconference); drafting sessions, and form required by Regulation S-X rating agency presentations and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securitieslender due diligence presentations, in each case, at times and locations to be mutually agreed, (yC) providing reasonable assistance to Buyer and its Debt Financing Sources in the preparation of the type customary bank information memoranda, lender presentations and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required rating agency presentations in connection with any the Debt Financing or as otherwise necessary in order to assist in receiving customary (the “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (yMarketing Material”); provided, furtherthat no such Marketing Material shall be issued by Seller or its Subsidiaries, (D) providing reasonable assistance in the preparations for the pledging of collateral (it being understood that no such pledging of collateral will be effective until at or after the Company’s sole obligation with respect Closing), (E) to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably extent requested by Buyer or any on behalf of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
Sources no later than ten (vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (310) Business Days prior to the Acceptance Time all Closing Date, timely furnishing such documentation and other information about the Company and its Subsidiaries as is required by under applicable “know your customer” and anti-money laundering rules and regulations including regulations, and (F) providing reasonable assistance to facilitate at (but not prior to) the USA PATRIOT Act Closing the release of liens on assets of the Group Companies (other than Permitted Liens) that are collateral for the Financing.
(b) Notwithstanding the foregoing, neither Seller nor any of its Affiliates shall be required to take or permit the extent reasonably requested by taking of any financing source providing financing action pursuant to Buyer this Section 5.08: (A) that would require Seller or any of its Affiliates at least ten or any other Persons who are directors or officers of such entities to pass resolutions or consents to approve or authorize the execution of the Financing, (10B) Business Days that would require Seller of any of its Affiliates (other than Group Companies) or any other Persons to execute or deliver any certificate, opinion, document, instrument or agreement or agree to any change or modification of any existing certificate, opinion, document, instrument or agreement, (C) that would require any Group Companies to execute or deliver any certificate, opinion, document, instrument or agreement, or agree to any change or modification of any existing certificate, opinion, document, instrument or agreement, in each case, prior to the anticipated Acceptance Time;
Closing (viiiit being understood that no obligations of any Group Companies under any certificate, opinion, document, instrument or agreement delivered pursuant to this Section 5.08 shall be required to be effective prior to the Closing), (D) provide information reasonably necessary that would cause any representation or warranty in this Agreement to assist Buyer be breached by Seller or any of its Affiliates with the preparation of pro forma financial information and financial statements or would cause any condition to the extent required by SEC rules and regulations (including those required Closing to fail to be included in any periodic report satisfied, (E) that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer would require Seller or any of its Affiliates to be included in pay any offering documents;
(ix) obtain customary payoff letters and commitment or other similar fee or incur any necessary lien terminations and other instruments of discharge expense, Liability or obligation in connection with repayment the Financing, (F) that could cause any director, officer or employee or stockholder of existing indebtedness Seller or any of the Company and its Subsidiaries Affiliates to incur any personal liability, (G) that could reasonably requested by Buyer be expected to conflict with, result in any violation or breach of, or default (with or without notice, lapse of time, or both) under, any of their respective Organizational Documents, or any applicable Law or Contracts, (H) that provides access to or discloses information that Seller or any of its Affiliates determines could reasonably be expected to jeopardize any attorney-client privilege of, or conflict with any confidentiality obligations binding on, Seller or any of its Affiliates;
, (xI) cooperate to prepare or deliver (1) any financial statements other than the Required Information, (2) any Regulation S-X compliant financial statements, (3) any financial information that is not available to it and prepared in the ordinary course of its financial reporting practice or (4) any projections or pro forma financial statements or information, (J) that would, in the opinion of Seller, interfere with the providers ongoing operations of its or its Affiliates’ businesses or would require an action that is not within the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information control of a general economic or industry specific nature) provided by the Company Seller or its Subsidiaries using commercially reasonable efforts, (K) that would cause significant competitive harm to Seller or its Subsidiaries if the extent transactions contemplated by this Agreement are not consummated, or (L) approach landlords or any other bailees prior to Closing to discuss landlord waivers, leasehold mortgages, bailee waivers or estoppels limiting the rights of such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material third parties. All non-public or other confidential information about the Company, provided by Seller or any of its Affiliates or any of their respective securities;
(xiii) cooperate Representatives pursuant to this Section 5.08 shall be kept confidential in accordance with the Buyer’s legal counsel Confidentiality Agreement. Nothing contained in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence this Section 5.08 or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company otherwise shall require Seller or any of its SubsidiariesAffiliates (other than, except as otherwise permitted under following the commitment letter Closing, any Group Company) to encumber any of its assets or be an issuer or other obligor with respect to the Debt Financing or under Section 5.01; provided that neither the require any Group Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall to be required to (A) pay any commitment an issuer or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) obligor with respect to any Debt the Financing that is not contingent on prior to the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, Seller and its Subsidiaries Affiliates and their respective Representatives, Representatives from and against any and all losses suffered or incurred by any of them in connection with the obligations under this Section 5.08, and Buyer shall, promptly upon request by Seller, reimburse Seller and its Affiliates for all fees, costs, expenses and Liabilities incurred by any debt financing and any information utilized of them or their respective representatives in connection therewith with fulfilling their respective obligations pursuant to this Section 5.08 (other than material misstatements or omissions including reasonable attorneys’ fees).
(c) The condition set forth in information provided by Section 7.01(b), as it applies to the Company’s obligations under this Section 5.08, will be deemed satisfied unless (i) the Company or any has committed a Willful Breach of its Subsidiaries for use Section 5.08, (ii) Buyer provides prompt written notice of the alleged failure to comply, specifying in reasonable detail specific steps to cure such financing)alleged failure in a manner consistent with the required efforts in this Section 5.08, which failure to comply has not been cured within the earlier of 15 Business Days following the delivery of such written notice and the Outside Date and (iii) such failure to comply was the primary cause of the failure of the Financing to be obtained.
Appears in 1 contract
Financing Cooperation. (a) The Prior to the Closing, the Company shall provide, and shall use its commercially reasonable efforts to cause its Subsidiaries toofficers, at Buyer’s sole expenseemployees, reasonably cooperate representatives and advisors, including legal and accounting advisors, to provide, all reasonable cooperation in connection with the arrangement of any the debt financing described in the commitment letter, dated as of November 9, 2011 (the “Commitment Letter”), among the Buyer and the Financing Sources, pursuant to which the Financing Sources have committed to provide the commitments set forth therein for purposes of financing the Transactions contemplated by this Agreement and related fees and expenses (the “Debt Financing Financing”), as may be reasonably requested by Buyer; provided the Buyer and the Financing Sources and that such requested cooperation does not unreasonably interfere is customary in connection with the ongoing operations of Buyer’s efforts to obtain the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (wi) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included participation in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, drafting sessions, rating agency presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions; (ii) furnishing the Buyer and the Financing Sources with pertinent information regarding the Company, as applicable, the Canadian Subsidiary and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries their businesses as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from and any security required therefor; (iii) assisting the Company’s Buyer and its Subsidiaries’ existing lending relationships;
the Financing Sources in the preparation of (xiA) supplement a customary offering document, private placement memorandum and/or bank information memorandum for any of the written or formally presented information Debt Financing; and (other than projections and other forward-looking B) materials and information of a general economic or industry specific naturefor rating agency presentations; (iv) provided by furnishing the Company or its Subsidiaries Buyer with the Required Information (as defined in the Commitment Letter) and, to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters reasonably available to the providers of the debt financing authorizing the distribution of information to prospective lenders Sellers and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination information of the Company, would unreasonably interfere with the conduct Canadian Subsidiary and their businesses reasonably requested by the Buyer; and (v) using all commercially reasonable efforts to assist the Buyer to obtain waivers, consents, estoppels, certificates and approvals necessary or customary for the consummation of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingFinancing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Financing Cooperation. (a) The Company shall agrees to use commercially reasonable efforts to provide such assistance (and shall to cause the Company Subsidiaries’ and its Subsidiaries to, and their respective Representatives to provide such assistance) at the Buyer’s sole cost and expense, with any Financing Sources in connection with the Transactions as is reasonably cooperate requested by the Buyer and in connection with the arrangement and consummation of any Debt the Equity Financing. Such assistance shall include the following: (i) as promptly as reasonably practicable, furnishing the Buyer and the Financing as may be reasonably requested by Buyer; provided Sources with financial and other pertinent information that such requested cooperation does not unreasonably interfere with are in the ongoing operations possession or control of the Company or its the Company Subsidiaries. Such cooperation by , regarding the Company and its the Company Subsidiaries shall includethat are deemed necessary in the Buyer’s reasonable judgment, (ii) reasonably assisting with the preparation of lender and investor presentations, rating agency presentations, and similar documents and materials, in connection with the proposed financing and otherwise reasonably cooperating with the marketing efforts of the Buyer and the Financing Sources for any portion of such financing, as applicable, including providing the business description to be contained therein and providing and executing customary authorization letters with respect thereto, (iii) participating in a reasonable number of meetings, drafting sessions, due diligence meetings and presentations with prospective lenders, and sessions with ratings agencies, in each case upon reasonable notice and at mutually agreeable dates and times in connection with the reasonable request of Equity Financing, (iv) delivering to the Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data within the time period specified in any debt commitment letter, all documentation and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated regulatory authorities under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act Act, to the extent reasonably requested such documentation and other information is deemed necessary by any financing source providing financing to Buyer or any of its Affiliates at least ten Financing Source, (10v) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates cooperating with the preparation Financing Sources’ reasonable due diligence investigation and evaluation of pro forma financial information the assets and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness properties of the Company and its the Company Subsidiaries for the purpose of establishing collateral arrangements and otherwise reasonably requested by Buyer facilitating the pledging of collateral (it being understood that no such pledging of collateral will be effective until at or any after the Closing) (including obtaining for delivery at or immediately following the Closing the certificates representing equity interests constituting collateral) and (vi) executing and delivering as of its Affiliates;
(xbut not before) cooperate the Closing definitive debt financing documents (which will not be effective before the Closing), including credit agreements, intercreditor agreements, guarantee agreements, pledge and security documents (including intellectual property filings with the providers respect to intellectual property constituting collateral), corporate authorizations, secretary’s certificates (attaching such corporate authorizations, organizational documents and evidence of the Debt Financing to ensure thatincumbency) or other certificates or documents, to the extent practicable deemed necessary by the Buyer and appropriate, otherwise using commercially reasonable efforts to facilitate the granting or perfection of collateral to secure any syndication efforts portion of the financings contemplated by the any debt commitment letters (or any permitted replacement thereof). The Company will consent to the use of all of its and the Company’s Subsidiaries’ logos in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written Sources; provided, that such logos are used solely in a manner that is not reasonably likely to harm or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by disparage the Company or its the Company Subsidiaries to or the extent such information contains any material misstatement of fact reputation or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security goodwill of the Company or any of its the Company Subsidiaries, except as otherwise permitted under the commitment letter with respect .
(b) Notwithstanding anything to the Debt Financing or under contrary, this Section 5.01; provided that neither 7.7 shall not be deemed to obligate any Seller, the Company, the Company nor any of its Subsidiaries nor or any of their respective Affiliates or Representatives shall be required to (Ai) agree to Equity Financing that is not conditioned upon the Closing and that does not terminate without liability to the Sellers, the Company, or the Company Subsidiaries or any of their respective Affiliates upon the termination of this Agreement, (ii) pay any commitment or other feessimilar fee, in each case, or (iii) be required to incur any other Liability in connection with any Debt Financing, the Equity Financing unless reimbursed and indemnified in full by the Buyer to the satisfaction of the Sellers Representative.
(Bc) give any indemnities The Company’s and the Company Subsidiaries’ cooperation pursuant to this Section 7.7 shall be at the Buyer’s written request with reasonable prior notice. The Company will consent to the use of all of its and the Company’s Subsidiaries’ logos in connection with any debt financingthe Financing Sources; provided, (C) take any action that, that such logos are used solely in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of a manner that is not reasonably likely to harm or disparage the Company and its or the Company Subsidiaries or create an unreasonable risk of damage the reputation or destruction to any property or assets goodwill of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any Subsidiaries. The Buyer shall keep the Company informed on a reasonably current basis in reasonable detail of the status of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant efforts to this Section 7.08(a) with respect to any Debt Financing that is not contingent on arrange the ClosingEquity Financing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Sources: Transaction Agreement and Plan of Merger (Sentinel Energy Services Inc.)
Financing Cooperation. (a) The Each Seller and Company shall agrees to provide and shall will cause its Subsidiaries tothe appropriate officers and employees of Sellers and the Companies to provide, at Buyer’s sole 's expense, reasonably cooperate reasonable cooperation in connection with the arrangement and consummation of the Financing in connection with the Transactions, which cooperation shall include (a) participating in a reasonable number of meetings, lender presentations, road shows, drafting sessions, due diligence sessions, drafting sessions, and session with prospective lenders and rating agencies in connection with the Financing, (b) providing information reasonably necessary in connection with the preparation of customary offering documents and materials, including private placement memoranda, information memoranda and packages, lender and investor presentations, rating agency presentations, and similar documents and materials, connection with the Financing, (c) using reasonable efforts to obtain such consents, approvals, authorizations and instruments which may be reasonably requested by Buyer's Parent in connection with the Financing and collateral arrangements, including customary payoff letters, lien releases, instruments of termination or discharge and landlord consents, waivers and access agreements, (d) reasonably cooperating with the marketing efforts of Buyer's Parent and its financing sources for any Debt Financing debt to be raised to complete the Transactions, (e) facilitating the pledging of collateral and perfection of liens (which would be effective only at or after the Closing), (f) permitting officers and directors of the Companies who will be officers or directors of the Companies after the Closing Date to execute and deliver any pledge and security documents, other definitive financing documents, resolutions, written consents or other certificates or documents as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations 's Parent (including a certificate of the Company chief executive officer or its Subsidiaries. Such cooperation by chief financial officer of the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (Companies with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y)solvency matters; provided, furtherhowever, that the Company’s sole no obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in Company under any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(awhich any of Company is a party shall be effective until the Closing Date and none of Sellers or their Affiliates (other than the Companies) shall have any obligations in connection therewith after Closing, (g) using reasonable commercial efforts to cooperate by providing information necessary for negotiation of Buyer's Parent of definitive financing documentation and any other document required in connection therewith and (h) otherwise reasonably cooperating with Buyer's Parent, Buyer and Buyer Cdn in satisfying the conditions precedent set forth in the Financing commitment letter or any definitive document related to the Financing, to the extent within the control of Sellers, provided that, with respect to any Debt Financing that is not contingent on each of the foregoing, (1) no such letters, agreements, registration statements, documents and certificates shall be executed and delivered except at the Closing and (2) the effectiveness thereof shall be conditioned upon, or become operative after, the occurrence of the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Sources: Share Purchase Agreement (Vse Corp)
Financing Cooperation. (a) The Company shall and Prior to the Closing or the termination of this Agreement in accordance with Article 7, the Equityholders shall cause its the Acquired Companies, and the Acquired Companies shall cause each of the Subsidiaries to, at the Buyer’s sole cost and expense, provide to the Buyer such cooperation reasonably cooperate requested (including with respect to timeliness) by the Buyer in connection with any existing or future financing sought by the Buyer in connection with the arrangement Buyer’s acquisition of the Units (such financing, whether debt or equity, “Financing”), including: (i) executing and delivering into escrow any Debt credit agreement, joinder, pledge and security documents, currency or interest hedging arrangements, other definitive financing documents, other certificates or documents with respect to the Financing as may be reasonably requested by the Buyer; provided that such requested cooperation does not unreasonably interfere with , (ii) reasonably facilitating the ongoing operations pledging of collateral, including using commercially reasonable efforts to cause directors, officers, employees, counsel, auditors and representatives of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
Group to (i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(vA) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable(B) furnish the Buyer and the potential Financing Parties with customary financial information of the Company Group and any other customary pertinent information regarding the Company Group, and otherwise cooperate with the Debt Financing Sources’ documentary due diligencein each case, to the extent in the possession of the Equityholders or the Company Group, as may be reasonably requested by the Buyer to consummate such Financing, (C) reasonably assist the Buyer and the Financing Parties in Buyer’s preparation of business projections, pro forma financial information, bank and investor information, memoranda and other customary materials for any portion of the Financing, (D) agree to pledge, grant security interests in, and reasonable;
otherwise grant Liens on, the Company Group’s assets pursuant to such agreements as may be reasonably requested (viincluding cooperation in connection with the payoff of existing Indebtedness of the Company Group and the release of related Liens, obtaining landlord waivers, facilitating deposit account control agreements and assisting with disclosure schedules) to facilitate the satisfaction on a timely basis of all conditions to obtaining the Financing; (E) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all customary documentation and other information about the Company and its Subsidiaries Group as is required reasonably requested by the Buyer on behalf of the sources of Financing with respect to applicable “know your customer” and anti-money laundering rules and regulations including regulations, and (F) provide all such other reasonable and customary assistance as necessary to satisfy the USA PATRIOT Act conditions to the Financing; provided, however, that (i) nothing herein shall require such cooperation to the extent reasonably requested by any financing source providing financing to Buyer it would require the Equityholders or any member of its Affiliates at least ten (10) Business Days the Company Group to waive or amend any material terms of this Agreement or to agree to pay any fees, reimburse any expenses or give any indemnities prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary Closing for which it has not received prior reimbursement by or on behalf of the Buyer, or to assist Buyer give any indemnities or incur any of its Affiliates with the preparation of pro forma financial information Liabilities other than reimbursements and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness Liabilities of the Company and its Subsidiaries reasonably requested by Buyer Group that are effective only after the Closing; (ii) no action, Liability or any of its Affiliates;
(x) cooperate with the providers obligation of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security members of the Company Group under any certificate, agreement, arrangement, document or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect instrument relating to the Debt Financing or under Section 5.01shall be effective until after the Closing; provided that and (iii) neither the Company Acquired Companies nor any of its the Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay issue any commitment or other feesoffering documents, private placement memoranda, bank information memoranda, prospectuses and similar documents required in each case, in connection with any Debt relation to the Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in but such documents may contain disclosure and financial statements reflecting the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on Acquired Companies as obligors following the Closing.
(b) The Buyer shallshall indemnify the Acquired Companies, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs Sellers and expenses incurred by the Company, its Subsidiaries and its each of their respective Affiliates and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify directors, officers, members, partners, members and hold harmless the Company, its Subsidiaries employees and their respective Representativesheirs, from successors and permitted assigns, each in their capacity as such, from, against and in respect of any and all losses Damages imposed on, sustained, incurred or suffered by, or incurred by asserted against, any of them them, whether in connection with respect of third-party claims, direct claims or otherwise, directly or indirectly relating to, arising out of or resulting from the arrangement of the Financing, any debt other financing and any or the provision of information utilized in connection therewith (other than material misstatements to the fullest extent permitted by Applicable Law, and the foregoing obligations shall survive termination of this Agreement; provided, that, the Buyer shall have no indemnification obligation pursuant to this Section 5.8(c) for any Damages caused by or omissions in information provided incurred as a result of any misstatement or omission by the Company Acquired Companies, the Sellers or any of their respective Affiliates or their respective directors, officers, members, partners, members or employees.
(c) In no event shall the Equityholders, the Company Group or any of their Affiliates be in breach of this Section 5.8 because of the failure by the Acquired Companies or any Subsidiary to deliver any financial or other information that is not currently readily available to the Acquired Companies or any Subsidiary on the Effective Date or is not otherwise prepared in the ordinary course of its Subsidiaries business at the time requested by the Buyer or for use in such financing)failure to obtain any review of any financial or other information by its accountants.
Appears in 1 contract
Sources: Securities Purchase Agreement (Hydrofarm Holdings Group, Inc.)
Financing Cooperation. (a) The Prior to the Closing, the Company shall, shall cause the other Group Companies to, and shall cause its Subsidiaries instruct their respective Representatives to, on a timely basis (at the Buyer’s sole cost and expense, reasonably cooperate in connection with the arrangement of any Debt Financing ) provide such reasonable cooperation as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere the Buyer in connection with the ongoing operations arrangement, marketing, syndication and consummation of the Company or its Subsidiaries. Such cooperation Financing by the Company Buyer as may be reasonably requested by the Buyer and the Financing Entities in connection with the Financing, including using its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
: (i) furnish such financial statements assist in preparation for marketing efforts (including lender and investor meetings and calls), other financial data meetings and other due diligence sessions (including accounting due diligence sessions) and sessions with prospective lenders and investors; (ii) assist in the preparation of confidential information relating memoranda, offering memoranda and similar marketing documents for the Financing; (iii) as promptly as reasonably practicable, inform the Buyer if any officer the Company or any Group Company shall have knowledge of any facts that would likely require the restatement of the Company Financial Statements; (iv) to the extent not provided prior to the date hereof, provide as promptly as is reasonably practicable the Company Financial Statements (which shall be consistent in all material respects with the Draft Company Financial Statements) and its Subsidiaries and any information reasonably requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required writing in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the CompanyBuyer’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in statements; (v) directing the chief financial officer or any confidential information memorandumother officer with appropriate authority of any Group Company to execute and deliver on behalf of any Group Company (but not to be effective before the Closing) any pledge and security documents, prospectusother definitive financing documents, offering memorandum or other marketing and syndication materials shall certificates, or documents, in each case as may be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to reasonably requested by the Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with the Financing and otherwise facilitate the pledging of collateral (including cooperation in connection with the pay-off of any Debt Financing;
debt and the release of related Liens and termination of security interest); (iiivi) provide information related take all corporate actions, subject to the Company and its Subsidiaries reasonably necessary to assist Buyer or any occurrence of its Affiliates in the preparation of one or more confidential information memorandaClosing, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by the Buyer or any of its Affiliates;
(iv) provide that are necessary to permit the reasonable use by Buyer and its Affiliates consummation of the Company’s Financing and its Subsidiaries’ logos for syndication to permit the proceeds thereof to be made available on the Closing Date to consummate the transactions contemplated hereby; and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three five (35) Business Days prior to the Acceptance Time Closing Date all documentation and other information about the Company and its Subsidiaries any Group Company as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten eight (10) 8) Business Days prior to the anticipated Acceptance Time;
Closing Date. The Company hereby consents to the use of the logos of the Company and the other Group Companies solely in connection with the Financing. Prior to the Closing, the Company shall, and shall cause the other Group Companies to, use its commercially reasonable efforts to cause its independent auditors to provide, consistent with customary practice, (viiiA) provide information reasonably necessary to assist Buyer or any of its Affiliates with reasonable assistance in the preparation of pro forma financial information statements and financial statements (B) reasonable assistance and cooperation to the extent required by SEC rules and regulations (Buyer, including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;attending accounting due diligence sessions.
(ixb) obtain customary payoff letters and Notwithstanding any necessary lien terminations and other instruments of discharge provision herein to the contrary, (i) such cooperation described in connection with repayment of existing indebtedness Section 6.4(a) shall not (A) unreasonably disrupt the operations of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Group Company, its Affiliates (B) require any Group Company or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required directors, members, managers or officers to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence pass resolutions or issuanceconsents, or any attempt to syndicate, incur approve or issueauthorize the execution of, or execute any announcement document, agreement, certificate or authorization of the announcement of the syndication, incurrence instrument or issuance, of take any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter other corporate action with respect to the Debt Financing unless effective no earlier than (and conditioned upon) the Closing, or under Section 5.01; provided (C) require any Group Company to provide any projections or other forward-looking financial information or financial data, or any historical financial statements that neither is not readily available as of the execution and delivery of this Agreement, (ii) no Group Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, similar fee prior to the Closing unless reimbursed in each case, full by the Buyer at or prior to the Closing or (B) incur or assume any liability in connection with any Debt Financingthe Financing prior to the Closing unless effective no earlier than (and conditioned upon) the Closing, and (Biii) give any indemnities in connection with any debt financingthe Group Companies and their respective directors, (C) take any action thatmanagers, in the good faith determination of the Companyofficers or employees shall not be required to execute, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries deliver or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilegeenter into, or that is confidential or proprietary to the providing Partyperform any contract, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt the Financing unless effective no earlier than (and conditioned upon) the Closing; provided that is not contingent on the Buyer shall reimburse the Company in full for its reasonable and documented out of pocket costs and expenses incurred in connection with such cooperation at or prior to the Closing.
(bc) The Buyer shallshall indemnify, promptly upon request by defend, and hold harmless the CompanyGroup Companies and their respective officers, reimburse the Company for all employees, directors, advisors and other representatives from and against any and Damages and reasonable and documented out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing the Financing and the Group Companies’ assistance in connection with the Financing and any information utilized in connection therewith except to the extent such Damages arose out of or resulted from the gross negligence, Fraud or intentional misrepresentation of the Group Companies or their respective officers, employees, directors, advisors and other representatives.
(other than material misstatements d) The Buyer expressly acknowledges and agrees that the Closing shall in no way be conditioned on or omissions in information provided by subject to its receipt of the Company Financing (or any of its Subsidiaries for use in such financingportion thereof).
Appears in 1 contract
Financing Cooperation. (a) The Prior to the earlier of the Closing and the termination of this Agreement, the Target shall, shall cause each other Company shall to, and shall use reasonable best efforts to cause its Subsidiaries and their respective officers, directors, employees, agents and representatives to, at Buyer’s sole expense, provide such cooperation as is reasonably cooperate required and customary in connection with the arrangement of any Debt Financing Financing, at Purchaser’s expense, including (x) taking such action as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with Purchaser to facilitate the ongoing operations of the Company attachment or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to perfection on the Closing Date substantially simultaneously with or immediately after the Closing of the Financing Sources’ security interest in the equity interests of the Companies and unaudited financial statements relating of the Georgia C-Corporation and in the assets of the Companies (including the assets acquired pursuant to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 reviewtransactions contemplated by Section 7.02(j), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities), (y) using commercially reasonable efforts to assist Purchaser with lien terminations in connection with the payment or discharge of Indebtedness contemplated by the Pay-Off Letters and the consummation of the type transactions contemplated by Section 7.02(j), and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order delivering to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any Purchaser such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about requested by the Company and its Subsidiaries as is required by Financing Sources in connection with applicable “know your beneficial ownership,” “know-your-customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Patriot Act to and 31 C.F.R. §1010.230; provided, that the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent Companies shall not be required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any amount of any kind arising from or with respect to the Debt Financing, including any commitment or other fees, in each case, in connection with any Debt Financingsimilar fee, (B) give incur any indemnities in connection with liability of any debt financingkind prior to the Closing, (C) take enter into any action that, binding agreement or commitment in connection with the good faith determination Debt Financing that is effective prior to the consummation of the Company, would unreasonably interfere with Closing on the conduct of the business of the Company and its Subsidiaries Closing Date or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict (i) interfere with the ongoing operations of the Companies, (ii) cause any representation, warranty, covenant or violate its organizational documents other obligation of the Companies in this Agreement or in any applicable Law other existing contract, document, agreement or would result in a violation or breach ofarrangement to be breached, or default under(iii) cause any director, officer or employee of the Companies to incur or purport to incur any agreement personal liability or to take any action or refrain from taking any action the taking or failure to take which the Company is reasonably believed by such director, officer or any of its Subsidiaries is a party employee to violate such person’s fiduciary or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closingother duties.
(b) Buyer shall, Purchaser shall (i) reasonably promptly upon request by the Companywritten request, reimburse the Company Target for all reasonable and documented out-of-pocket costs and expenses (including reasonable and documented attorney’s fees and expenses) incurred by the Company, its Subsidiaries and its and their respective Representatives Companies in connection with their respective performing the Target’s obligations pursuant to under Section 7.08(a). Buyer shall indemnify 6.24(a) and (ii) indemnify, defend and hold harmless the Company, its Subsidiaries Companies and their respective Representativesofficers, directors, employees, agents and representatives from and against any and all losses liabilities, losses, damages, claims, documented out-of-pocket costs and expenses, interest, awards, judgments and penalties suffered or incurred by any of them in connection with the Debt Financing, except to the extent such liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties are a result of the bad faith, gross negligence or willful misconduct of any debt financing and any information utilized such indemnified person, as determined by a court of competent jurisdiction in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing)a final, non-appealable decision.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Local Bounti Corporation/De)
Financing Cooperation. (a) The Prior to the Closing, the Company shall provide to Parent, and shall cause its Subsidiaries tothe officers, employees and representatives of the Company to provide to Parent, at BuyerParent’s sole expense, all cooperation reasonably cooperate requested by Parent that is necessary or reasonably required in connection with any debt financing by Parent, Sub or any of their respective affiliates in connection with the arrangement Transactions and that is customary in connection with financing comparable to the Financing, including the following: (i) using reasonable best efforts to cause the Company’s senior officers and other representatives, upon reasonable advance notice, to participate in a reasonable number of meetings, presentations, road shows, due diligence sessions (including accounting due diligence sessions), drafting sessions and sessions with rating agencies; (ii) assisting with the preparation of appropriate and customary materials for rating agency presentations, offering documents, bank information memoranda (including the delivery of customary representation letters as contemplated by the Commitment Letter) and similar documents reasonably required in connection with the Financing; (iii) using reasonable best efforts to provide direct contact between (x) senior management and advisors, including auditors, of the Company and (y) the proposed lenders, underwriters, initial purchasers or placement agents, as applicable, and/or Parent’s or any of its affiliate’s auditors in connection with the financing; (iv) using reasonable best efforts to assist with the preparation of any Debt Financing pledge and security documents, any indenture, loan agreement, currency or interest hedging agreement, other definitive financing documents on terms reasonably satisfactory to Parent, or other certificates, legal opinions or documents as may be reasonably requested by Buyer; Parent, provided that such requested cooperation does not unreasonably interfere with the ongoing operations none of the Company or any of its Subsidiaries. Such cooperation by officers, employees or representatives shall be required to execute any documents that would be effective before the Closing and no obligation of the Company or any of its officers, employees or representatives under any such document or agreement shall be effective until the Closing; (v) using reasonable best efforts to facilitate the pledging of collateral, provided that no pledge shall be effective until the Closing; (vi) using reasonable best efforts to furnish on a confidential basis to Parent and its Subsidiaries shall includefinancing sources, at as promptly as practicable, financial and other pertinent information regarding the reasonable request of BuyerCompany as may be reasonably requested by Parent, using their respective commercially reasonable efforts to:
(i) furnish such including all financial statements and other financial data required by the documents used in connection with the Financing and such additional financial information as is necessary to make such financial statements compliant with Regulation S-X (the “Required Information”); (vii) providing monthly financial statements (excluding footnotes) to the extent the Company customarily prepares such financial statements within the time such statements are customarily prepared; (viii) deliver to Parent, at least five days prior to the Closing Date, all documentation and other information relating to the Company and its Subsidiaries affiliates required by regulatory authorities under applicable “know your customer” and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financinganti-money laundering rules and regulations, including financial statementsthe PATRIOT Act, financial data, projections, audit reports to the extent such documentation and other information (w) constituting audited financial statements relating to is requested by providers of the Company and its Subsidiaries for each of its three most recent fiscal years ended Financing at least 60 days 10 Business Days prior to the Closing Date Date; and unaudited financial statements relating (ix) using reasonable best efforts to cause the Company’s independent accountants to cooperate with and assist Parent in preparing customary and appropriate information packages and offering materials as the parties to the Company and its Subsidiaries Commitment Letter or other parties participating in the Financing may reasonably request for any quarterly interim period or periods (other than use in connection with the fourth fiscal quarter) ended after the date offering and/or syndication of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)equity securities, (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of loan participations and other matters contemplated by the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 ActCommitment Letter, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving including by providing customary “comfort” accountant’s comfort letters (including “negative reassurance” comfortassurance”) and consents from the Company’s independent accountants in connection with offering(s) of debt securities in connection with any Debt Financingaccountants; provided that nothing in this Agreement shall require such cooperation to the extent it would, in the Company’s public filings reasonable judgment, (A) interfere unreasonably with the Securities and Exchange Commission under business or operations of the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w)Company, (xB) and cause any representation, warranty, covenant or other term in this Agreement to be breached or (y)C) cause any closing condition set forth in this Agreement to fail to be satisfied; provided, further, that notwithstanding anything in this Agreement to the contrary, until the Closing occurs, neither the Shareholder Representative nor the Company nor any of their respective affiliates shall (1) be required to pay any commitment or other fee, (2) have any liability or obligation under any loan agreement or any related document or any other agreement or document related to the Financing (or Alternative Financing) or (3) be required to incur any other liability in connection with the Financing contemplated by the Commitment Letter (or any Alternative Financing) or take any action that would be prohibited by any applicable Law or cause a default of, or breach under, or otherwise violate any Material Contract. Parent shall, promptly upon written request by the Company’s sole obligation with respect , reimburse the Company for all reasonable and documented out-of-pocket costs and expenses (including attorneys’ fees) to the preparation of any pro forma financial information extent such costs and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer expenses are incurred by the Company or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports affiliates in connection with any Debt Financing;
(iii) provide information related such cooperation provided by the Company or its affiliates or their respective officers, employees and other representatives pursuant to the terms of this Section 6.11 or in connection with compliance with its obligations under this Section 6.11 and Parent shall indemnify and hold harmless the Company and its Subsidiaries reasonably necessary to assist Buyer affiliates and their respective officers, employees and representatives from and against any and all liabilities, losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with the arrangement of the Financing and any information utilized in connection therewith (other than arising from information provided by the Shareholder Representative or the Company), except in the event such liabilities or losses arose out of or result from the willful misconduct of the Company or any of its Affiliates in representatives. The Company hereby consents to the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any use of its Affiliates;
(iv) provide logos in connection with the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use)Financing; provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its affiliates and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing)marks.
Appears in 1 contract
Financing Cooperation. (a) The From the date hereof until the Closing (or the earlier termination of this Agreement pursuant to Article 8), subject to the limitations set forth in this Section 6.17, and unless otherwise agreed in writing by Parent, the Company shall will, and shall will cause its Subsidiaries to, at Buyer’s sole expenseand will cause its and their respective Affiliates, employees, directors, officers, agents and other representatives to, use reasonable best efforts to cooperate with Parent in a timely manner as reasonably cooperate requested by Parent in connection with the Parent’s arrangement of any the Debt Financing as may (it being agreed that, solely for purposes of this Section 6.17 and the use of the term Debt Financing Source in this Section 6.17, “Debt Financing” shall include any Substitute Financing and any alternative equity or debt financings (i) all or a portion of which will be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with used to fund the ongoing Aggregate Merger Consideration or (ii) which is intended to fund the operations of the Company or its Subsidiariesafter the Closing). Such cooperation by the Company and its Subsidiaries shall include, at the will include using reasonable request of Buyer, using their respective commercially reasonable best efforts to:
(i) furnish such financial statements cooperate with the marketing efforts of Parent and other financial data the Debt Financing Sources for all or any part of the Debt Financing, including making appropriate officers reasonably available, with appropriate advance notice, for participation in lender or investor meetings, due diligence sessions, meetings with ratings agencies and other road shows, and reasonable assistance in the preparation of confidential information memoranda, private placement memoranda, prospectuses, lender and investor presentations, and similar documents as may be reasonably requested by Parent or any Debt Financing Source, in each case, with respect to information relating to the Company and its Subsidiaries in connection with such marketing efforts;
(ii) furnish Parent and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate the Debt Financing Sources with the Required Financial Information and any Debt Financing, including other financial statements, financial data, projections, audit reports and other pertinent information (w) constituting audited financial statements relating with respect to the Company and its Subsidiaries as is reasonably requested by Parent or any Debt Financing Source and is customarily (A) required for each the marketing, arrangement, extension and syndication of its three most recent fiscal years ended at least 60 days prior financings similar to the Closing Date and unaudited financial statements Debt Financing or (B) used in the preparation of customary offering or information documents or rating agency, lender presentations or road shows relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) request that the Company’s independent accountants participate in drafting sessions and accounting due diligence sessions and cooperate with the Debt Financing (including as set forth in the Debt Letters) or in connection with a customary offering of securities, including the type described in the Debt Commitment Letter, consistent with their customary practice, including requesting that they provide information related customary consents and comfort letters (including “negative assurance” comfort) to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates extent required in connection with the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested of the Debt Financing (including as set forth in the Debt Letters as in effect on the date of this Agreement) or as are customarily required in an offering of securities of the type contemplated by Buyer or any of its Affiliatesthe Debt Financing;
(iv) provide customary authorization and representation letters related to the reasonable use Debt Financing and obtaining or providing certificates as are customary in financings of such type and other customary documents (other than legal opinions and reliance letters) relating to the Debt Financing as reasonably requested by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rightsParent;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time furnish all documentation and other information about the Company and its Subsidiaries as is required by a Governmental Authority or any Debt Financing Source under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act ACT (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), and/or the requirements of 31 C.F.R. § 1010.230 at least five Business Days prior to the anticipated Closing Date to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time▇▇▇▇▇▇;
(viiivi) provide information reasonably necessary to assist Buyer or Parent in obtaining any of its Affiliates with credit ratings from rating agencies contemplated by the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documentsLetters;
(ixvii) obtain customary payoff letters such consents, waivers, estoppels, approvals, authorizations and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries which may be reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered Parent in connection with the Debt Financing;
(xivviii) prevent take all reasonable and customary organizational action, subject to the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization occurrence of the announcement Closing, reasonably requested by ▇▇▇▇▇▇ and necessary to permit and/or authorize the consummation of the syndicationDebt Financing;
(ix) execute and deliver any customary credit agreements, incurrence or issuancepledge and security documents, guarantees and other definitive financing documents, and any customary closing certificates and documents (other than legal opinions and reliance letters) as may be reasonably requested by ▇▇▇▇▇▇, assist in the negotiation of any debt facility such agreements and other documents, and take such action as may be reasonably requested by ▇▇▇▇▇▇ and the Debt Financing Sources to facilitate the attachment or any debt perfection of the Debt Financing Sources’ security interest in the collateral securing the Debt Financing in each case to the extent within the control of the Company or and its Subsidiaries and reasonably requested by Parent to facilitate the satisfaction of conditions precedent to obtaining the Debt Financing; provided that, any obligations contained in all such agreements and documents shall be subject to the occurrence of its Subsidiariesthe Closing and shall be effective no earlier than the Closing Date;
(x) facilitate the obtaining of payoff letters, except as otherwise permitted under the commitment letter releases of guarantees and lien terminations (including with respect to the Company Existing Credit Facility) as reasonably requested by Parent and customary for financings similar to the Debt Financing Financing; and
(xi) deliver to Parent such information with respect to the Company and its Subsidiaries as is reasonably available and customary or under required for the completion or delivery of schedules and opinions in connection with the Debt Financing; provided, that nothing in this Agreement shall require the Company to cause the delivery of (1) legal opinions or reliance letters, (2) any certificate as to solvency or any other certificate necessary for the Debt Financing, other than as contemplated by Section 5.016.17(a)(iv) and Section 6.17(a)(ix); provided that neither any such certificate shall be subject to the occurrence of the Closing and shall be effective no earlier than the Closing Date, (3) any pro forma financials or (4) any other financial information in a form not customarily prepared by the Company nor with respect to such period.
(b) Notwithstanding anything to the contrary contained in this Agreement (including this Section 6.17): (i) nothing in this Agreement (including this Section 6.17) shall require any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required such cooperation to the extent that it would (A1) require the Company to pay any commitment or other fees, in each case, in connection with reimburse any Debt Financing, (B) expenses or otherwise incur any liabilities or give any indemnities in connection with any debt financingprior to the Closing, (C2) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the ongoing business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets operations of the Company or any of its Subsidiaries, (D3) provide require the Company or any information the disclosure of which is prohibited its Subsidiaries to enter into or restricted under applicable Law approve any agreement or subject to legal privilege, or that is confidential or proprietary other documentation effective prior to the providing PartyClosing, (E4) take result in any action that would conflict with the Company Certificate, the Company Bylaws or violate its organizational the governing documents or of any applicable Law or would of the Company’s Subsidiaries, (5) reasonably be expected to result in a material violation or breach of, or a material default (with or without notice, lapse of time or both) under, any agreement material Contract to which the Company or any of its Subsidiaries is a party or party, including this Agreement, (F6) execute any agreement, certificate, document or instrument pursuant reasonably be expected to this Section 7.08(a) result in a violation of Applicable Law (including with respect to privacy of employees) or (7) reasonably be expected to threaten the loss of any Debt Financing that is not contingent on the Closing.
attorney-client privilege or other applicable legal privilege; and (bii) Buyer shallno action, promptly upon request by the Company, liability or obligation (including any obligation to pay any commitment or other fees or reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any expenses) of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for or their respective Representatives under any certificate, agreement, arrangement, document or instrument relating to the Debt Financing (other than customary authorization and representation letters) shall be effective until the Closing. The Company hereby consents to the use of its logos in connection with the Debt Financing in a form and manner mutually agreed with the Company; provided, that such financinglogos are used solely in a manner that is not intended, or reasonably likely, to harm or disparage the Company or the reputation or goodwill of any of the foregoing.
(c) PARENT SHALL (I) PROMPTLY UPON REQUEST BY THE COMPANY, REIMBURSE THE COMPANY FOR ALL OF ITS REASONABLE AND DOCUMENTED OUT-OF-POCKET FEES AND EXPENSES (INCLUDING REASONABLE AND DOCUMENTED FEES AND EXPENSES OF COUNSEL AND ACCOUNTANTS) INCURRED BY THE COMPANY, ITS SUBSIDIARIES OR ANY OF ITS OR THEIR REPRESENTATIVES IN CONNECTION WITH ANY COOPERATION CONTEMPLATED BY THIS SECTION 6.17 AND (II) INDEMNIFY AND HOLD HARMLESS THE COMPANY, ITS SUBSIDIARIES AND ITS AND THEIR REPRESENTATIVES AGAINST ANY CLAIM, LOSS, DAMAGE, INJURY, LIABILITY, JUDGMENT, AWARD, PENALTY, FINE, COST (INCLUDING COST OF INVESTIGATION), EXPENSE (INCLUDING REASONABLE AND DOCUMENTED FEES AND EXPENSES OF COUNSEL AND ACCOUNTANTS) OR SETTLEMENT PAYMENT INCURRED AS A RESULT OF, OR IN CONNECTION WITH, SUCH COOPERATION OR THE DEBT FINANCING AND ANY INFORMATION USED IN CONNECTION THEREWITH OTHER THAN THOSE CLAIMS, LOSSES, DAMAGES, INJURIES, LIABILITIES, JUDGMENTS, AWARDS, PENALTIES, FINES, COSTS, EXPENSES AND SETTLEMENT PAYMENT ARISING OUT OF OR RESULTING FROM THE GROSS NEGLIGENCE, FRAUD, BAD FAITH OR WILLFUL MISCONDUCT OF THE COMPANY OR ANY OF ITS REPRESENTATIVES AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION.
Appears in 1 contract
Financing Cooperation. (a) The Subject to Section 6.12(a), the Company shall and shall cause its Subsidiaries subsidiaries to, at BuyerParent’s sole expense, reasonably cooperate in connection with the arrangement of the Financing (for purposes of this Section 6.13, including (x) any financing to be issued or incurred in lieu of the bridge facility in the Debt Commitment Letters or pursuant to any flex applicable to the Debt Financing and (y) any alternative financing) as may be reasonably requested by Buyer; Parent (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or and its Subsidiariessubsidiaries). Such cooperation by the Company and its Subsidiaries subsidiaries and their representatives shall include, at the reasonable request of BuyerParent, using their respective commercially (a) participation in a reasonable efforts to:
number of meetings, drafting sessions, rating agency presentations and due diligence sessions, (ib) furnish furnishing Parent and its Representatives with the Required Information, (iii) assisting Parent and its financing sources in the preparation of offering and syndication documents and materials, including rating agency presentations, road show presentations and similar documents and materials, in connection with the Debt Financing (all such financial statements documents and materials, collectively, the “Offering Documents”), including providing customary authorization letters related thereto, (iv) facilitating the execution and delivery at the Offer Closing or, if there is no Offer Closing, the Merger Closing, of definitive documents related to the Financing, (v) facilitating the pledging of collateral in connection with the Financing, including executing and delivering any customary collateral documents and other customary certificates and documents as may be reasonably requested by Parent (including a certificate of the chief financial data officer of the Company with respect to solvency matters as of the Offer Closing or, if there is no Offer Closing, the Merger Closing as contemplated by the Debt Commitment Letters), and other information relating (v) using reasonable best efforts to obtain customary payoff letters, redemption notices, releases of liens and instruments of termination or discharge and (vi) using its reasonable best efforts to permit any cash and marketable securities of the Company and its Subsidiaries and requested by Buyer subsidiaries that can, without violating Laws or its Representatives as may incurring material Taxes, reasonably be reasonably necessary or advisable made available to consummate any Debt Financingpay a portion of the aggregate purchase price, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to be made available for that purpose. The Company hereby consents to the Company and its Subsidiaries for each reasonable use of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required logos in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt the Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of their marks and on such other customary terms and conditions as the Company or any shall reasonably impose. Parent shall, promptly upon termination of its Subsidiaries or any of their respective productsthis Agreement, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to reimburse the Company for all reasonable out-of-pocket expenses and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts costs incurred in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries affiliates’ obligations under this Section 6.13. Notwithstanding anything in this Agreement to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such informationcontrary, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives subsidiaries shall be required to (A) pay any commitment or other fees, in each case, similar fee or enter into any definitive agreement or incur any other liability or obligation in connection with any Debt Financing, the Financing (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (Dalternative financing) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary prior to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the ClosingEffective Time.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Sources: Merger Agreement (Gymboree Corp)
Financing Cooperation.
(a) The From the date hereof until the Closing (or the earlier termination of this Agreement pursuant to Section 8.01), subject to the limitations set forth in this Section 5.06, and unless otherwise agreed by Parent, the Company shall will, and shall will cause each of its Subsidiaries to, at Buyer’s sole expenseand will use its reasonable efforts to cause its and its Subsidiaries’ Representatives to, use its or their reasonable best efforts to cooperate with Parent as reasonably cooperate requested by Parent in connection with the Parent’s arrangement of any Debt the Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with (which, solely for purposes of this Section 5.06 and the ongoing operations use of the Company term Financing Party in this Section 5.06, shall include any alternative equity or its Subsidiariesdebt financings, all or a portion of which will be used to fund the Cash Consideration). Such cooperation by the Company and its Subsidiaries shall include, at the will include using reasonable request of Buyer, using their respective commercially reasonable best efforts to:
(i) furnish such financial statements cooperate with the marketing efforts of Parent for all or any part of the Financing, including making appropriate officers reasonably available, with appropriate advance notice, for participation in lender or investor meetings, due diligence sessions, meetings with ratings agencies and other financial data road shows, and other reasonable assistance in the preparation of confidential information memoranda, private placement memoranda, prospectuses, lender and investor presentations and similar documents as may be reasonably requested by Parent or any Financing Party, in each case, with respect to information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a)efforts;
(ii) cause its independent accountants to cooperate furnish Parent and the Financing Parties with the Required Financial Information and any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide other information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is reasonably requested by Parent or any Financing Party and is customarily (A) required for the marketing, arrangement and syndication of financings similar to the Financing or (B) used in the preparation of customary offering or information documents or rating agency, lender presentations or road shows relating to the Financing;
(iii) request that the Company’s independent accountants participate in drafting sessions and accounting due diligence sessions and cooperate with the Financing (including as set forth in the Debt Letters as in effect on the date of this Agreement) or in connection with a customary offering of securities, including the type described in the Commitment Letter, consistent with their customary practice, including requesting that they provide customary consents and comfort letters (including “negative assurance” comfort) to the extent required in connection with the marketing and syndication of the Financing (including as set forth in the Debt Letters as in effect on the date of this Agreement) or as are customarily required in an offering of securities of the type contemplated by the Financing;
(iv) obtain or provide certificates and other customary documents (other than legal opinions) relating to the Financing as reasonably requested by ▇▇▇▇▇▇;
(v) cooperate in satisfying the conditions precedent set forth in any definitive documentation relating to the Financing to the extent the satisfaction of such condition reasonably requires the cooperation of, or is within the control of, the Company;
(vi) furnish all documentation and other information required by a Governmental Entity or any Financing Party under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act ACT (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates Purchaser at least ten (10) 10 Business Days prior to the anticipated Acceptance TimeClosing Date;
(vii) assist Parent in obtaining any credit ratings from rating agencies contemplated by the Debt Letters; and
(viii) provide information reasonably necessary use reasonable best efforts to assist Buyer or any of its Affiliates with the preparation of pro forma financial information obtain such consents, waivers, estoppels, approvals, authorizations and financial statements to the extent required by SEC rules and regulations (including those required to instruments which may be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts Parent in connection with the Debt Financing benefit from Financing; provided, further, that nothing in this Agreement shall require the Company’s and its Subsidiaries’ existing lending relationships;
Company to cause the delivery of (xi1) supplement legal opinions or reliance letters or any certificate as to solvency or any other certificate necessary for the written or formally presented information (Financing, other than projections and other forwardas allowed by Section 5.06(a)(iii), (2) any audited financial information or any financial information prepared in accordance with Regulation S-looking materials and K or Regulation S-X under the Securities Act of 1933, as amended, or any financial information of in a general economic or industry specific nature) provided form not customarily prepared by the Company with respect to such period or its Subsidiaries (3) any financial information with respect to a month or fiscal period that has not yet ended or has ended less than forty-five (45) days prior to the date of such request.
(b) Notwithstanding anything to the contrary contained in this Agreement (including this Section 5.06): (i) nothing in this Agreement (including this Section 5.06) shall require any such cooperation to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
that it would (xii1) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of require the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with reimburse any Debt Financing, (B) expenses or otherwise incur any liabilities or give any indemnities in connection with any debt financingprior to the Closing, (C2) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the ongoing business or operations of the Company and or its Subsidiaries Subsidiaries, or create an unreasonable risk of damage or destruction to any property or assets of (3) require the Company or any of the Company Subsidiaries to enter into or approve any agreement or other documentation effective prior to the Closing and (ii) no action, liability or obligation (including any obligation to pay any commitment or other fees or reimburse any expenses) of the Company, its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute their respective Representatives under any certificate, agreement, certificatearrangement, document or instrument pursuant relating to this Section 7.08(a) the Financing shall be effective until the Closing. The Company hereby consents to the use of its and its Subsidiaries’ logos in connection with respect to any Debt the Financing in a form and manner mutually agreed with the Company; provided, however, that such logos are used solely in a manner that is not contingent on intended, or reasonably likely, to harm or disparage the ClosingCompany or its Subsidiaries or any of their respective subsidiaries or the reputation or goodwill of any of the foregoing.
(bc) Buyer shall, Parent shall (i) promptly upon request by the Company, reimburse the Company for all of its reasonable and documented out-of-pocket costs fees and expenses (including reasonable fees and expenses of counsel and accountants) incurred by the Company, any of the Company Subsidiaries, any of its Subsidiaries and its and or their respective Representatives in connection with their respective obligations pursuant to any cooperation contemplated by this Section 7.08(a). Buyer shall 5.06 and (ii) indemnify and hold harmless the Company, its the Company Subsidiaries and its and their respective Representatives, from and Representatives against any claim, loss, damage, injury, liability, judgment, award, penalty, fine, cost (including cost of investigation), expense (including fees and all losses suffered expenses of counsel and accountants) or settlement payment incurred by any of them as a result of, or in connection with any debt financing with, such cooperation or the Financing and any information utilized used in connection therewith (other than material misstatements those claims, losses, damages, injuries, liabilities, judgments, awards, penalties, fines, costs, expenses and settlement payment arising out of or omissions in information provided by resulting from the gross negligence, fraud or willful misconduct of the Company, any of the Company Subsidiaries or any of its Subsidiaries for use in such financing).their respective Representatives as finally determined by a court of competent jurisdiction.
Appears in 1 contract
Sources: Merger Agreement
Financing Cooperation. (a) The During the period from the date of this Agreement through the earlier of the Closing or the termination of this Agreement in accordance with its terms, the Company shall and provide, shall cause its Subsidiaries toto provide, at Buyer’s sole expenseand shall use its commercially reasonable efforts to cause its Representatives (including its legal and accounting representatives) to provide, such cooperation as is reasonably cooperate requested by Parent or as is customary, necessary or advisable in connection with the arrangement arrangement, negotiation, obtainment and closing of the financing (the “Financing”) contemplated by the commitment letters (including the Debt Commitment Letter), facility agreements and other agreements (the “Financing Agreements”) or, if applicable, any alternative financing (the Financing or any alternative financing, as the case may be, is referred to in this Section 5.12 as the “Respective Financing”), including by (i) (A) causing the participation of management of the Company and its Subsidiaries (including for participation at a reasonable number of organizational meetings, presentations, drafting sessions, due diligence meetings, ratings agency meetings, road shows and meetings with prospective Financing Sources), (B) causing management of the Company and its Subsidiaries to make reasonably available documents and information of the Company and its Subsidiaries as may be reasonably requested by Parent or its lender and any ratings agencies, including financial statements and financial and other information upon request therefor, and (C) using commercially reasonable efforts to cause the participation of the Company’s independent accountants to provide such services as may be reasonably necessary in respect of the Respective Financing, to the extent permissible under Law and their professional standards, (ii) using commercially reasonable efforts to cause the Company’s independent accountants to provide consent to the use of the Audited Financial Statements in the offering documents, (iii) providing reasonable assistance with respect to the review and granting of any Debt security interests in and/or pledging of collateral for and providing of guarantees supporting the Respective Financing and obtaining any consents associated therewith, (iv) providing (or using commercially reasonable efforts to cause its advisors to provide) reasonable assistance to Parent and its Financing Sources in the preparation of (A) offering and syndication documents (including public and private information memoranda and lender presentations), private placement memoranda, bank information memoranda, offering memoranda, prospectuses and supplements thereto, lender and investor presentations, representation letters, and similar documents for any portion of the Respective Financing (in the case of any marketing materials to be used in connection with the issuance of securities, having regard to the requirements of applicable securities Laws and market practice in the context of a public offering of securities), (B) materials for rating agency presentations and (C) business projections and similar marketing documents reasonably required in connection with the Respective Financing (including a customary confidential information memorandum), (v) preparing and/or negotiating, executing and delivering (or using commercially reasonable efforts to obtain from its advisors), and causing its Affiliates to execute and deliver (or use commercially reasonable efforts to obtain from their advisors), customary financing agreements, including credit agreements, note purchase agreements, underwriting and purchase agreements, customary certificates, accountants’ comfort letters (and consents of accountants for use of their reports in any materials relating to the Respective Financing and in connection with any filings required to be made by Parent pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934 where the financial statements of the Company and its Subsidiaries or any of the other Required Information is included or incorporated by reference), or other documents and instruments relating to guarantees and other matters ancillary to the Respective Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere Parent as necessary and customary in connection with the ongoing operations Respective Financing, (vi) delivering such financial statements required pursuant to the second paragraph of Section 5 of Exhibit C to the Debt Commitment Letter and other customary financing deliverables, including insurance certificates and a solvency certificate, as required in connection with the Respective Financing, (vii) if applicable, by otherwise reasonably cooperating with Parent’s Financing Sources (including the Lenders) in achieving a timely offering and/or syndication of the funding for the Respective Financing, (viii) assisting Parent to obtain customary consents for the consummation of the Respective Financing, (ix) providing Parent with any financial statements of the Company or its Subsidiaries. Such cooperation by Subsidiaries required to be provided after the date hereof to the trustee under the Senior Notes Indenture, (x) using commercially reasonable efforts to ensure that the syndication efforts for the Respective Financing benefit from the existing lending relationships of the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review)Subsidiaries, (xxi) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securitiesproviding, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) no later than five Business Days prior to the Acceptance Time Closing, all documentation and other information about as has been reasonably requested in writing at least 10 Business Days prior to Closing by the Company and its Subsidiaries as Financing Sources that they reasonably determine is required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including without limitation the USA PATRIOT Act to the extent and (xii) obtaining such documentation and/or taking such steps (including payoff letters, lien releases and instruments of termination or discharge) reasonably requested by any financing source providing financing Parent in order to Buyer or any of its Affiliates pay in full all existing indebtedness contemplated herein to be paid in full at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations Closing (including those required the Closing Date Indebtedness) and to be included in any periodic report that Buyer or any of its Affiliates is required to file under release all liens over the 1934 Act following the Closing) or necessary or reasonably properties and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness assets of the Company and its Subsidiaries reasonably requested by Buyer securing such indebtedness. The Company shall promptly supplement the information provided to Parent or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing Sources pursuant to ensure that, this Section 5.12 to the extent practicable and appropriate, that any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading would be incorrect in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters if such information were being furnished at such time. Notwithstanding anything to the providers of the debt financing authorizing the distribution of information to prospective lenders contrary set forth herein, Parent and containing a customary 10b-5 representation Merger Sub acknowledge and a representation to the providers of the debt financing that, in the case of agree that any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates breach or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of alleged breach by the Company or any of its SubsidiariesSubsidiaries or respective Representatives of this Section 5.12 shall not constitute a failure of a condition to Closing under Article VI, except as otherwise permitted under including a failure of the commitment letter with respect condition set forth in Section 6.2(b), unless such breach is willful and material.
(b) Nothing in this Section 5.12 shall require such cooperation to the Debt Financing extent it would interfere unreasonably with the business or under Section 5.01; provided that operations of the Company or its Subsidiaries. In addition, (i) prior to the Closing, neither the Company nor any of its Subsidiaries nor shall be required to pay any commitment or other similar fee or incur or become subject to any other Liability or obligation in connection with the Respective Financing; (ii) none of the Company, its Subsidiaries or their respective Affiliates or Representatives shall be required to (A) pay authorize, execute or enter into or perform any commitment agreement or take any action or commit to take any action with respect to the Respective Financing that is not contingent upon the Closing or that would be effective prior to the Closing (other fees, in each case, in connection with than any Debt Financingcustomary authorization letters relating to any offering or syndication document), (B) give enter into any indemnities resolution, consent, approval or similar corporate action, including any relating to approving the Respective Financing or any guarantee or pledge of assets in connection with any debt financing, therewith that is not contingent upon the Closing or that would be effective prior to the Closing or (C) take make any action thatrepresentation, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of warranty or certification as to which the Company has determined such representation, warranty or certification is not true; and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (Diii) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which nothing shall obligate the Company or any of its Subsidiaries to provide, or cause to be provided, any legal opinion by its counsel, or to provide any information or take any action to the extent it would result in a violation of Law or loss of any privilege.
(c) (i) Subject to the terms and conditions of this Agreement, each of Parent and Merger Sub shall use its reasonable best efforts to obtain the Financing (or, if applicable, any alternative financing) on the terms and subject only to the conditions (including the flex provisions and taking into account the Marketing Period) expressly described in the Debt Commitment Letter at or prior to the Closing (taking into account the Marketing Period), and shall not, without the prior written consent of the Company, permit any amendment or modification to be made to, or any waiver of any provision under, the Debt Commitment Letter, in a manner that would reasonably be expected to (x) delay, prevent or make less likely the funding of the Financing contemplated by the Debt Commitment Letter (or satisfaction of the conditions precedent to the Financing) on or prior to the Closing Date or (y) extend or permit the extension of the Marketing Period (provided that, without the consent of the Company and notwithstanding anything to the contrary contained herein, Parent may amend the Debt Commitment Letter (A) to modify pricing terms in a manner to make more likely the funding of the Financing contemplated by the Debt Commitment Letter (or, if applicable, any alternative financing), or add additional lenders, arrangers, bookrunners and agents or (B) to implement or exercise any of the “market flex” provisions (including pricing terms) contained in the fee letter executed in connection with the Debt Commitment Letter). Parent shall promptly deliver to the Company copies of any such amendment, modification or replacement.
(ii) Each of Parent and Merger Sub will use its reasonable best efforts (A) to maintain in effect the Debt Commitment Letter (except to the extent replaced in accordance with this Section 5.12), (B) to enter into the Financing Agreements with respect to the Financing consistent with the terms and conditions (including the flex provisions and taking into account the Marketing Period) contained in the Debt Commitment Letter (or on terms not materially less favorable (taken as a whole) to Parent than the terms and conditions (including flex provisions) in the Debt Commitment Letter), (C) to satisfy (or obtain the waiver of) all conditions precedent to funding in the Financing Agreements (taking into account the Marketing Period and other than any condition where the failure to be so satisfied is a direct result of the Company’s failure to furnish information described in Section 5.12(a)) that are within Parent’s control so as to consummate the Financing at or prior to the Closing and (D) to enforce its rights under the Financing Agreements to the extent such funds are required by Parent to consummate the transactions contemplated by this Agreement. Parent shall keep the Company reasonably informed on a current basis and in reasonable detail of the status of its efforts to arrange the Financing. Without limiting the generality of the foregoing, Parent shall give the Company prompt notice (x) upon becoming aware of any material breach or default by any party to the Financing Agreements, (y) of the receipt of (I) any written notice or (FII) execute other written communication, in each case from any agreement, certificate, document or instrument pursuant to this Section 7.08(a) Financing Source with respect to any Debt actual or potential material breach, default, termination or repudiation by any Financing Source of any provisions of the Financing Agreements, and (z) if at any time for any reason Parent believes that is it will not contingent be able to obtain all or any portion of the Financing on the Closing.
(b) Buyer shallterms and conditions, promptly upon request in the manner or from the Financing Sources, and such funds are required by Parent to consummate the Company, reimburse transactions contemplated by this Agreement. As soon as reasonably practicable after any notice by Parent to the Company for all out-of-pocket costs and expenses incurred by of the Companytype described in the immediately preceding sentence, its Subsidiaries and its and their respective Representatives but in connection with their respective obligations pursuant any event within two Business Days of the date the Company delivers to Section 7.08(a). Buyer Parent a written request, Parent shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and use reasonable best efforts to provide any information utilized in connection therewith (other than material misstatements or omissions in information provided reasonably requested by the Company relating to any circumstance referred to in clause (x), (y) or (z) of the immediately preceding sentence; provided, that Parent shall not be obligated to provide any information if Parent determines, in its reasonable judgment, that doing so would jeopardize the protection of the attorney-client privilege. If all or any portion of its Subsidiaries the Financing becomes unavailable for any reason and such funds are required by Parent to consummate the transactions contemplated by this Agreement, Parent, Merger Sub and the Surviving Corporation shall use their reasonable best efforts to arrange and obtain in replacement thereof or in addition thereto alternative debt and/or equity Financing from alternative sources in an amount sufficient, when taken together with cash available to Parent and any then-available Financing pursuant to the Debt Commitment Letter to consummate the Transactions, with such financingalternative Financing having terms and conditions not materially less favorable (taken as a whole) to Parent than the terms and conditions (taken as a whole) set forth in the Debt Commitment Letter, as promptly as reasonably practicable following the occurrence of such event. Parent shall deliver to the Company true and complete copies of all commitment letters and fee letters (as redacted in a customary manner to remove the fee amounts, pricing caps, the rates and amounts included in the “market flex” and certain other terms (none of which could reasonably be expected to adversely affect the conditionality, enforceability, termination or aggregate principal amount of the Financing)) pursuant to which any such alternative sources shall have committed to provide any portion of the Financing.
Appears in 1 contract
Financing Cooperation. (a) The Prior to the Closing, Seller and the Company shall shall, and shall use reasonable best efforts to cause its Subsidiaries the appropriate representatives (including senior management) of the Company to, use reasonable best efforts to provide the following cooperation as is reasonably requested by Buyer upon reasonable prior notice that is necessary and customary in accordance with the terms of the Debt Financing, in each case at the Buyer’s sole cost and expense: (i) participating in a reasonable number of meetings, presentations and customary due diligence sessions with providers or potential providers of the Debt Financing, (ii) reasonably cooperate assisting Buyer in its preparation of definitive financing documents, (iii) providing such reasonable and customary financial and non-financial information to Buyer and its Debt Financing Sources regarding the Company as is reasonably requested by them in connection with the arrangement Debt Financing, (iv) facilitating the execution and delivery of any reasonable and customary certificates and other documentation required by the Debt Financing as may be Sources and the definitive documentation related to the Debt Financing and reasonably requested by the Buyer, subject to the occurrence of the Closing, (v) facilitate the pledging of, and perfection of security interests in the Interests, effective no earlier than Closing; provided provided, however, that such requested cooperation does not unreasonably interfere the delivery of any original stock or membership interest certificates and other certificated securities and possessory collateral shall be delivered in escrow pending release at the Closing, (vi) assisting Buyer and the Debt Financing Sources in the timely preparation of any customary syndication documents and materials, including confidential information memoranda, lender presentations, private placement memoranda, bank information memoranda, business projections, ratings agency presentations, customary and reasonably available marketing materials and other similar documents to be used in connection with the ongoing operations syndication of the Company or its Subsidiaries. Such cooperation by Debt Financing (including providing customary authorization letters authorizing the distribution of information to prospective lenders) and identifying any portion thereof as containing material, non-public information; provided, however, that neither Seller nor the Company shall be responsible in any manner for any pro forma adjustments relating to proposed debt and its Subsidiaries shall includeequity capitalization that is required to be made to the historical information for such pro forma financial information), at (vii) requesting customary payoff letters and facilitate the reasonable request release of Buyerany Liens and the termination of guarantees (if any) in connection therewith subject to the occurrence of Closing, using their respective commercially reasonable efforts to:
(iviii) furnish such financial statements and other financial data providing all customary documentation and other information relating as requested in connection with the Debt Financing and required under applicable “know your customer” and anti-money-laundering rules and regulations at least three (3) Business Days prior to the Closing Date to the extent requested by the Buyer in writing at least ten (10) days prior to the Closing Date and (ix) delivering the financial statements related solely to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary Commitment Letter. Seller hereby consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwritingin connection with the Debt Financing; provided, as applicablehowever, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of and its Subsidiaries or any of their respective trademarks, products, services, offerings or intellectual property Intellectual Property rights;.
(vb) participate Notwithstanding anything to the contrary in this Agreement, but without limiting the Company’s obligations under Section 6.13, neither Seller nor any of its Affiliates nor any of their respective officers, employees, representatives of agents will be required to (i) take any action that would unreasonably interfere with the ongoing operations of Seller or any of its Affiliates, (ii) provide or prepare, and causing senior management Buyer shall be solely responsible for (with the assistance and representatives, with appropriate seniority and expertise, to participate) cooperation of the Company in a reasonable and limited number manner consistent with Section 6.11(a)), the preparation of meetingspro forma financial information, presentations and road shows with prospective lenders and investors and including pro forma costs savings, synergies, capitalization or other pro forma adjustments desired to be incorporated into any pro forma financing information, (iii) pay any commitment or other similar fee or incur any other liability or obligation in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate connection with the Debt Financing Sources’ documentary due diligencecontemplated by the Debt Commitment Letter or be required to take any action for which it would not be indemnified hereunder, to bear any cost or expense or make any other payment or agree to provide any indemnity in connection with the extent customary and reasonable;
Debt Financing or any of the foregoing prior to the Closing, (iv) approve any document or other matter related to the financing or incur any liability of any kind (or cause their representatives to incur any liability of any kind) prior to the Closing, (v) enter into any agreement or commitment in connection with the Debt Financing (or any Alternative Financing) or provide any certification or opinion of the Company which would be effective prior to the Closing (other than the Company or its Subsidiaries as contemplated by Section 6.11(a), (vi) provide information reasonably necessary to assist Buyer any certifications, or any of existing audited or unaudited financial statements for the Company and its Affiliates in its preparation of material relating Subsidiaries other than the Financial Statements, the financial statements related solely to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” the Commitment Letter and, subject to Section 6.13, the S-X Compliant Financial Statements and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by Most Recent Interim Financial Statements, (vi) take any financing source providing financing to Buyer action that would (A) cause any representation, warranty, covenant or agreement in this Agreement or any of its Affiliates other agreements, instruments and documents delivered at least ten (10) Business Days prior the Closing pursuant to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required this Agreement to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closingbreached, (B) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Companycause Seller, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with directors, managers, officers or employees to incur any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financingpersonal liability, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere conflict with the conduct Organizational Documents of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company Seller or any of its Subsidiaries is a party or any Law, (D) change any fiscal period, or (FE) execute authorize any agreement, certificate, document or instrument pursuant corporate action effective prior to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(bc) Buyer shall(i) shall promptly, promptly upon request by the CompanySeller, reimburse the Company Seller or its applicable Affiliate for all reasonable and documented out-of-pocket costs and expenses incurred by the CompanySeller, any of its Subsidiaries and its and Affiliates or any of their respective Representatives directors, managers, officers, employees, representatives, consultants, financial advisors, attorneys, accountants or other agents in connection with their respective obligations pursuant to the cooperation of any of them as contemplated by this Section 7.08(a). Buyer 6.11 and (ii) shall indemnify and hold harmless the CompanySeller, its Subsidiaries Affiliates and their respective Representativesdirectors, managers, officers, employees, representatives, consultants, financial advisors, attorneys, accountants or other agents from and against any and all actual losses suffered or incurred by any of them in connection with the arrangement of the Debt Financing and the performance of their respective obligations under this Section 6.11 (including any debt financing action taken in accordance with this Section 6.11) and any information utilized used in connection therewith (other than material misstatements historical information related to Seller or omissions in information the Company provided by or on behalf of Seller or the Company in writing specifically for use in connection with the Debt Financing offering documents), in each case, except for any losses (x) resulting from Actual Fraud, gross negligence, willful misconduct or intentional misrepresentation on the part of Seller or the Company or any of its Subsidiaries for use their respective directors, managers, officers, employees, representatives, consultants, financial advisors, attorneys, accountants or other agents thereof or (y) resulting from any material inaccuracy in such financing)the Financial Statements.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Infrastructure & Energy Alternatives, Inc.)
Financing Cooperation. (a) The During the period from the date hereof until the earlier of the Closing or the termination of this Agreement in accordance with its terms, Seller shall use its reasonable best efforts to, and shall cause each other Group Company shall to use its reasonable efforts to, and shall cause its Subsidiaries and their respective attorneys, accountants, financial advisors and other Representatives to use their commercially reasonable efforts to, at Buyer’s sole expense, reasonably cooperate provide all cooperation that is customary in connection with the arrangement of any Debt Financing potential financing for transactions of the type contemplated by this Agreement as may be reasonably requested by Buyer (and all in the context of the financing in respect of the transactions contemplated by this Agreement), including (i) participation in a reasonable number of meetings (including customary one-on-one meetings among the Person acting as lead arrangers or agents for, and prospective lenders and purchasers of, the financing and senior management and Representatives of Seller and each Group Company), due diligence sessions, lender presentations and “road shows” and sessions with rating agencies, (ii) assisting with the preparation of customary materials for rating agency presentations, private placement memoranda, marketing materials and presentations, bank information memoranda, prospectuses and similar documents required in connection with such financing (including public-side versions thereof) and customary representation letters with respect thereto, (iii) furnishing Buyer, its Representatives and financing sources with such pertinent and customary available business and financial information regarding Seller and each Group Company sufficient to create a customary confidential information memorandum, including financial statements, (iv) facilitating the pledging of collateral and perfection of security interests (including facilitating the receipt of legal opinions (to be obtained by Buyer, its Affiliates or their Representatives) and obtaining customary payoff letters, lien releases and instruments of termination or discharge) as required by such financing providers, including obtaining surveys and title insurance, other certifications and documents reasonably requested by such financing providers and cooperating with and assisting Buyer in connection with obtaining such items as may be reasonably requested by Buyer, (v) executing and delivering any customary pledge and security documents or other requested certificates or documents, (vi) using reasonable best efforts to cooperate 57 with Buyer to satisfy the conditions precedent to any such financing to the extent within the control of Seller or any Group Company, and (vii) providing all “know your customer,” PATRIOT Act and other available information required by regulatory authorities under applicable Law; provided, however, that none of Seller, any Group Company nor any of their respective Affiliates shall be required to pay any commitment or other similar fee or incur any other liability in connection with such financing that is not subject to reimbursement hereunder (other than any commitment fee payable solely by the Company following the Closing). Any information provided to Buyer, its Affiliates and their Representatives pursuant to this Section 6.15(a) shall be subject to the Confidentiality Agreement. Buyer acknowledges and agrees that neither Seller nor any Group Company nor any of their respective Affiliates nor any of their respective Representatives shall have any responsibility for, or incur any liability to any Person under or in connection with, the arrangement of any such requested financing that Buyer may raise in connection with the transactions contemplated by this Agreement that is not subject to reimbursement hereunder (other than any commitment fee payable solely by the Company following the Closing), in each case, except agreements with respect thereto that take effect at or in connection with the Closing, and that Buyer shall indemnify and hold harmless Seller, the Group Companies and their respective Affiliates and Representatives from and against any and all Losses suffered or incurred by them in connection with the arrangement of such financing and any information utilized in connection therewith (other than any such Losses directly resulting from Fraud by Seller with respect to information provided by Seller). Buyer shall, after the termination of this Agreement, promptly reimburse the Company for all reasonable and documented out-of-pocket costs or expenses incurred by the Group Companies in connection with cooperation does not provided for in this Section 6.15(a). Notwithstanding anything to the contrary in this Section 6.15, nothing herein will require (A) any cooperation to the extent it would unreasonably interfere with the ongoing business or operations of the Group Companies or (B) the Company or its Subsidiaries. Such cooperation by the Company and any of its Subsidiaries shall include(or, at on such Person’s behalf, its Representatives) to (x) be required to take any action that would, or would reasonably be expected to, conflict with or violate any Laws or any Person’s Governing Documents, or result in the reasonable request contravention of, or result in a violation of Buyerbreach of, using their respective commercially reasonable efforts to:
or default under, any Material Contract or (iy) furnish execute, deliver or perform any definitive documentation, including any financing agreement, in respect of such financing, or adopt resolutions or execute consents (other than consents to the inclusion of financial statements and other financial data and other information relating to of the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to description of the Company and its Subsidiaries for each and any of its three most recent fiscal years ended at least 60 days prior to their businesses based on the Closing Date representations and unaudited financial statements relating to warranties made by the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included Seller in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion this Agreement in any confidential information memorandum, prospectus, offering memorandum or other marketing disclosure document and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ Subsidiaries logos therein) to approve or authorize the execution, delivery or performance of the definitive documentation in respect of such financing prior to the Closing, in each case that is not contingent upon the Closing or that would be effective prior to the Closing.
(b) Seller shall provide Buyer promptly with an electronic version of their trademarks, service marks and corporate logo of each Group Company for use in marketing materials for the purpose of syndication of any financing and underwriting, as applicable, hereby consents to the use of the foregoing in connection with any financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or would not reasonably be likely to harm or disparage the Seller or any such Group Company or any of its Subsidiaries their marks or the reputation or goodwill of the any Group Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a)marks. Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).58
Appears in 1 contract
Financing Cooperation. (a) The Company shall During the period beginning on the date hereof and continuing until the earlier of the Closing or the termination of this Agreement pursuant to Article VIII in accordance with its terms, and subject to the limitations in this Agreement, Sellers shall, and shall cause the Company and each Company Subsidiary to and shall direct its Subsidiaries and their respective Representatives to, at Buyer’s sole expense, use reasonable best efforts to provide such cooperation as is reasonably cooperate requested by Buyer upon reasonable prior notice to assist Buyer in connection with the arrangement of any Debt the Financing as may be reasonably requested by Buyer (other than with respect to the following clauses (A)(x), (E), (H) and (I), which shall not be subject to any such reasonable best efforts qualifiers), including to: (A) make available to Buyer; provided that , its advisors, its Debt Financing Sources and any investment bank acting as underwriter in a registered offering (x) the Required Information and (y) such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by financial and other pertinent information regarding the Company and each Company Subsidiary as may be reasonably requested by ▇▇▇▇▇, its Subsidiaries shall includeadvisors, at its Debt Financing Sources or any investment bank acting as underwriter in a registered equity offering; (B) reasonably assist with the preparation of reasonable request lender and investor presentations, rating agency presentations, bank information memoranda, registration statements, prospectus supplements, offering memoranda, marketing materials and other similar documents and materials in connection with the Financing, including reviewing and commenting on ▇▇▇▇▇’s draft of Buyer, using their respective commercially reasonable efforts to:
(ix) furnish such a business description and (y) “Management’s Discussion and Analysis” of the financial statements and other financial data and other to be included in offering documents contemplated by the Financing, in each case, solely with respect to information relating to the Company (to the extent related to its business) and its Subsidiaries the Company Subsidiaries; (C) participating in a reasonable number of meetings, presentations, road shows, drafting sessions and requested by Buyer diligence sessions with providers or its Representatives potential providers of the Financing and ratings agencies and otherwise assisting in the marketing efforts of Buyer, the Debt Financing Sources and any investment bank acting as may be reasonably necessary or advisable to consummate any Debt Financingunderwriter in a registered equity offering during normal business hours, including financial statements, financial data, projections, audit reports upon reasonable advance notice and other information at reasonable and mutually agreed locations and times; (wD) constituting audited financial statements relating to cause the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior Subsidiaries’ auditors to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) furnish customary consents for use of their auditor opinions in any materials related to any offerings of (i) securities registered under the Securities Act or (ii) non-convertible, high-yield debt securities sold in lieu of all or a portion of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securitiesDebt Financing, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Actprovide, or (z) as otherwise reasonably required in connection consistent with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” practice, customary comfort letters (including “negative reassuranceassurance” comfort and change period comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents relating to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials Notes Issuer as reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and necessary or customary for such purposes and that is not intended financings similar to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary (including (i) securities registered under the Securities Act or (ii) non-convertible, high-yield debt securities in lieu of all or a portion of the Debt Financing) and (z) attend a reasonable number of business and accounting due diligencediligence sessions and drafting sessions during normal business hours, to the extent customary upon reasonable advance notice and reasonable;
at reasonable and mutually agreed locations and times; (viE) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide deliver, at least three (3) Business Days prior to the Acceptance Time Closing, all documentation and other information about the Company and its Subsidiaries as is required reasonably requested by Buyer, its advisors, its Debt Financing Sources and any investment bank acting as underwriter in a registered equity offering at least ten (10) days prior to Closing with respect to applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act and beneficial ownership regulations (including beneficial ownership certifications as under 31 C.F.R. § 1010.230); (F) assist with ▇▇▇▇▇’s preparation, negotiation and execution of definitive written financing documentation and the schedules and exhibits thereto (including loan agreements, indentures, purchase agreements, guarantees, collateral agreements, hedging arrangements, customary officer’s certificates and corporate resolutions, as applicable) as may reasonably be requested and subject to the occurrence of the Closing; (G) inform Buyer if the chief executive officer, chief financial officer, treasurer or controller of the Company or the Notes Issuer shall have knowledge of any facts as a result of which a restatement of any financial statements to comply with GAAP is reasonably probable; (H) supplement the Required Information on a reasonably current basis to the extent reasonably requested by that any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure thatRequired Information, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from knowledge of the Company’s , when taken as a whole and its Subsidiaries’ existing lending relationships;
(xi) supplement in light of the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent circumstances under which such information statements were made, contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, information not misleading in any material respect promptly after gaining knowledge thereof;materially misleading; and (I) to provide the Authorization Letters.
(xiib) assist the Buyer in the delivery in a timely fashion of customary authorization letters Notwithstanding anything to the providers contrary in this Agreement, (i) none of the debt financing authorizing the distribution of information Sellers, their Affiliates or their respective Representatives shall be required to prospective lenders and containing a customary 10b-5 representation and a representation provide any such cooperation pursuant to this Section 6.15 to the providers of extent that it would reasonably be expected to (A) require such Person to (1) pay any fees or reimburse any expenses for which such Person has not received prior reimbursement, or make any other payment in connection with the debt financing thatactions or cooperation contemplated by this Section 6.15, other than those that will be made only on or after the Closing Date in the case of the Company and the Company Subsidiaries, (2) give or agree to give to any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or other Person any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered indemnities in connection with the Debt Financing;
(xiv) prevent , other than those that will be given only on or after the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, Closing Date in the good faith determination of the Company, would unreasonably interfere with the conduct of the business case of the Company and its the Company Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D3) provide access to or disclose any information the disclosure of which that such Person reasonably determines is prohibited or restricted under applicable Law or subject that would reasonably be expected to jeopardize any attorney-client or other applicable legal privilegeprivilege or protection of, or conflict with any confidentiality obligations binding on, such Person (not entered in contemplation hereof), in each case, so long as such Person has used its reasonable best efforts to provide access to or disclose such information by alternative means not restricted by this clause and has informed Buyer that information is confidential being withheld in reliance on this clause, (B) result or proprietary could reasonably be expected to result in such Person (1) incurring any liability or obligation with respect to matters relating to the providing PartyFinancing (including under the Debt Commitment Letter, any loan agreement or any related document or other agreement or document related to the Financing) (other than the Authorization Letters) or cause any Representative of such Person to incur any personal liability in connection with the Financing or (2) taking any action in conflict with the last sentence of Section 6.3, (C) require such Person to enter into any binding Contract or incur any other liability or obligation in connection with the Financing (or any Alternative Debt Financing) (other than (x) those that will be entered into only on or after the Closing Date in the case of the Company and the Company Subsidiaries and (y) the Authorization Letters), (D) cause any term, covenant, representation or warranty in this Agreement to be breached by such Person in a manner that would cause any condition to the Closing to fail to be satisfied, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would with, result in a any violation or breach of, or default (with or without notice, lapse of time, or both) under, such Person’s Organizational Documents (not entered in contemplation hereof), any agreement applicable Law or any applicable Contract (not entered in contemplation hereof), (F) require such Person to which provide any Excluded Information, (G) pay any commitment or other similar fee prior to the Closing, (H) result in the creation or imposition of any Lien on any asset of such Person (except, in the case of the Company or the Company Subsidiaries, any Lien on any of its Subsidiaries is a party or their assets that becomes effective only upon the Closing), (I) unreasonably interfere with the ongoing business operations of Sellers or any of their Affiliates (including the Company and the Company Subsidiaries) or (FJ) execute file or furnish any agreement, certificate, document reports or instrument pursuant to this Section 7.08(ainformation with the U.S. Securities & Exchange Commission in connection with financings of the type contemplated by the Debt Commitment Letter and (ii) the parties hereto agree that any information provided with respect to the prospects and plans for the Company’s business and operations after the Closing in connection with the actions or cooperation contemplated by this Section 6.15 will be the sole responsibility of Buyer.
(c) Notwithstanding anything to the contrary in this Agreement (including this Section 6.15), (A) none of Sellers, their Affiliates or their respective Representatives shall be required to execute or enter into any Contract with respect to the Financing (other than (i) those directors, managers, officers or employees continuing in such roles at the Company or the Company’s Subsidiaries or their respective Representatives after the Closing, and solely with respect to Contracts contingent upon the Closing and that would not be effective prior to the Closing, and (ii) the Authorization Letters), (B) no managers or directors of Sellers or their respective Affiliates shall be required to approve, adopt, execute or enter into or perform any resolution, consent, Contract or otherwise take any corporate or similar action with respect to the Debt Financing that is not contingent on upon the Closing or that would be effective prior to the Closing (other than (i) those directors or managers continuing in such roles at the Company or the Company’s Subsidiaries or their respective Representatives after the Closing, and solely with respect to Contracts contingent upon the Closing and that would not be effective prior to the Closing and (ii) the Authorization Letters) and (C) none of FIP, any directors of FIP nor any of FIP’s officers or employees shall be required to approve, adopt, execute or enter into or perform any resolution, consent, agreement or otherwise take any corporate or similar action with respect to the obligations under this Section 6.15.
(bd) Buyer shall▇▇▇▇▇ understands and agrees that any “Required Information” distributed to any party shall contain customary language that shall exculpate Sellers, promptly upon request the Company and each of their respective Subsidiaries and Affiliates with respect to any liability related to the unauthorized use or misuse of the contents of such information or related offering and marketing materials by the Company, reimburse recipients thereof.
(e) The Company hereby consents to the use of the logos of the Company and each of the Company Subsidiaries in connection with the Financing; provided that such logos shall be used solely in a manner that is not reasonably likely to harm, disparage or otherwise adversely affect the Company or the Company Subsidiaries or their reputation or goodwill.
(f) Upon the earlier of the Closing and the termination of this Agreement in accordance with its terms, Buyer shall promptly reimburse Sellers, FIP, the Sellers Representatives, the Company and its Subsidiaries and its and their respective Representatives for all reasonable, documented and invoiced out-of-pocket costs and expenses (including reasonable, documented and invoiced out-of-pocket attorneys’ fees) incurred by the Company, its Subsidiaries and its and their respective Representatives such Persons in connection with their respective obligations pursuant to any cooperation contemplated by this Section 7.08(a). 6.15.
(g) Buyer shall indemnify and hold harmless the Companyeach of Sellers, its Subsidiaries FIP, FIG, each of their respective Affiliates and each of their and their respective Representatives, Affiliates’ Representatives from and against any and all losses Losses suffered or incurred by any of them in connection with any debt financing and the cooperation under Section 6.15, the Financing transactions contemplated hereby, or any information utilized used or misused in connection therewith (therewith, in each case other than material misstatements as a result of fraud, bad faith, gross negligence or omissions willful misconduct by or on behalf of such Person or Representative.
(h) Sellers, FIP, each of their respective Affiliates and each of their and their Affiliates’ respective Representatives shall be deemed to be in information provided by the Company or compliance with this Section 6.15, and Buyer shall not allege that any of its Subsidiaries for use them are not or has not been in compliance with this Section 6.15, unless ▇▇▇▇▇ provides prompt written notice of the alleged failure to comply specifying in reasonable detail specific steps to cure such financing)alleged failure in a commercially reasonable and practical manner consistent with this Section 6.15, which failure to comply has not been cured within ten (10) Business Days from receipt of such written notice and with reasonably sufficient time prior to the Outside Date to consummate the Financing.
(i) The parties hereto understand and agree that all obligations of Sellers, FIP each of their respective Affiliates and each of their and their Affiliates’ respective Representatives relating to the Financing shall be governed exclusively by this Section 6.15.
Appears in 1 contract
Financing Cooperation. (a) The Purchaser shall use its commercially reasonable efforts to arrange and consummate a Financing during the Pre-Closing Period. In the event that such Financing is a Debt Financing, the Purchaser shall use commercially reasonable efforts in a timely and diligent manner to (i) maintain in full force and effect the Financing Commitments, (ii) negotiate and enter into definitive agreements with respect to the Financing on the terms and conditions contained in the Financing Commitments (“Financing Agreements”), (iii) comply with and satisfy all terms, covenants and conditions set forth in the Financing Commitments and any Financing Agreements such that the Financing will be able to be consummated at the Closing, (iv) enforce its rights under the Financing Commitments, and (v) consummate the Financing at the Closing. The Purchaser will furnish true, correct, and complete copies of any and all Financing Agreements (provided that any fee letter may be redacted) to the Seller Parties promptly upon their execution if prior to the Closing Date. The Purchaser shall keep the Seller Parties reasonably informed as to the status of its efforts to arrange the Financing, but nothing contained in this Section 6.14(a) shall limit the Purchaser’s ability to finance the Transaction in a manner determined in its sole discretion.
(b) During the Pre-Closing Period, the Seller Parties shall provide, and the Company shall and shall use its reasonable best efforts to cause its Subsidiaries toofficers, at Buyer’s sole expenseemployees, representatives and advisors to provide, to the Purchaser customary cooperation and assistance that is reasonably cooperate requested by the Purchaser in connection with the arrangement of any Debt Financing as may Financing; provided, that the Seller Parties shall not be reasonably requested by Buyer; provided that such requested required to provide cooperation does not under this Section 6.14 that: (a) unreasonably interfere interferes with the ongoing operations business of the Company Company, or its Subsidiaries(b) except as provided in clauses (iv), (v) and (vi) below, requires the Seller Parties or the Company’s directors, officers, managers or employees to execute or enter into, or perform any agreement, document or instrument with respect to the Financing that is not contingent upon the Closing or that would be effective prior to the Closing. Such cooperation by the Company and its Subsidiaries Seller Parties shall include, at the reasonable request of Buyerthe Purchaser, using their respective commercially reasonable efforts to:
(i) furnish such financial statements assisting with the drafting and other financial data preparation of customary credit documents (including the schedules related thereto) and other information relating to facilitating the grant of a security interest (and perfection thereof) in property of the Company and its Subsidiaries and requested by Buyer or its Representatives (including, delivery of stock certificates, if any) as may be reasonably necessary requested by the Purchaser (provided, that no obligation of the Seller Parties under any such agreement, pledge or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to grant shall be effective until the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 reviewClosing), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three ten (310) Business Days prior to Closing, providing to the Acceptance Time all documentation and other Purchaser information about with respect to the Company and its Subsidiaries as is Seller Parties required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act to the extent Act, or that is otherwise reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from (e.g. form W-9s, certificates of incorporation and bylaws), (iii) making the Company’s executive officers, senior management, representatives and its Subsidiaries’ existing lending relationships;
advisors reasonably available during regular business hours to assist Purchaser with the consummation of the Financing, (xiiv) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of providing customary authorization letters to the providers of the debt financing prospective lenders authorizing the distribution of information to other prospective lenders and containing a lenders, (v) entering into customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about engagement letters with the Company, its Affiliates or ’s accounting advisors to prepare any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security requested financial statements of the Company or (provided, that any of its Subsidiariessuch engagement letter is in form and substance reasonably acceptable to the Purchaser), except (vi) furnishing to the Purchaser as otherwise permitted under promptly as practicable with the commitment letter Company Financing Information, and (vii) obtaining customary pay-off letters for Funded Indebtedness and Lien release documents with respect to Indebtedness from the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination existing creditors and/or lienholders of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Financing Cooperation. (a) The Company shall Parent and Merger Sub shall, and shall cause each of their respective Subsidiaries to, use their reasonable best efforts to take or cause to be taken all actions and to do, or cause to be done, all things reasonably necessary, proper or advisable to arrange and obtain the proceeds of the Financing on the terms and conditions described in the Commitment Letter (including, to the extent required, the full exercise of any flex provisions) at or prior to the Closing, including using its reasonable best efforts to: (i) maintain in effect the Commitment Letters in accordance with the terms and subject to the conditions thereof, (ii) comply with its obligations under the Commitment Letter, (iii) negotiate and enter into definitive agreements with respect thereto on the terms and conditions contained in the Commitment Letter as promptly as practicable after the date hereof, but in no event later than the Closing, or on such other terms and conditions no less favorable in the aggregate to Parent and Merger Sub (as determined by Parent and Merger Sub in their reasonable discretion) than the terms and conditions contained in the Commitment Letter (provided that such other terms would not reasonably be expected to materially delay or hinder the Closing), (iv) satisfy, or cause to be satisfied, (or if determined advisable by Parent, obtain the waiver of) on a timely basis all conditions applicable to Parent, Merger Sub, their respective Subsidiaries or their respective officers, managers, employees, agents, consultants, advisors, accountants, financial advisors, legal counsel and other representatives in the Commitment Letter (or definitive agreements entered into with respect to the Commitment Letter), (v) prepare the information memoranda, preliminary and final offering memoranda or prospectuses, registration statements and other materials to be used in connection with obtaining the Financing prior to the anticipated date on which all of the conditions in Article VII have been satisfied, to the extent reasonably practicable, and (vi) in the event that all conditions in the Commitment Letters have been satisfied, cause the lenders to fund the Financing at or prior to the Closing, including by enforcing (including by seeking through litigation to specifically enforce) such persons’ funding obligations (and the rights of Parent, Merger Sub and their respective affiliates) under the Commitment Letters. Parent and Merger Sub will fully pay, or cause to be fully paid, all commitment or other fees arising pursuant to the Commitment Letters as and when they become due to the extent they are required to be paid pursuant to the terms of the Commitment Letters.
(b) Subject to the terms and conditions of this Agreement, Parent and Merger Sub will not permit any amendment or modification to be made to, or any waiver of any provision or remedy pursuant to, the Commitment Letters if such amendment, modification or waiver would (i) reduce the aggregate amount of the Financing, (ii) impose new or additional conditions or other terms to the Financing, or otherwise expand any of the conditions to the receipt of the Financing, in a manner that would reasonably be expected to (A) delay, prevent or materially impede the consummation of the Merger, or (B) make the timely funding of the Financing, or the satisfaction of the conditions to obtaining the Financing, less likely to occur in any material respect, or (iii) materially adversely impact the ability of Parent, Merger Sub or their respective affiliates to enforce its rights against the other parties to the Commitment Letters or the definitive agreements with respect thereto. Parent and Merger Sub shall (i) furnish the Company complete, correct and executed copies of any amendments or modifications to the Commitment Letters and (ii) give the Company prompt notice of any material breach (or material breach threatened in writing) by any party of any of the Commitments Letters, any alternative financing commitment, the financing agreements, or any alternative financing agreement of which Parent or Merger Sub becomes aware or any termination thereof and (iii) otherwise keep the Company reasonably and promptly informed of the status of its efforts to arrange the Financing (or any alternative financing); provided that in no event shall Parent or Merger Sub be under any obligation to disclose any information pursuant to clauses (i) or (ii) that would waive the protection of attorney-client or similar privilege if such party shall have used reasonable best efforts to disclose such information in a way that would not waive such privilege.
(c) In the event that any portion of the Financing becomes unavailable on the terms and conditions contemplated by the Commitment Letters (including the flex provisions), (A) Parent and Merger Sub shall promptly notify the Company and (B) Parent and Merger Sub shall, and shall cause each of their respective Subsidiaries to, use their reasonable best efforts to arrange and obtain any such portion from alternative sources on terms, taken as whole, that are no more adverse to the Company as promptly as practicable following the occurrence of such event. Parent and Merger Sub shall promptly notify the Company of their intention to make any amendment pursuant to clause (b) of this Section 6.19 or to obtain any alternative financing pursuant to this clause (c) of Section 6.19 and shall keep the Company reasonably informed of the terms thereof. Parent and Merger Sub shall deliver to the Company true and correct copies of all new or amended commitment letters (including redacted fee and engagement letters in respect of any new or amended commitment letters). In such event, the term “Commitment Letters” as used herein shall be deemed to include the Commitment Letters that are not so superseded at the time in question and the new or amended commitment letters to the extent then in effect and the term “Financing” as used herein shall be deemed to include the financing contemplated by any such new or amended commitment letters.
(d) The Company shall, and shall cause each of its Subsidiaries to, and shall use its reasonable best efforts to cause its and its Subsidiaries’ respective officers, managers, employees, agents, consultants, advisors, accountants, financial advisors, legal counsel and other representatives to, provide to Parent, at BuyerParent’s sole expense, reasonably cooperate in connection with the arrangement of any Debt Financing all reasonable cooperation on a timely basis as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with Parent to assist the ongoing operations Parent in the arrangement of any bank debt financing or any capital markets debt financing for the Company or its Subsidiaries. Such cooperation purposes of financing the payment of any amounts contemplated by this Agreement (the Company and its Subsidiaries shall include“Financing”), at including the reasonable request of Buyer, using their respective commercially reasonable efforts tofollowing:
(i) furnish furnishing such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives Parent as may be reasonably necessary or advisable to consummate any Debt the Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating reasonably necessary to assist Parent in the Company preparation of one or more confidential information memoranda and its Subsidiaries for each other marketing and syndication materials reasonably requested by Parent or any of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt FinancingSubsidiaries,; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and or syndication materials material shall be as set forth in clause (viiivi) of this Section 7.08(a6.19(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide authorizing the reasonable use by Buyer Parent and its Affiliates Subsidiaries of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing the Financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to to, or reasonably likely to to, harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings services or intellectual property rights;
(viii) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) participating in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(viiv) provide providing customary information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to regarding the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by Governmental Entities under applicable “know your customer” and anti-money laundering rules and regulations regulations, including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;2001; and
(viiiv) provide providing information reasonably necessary to assist Buyer or any of its Affiliates Parent with the preparation of pro forma financial information and financial statements to the extent required by SEC the rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts SEC; provided that in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by no event shall the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
provide pro forma statements or pro forma adjustments (xivincluding regarding any pro forma cost savings, synergies, capitalization and other post-Closing or pro forma adjustments) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of Company, its Subsidiaries nor any of their respective Affiliates directors or Representatives officers shall be required to (Ax) enter into any document or instrument prior to the Closing Date that is effective prior to the Closing (other than one or more customary authorization and representation letters), (y) take any action that would be likely to result in personal liability, or (z) pass resolutions or consents to approve or authorize the execution of the Financing or deliver any certificate, document, instrument or agreement (other than one or more customary authorization and representation letters) or agree to any change or modification of any existing certificate, document, instrument or agreement, in each case, prior to the Closing; provided, further, that none of the Company or its Subsidiaries shall be required to (1) waive or amend any terms of this Agreement or pay or agree to pay any commitment or other feessimilar fee or any expenses prior to the Closing, in each case(2) take any action that could subject it to actual or potential liability, to bear any cost or expense or to pay any commitment or other similar fee or make or agree to make any other payment or agree to provide any indemnity (other than any cost, expense or fee that is promptly reimbursed by Parent) in connection with the Financing or any Debt Financingof the foregoing and in any event prior to the Closing, (B3) give take any indemnities in connection with action, or fail to take any debt financingaction, that would violate any applicable law or the Company Certificate, the Company Bylaws or any organizational documents of any Subsidiary of the Company, (C4) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable a risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, or (D5) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law law or would result in a violation the waiver or breach forfeiture of any applicable legal privilege.
(e) All non-public or other confidential information provided by the Company or any of its officers, managers, employees, agents, consultants, advisors, accountants, financial advisors, legal counsel and other representatives pursuant to this Agreement will be kept confidential in accordance with the Non-Disclosure Agreement, except that Parent and Merger Sub will be permitted to disclose such information (i) as is legally required to be disclosed in any offering documents related to the Financing or (ii) to any financing sources or prospective financing sources, ratings agencies and other financial institutions and investors that are or may become parties to the Financing and to any underwriters, initial purchasers or placement agents in connection with the Financing (and, in each case, to their respective counsel and auditors) so long as such persons (x) agree to be bound by the Non-Disclosure Agreement as if parties thereto, (y) are subject to other confidentiality undertakings customary for financings of the same type as the Financing.
(f) Parent shall, upon written request by the Company, promptly reimburse the Company for all reasonable and documented out-of, or default under, any agreement to which -pocket costs (including reasonable attorneys’ fees) incurred by the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument in connection with providing cooperation requested by Parent pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs 6.19. Parent and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer Merger Sub shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representativesdirectors, officers, managers, employees, agents, consultants, advisors, accountants, financial advisors, legal counsel and other representatives from and against any and all losses liabilities, losses, damages, claims, interest, costs, awards, judgments, amounts paid in settlement and penalties suffered or incurred by any of them in connection with the arrangement of the Financing (including any debt financing and action taken in accordance with this Section 6.19) or any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or therewith, except for any of the foregoing to the extent the same is the result of the gross negligence or willful misconduct of the Company, its Subsidiaries for use in such financing)or their respective directors, officers, managers, employees, agents, consultants, advisors, accountants, financial advisors, legal counsel and other representatives.
Appears in 1 contract
Sources: Merger Agreement (Envestnet, Inc.)
Financing Cooperation. (a) The Company shall use its reasonable best efforts to provide, and shall to cause each of its Subsidiaries toand their respective advisors, at Buyer’s sole expenselegal counsel, reasonably cooperate accountants, and representatives to use reasonable best efforts to provide, such reasonable cooperation (provided that, in connection with each case, the arrangement of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or and/or any of its Subsidiaries. Such cooperation ) that is customary in connection with the arrangement of the Debt Financing contemplated by the Company and its Subsidiaries shall includeDebt Commitment Letter, at the including using reasonable request of Buyer, using their respective commercially reasonable best efforts to:
(i) furnish such financial statements assist in preparation for and other financial data participate in marketing efforts and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required lender presentations in connection with any the Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities at reasonable times and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a)locations mutually agreed;
(ii) cause its independent accountants to cooperate assist Parent with any financing source providing financing to Buyer or any the preparation by Parent and the Debt Financing Sources of its Affiliates consistent with their customary practice bank information memoranda and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports similar marketing documents required in connection with any the Debt Financing, including the execution and delivery of customary representation letters in connection with bank information memoranda;
(iii) provide information related to the Company and its Subsidiaries cooperate reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(viiv) execute and deliver as of (but not prior to) the Closing any pledge and security documents, account control agreements, mortgages, other definitive financing documents, currency or interest hedging arrangements, or other certificates or documents as may be reasonably requested by Parent (including a certificate of the chief financial officer (or other comparable officer) of the Company with respect to solvency matters after giving effect to the transactions contemplated hereby) (provided that, other than with respect to any customary representation letters referred to in clause (ii) above, (A) none of the documents or certificates shall be executed or delivered, except in connection with the Closing, and (B) the effectiveness thereof shall be conditioned upon, or become operative after, the occurrence of the Closing) and otherwise reasonably facilitate the pledging of collateral and the granting of security interests in respect of the Debt Financing; and
(v) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is reasonably required by under applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements Act, to the extent required by SEC rules and regulations the Debt Commitment Letter.
(including those required to be included in any periodic report that Buyer or b) In connection with such cooperation, neither the Company nor any of its Affiliates is Subsidiaries shall be required to file under the 1934 Act following the Closing(i) pay any commitment or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts similar fee in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries prior to the extent such information contains Closing Date or bear or reimburse any material misstatement of fact costs or omits expenses or make any payment to state obtain consent or to incur any material fact necessary other actual or potential liability or cause or permit any Lien to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or be placed on any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered its assets in connection with the Debt Financing prior to Closing, in each case, for which it has not received prior reimbursement or is not otherwise fully indemnified by or on behalf of Parent, (ii) become an issuer or other obligor with respect to the Debt Financing;
(xiv) prevent , unless and until the syndication, incurrence or issuanceClosing occurs, or any attempt to syndicate, incur (iii) execute or issuedeliver, or take any announcement corporate or authorization of other action to adopt or approve, any document, agreement, certificate or instrument with respect to the announcement of Financing that will be effective before the syndicationClosing Date. Parent shall, incurrence or issuancepromptly, of any debt facility or any debt security of upon written request by the Company, reimburse the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other applicable, for all reasonable and documented out-of-pocket fees, in each casecosts, in connection with and expenses incurred by any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk any of damage their respective representatives (including those of their accounting firms engaged to assist in connection with the Debt Financing and legal counsel) in connection with the cooperation required by this Section 6.14, and shall indemnify and hold harmless the Company and its Subsidiaries and each of their respective representatives from and against all losses, damages, claims, costs, or destruction expenses (including reasonable attorneys’ fees) suffered or incurred by any of them directly or indirectly in connection with such Person complying with their obligations under this Section 6.14 and any information used in connection therewith.
(c) The Company hereby consents to the use of its logos solely in connection with the Financing; provided that Parent and Merger Sub shall ensure that such logos are used solely in a manner that would not harm or disparage the Company or the Company’s reputation, goodwill or marks and will comply with the Company’s reasonable usage requirements.
(d) Nothing in this Section 6.14 shall require such cooperation to the extent it would (i) cause any property condition to Closing set forth in Article VII to fail to be satisfied or assets otherwise cause any breach of this Agreement (unless, in each case, waived by Parent), (ii) require the Company or any of its Subsidiaries to waive or amend any terms of this Agreement or take any action that would reasonably be expected to conflict with, or result in any violation or breach of, or default (with or without notice or lapse of time, or both) under any of their respective Organizational Documents, any applicable Laws or the Existing Debt Documents or (iii) result in any officer, director employee, agent or other representative of the Company or any of its Subsidiaries, Subsidiaries incurring any personal liability (D) provide any information the disclosure of which is prohibited as opposed to liability in his or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(aher capacity as officer) with respect to any matters relating to the Debt Financing that is not contingent on the ClosingFinancing.
(b) Buyer shall, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives, from and against any and all losses suffered or incurred by any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company or any of its Subsidiaries for use in such financing).
Appears in 1 contract
Financing Cooperation. (a) The Company shall use its commercially reasonable efforts to, and shall cause direct its Subsidiaries officers, directors, employees and other advisors or representatives to use their commercially reasonable efforts to, at Buyer’s sole expense, reasonably cooperate provide all cooperation that is customary and reasonable in connection with the arrangement of any Debt Financing debt financing or other alternative financing as may be reasonably requested in writing by Buyer; Parent (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company or its Subsidiaries. Such cooperation by Company), including (a) participation in a reasonable number of meetings, due diligence sessions and lender presentations, (b) assisting with the Company preparation of confidential information memoranda and similar documents, (c) furnishing Parent and its Subsidiaries shall includedebt or other financing sources with such pertinent and customary information regarding the Company, at the reasonable request of Buyerincluding all presently available financial statements, using their respective commercially reasonable efforts to:
(i) furnish such financial statements projections and other financial data data, in each case as reasonably requested in writing by Parent, (d) executing and delivering any customary placement agreements, pledge and security documents, other information definitive financing documents or other requested certificates or documents, including a customary solvency certificate executed by the Chief Financial Officer of the Company on behalf of the Company (provided that such documents will not take effect until the Effective Time), and (e) obtaining any intellectual property assignment agreements relating to the Company Intellectual Property, and its Subsidiaries making all necessary filings with governmental registration agencies to update ownership title in, and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate effectuate the release of, any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to security interests granted in the Company and its Subsidiaries for Intellectual Property, in each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) case as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested in writing by Buyer or any of its Affiliates;
(iv) provide Parent. Notwithstanding the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwritingforegoing, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives officers, directors, employees and other advisors and representatives shall be required to (A) take any action that would subject any of them to actual or potential liability, to bear any cost or expense or to pay any commitment or other fees, in each case, similar fee or make any other payment or incur any other liability or provide or agree to provide any indemnity in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company Equity Financing or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents alternative financing or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument cooperation provided pursuant to this Section 7.08(a) with respect 6.12, prior to any Debt Financing that the Effective Time, unless such action is not contingent on upon the Closing.
(b) Buyer shall. Parent shall promptly, promptly upon request by the Company, reimburse the Company and its officers, directors, employees and other advisors and representatives for all reasonable and documented out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Company, its Subsidiaries and its and their respective Representatives them in connection with their respective obligations pursuant to the cooperation of the Company contemplated by this Section 7.08(a)6.12. Buyer Parent and Merger Sub shall indemnify jointly and severally indemnify, defend and hold harmless the CompanyCompany and its officers, its Subsidiaries directors, employees and their respective Representatives, other advisors and representatives from and against any and all losses suffered losses, claims, damages, liabilities, fees, expenses, judgments and fines arising in whole or incurred by any in part out of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements actions or omissions in information provided by the Company or any of its Subsidiaries for use in such financing)undertaken pursuant to this Section 6.12.
Appears in 1 contract
Financing Cooperation. (a) The Subject to the provisions of Section 6.15(b), the Company shall shall, and shall use commercially reasonable efforts to cause its Subsidiaries and their respective directors, officers and employees to, use commercially reasonable efforts, at Buyer’s the Parent Parties’ sole cost and expense, and as is reasonably cooperate requested by Parent in connection with a third party financing by a Parent Party to finance the arrangement Transaction (a “Financing”), to provide the following cooperation to the Parent Parties: (i) have the Company’s Chief Executive Officer, Chief Financial Officer or other appropriate senior officers participate in a reasonable number of any Debt Financing as may be reasonably requested by Buyer; provided that such requested cooperation does not unreasonably interfere telephonic meetings with the ongoing operations Financing Sources (and their respective advisors) at times to be mutually agreed, (ii) deliver possessory collateral (such as certificated equity and promissory notes) within its possession to the Financing Sources, subject to the occurrence of the Company or its Subsidiaries. Such cooperation by Closing, (iii) facilitate the pledging of collateral for any such Financing, subject to the occurrence of the Closing, (v) request payoff letters, lien terminations and instruments of discharge, to be delivered on the Closing Date, of all Indebtedness of the Company and its Subsidiaries shall includeto be paid off on the Closing Date (including with respect to the Company Credit Agreement) in a customary form, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(ivi) furnish such financial statements to the Parent Parties and other financial data their Financing Sources all reasonable documentation and other information relating required by Governmental Entities with respect to such Financing under applicable “know your customer” and anti-money laundering rules and regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended, at least three Business Days prior to the Closing, to the extent requested in writing at least ten Business Days prior to the Closing, and (vii) execute and deliver credit agreements, notes, pledge and security documents, landlord waivers, estoppels, consents, and approvals and other definitive financing documents or other requested certificates or documents (excluding solvency certificates) requested by Parent in connection with the closing of any such Financing (in each case, subject to the occurrence of the Closing). The Company hereby consents to the use of the logos of the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt Financing, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt a Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, furtherhowever, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or neither intended, nor reasonably likely likely, to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligence, to the extent customary and reasonable;
(vi) provide information reasonably necessary to assist Buyer or any of its Affiliates in its preparation of material relating to the Company and its Subsidiaries for rating agency presentations;
(vii) provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Company, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries nor any of their respective Affiliates or Representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action that, in the good faith determination of the Company, would unreasonably interfere with the conduct of the business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or any of its Subsidiaries, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (E) take any action that would conflict with or violate its organizational documents or any applicable Law or would result in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing that is not contingent on the Closingmarks.
(b) Buyer shallNotwithstanding anything to the contrary in this Agreement, promptly upon request by the Company, reimburse the Company for all out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and its and their respective Representatives in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representativesdirectors, from officers and against employees shall not be required (i) to take any action or provide any assistance to the Parent Parties that would unreasonably interfere with the ongoing operations of the Company and all losses suffered its Subsidiaries in the Company’s reasonable judgment; (ii) to execute or incurred by deliver any of them in connection with any debt financing and any information utilized in connection therewith certificate, document, instrument or agreement (other than material misstatements or omissions in information provided by customary authorization and representation letters) that is effective prior to the Company or any of its Subsidiaries for use in such financingClosing (other than W-9s and other documents necessary to satisfy PATRIOT Act requirements).; (iii) to pay any
Appears in 1 contract
Financing Cooperation. (a) The Company shall ▇▇▇▇ has agreed to use its reasonable best efforts to provide, and shall to cause its Subsidiaries tosubsidiaries and each of their respective representatives to provide, at Buyer’s sole expenseto Celgene and Purchaser reasonable cooperation that may be reasonably requested by Celgene and Purchaser and that is necessary or customary, reasonably cooperate proper or advisable in connection with the arrangement of any Debt Financing as may be reasonably requested debt financing undertaken by Buyer; provided that such requested cooperation does not unreasonably interfere with the ongoing operations Celgene in contemplation of the Company or its Subsidiaries. Such cooperation by the Company and its Subsidiaries shall include, at the reasonable request of Buyer, using their respective commercially reasonable efforts to:
(i) furnish such financial statements and other financial data and other information relating to the Company and its Subsidiaries and requested by Buyer or its Representatives as may be reasonably necessary or advisable to consummate any Debt FinancingTransactions, including financial statements, financial data, projections, audit reports and other information (w) constituting audited financial statements relating to the Company and its Subsidiaries for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date and unaudited financial statements relating to the Company and its Subsidiaries for any quarterly interim period or periods (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements (and corresponding periods of any prior years) and at least 40 days prior to the Closing Date (with respect to which independent auditors shall have performed a SAS 100 review), (x) of the type and form required by Regulation S-X and Regulation S-K promulgated under the 1933 Act for a registered public offering of debt securities, (y) of the type and form customarily included in private placements of debt securities under Rule 144A of the 1933 Act, or (z) as otherwise reasonably required in connection with any Debt Financing or as otherwise necessary in order to assist in receiving customary “comfort” (including “negative reassurance” comfort) from independent accountants in connection with offering(s) of debt securities in connection with any Debt Financing; provided that the Company’s public filings with the Securities and Exchange Commission under the 1934 Act, as amended, of any such financial statements will satisfy the requirements of these items (w), (x) and (y); provided, further, that the Company’s sole obligation with respect to the preparation of any pro forma financial information and financial statements for inclusion in any confidential information memorandum, prospectus, offering memorandum or other marketing and syndication materials shall be as set forth in clause (viii) of this Section 7.08(a);
(ii) cause its independent accountants to cooperate with any financing source providing financing to Buyer or any of its Affiliates consistent with their customary practice and obtain customary accountants’ “comfort letters” (including customary “negative assurances”) and customary consents to the inclusion of audit reports in connection with any Debt Financing;
(iii) provide information related to the Company and its Subsidiaries reasonably necessary to assist Buyer or any of its Affiliates in the preparation of one or more confidential information memoranda, prospectuses, offering memoranda and other marketing and syndication materials reasonably requested by Buyer or any of its Affiliates;
(iv) provide the reasonable use by Buyer and its Affiliates of the Company’s and its Subsidiaries’ logos for syndication and underwriting, as applicable, of financing (subject to advance review of and consultation with respect to such use); provided that such logos are used solely in a manner that is reasonable and customary for such purposes and that is not intended to or reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries or any of their respective products, services, offerings or intellectual property rights;
(v) participate (and causing senior management and representatives, with appropriate seniority and expertise, to participate) in a reasonable and limited number of meetings, presentations and road shows with prospective lenders and investors and in drafting sessions and due diligence sessions, as applicable, and otherwise cooperate with the Debt Financing Sources’ documentary due diligencecooperation, to the extent customary reasonably requested (a) to provide material financial and reasonable;
other pertinent information to Celgene, Purchaser and their financing sources, (vib) provide information reasonably necessary to cooperate with the marketing efforts of Celgene, Purchaser and their financing sources for any financing (including causing Celgene’s and Purchaser’s representatives to participate in meetings, presentations, road shows, due diligence sessions and sessions with rating agencies, a reasonable number of times), (c) to assist Buyer or any of its Affiliates in its with the preparation of material materials for the foregoing and offering documents (including assisting with the preparation of pro forma financial statements meeting the requirements of SEC Regulation S-X) necessary, proper or advisable in connection with the financing, (d) to assist Celgene in obtaining consents of ▇▇▇▇’s auditors for use of their reports in any materials relating to the Company financing and its Subsidiaries for rating agency presentations;
customary “comfort letters,” and (viie) to provide at least three (3) Business Days prior to the Acceptance Time all documentation and other information about the Company and its Subsidiaries as is required by under applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent reasonably requested by any financing source providing financing to Buyer or any of its Affiliates at least ten (10) Business Days prior to the anticipated Acceptance Time;
(viii) provide information reasonably necessary to assist Buyer or any of its Affiliates with the preparation of pro forma financial information and financial statements to the extent required by SEC rules and regulations (including those required to be included in any periodic report that Buyer or any of its Affiliates is required to file under the 1934 Act following the Closing) or necessary or reasonably and customarily required by any Debt Financing Source providing financing to Buyer or any of its Affiliates to be included in any offering documents;
(ix) obtain customary payoff letters and any necessary lien terminations and other instruments of discharge in connection with repayment of existing indebtedness of the Company and its Subsidiaries reasonably requested by Buyer or any of its Affiliates;
(x) cooperate with the providers of the Debt Financing to ensure that, to the extent practicable and appropriate, any syndication efforts in connection with the Debt Financing benefit from the Company’s and its Subsidiaries’ existing lending relationships;
(xi) supplement the written or formally presented information (other than projections and other forward-looking materials and information of a general economic or industry specific nature) provided by the Company or its Subsidiaries to the extent such information contains any material misstatement of fact or omits to state any material fact necessary to make such information, taken as a whole, not misleading in any material respect promptly after gaining knowledge thereof;
(xii) assist the Buyer in the delivery in a timely fashion of customary authorization letters to the providers of the debt financing authorizing the distribution of information to prospective lenders and containing a customary 10b-5 representation and a representation to the providers of the debt financing that, in the case of any public-side version of the information materials provided to such providers, such information does not include material non-public information about the Companyregulations. Neither Juno, its Affiliates or any of their respective securities;
(xiii) cooperate with the Buyer’s legal counsel in connection with any legal opinions that may be required to be delivered in connection with the Debt Financing;
(xiv) prevent the syndication, incurrence or issuance, or any attempt to syndicate, incur or issue, or any announcement or authorization of the announcement of the syndication, incurrence or issuance, of any debt facility or any debt security of the Company or any of its Subsidiaries, except as otherwise permitted under the commitment letter with respect to the Debt Financing or under Section 5.01; provided that neither the Company nor any of its Subsidiaries subsidiaries nor any of their respective Affiliates or Representatives representatives shall be required to (A) pay any commitment or other fees, in each case, in connection with any Debt Financing, (B) give any indemnities in connection with any debt financing, (C) take any action thatunder any of the foregoing that is not contingent upon consummation of the Offer or that would be effective prior thereto or take any corporate actions prior to the closing of the Merger. Neither Juno nor its subsidiaries shall be required to cooperate to the extent that such cooperation would, in the good faith determination of the CompanyJuno, would interfere unreasonably interfere with the conduct of the Juno’s or its subsidiaries’ business of the Company and its Subsidiaries or create an unreasonable risk of damage or destruction to any property or assets of the Company or operations. Neither Juno nor any of its Subsidiariessubsidiaries shall be required to (a) waive or amend any terms of the Merger Agreement, (D) provide any information the disclosure of which is prohibited or restricted under applicable Law or subject to legal privilege, or that is confidential or proprietary to the providing Party, (Eb) take any TABLE OF CONTENTS action that would will conflict with or violate its organizational documents or any applicable Law legal requirement, (c) issue any offering or information document, or (d) take any action that would result subject it to actual or potential liability, to bear any cost or expense or to pay any commitment or other similar fee or make any other payment (other than reasonable out of pocket costs that will be reimbursed by Celgene) or incur any other liability or provide or agree to provide any indemnity in connection with the financing that would be effective prior to the closing. Juno consents to the use of its and its subsidiaries’ logos in connection with the syndication or marketing of the financing (provided such logos are used in a violation or breach of, or default under, any agreement to which the Company or any of its Subsidiaries is a party or (F) execute any agreement, certificate, document or instrument pursuant to this Section 7.08(a) with respect to any Debt Financing manner that is reasonable and customary in connection with a financing, and not contingent on the Closing.
(b) Buyer shallintended to harm or disparage Juno, promptly upon its subsidiaries or their marks). Upon written request by the Company▇▇▇▇, Celgene shall promptly reimburse the Company Juno for all reasonable out-of-pocket costs and expenses incurred by the Company, ▇▇▇▇ or its Subsidiaries and its and their respective Representatives subsidiaries in connection with their respective obligations pursuant to Section 7.08(a). Buyer shall cooperation and indemnify and hold harmless the CompanyJuno, its Subsidiaries subsidiaries and their respective Representatives, representatives from and against any and all losses losses, damages, claims, interest, awards, judgments, penalties, settlements, costs or expenses (including reasonable attorneys’ fees) suffered or incurred by them to the extent they arose out of actions taken by ▇▇▇▇, its subsidiaries or their respective representatives pursuant to their cooperation described above except to the extent the foregoing are determined by a final non-appealable judgment of a court of competent jurisdiction to have arisen out of or resulted from the gross negligence or willful misconduct of Juno, any of them in connection with any debt financing and any information utilized in connection therewith (other than material misstatements or omissions in information provided by the Company its subsidiaries or any of its Subsidiaries their respective representatives. Celgene and Purchaser acknowledge and agree that obtaining the financing is not a condition to consummation of the Transactions and that Celgene and Purchaser have agreed to pay for use the tendered Shares and consummate the Merger and the other Transactions regardless of the availability of the financing and ▇▇▇▇’s condition to have complied with or performed in such all material respects the obligations, covenants and agreements under the Merger Agreement at or prior to the Offer Acceptance Time will be deemed to have been satisfied with respect to any of ▇▇▇▇’s obligations pursuant to the financing).
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