Common use of Financing Clause in Contracts

Financing. (a) The Debt Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitments, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.

Appears in 2 contracts

Sources: Debt Restructuring Agreement (Hungarian Telecom LP), Debt Restructuring Agreement (Invitel Holdings a/S)

Financing. (a) The Debt Purchaser Each of Parent and Sub shall use use, and cause its Affiliates to use, its reasonable best efforts (unless, with respect to any action, another standard for performance is expressly provided for herein) to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to consummate and obtain the proceeds of the Financing on the terms and conditions described (including the flex provisions) set forth in the Financing CommitmentsAgreements and any related Fee Letter (taking into account the anticipated timing of the Marketing Period), including using reasonable best efforts to seek to enforce (including through litigation) its rights under the Debt Commitment Letter in the event of a material breach thereof by the Financing sources thereunder, and shall not permit any amendment or modification to be made to, or consent to any waiver of any provision or remedy under, the Financing Agreements or any related Fee Letter, if such amendment, modification or waiver (i) reduces the aggregate amount of the Financing (including by changing the amount of fees to be paid or original issue discount) from that contemplated in the Financing Agreements, (ii) imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the receipt of the Financing in a manner adverse to Parent or the Company, (iii) decreases the aggregate Equity Financing as set forth in the Equity Financing Commitment delivered on the date hereof, (iv) amends or modifies any other terms in a manner that would reasonably be expected to (x) delay or prevent the Offer Closing or the Merger Closing Date or (y) make the timely funding of the Financing or satisfaction of the conditions to obtaining the Financing less likely to occur or (v) adversely impact the ability of Parent or Sub to enforce its rights against the other parties to the Financing Agreements. For purposes of clarification, the foregoing shall not prohibit Parent from amending the Debt Commitment Letter and any related Fee Letter to add additional lender(s) (and Affiliates of such additional lender(s)) as a party thereto. Any reference in this Agreement to (A) maintain in effect ‘‘Financing” shall include the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or financing contemplated by the Financing Commitments and (D) consummate the Financing at Agreements as amended or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, modified in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance compliance with this Section 5.107.08(a), the term and (B) “Financing CommitmentsAgreements” or “Debt Commitment Letter” shall mean the Financing Commitments include such documents as so amended, replaced, supplemented amended or modified.modified in compliance with this Section 7.08(a). [...]

Appears in 2 contracts

Sources: Merger Agreement, Merger Agreement

Financing. (a) The Debt Purchaser Purchasers shall use its their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain the proceeds of the Acquisition Financing on the terms and conditions described in the Financing CommitmentsCommitment Letter and, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) shall not permit any amendment or modification to be made to, or any waiver of any provision or remedy under, the extent not previously entered into, enter into Commitment Letter or the definitive agreements with respect thereto on thereto, if such amendment, modification or waiver (A) reduces the aggregate amount of the Acquisition Financing, or (B) imposes new or additional conditions or other terms and or otherwise expands, amends or modifies any of the conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing receipt of the Acquisition Financing or other terms in a manner that would reasonably be expected to (including by seeking x) make, in any material respect, the timely funding of the Acquisition Financing or satisfaction of the conditions to obtaining the Acquisition Financing less likely to occur or (y) adversely impact, in any material respect, the ability of Purchasers to enforce its rights under against other parties to the Roll-Over Commitments against Commitment Letter or to draw upon and consummate the lenders and other persons providing Acquisition Financing; provided, however, that Purchasers may amend, replace or otherwise modify the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment Letter or any definitive agreements related agreement with respect thereto to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead add arrangers, book runnersbookrunners, syndication agents agents, lenders or similar entities who had not executed the Roll-Over Commitments Commitment Letter as of the date of this Agreement so long or to reassign titles to such parties who had executed the Commitment Letter as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by date of this Agreement or the TDC Agreement. Upon any ; provided, in each case, such amendment, replacement, supplement replacement or modification does not, without the prior written consent of Seller: (i) make, in any material respect, the timely funding of the Acquisition Financing Commitments or satisfaction of the conditions to obtaining the Acquisition Financing less likely to occur or (ii) adversely impact, in any material respect, the ability of Purchasers to enforce its rights against other parties to the Commitment Letter or to draw upon and consummate the Acquisition Financing. (b) Purchasers shall use their reasonable best efforts to (i) subject to Section 6.5(c), maintain in effect and satisfy on a timely basis all terms, covenants and conditions set forth in the Commitment Letter within Purchasers’ reasonable control in accordance with the terms and subject to the conditions thereof, (ii) negotiate and enter into definitive agreements with respect to the financing contemplated by the Commitment Letter on the terms and conditions contained in the Commitment Letter, (iii) satisfy all conditions to such definitive agreements that are applicable to Purchasers that are within Purchasers’ control, (iv) if the NGX Sale is not consummated in accordance with the NGX Agreement prior to or contemporaneously with the Closing, draw upon and consummate the Acquisition Financing at or prior to the Closing and (v) if the NGX Sale is not consummated in accordance with the NGX Agreement prior to or contemporaneously with the Closing, fully enforce its rights under the Commitment Letter to draw upon and consummate the Acquisition Financing, subject to the terms and conditions of the Commitment Letter. Purchasers shall keep Seller informed on a reasonably current basis and in reasonable detail with respect to all material activity concerning the status of its efforts to arrange the Acquisition Financing. (c) If any portion of the Acquisition Financing becomes unavailable on the terms and conditions contemplated in the Commitment Letter or the Commitment Letter becomes terminated or modified in a manner materially adverse to Purchasers for any reason, Purchasers shall use their reasonable best efforts to arrange and obtain alternative financing from alternative sources with conditions to obtaining such alternative financing no less favorable, in the aggregate, to Purchasers than those contained in the Commitment Letter and in an amount at least equal to the Acquisition Financing or such unavailable portion thereof, as the case may be (the “Alternate Financing”), and to obtain a new financing commitment letter with respect to such Alternate Financing (the “New Commitment Letter”) which shall replace the existing Commitment Letter, a copy of which shall be promptly provided to Seller. In the event any New Commitment Letter is obtained, any reference in this Agreement to the “Acquisition Financing” shall mean the financing contemplated by the New Commitment Letter. (d) For the avoidance of doubt, neither the availability of nor the funding of the Acquisition Financing shall be a condition to the obligation of Purchasers to consummate the Sale. (e) From the date of this Agreement until the earlier of the Closing Date and the termination of this Agreement in accordance with its terms, subject in all respects to the CMA Orders, Seller shall, and shall cause its Subsidiaries to, use commercially reasonable efforts to provide such assistance and cooperation (and to use commercially reasonable efforts to cause its and their respective representatives to provide such assistance and cooperation) with respect to any Acquisition Financing as is reasonably requested by Purchasers, including using commercially reasonable efforts with respect to: (i) cooperating reasonably with each Lender’s due diligence; and (ii) providing financial information relating only to the Business or the Trayport Companies as may reasonably be requested by a Purchaser; provided that nothing in this Section 6.5(e) shall require Seller, any of its Subsidiaries (including any Trayport Company) or any of its or their respective representatives to prepare any new financial statements or projections that are not prepared in the ordinary course of business and past practice of the Business. Notwithstanding any other provision set forth herein or in any other agreement between Seller and a Purchaser (or its Affiliates), Seller agrees that Purchasers and their Affiliates may share customary projections with respect to the Business or the Trayport Companies with the Lenders identified in the Commitment Letters and to any existing lenders of Purchasers, and that Purchasers, their Affiliates and such Lenders may share such information with potential Lenders in connection with any marketing efforts in connection with the Acquisition Financing, provided that the recipients of such information are subject to customary confidentiality arrangements between Purchasers and such parties (which need not include Seller). None of Seller, any of its Subsidiaries or any of its or their respective directors or officers or other personnel or representatives shall be required by this Section 6.5(e) to take any action or provide any assistance that unreasonably interferes with the ongoing operations of Seller and its Subsidiaries. (f) Purchasers shall indemnify and hold harmless Seller, its Subsidiaries and its and their respective representatives from and against any and all losses, damages, claims and out-of-pocket costs or expenses, actually suffered or incurred by them in connection with any Acquisition Financing (including any action taken in accordance with this Section 5.106.5) and any information utilized in connection therewith (other than untrue information provided by Seller or its Subsidiaries or their respective representatives in writing for use in the Acquisition Financing documents), in any case, except to the term “Financing Commitments” shall mean extent suffered or incurred as a result of the Financing Commitments as so amendedgross negligence, replacedwillful misconduct, supplemented fraud or modifiedintentional breach by or of Seller or its Subsidiaries or their respective representatives. In addition, Purchasers shall, promptly upon request by Seller, reimburse Seller for all reasonable and documented out-of-pocket costs incurred by Seller or its Subsidiaries in connection with the performance of Seller’s obligations under this Section 6.5.

Appears in 2 contracts

Sources: Stock Purchase Agreement (Intercontinental Exchange, Inc.), Stock Purchase Agreement (Intercontinental Exchange, Inc.)

Financing. (a) The Debt Purchaser shall Prior to the Closing, each of CAC and Growth Partners will use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain the proceeds of the Financing on as contemplated by and in accordance with the terms and conditions described in of the Commitment Letter (as modified by the flex provisions of the related fee letter and as otherwise modified, so long as such modification would not (i) impose new or additional material conditions or reasonably be expected to prevent, or materially delay or impair, the availability of the Financing Commitments, including or (ii) adversely impact the ability of CAC and Growth Partners to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided it being understood that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely is entered into for the purpose of adding lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had that have not executed the Roll-Over Commitments Commitment Letter as of the date hereof or for the purpose of extending the termination date set forth in the Commitment Letter shall be permitted)), provided, however, that if the Financing becomes unavailable to CAC and Growth Partners on the terms and conditions set forth in the Commitment Letter or the Commitment Letter shall be terminated for any reason (other than due to a material breach by the Caesars Parties of any material provision of this Agreement so long as such addition does not prevent, materially impede which prevents or materially delay renders impracticable the consummation of the RollFinancing), each of CAC and Growth Partners shall use its reasonable best efforts to obtain alternative financing on terms and conditions satisfactory to CAC and Growth Partners and, to the extent required under applicable Law, approved by the relevant Gaming Authorities (the “Alternative Financing”). It is understood and agreed that “reasonable best efforts” as used in this Section 8.13(a) shall not require CAC or Growth Partners to obtain the Alternative Financing if the terms and conditions of such financing (including all terms, termination rights, flex provisions and funding conditions) are less favorable, taken as a whole, to CAC, Growth Partners and its Subsidiaries as compared to the terms of the Commitment Letter. Each of the Caesars Parties shall, at CAC’s and Growth Partners’ cost and expense, provide such cooperation as is reasonably requested by CAC and Growth Partners in connection with obtaining any such Financing (or any Alternative Financing) or the 144A Financing, pursuant to Section 8.13(b). Upon the request of Parent or a Seller, CAC and Growth Partners shall apprise Parent and such Seller of material developments relating to the Financing or any Alternative Financing and reasonably promptly shall, upon the written request of Parent and CEOC, provide copies of all definitive documents agreed with the Financing Lenders or otherwise related to the Financing or any Alternative Financing to Parent or a Seller, subject to customary redaction of fee amounts and other economic terms (including interest rates). For purposes of this Agreement, references to “Financing” shall include the financing contemplated by the Commitment Letter as amended, modified, waived or replaced in accordance with this Section 8.13(a) and references to “Commitment Letter” shall include the Commitment Letter as amended, modified, waived or replaced in accordance with this Section 8.13(a). (b) Prior to the Closing, each of the Caesars Parties shall provide, and shall use its reasonable best efforts to cause its Representatives, in each case, with appropriate seniority and expertise, including its or their accounting firms, to provide, at CAC and Growth Partners’ sole cost and expense, all cooperation reasonably requested by CAC and Growth Partners in connection with the arrangement of the Financing (including any Alternative Financing) and the 144A Financing, including by, in each case upon reasonable advance notice and on a reasonable number of occasions: (i) assisting in the preparation for and participation in the marketing efforts in connection with the syndication of the financing contemplated by the Commitment Letter or the Alternative Financing (including a reasonable number of lender meetings and conference calls) or the 144A Financing, other meetings, presentations, drafting sessions, road shows, due diligence sessions (including accounting due diligence sessions) and sessions with the Financing Lenders, any lenders providing Alternative Financing or any initial purchasers of the 144A Financing (such lenders and initial purchasers, together with the Financing Lenders, the “Applicable Financing Lenders”), other prospective lenders and investors and ratings agencies, and assisting CAC and Growth Partners in obtaining ratings as contemplated by the Financing, the Alternative Financing, and the 144A Financing, if any; (ii) cooperating with CAC, Growth Partners and the Applicable Financing Lenders, including, as applicable, reasonably assisting with the preparation of rating agency presentations, pro forma financial information and financial statements, bank information memoranda, lender presentations, offering documents, private placement memoranda, prospectuses and similar documents and other customary marketing materials for the Financing and the 144A Financing (including, as applicable, delivering customary representation letters, authorization letters, confirmations and undertakings as contemplated by the Commitment Letter or replacement thereof (including with respect to the presence or absence of material non-Over public information and the accuracy of the information contained in the disclosure and marketing materials related to the Financing (including any Alternative Financing))); (iii) as promptly as reasonably practicable, (A) furnishing CAC, Growth Partners and the Applicable Financing Lenders and their respective Representatives with the Required Information, (B) informing CAC and Growth Partners if the chief executive officer, chief financial offer, treasurer or controller of the Caesars Parties or any director or member of the Caesars Parties shall have actual knowledge of any facts as a result of which a restatement of any financial statements for such financial statements to comply with GAAP is, to such person’s actual knowledge, probable; (iv) both before the Closing and, to the extent reasonably necessary to allow CAC and Growth Partners to consummate a securities offering or comply with SEC requirements after the Closing (but in either case at CAC’s and Growth Partners’ cost and expense), providing appropriate representations with respect to information for periods prior to the Closing customary in connection with the preparation of financial statements and other financial data of the Company Parties and requesting accountants’ consents in connection with the use of the Company Parties’ financial statements for periods prior to the Closing in offering documents, prospectuses, Current Reports on Form 8-K and other documents to be filed with the SEC; (v) using reasonable best efforts to provide (y) within forty-five (45) days of the end of each of the first three fiscal quarters of the current fiscal year and any subsequent fiscal year ending prior to the Closing Date, quarterly financial statements which for the avoidance of doubt shall include the comparable period in the prior fiscal year of the Company Parties which have been “reviewed” by auditors in accordance with Statements on Auditing Standards 100, and (z) within ninety (90) days of the end of each of the most recently completed fiscal year and each subsequent fiscal year ending prior to the Closing Date, audited financial statements of the Company Parties for such fiscal year; (vi) with respect solely to the Purchased Entities, executing and delivering as of (but not before) the Closing any pledge and security documents, other definitive financing documents, or other certificates, customary (e.g., local counsel) legal opinions or documents as may be reasonably requested by CAC and Growth Partners and otherwise facilitating the pledging of collateral of the Purchased Entities (including, providing reasonable and customary information required in connection with the pledging and identification of real property and intellectual property of the Purchased Entities and cooperation in connection with CAC and Growth Partners’ efforts to obtain environmental assessments and title insurance with respect thereto); (vii) assisting CAC and Growth Partners to obtain waivers, consents, estoppels and approvals from other parties to material leases, encumbrances and Contracts relating to the Company Parties (or the Purchased Entities) and to arrange discussions among CAC, Growth Partners and the Applicable Financing Lenders and their respective Representatives with other parties to material leases, encumbrances and Contracts as of the Closing; (viii) (A) permitting the Applicable Financing Lenders to evaluate the Company Parties’ (or Purchased Entities’) current assets, cash management and accounting systems, policies and procedures relating thereto for the purposes of establishing collateral arrangements as of the Closing and assisting with other collateral audits and due diligence examinations and (B) establishing bank and other accounts and blocked account agreements and lock box arrangements to the extent necessary in connection with the Financing (including any Alternative Financing) or the 144A Financing, if any; (ix) reasonably facilitating the taking of all corporate, limited liability company or other similar actions by the Caesars Parties that are reasonably necessary to permit the consummation of the Financing (including any Alternative Financing) and the 144A Financing, if any, and to permit the proceeds thereof, together with the cash at the Purchased Entities and their Subsidiaries, if any (not needed for other purposes), to be made available on the Closing Date to consummate the transactions contemplated by this Agreement Agreement, provided, that for the avoidance of doubt, any costs, fees or expenses incurred or required to be paid in connection with the TDC Agreement. Upon any such amendment, replacement, supplement or modification consummation of the Financing Commitments or any Alternative Financing shall not constitute Unpaid Caesars Expenses hereunder and the Caesars Parties shall have no liability or obligation in connection therewith; (x) providing at least five (5) Business Days prior to the Closing Date all documentation and other information about the Company Parties as is required by applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act to the extent requested at least ten (10) Business Days prior to the anticipated Closing Date; and (xi) cooperating with CAC and Growth Partners to satisfy the conditions precedent to the Financing (including any Alternative Financing) to the extent within the control of the Caesars Parties. The foregoing notwithstanding, (A) Persons who are directors or members of the Caesars Parties prior to the Closing Date in their capacity as such shall not be required to pass resolutions or consents to approve or authorize the execution of the Financing (including any Alternative Financing), (B) no obligation of the Caesars Parties or any of their respective Representatives undertaken pursuant to the foregoing shall be effective until the Closing Date and no officer or director of any Caesars Party (other than, as of the Closing, the Company Parties) shall be required to execute any documents, including, without limitation, any registration statement to be filed as specifically set forth above, including with the SEC, any pledge or security documents or other definitive financing documents (except with respect to the representation letters or authorization letters specified above) and (C) none of the Caesars Parties nor any of their respective Representatives shall be required to pay any commitment or other similar fee or incur any other liability, cost or expense in connection with the Financing (including any Alternative Financing) or 144A Financing, if any, and CAC or Growth Partners shall pay on behalf of any Caesars Party, or promptly reimburse any Caesars Party for, any fee or reasonable expense documented out-of-pocket incurred solely in connection with the Financing or any Alternative Financing or with any action taken in compliance with this Section 8.13; provided that, for the avoidance of doubt, the costs, fees, expenses and other amounts payable to Deloitte & Touche LLP in connection with the preparation of the Audited Financial Statements shall be treated in accordance with Section 8.9(a). CAC and Growth Partners shall indemnify and hold harmless the Caesars Parties and their respective Representatives from and against any and all Damages arising out of any claim by a third party (other than Damages which are the subject matter of any successful indemnification claim pursuant to Section 11.2 by a Growth Indemnified Person against the Caesars Parties) suffered or incurred by them in connection with the arrangement of the Financing or any Alternative Financing in compliance with this Section 5.108.13 and any information utilized in connection therewith (other than information provided by or on behalf of the Caesars Parties or their respective Representatives), in each case, except to the extent suffered or incurred as a result of bad faith, gross negligence or willful misconduct of, or material breach of this Agreement by, the term “Financing Commitments” Caesars Parties. Nothing contained in this Section 8.13(b) or otherwise shall mean require any Caesars Party (other than, from and after the Closing, any Company Party) to be an issuer, guarantor, pledgor or other obligor with respect to the Financing Commitments (including any Alternative Financing) or the 144A Financing, if any. Each of the Caesars Parties hereby expressly authorizes the use of the financial statements and other information to be provided pursuant to this Section 8.13(b) for purposes of the Financing (including any Alternative Financing). (c) Each of the Caesars Parties hereby consents to the use of its logos in connection with the Financing (including any Alternative Financing); provided that such logos shall be used by CAC, Growth Partners and the Financing Lenders in a manner that is not intended to, or reasonably likely to, harm or disparage the Caesars Parties or the reputation or goodwill of the Caesars Parties. (d) Prior to and through the Closing, the Caesars Parties shall use reasonable best efforts to periodically update any Required Information provided to CAC and Growth Partners as may be necessary so amendedthat such Required Information is (i) Compliant and (ii) meets the applicable requirements set forth in the definition of “Required Information”. For the avoidance of doubt, replacedCAC and Growth Partners may, supplemented to most effectively access the financing markets, require the cooperation of the Caesars Parties under this Section 8.13 at any time, and from time to time and on multiple occasions, between the date hereof and the Closing; provided that CAC and Growth Partners shall comply with Section 8.13(b) with respect to any requests for cooperation and shall use their reasonable best efforts to limit interference with the ongoing operations of the Caesars Parties. The Caesars Parties shall timely file SEC documents and other materials with the SEC to the extent required by the SEC in accordance with Law to the extent such SEC documents relate specifically to the Company Parties or modifiedany of their Subsidiaries. In addition, if, in connection with a marketing effort contemplated by the Commitment Letter, CAC and Growth Partners reasonably request the Caesars Parties to file a Current Report on Form 8-K pursuant to the Exchange Act that contains material non-public information with respect to the Company Parties or any of their Subsidiaries, which CAC and Growth Partners reasonably determine to include in a customary offering memorandum for the Financing, then Caesars Parties shall file a Current Report on Form 8-K containing such material non-public information. (e) Prior to the Closing, the Caesars Parties shall use their reasonable best efforts to cause their independent auditors to provide, consistent with customary practice, (A) consent to SEC filings and offering memoranda that include or incorporate the Company Parties’ consolidated financial information and their reports thereon, in

Appears in 2 contracts

Sources: Transaction Agreement (CAESARS ENTERTAINMENT Corp), Transaction Agreement (Caesars Acquisition Co)

Financing. Each applicable Landlord shall be entitled to encumber one or more of its Hotels with a Mortgage on commercially reasonable terms and in such event, such Landlord, the applicable Owner and Manager shall be required to execute and deliver, and such Landlord agrees to require Mortgagee to execute and deliver, an instrument (a “Subordination Agreement”) which shall be recorded in the jurisdiction where any such encumbered Hotel is located, which provides that: A. This Agreement and any extensions, renewals, replacements or modifications thereto, and all right and interest of Manager in and to such Hotel, shall be subject and subordinate to the Mortgage; and B. If there is a foreclosure of a Mortgage in connection with which title or possession of such Hotel is transferred to the Mortgagee (or its designee) or to a purchaser at foreclosure or to a subsequent purchaser from the Mortgagee (or from its designee) (each of the foregoing, a “Subsequent Holder”), Manager shall not be disturbed in its rights under this Agreement, so long as (a) The Debt Purchaser no Manager Event of Default (beyond the applicable notice and cure period, if any) has occurred thereunder which entitles the applicable Owner to terminate this Agreement, and (b) the applicable Lease has not been terminated as a result of a monetary default which arises from acts or failure to act by Manager pursuant to this Agreement, provided, however, that such Subsequent Holder shall use its reasonable best efforts not be (a) liable in any way to takeManager for any act or omission, neglect or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds default of the Financing prior Landlord or Owner (b) responsible for any monies owing or on the terms and conditions described in the Financing Commitments, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable deposit with any prior Landlord or Owner to the Debt Purchaser to obtaining the Financing that is within its control credit of Manager (including by consummating the Equity Financing at or prior except to the Closingextent actually paid or delivered to such Subsequent Holder), (Cc) subject to any counterclaim or setoff which theretofore accrued to Manager against any prior Landlord or Owner, (d) bound by any modification of this Agreement subsequent to such Mortgage which was not approved by the Mortgagee, (e) liable to Manager or beyond such Subsequent Holder’s interest in such Hotel and the rents, income, receipts, revenues, issues and profits issuing from such Hotel, or (f) required to remove any Person occupying such Hotel or any part thereof, except if such person claims by, through or under such Subsequent Holder. If a Lease is terminated as a result of a non-monetary default which was not caused by a Manager Event of Default pursuant to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or such Subsequent Holder succeeds to the TDC Agreement; interest of the applicable Owner thereunder, the Mortgagee or Subsequent Holder, as applicable, and provided Manager shall agree that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by applicable Hotel will continue to be subject to this Agreement or a stand-alone agreement with respect to such Hotel on substantially the TDC Agreement. Upon any such amendment, replacement, supplement or modification of same terms and provisions as this Agreement (but neither the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedMortgagee nor Subsequent Holder will be responsible to pay past due amounts hereunder).

Appears in 2 contracts

Sources: Master Management Agreement (Service Properties Trust), Master Management Agreement (Service Properties Trust)

Financing. (a) The Debt Purchaser Unless, and to the extent, Parent shall have demonstrated to the reasonable satisfaction of the Company (as confirmed in writing by the Company) that Parent shall have sufficient cash from other sources (including by reason of a capital market or other financing transaction) available to satisfy its cash payment obligations under this Agreement, from and after the execution of this Agreement, Parent shall: (i) use its reasonable best efforts to arrange the Financing on the terms and conditions described in the Commitment Letter; (ii) shall not permit any amendment or modification to be made to the Commitment Letter, if such amendment or modification (A) reduces the aggregate amount of the Financing or (B) imposes additional conditions or otherwise amends any of the conditions to the receipt of the Financing in a manner that could reasonably be expected to (I) prevent the Closing from occurring prior to the Outside Date, (II) make the funding of the Financing (or satisfaction of the conditions to obtaining the Financing) materially less likely to occur or (III) adversely impact the ability of Parent or the Merger Subs, as applicable, to enforce their respective rights against other parties to the Commitment Letter or the definitive agreements with respect thereto; and (iii) use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain the proceeds of arrange the Financing on the terms and conditions described in the Financing CommitmentsCommitment Letter. For the avoidance of doubt, including but subject to (A) maintain the foregoing, Parent may amend, supplement, modify or replace the Commitment Letter as in effect at the Financing Commitments, date hereof (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (Cx) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in add or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Commitment Letter as of the date of this Agreement so long as such addition does not preventAgreement, materially impede (y) to increase the amount of indebtedness or materially delay the consummation (z) to replace all or a portion of the Roll-Over facility committed under the Commitment Letter as in effect as of the date hereof with one or more new facilities under such Commitment Letter or under any new commitment letter or facility (any such new commitment or facility, a “Replacement Facility”); provided, that the transactions terms of such Replacement Facility shall comply with clauses (i) and (ii) above. Promptly following the execution of a Replacement Facility by Parent, Parent shall notify the Company to such effect and shall promptly provide a fully executed copy of such Replacement Facility and any related agreements. For purposes of this Agreement, (1) the term “Financing” shall be deemed to include the financing contemplated by the Commitment Letter as amended, modified or replaced pursuant to this Agreement Section 5.10 (including any Replacement Facility, any Alternative Financing and, in the case of Section 5.10(d), any offering of debt or equity securities the TDC proceeds of which are intended to be used to satisfy the obligations under this Agreement. Upon any such amendment), replacementand (2) the term “Commitment Letter” shall be deemed to include the Commitment Letter as may be amended, supplement modified or modification of the Financing Commitments in accordance with replaced pursuant to this Section 5.10, any commitment letters with respect to any Replacement Facility, and any commitment letters with respect to the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedAlternative Financing.

Appears in 2 contracts

Sources: Merger Agreement (Health Net Inc), Merger Agreement (Centene Corp)

Financing. (a) The Debt Purchaser shall Each of Parent and Acquisition Sub shall, subject to the terms and conditions of this Agreement, use its commercially reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Debt Financing at Closing on the terms and conditions described in the Financing CommitmentsCommitment Letter and Fee Letter, including using commercially reasonable efforts to (Ai) maintain in effect the Financing CommitmentsCommitment Letter and Fee Letter, in each case as in effect on the date of this Agreement (subject to the last sentence of this Section 6.10(a)), in accordance with their terms, (Bii) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into negotiate definitive agreements with respect thereto on to the Debt Financing (the “Definitive Agreements”) consistent with the terms and conditions described contained therein (including, as necessary, the “flex” provisions contained in the Fee Letter) (or if available, on other terms that are acceptable to Parent and would not (x) adversely affect the ability of Parent and Acquisition Sub to consummate the transactions contemplated hereby, (y) reduce the aggregate amount of the Debt Financing below the amount required to consummate the Merger and the other transactions contemplated by the Financing Commitments this Agreement and to pay fees and expenses and (Dz) consummate the Financing at add any new (or prior adversely modify any existing) condition to the Closing (including by seeking consummation of the Debt Financing as compared to enforce its rights under those in the Roll-Over Commitments against the lenders Commitment Letter and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any Fee Letter as in effect of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification this Agreement in a manner that would reasonably be expected to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over Merger and the other transactions contemplated by this Agreement and (iii) satisfy (or, if deemed advisable by Parent, obtain the waiver of) on a timely basis all conditions in the Commitment Letter, Fee Letter and the Definitive Agreements and otherwise comply with all of its obligations thereunder. In the event that all conditions contained in the Commitment Letter have been satisfied or waived and Parent is required to consummate the Closing pursuant to Section 2.2, Parent shall use commercially reasonable efforts to cause each Lender to fund its respective committed portion of the Debt Financing required to consummate the transactions contemplated by this Agreement and to pay related fees and expenses on the Closing Date; provided, however that nothing contained in this Section 6.10 shall require either Parent or Acquisition Sub to bring any enforcement action or proceeding against any Debt Financing Source to enforce its respective rights under the TDC Agreement; commitment to procure Debt Financing pursuant to the applicable Commitment Letter and provided Fee Letter. Neither Parent nor Acquisition Sub shall, without the prior written consent of the Company, permit any amendment or modification to, or any waiver of any provision (including any remedy) under, or replace (it being understood that any Alternative Debt Financing shall not be deemed a replacement for purposes of this sentence), the Commitment Letter or Fee Letter if such amendment, modification, or waiver or replacement (w) adds new (or adversely modifies any existing) conditions to the consummation of the Debt Purchaser may replace Financing as compared to those in the Commitment Letter and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments Fee Letter as of in effect on the date of this Agreement so long as such addition does not in a manner that would reasonably be expected to prevent, materially impede or materially delay the consummation of the Roll-Over Merger and the other transactions contemplated by this Agreement, (x) adversely affects the ability of Parent or Acquisition Sub to enforce their rights against other parties to the Commitment Letter, Fee Letter or the Definitive Agreements as so amended, replaced, supplemented or otherwise modified, relative to the ability of Parent to enforce its rights against such other parties to the Commitment Letter and Fee Letter as in effect on the date hereof or in the Definitive Agreements, (y) reduces the aggregate amount of the Debt Financing below the amount required to consummate the Merger and the other transactions contemplated by this Agreement and to pay related fees and expenses, or (z) would otherwise reasonably be expected to prevent, impede or materially delay the TDC consummation of the Merger and the other transactions contemplated by this Agreement. Upon ; provided that for the avoidance of doubt no consent from the Company shall be required for: (A) any such amendment, replacement, supplement or modification of the Commitment Letter that is limited to adding lenders, lead arrangers, bookrunners, syndication agents or similar entities that have not executed the Commitment Letter as of the date of this Agreement (including in replacement of a Lender), (B) implementation or exercise of any “flex” provisions provided in the Fee Letter as in effect as of the date hereof, or (C) any amendment, replacement, supplement or modification to the Commitment Letter or Definitive Agreements so long as such action would not be prohibited by the foregoing clauses (w)-(z). (b) In the event that any portion of the Debt Financing Commitments becomes unavailable, regardless of the reason therefor (other than a breach by the Company of this Agreement which prevents or renders impracticable the consummation of the Debt Financing) each of Parent and Acquisition Sub will (1) use its commercially reasonable efforts to obtain alternative debt financing from the same or other source (the “Alternative Debt Financing”) (in accordance an amount sufficient, when taken together with available cash on hand, and any then-available Debt Financing pursuant to any then-existing Commitment Letter, to consummate the transactions contemplated by this Agreement) on terms not less favorable in the aggregate to Parent than those contained in the Commitment Letter and the Fee Letter that the alternative financing would replace (taking into account any flex provisions) and (2) promptly notify the Company of such unavailability and the reason therefor. Notwithstanding anything to the contrary, nothing in this Section 6.10 shall require Parent to pay any material fees in excess of those contemplated by the Fee Letter. (c) For purposes of the foregoing Sections 6.10(a) and (b), (i) the term “Commitment Letter” shall be deemed to include any commitment letter (or similar agreement) with respect to any alternative debt financing arranged in compliance herewith (and any Commitment Letters remaining in effect at the time in question), (ii) the term “Fee Letter” shall be deemed to include any fee letter (or similar agreement) with respect to any alternative debt financing arranged in compliance with this Section 5.106.10, and (iii) the term “Financing CommitmentsLenders” shall mean be deemed to include any lenders providing the Financing Commitments as so amendedalternative debt financing arranged in compliance herewith. Parent and Acquisition Sub shall provide the Company with prompt notice of any breach or default by any party to any Commitment Letters or the Definitive Agreements of which Parent or Acquisition Sub gains knowledge and termination or repudiation by any party to any Commitment Letters or the Definitive Agreements or any provision thereof; provided, replacedhowever, supplemented that in no event will Parent or modifiedAcquisition Sub be under any obligation to disclose any information that is subject to attorney-client or similar privilege if Parent or Acquisition Sub shall have used its commercially reasonable efforts to disclose such information in a way that would not waive such privilege.

Appears in 2 contracts

Sources: Merger Agreement (Revlon Inc /De/), Merger Agreement (Elizabeth Arden Inc)

Financing. (a) The Debt Purchaser Buyer shall use its reasonable best efforts to (x) take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or advisable to obtain arrange the proceeds Debt Financing and the Sale Leaseback Financing as promptly as practicable following the date of this Agreement and (y) consummate the Debt Financing and the Sale Leaseback Financing on the terms and conditions described in the Financing CommitmentsClosing Date, including to using its reasonable best efforts to: (Ai) maintain in effect the Debt Commitment Letter and not permit or consent to any amendment or modification to be made to, not consent to any waiver of any provision or remedy under, and not replace, the Debt Commitment Letter, if such amendment, modification, waiver or replacement: (A) reduces the aggregate amount of the Debt Financing Commitments, (including by changing the amount of fees to be paid or original issue discount of the Debt Financing) to an amount that would cause Buyer to not have sufficient funds to pay the Purchase Price and to pay all fees and expenses required to be paid by the Buyer relating to the consummation of the transactions contemplated hereby and after giving effect to any increase in the amount of the Equity Financing or (B) satisfy on imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the receipt of the Debt Financing in a timely basis all manner that would reasonably be expected to (1) materially delay or prevent the Closing, (2) make the funding of the Debt Financing (or satisfaction of the conditions applicable to obtaining the Debt Financing) less likely to occur or (3) adversely impact the ability of Buyer to enforce its rights against other parties to the Debt Purchaser to obtaining Commitment Letter or the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and when required pursuant to this Agreement (Dprovided that Buyer may (I) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendmentamend, replacementrestate, supplement or other modification of, or waive any of its rights under, any Financing otherwise modify the Debt Commitment or any definitive agreements related Letter to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments x) (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Commitment Letter as of the date hereof, (ii) remove lenders, lead arrangers, bookrunners, syndication agents or similar entities who executed the Debt Commitment Letter as of this Agreement so long the date hereof, or (iii) to reallocate commitments or change, assign or reassign titles, duties or roles to, or between or among, any entities party thereto, (y) amend the economic or other arrangements with respect to the existing and additional lenders, lead arrangers, bookrunners, syndication agents or similar entities, or (II) make any changes in connection with any “market flex” provisions contemplated by any fee letter related to the Debt Financing (a “Fee Letter”), in each case, if such addition of additional parties, such removal of parties, such reallocation, such assignment, such reassignment, such amendment or such changes (x) do not reduce the Debt Financing to be funded at the Closing, (y) do not result in additional conditions or contingencies to the funding of the Debt Financing or modify in a manner adverse, in any material respect, to Buyer the conditions to funding set forth in the Debt Commitment Letter, or (z) would not, individually or in the aggregate, be reasonably expected to delay or prevent the Closing; (ii) cause the Equity Financing to be consummated upon satisfaction of the Financing Conditions contained in the Equity Commitment Letter; (iii) satisfy on or prior to the Closing Date all Financing Conditions that are within Buyer’s control; (iv) negotiate, execute and deliver Debt Financing Documents that reflect the terms consistent, in all material respects, with the terms contained in, or such other terms that are not materially less favorable to Buyer in the aggregate than, the Debt Commitment Letter; (v) if necessary to achieve a Successful Syndication (as such addition does term is defined in the Fee Letter), accept to the fullest extent all modifications to the Debt Financing provided in the “market flex” provisions contemplated by the Fee Letter; (vi) in the event that the conditions set forth in Section 8.01 and Section 8.02 and the Financing Conditions have been satisfied or, immediately upon funding would be satisfied, cause the Financing Sources to fund the full amount of the Debt Financing at or prior to the Closing (or such lesser amount as may be required to consummate the transactions contemplated hereby); (vii) enforce its rights under the Commitment Letters in the event of a Financing Failure Event to the extent, in the case of the Debt Commitment Letter, such Financing Failure Event results from a breach of the Debt Commitment Letter by the Financing Sources; (viii) maintain in effect and not preventterminate the Sale Leaseback Agreement and not permit or consent to any amendment or modification to be made to the Sale Leaseback Agreement that is materially adverse to the Buyer; (ix) satisfy on or prior to the Closing Date all SLB Conditions that are within Buyer’s control and required to be satisfied on or prior to the Closing Date; (x) in the event that the conditions set forth in Section 8.01 and Section 8.02 and the SLB Conditions have been satisfied or, materially impede upon funding would be immediately satisfied, cause (including by enforcing its rights under the Sale Leaseback Agreement) the Sale Leaseback Purchaser to consummate the transactions under the Sale Leaseback Agreement simultaneously with the Closing hereunder; and (xi) enforce its rights under the Sale Leaseback Agreement Letters in the event of a Financing Failure Event, to the extent such Financing Failure Event results from a breach of the Sale Leaseback Agreement by the Sale Leaseback Purchaser. (b) Buyer, upon the written request of Seller, shall keep Seller informed in reasonable detail of the status of its efforts to arrange the Financing and the Sale Leaseback Financing. Buyer shall give Seller prompt notice of any breach or materially repudiation or other Financing Failure Event, or receipt of a written notice of any anticipated or asserted breach or repudiation or other Financing Failure Event, by any party to the Commitment Letters or the Sale Leaseback Agreement of which Buyer or its Affiliate becomes aware, if such breach or repudiation would reasonably be expected to prevent or delay the consummation Closing Date. Without limiting Buyer’s other obligations under this Section 5.21, if a Financing Failure Event occurs, Buyer shall (i) promptly notify Seller of such Financing Failure Event and the Roll-Over reasons therefor, (ii) in consultation with Seller, use its reasonable best efforts to obtain alternative financing from the same or alternative financing sources (the “Alternative Financing”), in an amount sufficient to pay the Purchase Price at the Closing and consummate the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments and otherwise in accordance with this Section 5.105.21(a), as promptly as practicable following the term occurrence of such event, and (iii) when obtained, provide Seller with a copy of, a replacement financing commitment, if any, in accordance with Section 5.21(a)(i) that provides for such Alternative Financing, if applicable. Notwithstanding anything herein to the contrary, in no event shall Buyer (in its sole discretion) be required to (i) pay any fees in the aggregate in excess of those contemplated by the Debt Commitment Letter or (ii) agree to terms that are outside of, or less favorable than any terms set forth in the Debt Commitment Letter or the Fee Letter (including any market flex” provision therein). Seller agrees to provide all reasonable cooperation and assistance reasonably requested by Buyer in connection with the arrangement of any such Alternative Financing Commitments” shall mean on a basis consistent Section 5.22 hereof (as though such Alternative Financing were the Debt Financing Commitments as so amended, replaced, supplemented or modifiedand any commitment letter thereunder were the Debt Commitment Letter).

Appears in 2 contracts

Sources: Asset and Stock Purchase Agreement (Darden Restaurants Inc), Asset and Stock Purchase Agreement (Darden Restaurants Inc)

Financing. (a) The Debt Purchaser Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to consummate and obtain the proceeds of the Financing on the terms and conditions described in the Commitment Letters and shall not permit any amendment or modification to be made to, any replacement of all or a portion of any facilities (or commitments thereof) described in, or any waiver of any provisions under, the Commitment Letters without the prior written consent of Seller Parent, if such amendment, modification, replacement or waiver (i) reduces the aggregate amount of the Financing Commitmentsto an amount below the amount required, to consummate the Transactions, including the payment of all fees, premiums and expenses associated therewith, (ii) imposes additional conditions or any contingencies or otherwise expands upon, amends or otherwise modifies any of the conditions to (A) maintain in effect the receipt of any portion of the Financing Commitments, in a manner that would or would reasonably be expected to make any portion of the funding of the Financing (B) satisfy on a timely basis all or satisfaction of the conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior Financing) less likely to the Closing)be obtained, (Ciii) to prevents, impedes or delays the extent not previously entered intooccurrence of Closing, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by (iv) adversely impacts the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking ability of Buyer to enforce its rights against any other party to any Commitment Letter or the Definitive Agreements or (v) adversely impacts the ability of Buyer to consummate the Transactions. For purposes of this Agreement, (1) the term “Financing” shall be deemed to include the financing contemplated by the Commitment Letters as amended, modified or replaced pursuant to this Section 6.6 (including any Alternative Financing used to satisfy the obligations under this Agreement), and (2) the Roll-Over Commitments against term “Commitment Letters” shall be deemed to include the lenders Commitment Letters as may be amended or modified pursuant to this Section 6.6 and other persons providing any commitment letters with respect to the Roll-Over Commitments)Alternative Financing. The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any Buyer acknowledges and agrees that neither the obtaining of its rights under, any the Financing Commitment or any definitive agreements related Alternative Financing is a condition to Buyer’s obligations to consummate the Financing, in each case, without Transactions and the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.

Appears in 2 contracts

Sources: Purchase and Sale Agreement (Medicines Co /De), Purchase and Sale Agreement (Melinta Therapeutics, Inc. /New/)

Financing. (a) The Debt Purchaser Each of Parent and Merger Subsidiary shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsCommitment Letters, and shall not permit any amendment or modification to be made to, or any waiver of any provision under, the Financing Commitment Letters if such amendment, modification or waiver (i) reduces (or could have the effect of reducing) the aggregate amount of the Financing (including by increasing the amount of fees to be paid or original issue discount unless (A) the Debt Financing or the Equity Financing is increased by a corresponding amount and (B) after giving effect to any of the transactions referred to in clause (A) above, the representations and warranties set forth in Section 5.06 shall be true) or (ii) imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the Financing, or otherwise expands, amends or modifies any other provision of the Financing Commitment Letters in a manner that would reasonably be expected to (A) delay or prevent or make less likely the funding of the Financing (or satisfaction of the conditions to the Financing) on the date of the Closing or (B) adversely impact the ability of Parent or Merger Subsidiary to enforce its rights against other parties to the Financing Commitment Letters or definitive documents relating thereto (provided that, subject to compliance with the other provisions of this Section 7.05(a), Parent and Merger Subsidiary may amend the Debt Commitment Letters to add additional lenders, arrangers, bookrunners and agents). Parent and Merger Subsidiary shall promptly notify and deliver to the Company copies of any such amendment, modification or replacement. (b) Each of Parent and Merger Subsidiary shall use its reasonable best efforts (i) to maintain in full force and effect the Financing CommitmentsCommitment Letters, (Bii) to negotiate and enter into definitive agreements with respect to the Financing Commitment Letters on the terms and conditions contained in the Financing Commitment Letters (or on terms no less favorable to Parent or Merger Subsidiary than the terms and conditions in the Financing Commitment Letters), (iii) to satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining funding in the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into Commitment Letters and such definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) to consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s at or prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments Closing, including using its reasonable best efforts to cause the lenders and the other persons committing to fund the Financing to fund the Financing at the Closing, (iiv) does not involve to enforce its rights under the Financing Commitment Letters and (v) to comply with its obligations under the Financing Commitment Letters. Parent shall keep the Company informed on a reasonably current basis and in reasonable detail of the status of its efforts to arrange the Debt Financing. Without limiting the generality of the foregoing, Parent and Merger Subsidiary shall give the Company prompt notice (A) of any conditions breach or default by any party to funding any of the Roll-Over that are not contained inFinancing Commitment Letters or definitive agreements related to the Financing of which Parent or Merger Subsidiary becomes aware, and satisfied on (B) of the receipt of (x) any written notice or (y) other written communication, in each case from any Financing source with respect to any (1) breach, default, termination or repudiation by any party to any of the Financing Commitment Letters or definitive agreements related to the Financing of any provisions of the Financing Commitment Letters or definitive agreements related to the Financing or (2) material dispute or disagreement between or among any parties to any of the Financing Commitment Letters or definitive agreements related to the Financing with respect to the obligation to fund the Financing or the amount of the Financing to be funded at Closing. As promptly as practicable, but in any event within two (2) Business Days of the date of entry intothe Company delivers to Parent or Merger Subsidiary a written request therefor, such amendment, replacement, supplement Parent and Merger Subsidiary shall provide any information reasonably requested by the Company relating to any circumstance referred to in clause (A) or other modification to the same extent as, the Roll-Over Commitments and (iiB) does not prevent, materially impede or materially delay the consummation of the Roll-Over immediately preceding sentence. Upon the occurrence of any circumstance referred to in clause (A) or (B) of the transactions second preceding sentence or if any portion of the Debt Financing otherwise becomes unavailable, and such portion is reasonably required to fund an amount sufficient to consummate the Merger upon the terms contemplated by this Agreement or the TDC and pay all related fees and expenses of Parent, Merger Subsidiary and their respective Representatives pursuant to this Agreement; , then Parent and provided that the Merger Subsidiary shall use their reasonable best efforts to arrange and obtain replacement debt commitment letters (each a “Replacement Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or Commitment Letter”) in an amount sufficient to consummate the transactions contemplated by this Agreement hereby, provided that, Parent and Merger Subsidiary shall have no obligation to obtain Replacement Debt Commitment Letters on terms and conditions less favorable to Parent and Merger Subsidiary (or their Affiliates) than the TDC Agreementterms and conditions set forth in the Debt Commitment Letters. Upon Parent and Merger Subsidiary shall, upon request of the Company, keep the Company informed on a reasonably current basis in reasonable detail of the status of its efforts to arrange any Replacement Debt Commitment Letters and shall provide to the Company true and complete copies of all material documents related to any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedReplacement Debt Commitment Letters.

Appears in 2 contracts

Sources: Merger Agreement (ChyronHego Corp), Merger Agreement (ChyronHego Corp)

Financing. (a) The Debt Purchaser Parent shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Debt Financing on the terms and conditions described in the Financing Commitments, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Debt Financing Commitments Commitment and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to any amendment or permit any amendment, replacement, supplement or other modification ofto be made to, or waive any waiver of its rights any provision or remedy under, any the Debt Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent of the Company if such amendments, modifications or waivers would or would reasonably be expected to (which consent shall not be unreasonably withheld w) reduce the aggregate amount of the Debt Financing below the amount required to consummate the Merger and the other transactions contemplated hereby, (x) impose new or delayed), provided that any such amendment, replacement, supplement or other modification additional conditions to the Roll-Over Commitments receipt of the Debt Financing, (iy) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede prevent or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or (z) adversely impact the TDC Agreement; and ability of Parent or Merger Sub to enforce its rights against the other parties to the Financing Commitments (provided that Parent and Merger Sub may amend the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding Financing Commitment to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Financing Commitment as of the date of this Agreement so long as such addition does action would not preventreasonably be expected to delay or prevent the Closing), materially impede or materially delay including using reasonable best efforts to (i) maintain in effect the consummation Debt Financing Commitment, (ii) satisfy on a timely basis all conditions and covenants applicable to Parent and Merger Sub in the Debt Financing Commitment (including by consummating the financing pursuant to the terms of the Roll-Over Equity Financing Commitment) and otherwise comply with its obligations thereunder, (iii) enter into definitive agreements with respect thereto on the terms and conditions contemplated by the Debt Financing Commitment (or terms and conditions no less favorable, in the aggregate, to Parent and Merger Sub (in the reasonable judgment of Parent) than the terms and conditions in the Debt Financing Commitment), (iv) in the event that all conditions in the Debt Financing Commitment (other than the availability or funding of any Equity Financing) have been satisfied, consummate the Debt Financing at or prior to Closing and (v) subject to compliance with the requirements of Section 10.09(b), enforce its rights under the Debt Financing Commitment in the event that all conditions in the Debt Financing Commitment (other than the availability or funding of any Equity Financing) have been satisfied, to cause the lenders and other persons providing Debt Financing to fund on the Closing Date the Debt Financing required to consummate the Merger and the other transactions contemplated hereby. Without limiting the generality of the foregoing, Parent and Merger Sub shall give the Company prompt notice (containing a reasonable description of the circumstances giving rise to the notified matter): (A) of any material breach or material default (or any event or circumstance that, with or without notice, lapse of time or both, would reasonably be expected to give rise to any material breach or material default) by any party to the Debt Financing Commitment or definitive document related to the Debt Financing of which Parent or Merger Sub become aware; (B) of the receipt of any written notice or other written communication from any party to the Debt Financing Commitment with respect to any breach, default, termination or repudiation by any party to the Debt Financing Commitment or any definitive document related to the Debt Financing or any provisions of the Debt Financing Commitment or any definitive document related to the Debt Financing; and (C) if Parent or Merger Sub will not be able to obtain all or any portion of the Debt Financing on the terms, in the manner or from the sources contemplated by the Debt Financing Commitment or the definitive documents related to the Debt Financing; provided, that the Parent and Merger Sub shall be under no obligation to disclose any information that is subject to attorney client or similar privilege, but only if such privilege is asserted in good faith. If any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Financing Commitment, Parent shall, if requested by the Company, use its reasonable best efforts to arrange and obtain alternative debt financing from alternative debt sources in an amount sufficient to consummate the transactions contemplated by this Agreement upon terms and conditions not less favorable, taken as a whole, to Parent and Merger Sub (in the reasonable judgment of Parent) than those in the Debt Financing Commitment as promptly as practicable following the occurrence of such event but no later than the Business Day immediately prior to the Closing Date. To the extent Parent, at the Company’s request, seeks to arrange and obtain alternative debt financing from alternative debt sources and such actions by Parent are determined to have constituted a breach of the Debt Financing Commitment, the Company agrees that such result shall not be deemed to be a breach by Parent of its obligations under this Section 7.18 or the TDC otherwise under this Agreement. Upon Notwithstanding anything contained in this Section 7.18 or in any such amendmentother provision of this Agreement, replacement, supplement in no event shall Parent or modification Merger Sub be required (x) to amend or waive any of the Financing Commitments in accordance with this Section 5.10, terms or conditions hereof or (y) consummate the term “Financing Commitments” shall mean Closing any earlier than the Financing Commitments as so amended, replaced, supplemented or modifiedfinal day of the Marketing Period.

Appears in 2 contracts

Sources: Merger Agreement (Pre Paid Legal Services Inc), Merger Agreement (Pre Paid Legal Services Inc)

Financing. (a) The Debt ▇▇▇▇▇▇▇ agrees to use, and to cause Parent and Purchaser to use, best efforts to complete the transactions contemplated by the Commitment Letters and the Equity Commitment Letters. (b) Without limiting the generality of the foregoing, in the event that at any time funds are not or have not been made available pursuant to the Commitment Letters so as to enable Purchaser to proceed with the Closing in a timely manner, each of ▇▇▇▇▇▇▇, Parent and Purchaser shall (i) use his or its best efforts to obtain alternative funding in an amount at least equal to the Required Cash Amount on terms and conditions substantially comparable to those provided in the Commitment Letters or the Equity Commitment Letters, as applicable, or otherwise on terms reasonably acceptable to ▇▇▇▇▇▇▇, Parent and Purchaser and (ii) shall continue to use his or its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable under applicable laws and regulations to obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitments, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement Agreement. (c) Following the date hereof, any amendment, modification, termination or cancellation of any of the Transaction Financing or Equity Financing, or any information which becomes known to ▇▇▇▇▇▇▇, Parent, Purchaser or their respective affiliates which makes it unlikely that the Transaction Financing or Equity Financing will be obtained on the terms set forth in the Commitment Letters or the TDC Agreement; and provided that Equity Commitment Letters, shall be promptly disclosed to the Debt Special Committee. None of ▇▇▇▇▇▇▇, Parent or Purchaser may replace and amend or any of their respective affiliates will knowingly attempt, directly or indirectly, to induce or encourage the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents Lenders or similar other entities who had not executed the Roll-Over Commitments as to fund any of the date financing provided for in the Commitment Letters or Equity Commitment Letters. (d) Subject to completion of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement the Equity Commitment Letters, ▇▇▇▇▇▇▇ agrees to provide, or cause one of his affiliates to provide the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedEquity Financing.

Appears in 2 contracts

Sources: Merger Agreement (Murdock David H), Merger Agreement (Dole Food Company Inc)

Financing. (a) The Debt Purchaser Parent shall use its reasonable best efforts to take, take or cause to be taken, taken all actions and to do, do or cause to be done, done all things necessary necessary, proper or advisable to (i) maintain in effect the Commitment Letters/Agreement and arrange and obtain the proceeds of Debt Financing and the Investor Financing on the terms and conditions described in the Financing CommitmentsCommitment Letters/Agreement (or on terms no less favorable in any material respect to Parent); (ii) negotiate, including finalize and enter into definitive agreements with respect thereto on the terms and conditions no less favorable in any material respect to any Parent Party than contained in the Commitment Letters/Agreement; (A) maintain in effect the Financing Commitments, (Biii) satisfy on a timely basis all conditions in such definitive agreements that are within its control applicable to Parent; (iv) consummate the Debt Financing and the Investor Financing no later than the Closing Date and (v) in the event all conditions to the Debt Purchaser to obtaining Financing or the Investor Financing that is within its control (including by consummating the Equity Financing at have been satisfied or prior to the Closing)waived, (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against Debt Commitment Letter and the lenders and other persons providing Investor Agreement to the Roll-Over Commitments). extent available in the event of a breach by the applicable Financing Sources. (b) The Debt Purchaser Parent Parties shall not agree to any amendments or permit modifications to, or grant any amendmentwaivers of, replacement, supplement any condition or other modification of, or waive any of its rights under, any Financing provision under the Commitment or any definitive agreements related to the Financing, in each case, Letters without the Company’s prior written consent of the Company if such amendments, modifications or waivers would reduce or would reasonably be expected to reduce the aggregate amount of the applicable Financing (which consent shall not including by changing the amount of fees to be unreasonably withheld paid or delayedoriginal issue discount of the Debt Financing) below the amount necessary to consummate the Merger and the other transactions contemplated by this Agreement when taken together with other cash on hand of the Parent Parties or other sources of cash to become available to the Parent Parties on the Closing Date (including, if applicable, any Alternative Financing), provided impose new or additional conditions or otherwise expand, amend or modify any of the conditions under the Commitment Letters/Agreement that any such amendment, replacement, supplement or other modification would be reasonably likely to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede delay or materially delay impair the consummation ability of the Roll-Over or Parent Parties to consummate the Merger and the other transactions contemplated by this Agreement or (ii) adversely impact the TDC ability of the Parent Parties to enforce their rights against the other parties to the Commitment Letters/Agreement; and provided that . The Parent Parties shall not release or consent to the termination of the obligations of the Lender under the Debt Purchaser may replace Commitment Letters, except in each case for (I) assignments and amend replacements of an individual Lender under the Roll-Over Commitments solely for terms of, and only in connection with, the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede Debt Financing pursuant to the Debt Commitment Letters or materially delay the consummation (II) replacements of the Roll-Over Debt Commitment Letters with alternative financing commitments pursuant to this Section 6.16(b) (an "Alternative Financing"). In the event that any portion of the Debt Financing (x) becomes unavailable or (y) would reasonably be expected to become unavailable in the manner or from the sources contemplated in the Debt Commitment Letters, (i) Parent shall promptly notify the Company and (ii) in the case of subclause (x), the Parent Parties shall use their respective reasonable best efforts to arrange and obtain, and to negotiate and enter into finance commitments and definitive agreements with respect to, an Alternative Financing from alternative financial institutions in an amount sufficient to consummate the Merger and the other transactions contemplated by this Agreement when taken together with other cash on hand of the Parent Parties or other sources of cash to become available to the Parent Parties on the Closing Date (including, if applicable, any other Alternative Financing) upon terms and conditions no less favorable in all material respects, taken as a whole, to the Parent Parties than those in the Debt Commitment Letters as in effect on the date of this Agreement, as promptly as practicable following the occurrence of such event (and, in any event, no later than the expiration of the Marketing Period). Parent shall (x) furnish to the Company complete, correct and executed copies of the definitive documents with respect to the Debt Financing promptly upon their execution, (y) give the Company prompt notice of any breach or default by any party to any of the Commitment Letters/Agreement or any Alternative Financing commitment with respect to the Debt Financing or any termination thereof or any material dispute or disagreement between or among any parties to the Commitment Letters/Agreement with respect to the obligation to fund the Financing or the TDC Agreement. Upon any such amendment, replacement, supplement or modification amount of the Financing Commitments to be funded at Closing and (z) otherwise keep the Company reasonably informed on a reasonably current basis in reasonable detail of the status of Parent's efforts to arrange the Financing (or any replacement thereof) and all material developments concerning the status thereof. Notwithstanding anything contained in this Agreement to the contrary, the Parent Parties acknowledge and agree that its obligations hereunder are not subject to or conditioned in any manner on the Parent Parties obtaining any financing (including the Financing). (c) Prior to the Closing, the Company shall use its reasonable best efforts to provide, and shall cause the Company Subsidiaries to use reasonable best efforts to provide, such cooperation as is reasonably requested by Parent in connection with the arrangement of the Financing (provided, that such requested cooperation does not (w) interfere unreasonably with the business or operations of the Company and the Company Subsidiaries, (x) require the Company or any Company Subsidiaries to take any action that would conflict with or violate any applicable Law, any of the Organizational Documents of the Company or any Company Subsidiaries or any Material Contract, (y) cause any representation or warranty in this Agreement to be breached by the Company or any Company Subsidiaries or (z) result in any director, manager, employee, officer, accountants, legal counsel or other representatives of the Company or any Company Subsidiaries incurring any actual or potential personal liability), including by using reasonable best efforts to: (i) participate in a reasonable number of meetings (including meetings with prospective lenders and investors), presentations, road shows, drafting sessions and due diligence sessions, including using reasonable best efforts to coordinate direct contact between senior management and the independent auditors of the Company and the Company Subsidiaries, on the one hand, and the actual and potential lenders or investors, on the other hand (which may include one-on-one meetings with potential lenders or investors), and sessions with rating agencies, in each case at reasonable times and locations and with reasonable advance notice, (ii) furnish to Parent as promptly as reasonably practicable (A) the Required Information in a form so that such Required Information (I) is Compliant and (II) meets the applicable requirements set forth in the definition of "Required Information" and (B) such other pertinent and customary information regarding the Company and the Company Subsidiaries as may be reasonably requested by Parent to the extent that such information is required in connection with the Commitment Letters/Agreement to consummate the Financing (provided, that neither the Company nor any Company Subsidiaries shall be required to prepare or deliver (x) any financial statements other than the financial statements included in the definition of "Required Information" or provide any financial information or other information that does not relate to the Company or the Company Subsidiaries, (y) any pro forma financial information or pro forma financial statements or any projections or other information relating to (I) the proposed Financing or any fees or expenses relating thereto or to the Merger, (II) any post-Closing or pro forma cost savings, synergies, capitalization, ownership or other adjustments desired to be incorporated into any information used in connection with the Financing or (III) any financial information relating to the Parent Parties or any of their Affiliates), (iii) cause the independent auditors of the Company and the Company Subsidiaries to (A) reasonably cooperate with Parent in connection with the Financing, including by providing customary "comfort letters" (including "negative assurance" comfort) and (B) to provide customary assistance with the due diligence activities of Parent and the Financing Sources and the preparation of the documents referred to in clauses (iv) and (v) below, including any pro forma financial statements to be included therein, and customary consents to the use of audit reports in any disclosure and marketing materials relating to the Financing and related government filings, (iv) provide upon the reasonable request of Parent such information reasonably required to prepare a customary confidential information memorandum (including a version that does not include material non-public information) and other customary materials reasonably required to complete the syndication, including a customary authorization letter, (v) assist Parent in the preparation of (A) customary materials for rating agency and investor presentations (including "roadshow" or investor meeting slides), registration statements, offering memoranda, prospectuses, private placement memoranda, and other customary marketing materials and (B) definitive documentation for the Financing, including any certificates and schedules related thereto, and otherwise reasonably assist in facilitating the provision of guarantees and pledging of collateral contemplated by the Debt Financing, (vi) provide at least three (3) Business Days prior to the Closing Date, all documentation and other information as is required by applicable "know your customer" and anti-money laundering rules and regulations including the USA PATRIOT Act and the beneficial ownership regulations pursuant to 31 C.F.R. §1010.230 and is reasonably requested by Parent at least ten (10) Business Days prior to the Closing Date and (vii) notwithstanding anything to the contrary in Section 6.2(f), ensure that prior to the Closing Date there will be no competing issues, offerings, placements, arrangements or syndications of debt securities or commercial bank or other credit facilities by or on behalf of the Company and the Company Subsidiaries, being offered, placed or arranged without the written consent of the Debt Financing Sources. (d) Notwithstanding anything in this Agreement to the contrary, (i) neither the Company nor any Company Subsidiary shall be required to pay any commitment or other fee or incur any other liability or obligation (except for the obligations set forth in Section 6.16(c)) in connection with the Financing prior to the Closing, (ii) no obligation of the Company or any Company Subsidiary under any document, certificate or instrument executed pursuant to Section 6.16(c) shall be effective until the Closing or be effective if the Closing does not occur, (iii) neither the Company nor any Company Subsidiary shall be required to execute or deliver or have any liability or obligation under any loan agreement or any related document or any other agreement or document (including any certificates, legal opinions or pledge or security documents) or any other action requested hereunder related to the Financing prior to the Closing, except for the customary authorization letter referenced in Section 6.16(c)(iv), and (iv) neither the Company nor any Company Subsidiary shall be required to provide access to or disclose any information or document except in accordance with this Section 5.106.3. Parent shall promptly, upon request by the Company, reimburse the Company for all reasonable and documented costs and expenses (including reasonable attorneys' fees) incurred by the Company or any Company Subsidiary or any of their respective representatives in connection with the cooperation of the Company and their Affiliates contemplated by Section 6.16(c). All non-public or other confidential information provided by the Company or its representatives pursuant to Section 6.16(c) will be kept confidential in accordance with the Confidentiality Agreement, except that Parent will be permitted to disclose such information to any Financing Sources or prospective Debt Financing Sources and other financial institutions and investors that 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 officers, employees, representatives and advisors) or ratings agencies as contemplated by the Debt Commitment Letters so long as such information shall be kept confidential by them in accordance with customary confidentiality protections. (e) The Company hereby consents to the inclusion of the Financial Statements, the term “Financing Commitments” shall mean Unaudited Interim Financial Statements and the Required Information, as applicable, prior to the Closing in connection with the Financing Commitments in (i) any registration statement filed by EWS in connection with an offering or exchange of securities on Form S-1, Form S-3 or Form S-4 (or any successor forms) under the Securities Act in compliance with the requirements of Regulation S-X and Regulation S-K, as so amendedapplicable, replacedand (ii) any prospectuses, supplemented private placement memoranda, lender and investor presentations, offering documents, bank information memoranda, rating agency presentations and similar documents customarily used in connection with the Financing, including, any customary "offering memoranda" in connection with a debt securities offering, whether public or modifiedprivate. (f) The Company shall, and shall cause the Company Subsidiaries to, reasonably cooperate with EWS to permit EWS and its Affiliates to prepare such unaudited pro forma financial statements for the Company and the Company Subsidiaries for such time periods as required by the Exchange Act, the rules and regulations of the SEC or any rule or regulation of any securities exchange upon which the securities of EWS are listed or traded and as may be determined by EWS or the Financing Sources to be required or appropriate in connection with the Financing. Without limiting the generality of the foregoing, the Company shall, and shall cause the Company Subsidiaries to, at EWS's sole cost and expense, (i) provide EWS and its accountants with reasonable access during normal business hours to financial and other information reasonably requested by EWS in connection with the preparation of such financial statements, including access to work papers of the Company, the Company Subsidiaries and their respective accountants reasonably requested by EWS in connection therewith and (ii) provide reasonable assistance to EWS and its accountants in the preparation of such financial statements.

Appears in 2 contracts

Sources: Merger Agreement (E.W. SCRIPPS Co), Merger Agreement (E.W. SCRIPPS Co)

Financing. (a) The Debt Purchaser Parent shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary reasonably necessary, proper or advisable to obtain arrange the proceeds of the Debt Financing as promptly as practicable on the terms and conditions described in the Debt Financing CommitmentsCommitment (provided that Parent and Merger Sub may replace or amend the Debt Financing Commitment to add lenders, lead arrangers, bookrunners, syndication agents or similar entities which had not executed the Debt Financing Commitment as of the date hereof, or otherwise so long as such replacement or amendment would not adversely impact or delay in any material respect the ability of Parent or Merger Sub to consummate the transactions contemplated hereby or the likelihood of the consummation of the transactions contemplated hereby), including using reasonable best efforts to (Ai) maintain in effect the Debt Financing CommitmentsCommitment, subject to the foregoing replacement and amendment rights, (Bii) satisfy on a timely basis all conditions applicable to the Debt Purchaser Parent and Merger Sub to obtaining the Debt Financing set forth in the Debt Financing Commitment that is are within its their control (including by consummating the financing pursuant to the terms of the Equity Financing at Commitment and by assisting in the syndication or prior to marketing of the Closing), financing contemplated by the Debt Financing Commitment) and (Ciii) to the extent not previously entered into, enter into definitive agreements with respect thereto on the terms and conditions described in or contemplated by the Financing Commitments and (D) Commitment or on other terms reasonably acceptable to Parent that would not adversely impact in any material respect the ability of Parent or Merger Sub to consummate the Financing at or prior transactions contemplated hereby. Subject to the terms and conditions contained herein and the satisfaction of the conditions set forth in Section 7.1, Sections 7.2(a) and 7.2(b) and the satisfaction or waiver of the conditions set forth in Section 7.3, at the Closing (including by seeking Parent shall use its reasonable best efforts to enforce its rights cause the lenders under the Roll-Over Commitments against Debt Financing to fund the lenders and other persons providing Debt Financing required to consummate the Roll-Over Commitments). The transactions contemplated hereby if the conditions to the Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or are then satisfied. Without limiting Parent’s obligations under this Section 6.13, if any definitive agreements related to portion of the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied Debt Financing becomes unavailable on the date of entry intoterms and conditions contemplated in the Debt Financing Commitment, such amendment, replacement, supplement or other modification Parent shall use its reasonable best efforts to the same extent as, the Roll-Over Commitments arrange to obtain alternative financing from alternative sources on terms not materially less beneficial to Parent and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or Merger Sub in an amount sufficient to consummate the transactions contemplated by this Agreement as promptly as practicable following the occurrence of such event but in no event later than the Termination Date. Parent shall give the Company prompt notice of any material breach by any party to the Financing Commitments of which Parent or Merger Sub becomes aware, or any termination of the TDC Agreement; and provided that Financing Commitments. Parent shall keep the Company informed on a reasonably current basis of the status of its efforts to arrange the Debt Purchaser may replace Financing and amend provide copies of all documents related to the Roll-Over Commitments solely for Debt Financing (other than any ancillary documents subject to confidentiality agreements) to the purpose Company. Notwithstanding the foregoing, compliance by Parent with this Section 6.13(a) shall not relieve Parent of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or its obligation to consummate the transactions contemplated by this Agreement whether or not the TDC Agreement. Upon any such amendmentDebt Financing is available. (b) Prior to the Closing, replacementthe Company shall provide to Parent and Merger Sub, supplement or modification and shall cause its Subsidiaries to, and shall use its reasonable best efforts to cause the respective officers, employees and advisors, including legal and accounting, of the Company and its Subsidiaries to, provide to Parent and Merger Sub all cooperation reasonably requested by Parent that is reasonably necessary or customary in connection with the Financing (provided that such requested cooperation does not unreasonably interfere with the business or operations of the Company and its Subsidiaries), including (i) participating in a reasonable or customary number of meetings, presentations, road shows, due diligence sessions and sessions with rating agencies, (ii) using commercially reasonable efforts to assist with the preparation of materials for rating agency presentations, offering documents, private placement memoranda, bank information memoranda, prospectuses and similar documents necessary or customary in connection with the Financing, (iii) using commercially reasonable best efforts to furnish Parent and Merger Sub as promptly as reasonably practicable with financial and other pertinent information regarding the Company and its Subsidiaries as may be reasonably requested by Parent in connection with the Debt Financing, including information customarily included in private placement memoranda relating to private placements under Rule 144A promulgated under the Securities Act to consummate the offering(s) of debt securities contemplated by the Debt Financings Commitments at the time during the Company’s fiscal year such offering(s) will be made as soon as such financial and other information becomes available, including all financial statements and financial data of the type required by Regulation S-X and Regulation S-K under the Securities Act (other than Rule 3-10 of Regulation S-X, but including pro forma financial information and summary guarantor/non-guarantor financial information of the type customarily included in offering documents used in private placements under Rule 144A, and summary quarterly financial information and without giving effect to the executive compensation and related person disclosure rules related to SEC Release Nos. 33-8732A; 34-54302A; IC-27444A), including audits thereof to the extent so required (which audits shall be unqualified) (all such information in this clause (iii), the “Required Information”), (iv) cooperating with and using reasonable best efforts to assist Parent in procuring accountants’ comfort letters and consents, legal opinions, surveys and title insurance and other customary documentation required by the Debt Financing Commitments, in each case as reasonably requested by Parent and, if reasonably requested by Parent or Merger Sub, (v) using commercially reasonable efforts to provide monthly financial statements (excluding footnotes) within the time frame, and to the extent, the Company prepares such financial statements in the ordinary course of business, (vi) using reasonable best efforts to assist Parent in procuring the execution and delivery, as of the Effective Time, by the officers of the Surviving Corporation and its Subsidiaries of any customary pledge and security documents, other definitive financing documents, or other certificates, legal opinions or documents as may be reasonably requested by Parent (including a certificate of the Chief Financial Officer of the Surviving Corporation or any Subsidiary with respect to solvency matters) and otherwise reasonably facilitating, to the extent reasonably requested by Parent, the pledging of collateral (including cooperation, to the extent reasonably requested by Parent, in connection with the pay-off of existing indebtedness and the release of related Liens), (vii) taking all actions to the extent reasonably requested by Parent necessary to (A) permit the prospective lenders involved in the Financing to evaluate the Company’s current assets, cash management and accounting systems, policies and procedures relating thereto for the purposes of establishing collateral arrangements and (B) establish bank and other accounts and blocked account agreements and lock box arrangements in connection with the foregoing, and (viii) taking all corporate actions, subject to the occurrence of the Closing, reasonably requested by Parent in connection with the consummation of the Debt Financing immediately following the Effective Time; provided that none of the Company or any of its Subsidiaries shall be required to pay any commitment or other similar fee or incur any other cost or expense that is not simultaneously reimbursed by Parent in connection with the Debt Financing prior to the Effective Time. In the event that prior to February 15, 2008 (x) all or any portion of the Debt Financing structured as high yield financing has not been consummated, (y) all closing conditions contained in ARTICLE VII shall have been satisfied or waived (other than the delivery of the officer certificates to be delivered at the Closing referred to in Sections 7.2(a), 7.2(b), 7.3(a) and 7.3(b)) and the Closing shall not have occurred and (z) the bridge facilities contemplated by the Debt Commitment Letters (or alternative bridge financing obtained in accordance with this Section 5.10Agreement) are available in all material respects on the terms and conditions described in the Debt Commitment Letters (or described in replacements thereof on terms and conditions no less favorable to Parent and Merger Sub or alternative financing therefor), then Parent shall use reasonable best efforts to cause the term lenders under such bridge facility to fund proceeds of such bridge financing (or replacement or alternative financing) to be used to replace such privately offered note financing no later than the final day of the Marketing Period. Parent 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 in connection with such cooperation and shall indemnify and hold harmless the Company, its Subsidiaries and their respective representatives from and against any and all liabilities, losses, damages, claims, expenses, interest, judgments and penalties suffered or incurred by them in connection with the arrangement of the Debt Financing and any information utilized in connection therewith (other than information provided by the Company or the Subsidiaries in accordance with the terms hereof). The Company hereby consents to the use of its and its Subsidiaries’ logos in connection with the 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 or any of its Subsidiaries or the reputation or goodwill of the Company or any of its Subsidiaries. (c) For purposes of this Agreement, Financing CommitmentsMarketing Period” shall mean the first period of 25 consecutive days after the Initiation Date (A) throughout and on the last day of which (1) Parent and its Financing Commitments as so amendedsources shall have the Required Information and (2) nothing has occurred and no condition exists that would cause any of the conditions set forth in Sections 7.2(a) and 7.2(b) (other than the receipt of the certificates to be delivered at the Closing referred to therein) to fail to be satisfied assuming the Closing were to be scheduled for any time during such 25-consecutive-day period, replacedand (B) throughout and on the last day of which the conditions set forth in Section 7.1 shall be satisfied; provided that (w) the Marketing Period shall end on any earlier date that is the date on which the Debt Financing is consummated; (x) if the Marketing Period would not end on or prior to August 17, supplemented 2007, the Marketing Period shall commence no earlier than September 3, 2007, if the Marketing Period would not end on or modifiedprior to November 16, 2007, the Marketing Period shall commence no earlier than November 26, 2007 and if the Marketing Period would not end on or prior to December 20, 2007, the Marketing Period shall commence no earlier than January 2, 2008; (y) the “Marketing Period” shall not be deemed to have commenced if, prior to the completion of the Marketing Period, (A) Ernst & Young LLP shall have withdrawn its audit opinion with respect to any financial statements contained in the Required Information, in which case the Marketing Period will not be deemed to commence at the earliest unless and until a new unqualified audit opinion is issued with respect to the consolidated financial statements for the applicable periods by Ernst & Young LLP or another independent registered accounting firm reasonably acceptable to Parent, (B) the Company shall have announced any intention to restate any of its financial information included in the Required Information or that any such restatement is under consideration or may be a possibility, in which case the Marketing Period will not be deemed to commence at the earliest unless and until such restatement has been completed and the Company’s SEC Reports have been amended or the Company has announced that it has concluded that no restatement shall be required in accordance with GAAP or (C) the Company shall have been delinquent in filing any report with the SEC, in which case the Marketing Period will not be deemed to commence at the earliest unless and until all such delinquencies have been cured; and (z) if the financial statements included in the Required Information that is available to Parent on the first day of any such 25-consecutive-day period would not be sufficiently current on any day during such 25-consecutive-day period to permit (i) a registration statement using such financial statements to be declared effective by the SEC on the last day of the 25-consecutive-day period or (ii) the Company’s independent registered accounting firm to issue a customary comfort letter to purchasers (in accordance with its normal practices and procedures) on the last day of the 25-consecutive-day period, then a new 25-consecutive-day period shall commence upon Parent receiving updated Required Information that would be sufficiently current to permit the actions described in (i) and (ii) on the last day of such 25-consecutive-day period.

Appears in 2 contracts

Sources: Merger Agreement (ReAble Therapeutics Finance LLC), Merger Agreement (Djo Inc)

Financing. (a) Buyer has received, accepted and agreed to a commitment letter, dated March 6, 2011 (the “Commitment Letter”) from the lenders party thereto (collectively, the “Lenders”) relating to the commitment of the Lenders to provide the debt financing required to consummate the Contemplated Transactions. The Debt Purchaser debt financing required to consummate the Contemplated Transactions, whether obtained pursuant to the arrangements contemplated by the Commitment Letter or through substitute permanent financing arrangements which may involve public or private offerings of debt or equity securities, is collectively referred to in this Agreement as the “Financing”. A complete and correct copy of the executed Commitment Letter has been provided to Agent. (b) Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary reasonably necessary, proper or advisable to consummate and obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsCommitment Letter, including (i) taking actions to enforce its rights under the Commitment Letter and (ii) using its reasonable best efforts to (A) maintain negotiate definitive agreements with respect thereto on the terms and conditions contained therein or on other terms no more adverse to Buyer in effect the Financing Commitmentsany material respect, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), it in such definitive agreements and (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing but in no event later than June 1, 2011. (including by seeking to enforce its rights under c) Buyer may terminate and replace the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to Commitment Letter with a New Commitment Letter or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding Commitment Letter to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Commitment Letter as of the date of this Agreement hereof, so long as (i) the addition of such addition does lenders, lead arrangers, bookrunners, syndication agents or similar entities would not prevent, materially impede reasonably be expected to prevent or materially delay the consummation of the Roll-Over or Contemplated Transactions and (ii) the transactions contemplated by this Agreement or Arranger (as defined in the TDC AgreementCommitment Letter) shall remain obligated and committed to fund its financing commitments under the Commitment Letter (as in effect prior to any such amendment) on the terms and conditions of, and subject to the assignment provisions set forth in, the Commitment Letter (as in effect prior to any such amendment). Upon any such amendment, replacement, supplement or modification of the Financing Commitments Commitment Letter in accordance with this Section 5.106.6(c), the term “Financing CommitmentsCommitment Letter” shall mean the Financing Commitments Commitment Letter as so amended, supplemented or modified or any New Commitment Letter in replacement of the Commitment Letter, as the case may be, and, in the event that Buyer obtains Alternative Financing in accordance with Section 6.6(d), the term “Commitment Letter” shall mean the commitment letter (as amended, replaced, supplemented or modifiedmodified in accordance with this Section 6.6(c)) related to the Alternative Financing. The term “New Commitment Letter” shall mean the instrument replacing the existing Commitment Letter that (A) is on terms not materially less beneficial to Buyer than those set forth in the Commitment Letter; (B) does not involve any material conditions precedent to funding the Financing that are not contained in the Commitment Letter; and (C) would not reasonably be expected to prevent or materially delay the consummation of the Contemplated Transactions.

Appears in 2 contracts

Sources: Purchase Agreement (Tortoise Capital Resources Corp), Purchase Agreement (James River Coal CO)

Financing. (a) The Debt Purchaser Each of the Buyer Parties shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange, obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitments, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing on the terms and conditions described in the Commitment Letters, including using reasonable best efforts to (including by seeking i) maintain in full force and effect the Commitment Letters, (ii) negotiate, enter into and deliver the definitive agreements with respect to the Debt Financing to be entered into at or prior to the Closing (the “Definitive Financing Agreements”) consistent with the terms and conditions contained in the Debt Commitment Letters (taking into account any “flex” provisions included in the Fee Letter), (iii) satisfy at or prior to Closing all conditions and covenants to the funding of the Financing in the Commitment Letters and the Definitive Financing Agreements applicable to the Buyer Parties and their respective Affiliates, (iv) assuming that all conditions set forth in the Commitment Letters have been satisfied, borrow on or prior to the Closing Date an amount necessary to consummate the transactions contemplated hereby on the Closing Date or (v) enforce all of its rights under the Roll-Over Commitments against Commitment Letters and Definitive Financing Agreements including seeking specific performance of the lenders and other persons providing the Roll-Over Commitments)parties thereunder. The Debt Purchaser Buyer Parties shall not agree to or not, without the prior written consent of the Company, permit any amendment, replacement, supplement or other modification ofto, or waive any waiver of its rights any provision or remedy under, restate, substitute or replace, the Commitment Letters if such amendment, supplement, modification, waiver, restatement, substitution or replacement (1) would add new (or expand, amend or modify any Financing Commitment or any definitive agreements related existing) conditions to the receipt of the Financing, in each case(2) reduces (or would reasonably be expected to have the effect of reducing) the aggregate amount of the Financing below the Required Amount, without the Company’s prior written consent (which consent shall not 3) would otherwise reasonably be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification expected to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede impede, impair or materially delay the consummation of the Roll-Over transactions contemplated hereby or (4) would adversely impact the ability of any of the Buyer Parties to enforce their rights against the other parties to the Commitment Letters or the transactions contemplated by this Agreement or the TDC AgreementDefinitive Financing Agreements; and provided provided, that the Debt Purchaser Buyer Parties may replace and amend the Roll-Over Commitments solely for the purpose of adding Debt Commitment Letters to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had that have not executed the Roll-Over Commitments Debt Commitment Letters as of the date of this Agreement so long Agreement. As promptly as such addition does not preventpracticable following execution thereof, materially impede the Buyer Parties shall furnish to the Company a correct and executed copy of any amendment, restatement, replacement, supplement, modification, waiver or materially delay consent of or relating to the consummation of Debt Commitment Letter and the Roll-Over or Fee Letters and any other fee letters entered into in connection with the transactions contemplated by this Agreement or the TDC AgreementDebt Financing. Upon any such permitted amendment, replacementsupplement, supplement modification, waiver or modification replacement of the Financing Commitments Debt Commitment Letters in accordance with this Section 5.106.4(b), the term terms Financing CommitmentsDebt Commitment Letters,” “Fee Letters” and “Debt Financing” shall mean refer to the Financing Commitments Debt Commitment Letters as so amended, replacedsupplemented, supplemented modified, waived or modifiedreplaced and the financing contemplated thereby. (b) In the event that any portion of the Debt Financing becomes unavailable, regardless of the reason therefor, the Buyer Parties will (i) use their respective reasonable best efforts to obtain, as promptly as practicable following the occurrence of such event, alternative debt financing (as applicable, in an amount sufficient to consummate the transactions contemplated hereby) from the same or other sources and on terms and conditions (taking into account any “flex” provisions included in the Fee Letter) in an amount sufficient for satisfaction of all of the Buyer Parties’ payment obligations under this Agreement due on or prior to the Closing or are not materially less favorable to the Buyer Parties (as determined by Parent in its sole discretion) than such unavailable Debt Financing (the “Alternative Financing”), with it being understood and agreed that if the Buyer Parties proceed with any Alternative Financing, the Buyer Parties shall be subject to the same obligations with respect to such Alternative Financing as set forth in this Agreement with respect to the Debt Financing, and (ii) promptly notify the Company of such unavailability. For the purposes of this Agreement, (i) the term “Debt Financing” shall be deemed to include the Debt Financing and any such Alternative Financing, (ii) the term “Debt Commitment Letters” and the “Fee Letter” shall include the Debt Commitment Letter and any Fee Letter, as applicable, shall be deemed to include any commitment letter (or similar agreement) and any fee letter, respectively, with respect to any Alternative Financing arranged in compliance herewith (and any Debt Commitment Letters or Fee Letters remaining in effect at the time in question) and (iii) the “Definitive Financing Agreements” shall include the definitive documentation relating to the debt financing contemplated by the Debt Commitment Letter and any such Alternative Financing. Upon the Company’s request, the Buyer Parties shall keep the Company informed, in reasonable detail, of the status of their efforts to arrange the Debt Financing. Without limiting the generality of the foregoing, the Buyer Parties shall provide the Company with prompt written notice of (A) any breach or default (or any event that, with or without notice, passage of time or both, would give rise to any breach or default) by any party to any Commitment Letter or the Definitive Financing Agreements of which the Buyer Parties become aware that would adversely affect the ability or likelihood of the Buyer Parties to timely consummate the transactions contemplated hereby at the Closing, (B) the termination of the Debt Commitment Letter, (C) the occurrence of an event or development that would adversely impact the ability of the Buyer Parties to obtain all or any portion of the Debt Financing or (D) any condition precedent to the Debt Financing that any of the Buyer Parties has any reason to believe will not be satisfied at or prior to the Closing Date. Notwithstanding anything to the contrary herein, no Buyer Party shall have an obligation to disclose any information pursuant to this Agreement that is subject to attorney-client or similar legal privilege. (c) From the date of this Agreement until the earlier of the Closing Date and the valid termination of this Agreement in accordance with Article VIII, the Company shall use its reasonable best efforts (or, in the case of clause (iv) below, shall), and shall cause its Subsidiaries to, and the Company shall cause its and its Subsidiaries’ Representatives to, at Parent’s sole expense, provide such reasonable cooperation as is customary and reasonably requested by Parent in connection with the arrangement of the Debt Financing (it being understood that, solely for purposes of this Section 6.5(c), the terms “Debt Financing” and “Financing” shall be deemed to include any high yield or other financing incurred in lieu of or in addition to any facility contemplated by the Debt Commitment Letter), including by: (i) participating (and causing senior management and Representatives, with appropriate seniority and expertise, of the Company Group to participate) in a reasonable number of meetings and presentations with actual or prospective lenders, road shows and due diligence sessions, drafting sessions and sessions with rating agencies, and otherwise reasonably cooperating with the marketing and due diligence efforts for any of the Debt Financing (which, at the Company’s option, may be attended via teleconference or virtual meeting platforms) upon reasonable advance notice, during normal business hours and at reasonable times and locations to be mutually agreed; (ii) providing reasonable assistance to Parent and the Debt Financing Sources with the timely preparation of customary (A) rating agency presentations, bank information memoranda, confidential information memoranda, lender presentations and similar documents, in each case, solely with respect to information relating to the Company Group, and as required in connection with the Debt Financing and customarily used to arrange transactions similar to the Debt Financing by companies of a comparable size in a comparable industry as the Company; and (B) pro forma financial statements and forecasts of financial statements of the Company Group to the extent required by the Debt Commitment Letter or Securities and Exchange Commission rules and regulations or necessary or reasonably requested by Parent to be included in any marketing materials or offering documents or of the type required by the Debt Commitment Letter, it being understood that the Buyer Parties shall be responsible for (i) the determination of the proposed aggregate amount of the Debt Financing, the interest rates thereunder or the fees and expenses relating thereto; (ii) the determination of any post-Closing or pro forma cost savings, synergies, capitalization, ownership or other pro forma adjustments desired to be incorporated into any information used in connection with the Debt Financing; or (iii) any financial information related to Parent or any of its Subsidiaries or any adjustments whether or not directly related to the acquisition of the Company Group; (iii) to the extent required by the Definitive Financing Agreements, reasonably assisting in connection with facilitating the pledging of collateral, effective no earlier than, and conditioned upon the occurrence of, the Closing; (iv) furnishing the Buyer Parties and the Debt Financing Sources, as promptly as practicable, with the Required Information that is Compliant; (v) cooperating with the Buyer Parties to obtain customary and reasonable corporate and facilities ratings, and, solely to the extent required by the Definitive Financing Agreements, consents, landlord waivers and estoppels, non-disturbance agreements, non-invasive environmental assessments, non-imputation affidavits, surveys and title insurance as reasonably requested by the Debt Financing Sources; (vi) providing customary documents reasonably requested by Parent relating to the repayment of the Repaid Indebtedness and the release of related guarantees and Liens, including (A) delivering notices of prepayment (or obtaining waivers thereof in the applicable Payoff Letters) within the time periods required by the relevant agreements governing Indebtedness and obtaining the Payoff Letters, Lien terminations and instruments of discharge to be delivered at the Closing, (B) giving any other necessary notices to allow for the payoff, discharge and termination in full at the Closing of all Repaid Indebtedness and (C) any other cooperation reasonably requested by Parent in connection with the repayment or other retirement of any Repaid Indebtedness and the release and termination of any and all related Liens on or prior to the Closing Date; (vii) to the extent required by the Debt Commitment Letter, providing customary authorization letters with respect to the bank information memoranda (provided that all such authorization letters and materials related thereto (A) shall include or otherwise expressly incorporate language that exculpates the Company Group, its Affiliates and its and their Representatives from any liability in connection with the unauthorized use or misuse by the recipients thereof of all such memoranda and other materials and documents and information set forth therein; and (B) shall have been previously identified to, and provided to the Company and the Company and its Representatives shall have been given reasonable opportunity to review and comment thereon); (viii) reasonably assisting the Buyer Parties with the preparation, and, subject to the occurrence of Closing, the execution and delivery of any Definitive Financing Agreements by furnishing information relating to the Company Group and their respective businesses to be included in the schedules thereto and customary officer’s certificates (including a customary solvency certificate from the chief financial officer of the Company in the form attached to the Debt Commitment Letter, but solely to the extent such officer remains in such capacity with the Surviving Corporation immediately after the Closing) on terms satisfactory to Parent as may be reasonably required by Parent (provided that no obligation of the Company under any such document or agreement shall be effective until the Closing); (ix) ensuring that the Debt Financing benefits from existing material lending relationships of the Company Group to the extent practicable and reasonably requested by Parent; (x) taking all reasonable and customary corporate, limited liability company or similar actions necessary to permit the consummation of the Debt Financing (provided that no obligation of the Company to take such action shall be effective until the Closing); (xi) promptly (but in no event later than four (4) Business Days prior to the Closing Date) all documentation and other information relating to the Company and its Subsidiaries required by bank regulatory authorities under applicable “know-your-customer”, anti-money laundering rules and regulations, including the PATRIOT Act, reasonably requested by Parent in writing, at least ten (10) days prior to the Closing Date; and (xii) (A) executing and delivering customary management representation letters to their independent auditors and (B) causing their independent auditors and any other auditor to the extent that financial statements audited or reviewed by such auditors are or would be included in any offering memorandum relating to any such Debt Financing to (x) provide drafts and executed versions of customary auditor comfort letters (including “negative assurance” comfort and change period comfort) with respect to historical financial information relating to the Company Group as reasonably requested by Buyer Parties or as necessary or customary for financings similar to the Debt Financing (including any offering or private placement of debt securities pursuant to Rule 144A) and (y) attend a reasonable number of accounting due diligence sessions and drafting sessions at reasonable times and places. (d) All non-public or otherwise confidential information regarding the Company, its Subsidiaries and their Affiliates obtained by the Buyer Parties or their Representatives pursuant to this Section 6.5 shall be kept confidential in accordance with the Confidentiality Agreements, including any joinder or other agreement entered into in connection therewith; provided, that notwithstanding the Confidentiality Agreements or any other provision of this Agreement, the Buyer Parties and their respective Affiliates and Representatives shall be permitted to disclose any information provided by, or on behalf of, the Company or its Subsidiaries to any actual or potential debt financing sources, subject to customary confidentiality undertakings by such actual and potential debt financing sources. The Company hereby consents to the use of the logos of the Company and its Subsidiaries in connection with the Debt Financing; provided, that such logos shall be used solely in a manner that is not intended or reasonably likely to harm, disparage or otherwise adversely affect the Company or its Subsidiaries or their reputation or goodwill. (e) Notwithstanding anything herein to the contrary, (i) none of the Company, its Subsidiaries or their Affiliates or any persons who are directors or managers of the Company, any of its Subsidiaries or any of their Affiliates shall be required to pass resolutions or consents to approve or authorize the execution of the Debt Financing or to execute, deliver or enter into, or perform any agreement, certificate, arrangement, document or instrument, including any Definitive Financing Agreements, with respect to the Debt Financing that will be effective prior to the Closing (other than any customary authorization letters and management representation letters), (ii) no obligation of the Company, its Subsidiaries or their Affiliates or any of their respective Representatives undertaken pursuant to the foregoing shall be effective until Closing, and (iii

Appears in 2 contracts

Sources: Merger Agreement (R1 RCM Inc. /DE), Merger Agreement (R1 RCM Inc. /DE)

Financing. (a) The Debt Purchaser and Finance Merger Sub: (i) shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain the proceeds of Debt Financing and the Equity Financing on the terms and conditions (including flex provisions) described in the Financing CommitmentsDebt Commitment Letter and the Fee Letter and the Equity Commitment Letters, respectively, to the extent necessary to consummate the Contemplated Transactions, including seeking to enforce the terms of the Equity Commitment Letters; provided, however, that in no event shall the Purchaser and Finance Merger Sub be required to initiate any Action to cause any Committed Lender to fund the Debt Financing; (ii) shall not permit any amendment or modification to be made to, or consent to any waiver of any provision or remedy under, the Debt Commitment Letter, the Fee Letter or any Definitive Debt Agreement, in each case, if such amendment, modification, consent or waiver (x) reduces the aggregate amount of the Debt Financing below an amount, together with any available cash of the Purchaser and Finance Merger Sub, required to pay the Required Payment Amount, (y) imposes any new or additional conditions to the Debt Financing or otherwise adversely expands, amends or modifies any other provision of the Debt Commitment Letter, the Fee Letter or such Definitive Debt Agreement (including, without limitation, the Debt Financing Conditions), in a manner that would reasonably be expected to prevent or materially delay the Closing, or (z) adversely impacts the ability of the Purchaser and Finance Merger Sub to enforce its rights prior to Closing against the Committed Lenders or any other party to the Debt Commitment Letter, the Fee Letter or any Definitive Debt Agreement to timely consummate the Contemplated Transactions; provided, that the Purchaser and Finance Merger Sub may amend the Debt Commitment Letter to add lenders, lead arrangers, bookrunners, syndication agents or similar entities who have not executed the Debt Commitment Letter as of the date hereof; provided that the aggregate principal amount of the Debt Financing is not reduced as a result of such amendment unless, contemporaneously with such amendment, the Equity Commitment Letters are amended to increase the commitments thereunder in respect of the Equity Financing by an amount equal to such reduction in the committed Debt Financing; (iii) shall not permit any amendment or modification to be made to, or consent to any waiver of any provision or remedy under, the Equity Commitment Letters; (iv) shall not permit, or consent to, any assignment of rights or obligations under the Debt Commitment Letter other than as explicitly permitted pursuant to the proviso to clause (ii) above; and (v) shall not permit, or consent to, any assignment of rights or obligations under the Equity Commitment Letters; provided, that any Sponsor may allocate all or a portion of its obligations to fund the Commitment Amount (as defined in the applicable Equity Commitment Letter) to an Affiliate (as defined in the applicable Equity Commitment Letter) or to an entity sponsored, co-sponsored, managed by or advised by an Affiliate (as defined in the applicable Equity Commitment Letter) of such Sponsor, but without such allocation relieving or otherwise diminishing the obligation of such Sponsor to fund the Commitment Amount in full; and provided, further, that any such allocation shall not relieve such Sponsor of its obligations under the applicable Equity Commitment Letter to fund such Sponsor’s entire Commitment Amount (as defined in the applicable Equity Commitment Letter) except to the extent the entire Commitment Amount (prior to giving effect to such allocation and without giving effect to any amount funded under any other Equity Commitment Letter) is funded to the Purchaser in accordance with the terms of such Equity Commitment Letter. The Purchaser shall promptly deliver to the Company copies of any such amendment, modification, consent or waiver. For purposes of this Agreement, references to “Financing” or “Debt Financing,” as applicable, shall include the financing contemplated by the Commitment Letters as permitted to be amended, modified or waived by this Section 7.07(a), and references to “Debt Commitment Letter” shall include such documents to the extent amended, modified or waived as permitted by this Section 7.07(a). (b) Notwithstanding anything to the contrary in this Agreement, nothing contained in this Section 7.07 shall require, and in no event shall the reasonable best efforts of the Purchaser be deemed or construed to require, the Purchaser or any Affiliate thereof to (Ai) seek the Equity Financing from any source other than those counterparty to, or in any amount in excess of that contemplated by, the Equity Commitment Letter, or (ii) pay any fees materially in excess of those contemplated by the Debt Commitment Letter or the related fee letter in respect thereof (after giving effect to any “flex” terms with respect thereto). (c) Without limiting the generality of Section 7.07(a), the Purchaser shall: (i) maintain in effect each of the Commitment Letters and each Definitive Debt Agreement in accordance with the terms and subject to the conditions thereof until the Closing Date and the consummation of the transactions contemplated hereby to occur on the Closing Date; (ii) negotiate and enter into definitive agreements with respect to the Debt Financing Commitments(collectively, the “Definitive Debt Agreements”) on the terms and conditions (Bincluding the flex provisions) contained in the Debt Commitment Letter and the Fee Letter or on other terms not materially less favorable, taken as a whole, with respect to the Purchaser and Finance Merger Sub as to conditionality than the terms provided in the Debt Commitment Letter; and (iii) satisfy on a timely basis all of the Debt Financing Conditions and any other conditions within Purchaser’s control to the funding of the Financing in the Commitment Letters and the Definitive Debt Agreements on or prior to the Closing Date or, if deemed advisable by the Purchaser, seek the waiver of conditions applicable to the Purchaser and Finance Merger Sub in the Debt Commitment Letter (other than any condition where the failure to be so satisfied is a direct result of Trilogy’s failure to furnish information required to be delivered by such Trilogy Party under Section 7.07(d)). The Purchaser and Finance Merger Sub shall give the Sellers and the Trilogy Parties prompt notice of (A) any breach, default, termination or repudiation by any party to obtaining any of the Commitment Letters of which the Purchaser or Finance Merger Sub becomes aware and (B) the receipt by the Purchaser or Finance Merger Sub of any written notice or other written communication from any Debt Financing Source with respect to any breach, default, termination or repudiation by any party to any Commitment Letters of any provisions of the Commitment Letters. (d) If any portion of the Debt Financing necessary to consummate the Contemplated Transactions becomes unavailable, the Purchaser and Finance Merger Sub shall (i) promptly notify the Representative thereof, and (ii) use its reasonable best efforts to arrange to obtain in replacement thereof, as soon as reasonably practicable, any such portion from alternative sources on terms and conditions not materially less favorable to the Purchaser and Finance Merger Sub as those contained in the Debt Commitment Letter and, unless otherwise consented to by the Sellers, on a basis that is within its control not subject to any condition precedent materially less favorable to the Purchaser or Finance Merger Sub than the Debt Financing Conditions (including “Alternative Financing”). Once obtained, the Purchaser and Finance Merger Sub shall provide the Representative with all agreements pursuant to which any such alternative source shall have committed to provide the Purchaser or Finance Merger Sub with any portion of the Debt Financing and promptly provide the Representative with such information it may reasonably request regarding any alternative financing arrangements or plans. Upon the entry by consummating the Equity Purchaser or Finance Merger Sub into any commitment letter for an Alternative Financing at or prior required pursuant to this clause (c), the term “Debt Commitment Letter” shall include the commitment letter in respect of such Alternative Financing and the term “Fee Letter” shall include any fee letter entered into in respect of such Alternative Financing and the appropriate changes shall be deemed to be made to the terms “Debt Financing Sources,” “Committed Lenders” and “Debt Financing.” (e) Prior to the Closing, each of the Trilogy Parties shall provide, and the Company shall cause its respective Subsidiaries and Affiliates to provide, and shall respectively use their reasonable best efforts to cause their respective representatives, including legal and accounting, to provide, all cooperation reasonably requested by the Purchaser that is customary in connection with the arrangement of syndicated loans similar to the Debt Financing or other acquisition loan financings (provided that such requested cooperation is made on reasonable notice and does not unreasonably interfere with the ongoing operations of the Business, the Company or its Subsidiaries and Affiliates), including cooperation that consists of: (i) furnishing the Purchaser with such pertinent information (other than financial information, which is covered by Section 7.07(e)(ii)) regarding the Company or its Subsidiaries (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 and its Subsidiaries) that is customarily provided by a borrower in connection with the arrangement of syndicated loans similar to the Debt Financing or other acquisition loan financings, in each case, as reasonably requested by the Purchaser, for the purposes of assisting the Purchaser in its preparation of customary information documents or rating agency or lender presentations relating to such arrangement of loans (other than financial information, which is covered by Section 7.07(e)(ii)); (ii) (A) furnishing the Purchaser with the unaudited financial statements of the Company and its Subsidiaries, on a consolidated basis, for any fiscal quarter ended after the date of the most recent audited financial statements and more than 45 days prior to Closing and informing the Purchaser if the Sellers, the Company or any of its Subsidiaries shall have knowledge of any fact that most likely requires the restatement of such financial statements, (B) assisting the Purchaser with the Purchaser’s preparation of the specific pro forma financial statements of the Company and its Subsidiaries that are required to be delivered under clause (16) under “Conditions Precedent to Initial Funding” in Exhibit A of the Debt Commitment Letter (as in effect on the date hereof), and (C) to the extent reasonably required by the Debt Financing Sources to be included in any marketing documents related to the Debt Financing, assisting the Purchaser with the Purchaser’s preparation of financial information regarding the Company and its Subsidiaries that are reasonably and readily derivable from the financial statements and financial records of the Company and its Subsidiaries required to be furnished under clause (A) above; provided, however, that nothing in this Section 7.07(e)(ii) shall be deemed to impose on the Company or its Subsidiaries an obligation to re-issue, restate or otherwise furnish financial statements that are not previously entered intootherwise specifically required under this Agreement; (iii) assisting in preparation for and participating and causing senior management of the Company and its Subsidiaries to participate in a reasonable number of meetings, enter into definitive agreements drafting sessions and due diligence sessions (including accounting diligence sessions) (including one or more lender meetings and calls with respect thereto the parties acting as lead arrangers, bookrunners or agents for, and prospective lenders, for the Debt Financing; (iv) assisting with the preparation by the Purchaser of customary materials for lender information memoranda and similar documents, including the execution and delivery of customary representation letters in connection with bank information memoranda and reviewing and commenting on terms the Purchaser’s draft of a business description and conditions described “Management’s Discussion and Analysis” of the Company’s financial statements to be included in or marketing materials contemplated by the Financing Commitments Debt Financing; provided, that (x) this clause (iv) shall not require the Company to provide any information (financial or otherwise) not otherwise required to be delivered by the Company under clause (i) or (ii) above, and (Dy) consummate any lender information memoranda, “bank books”, marketing materials, authorization letters and any other documents required, or otherwise delivered to any, Committed Lender or prospective Debt Financing Source, in connection with the Debt Financing at or prior shall contain (A) disclosure reflecting the Purchaser and its Subsidiaries post-Closing as the obligors, and (B) disclosures and disclaimers exculpating the Representative, the Sellers, the Trilogy Parties and their respective Affiliates with respect to any liability related to the contents or use thereof by the recipients thereof; (v) assisting the Purchaser in the Purchaser’s preparation, negotiation and execution of one or more credit agreements, pledge agreements, security agreements, guarantees and other definitive financing documents or other certificates, customary closing certificates and documents as may be reasonably requested by the Purchaser and that are required to be obtained under the Debt Commitment Letter at Closing (including by seeking to enforce its rights under cooperation in connection with the Rollpay-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any off of its rights under, any Financing Commitment or any definitive agreements related existing Indebtedness to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement and the release of liens securing such existing Indebtedness); provided, that no obligation of the Company or any of its Subsidiaries under any such agreements or documents shall be effective until the TDC Agreement; and provided that Closing; (vi) providing customary authorization letters to the Debt Financing Sources as reasonably requested by the Purchaser may replace and amend in writing, authorizing the Roll-Over Commitments solely distribution of information to prospective lenders, subject to customary confidentiality undertakings; (vii) to the extent reasonably requested by the Debt Financing Sources for the purpose purposes of adding lendersobtaining customary waivers, lead arrangersconsents, book runnersestoppels and approvals in connection with the Debt Financing from other parties to material licenses, syndication agents leases, encumbrances and Contracts relating to the Company or similar entities who had not executed its Subsidiaries, using their respective reasonable best efforts to arrange discussions among the Roll-Over Commitments Purchaser, the Debt Financing Sources and their respective representatives with such other parties to such material licenses, leases, encumbrances and Contracts as of the date Closing; (viii) taking all reasonable actions necessary to (A) permit the Debt Financing Sources to evaluate the Company’s current assets and cash for the purposes of this Agreement so long establishing collateral arrangements by the Purchaser as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendmentClosing and to assist with other customary collateral audits and due diligence examinations and (B) establish bank and other accounts and, replacement, supplement or modification effective as of the Closing, blocked account agreements and lock box arrangements and establish other collateral arrangements to the extent necessary in connection with the Debt Financing; and (ix) providing to the Purchaser for further distribution to the Debt Financing Commitments Sources all documentation and other information reasonably required under applicable “know your customer” and anti-money laundering rules and regulations in accordance connection with the Debt Financing. Notwithstanding anything to the contrary in this Section 5.107.07(e): (A) no Seller, Trilogy Party or any of their respective Subsidiaries or Affiliates or any of their respective representatives shall be required to pay any commitment or other fee or incur any other liability or expense in connection with the term “Debt Financing Commitments” (in the case of the Trilogy Parties, prior to the Closing); (B) no Seller, Trilogy Party or any of their respective Subsidiaries or Affiliates shall mean the Financing Commitments as so amended, replaced, supplemented be required to take any action or modified.do anything that wou

Appears in 2 contracts

Sources: Equity Purchase Agreement (NorthStar Healthcare Income, Inc.), Equity Purchase Agreement (Griffin-American Healthcare REIT III, Inc.)

Financing. (a) The Debt Purchaser Parent shall use its reasonable best efforts (taking into account the expected timing of the Marketing Period) to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to consummate and obtain the proceeds of the Financing on the terms and conditions described in the Commitment Letter and shall not permit any amendment or modification to be made to the Commitment Letter without the prior written consent of the Company, if such amendment or modification (i) reduces the aggregate amount of the Financing Commitmentsto an amount below the amount required, to consummate the Mergers and to repay or refinance the debt contemplated to be replaced by the Commitment Letter, including the payment of all fees, premiums and expenses associated therewith, including the redemption of the Notes and satisfaction and discharge of the Indenture pursuant to Section 5.12, (Aii) maintain in effect imposes additional conditions or any contingencies or otherwise expands upon any of the conditions to the receipt of the Financing Commitmentsin a manner that would reasonably be expected to make any portion of the funding of the Financing less likely to be obtained, (Biii) satisfy on a timely basis all conditions applicable to prevents, impedes or delays the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the occurrence of Closing), (Civ) to adversely impacts the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking ability of Parent to enforce its rights under the Roll-Over Commitments against the lenders and any other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related party to the Financing, in each case, without Commitment Letter or the Company’s prior written consent Definitive Agreements or (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification v) adversely impacts the ability of Parent to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or consummate the transactions contemplated by this Agreement hereby. For the avoidance of doubt, but subject to the foregoing, Parent may amend, supplement, modify or replace the TDC Agreement; and provided that Commitment Letter as in effect at the Debt Purchaser may date hereof (x) to add or replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Commitment Letter as of the date of this Agreement so long or (y) to increase the amount of indebtedness. For purposes of this Agreement, (1) the term “Financing” shall be deemed to include the financing contemplated by the Commitment Letter as such addition does not preventamended, materially impede modified or materially delay replaced pursuant to this Section 5.11 (including any Alternative Financing and any proceeds of any Senior Notes used to satisfy the consummation obligations under this Agreement), and (2) the term “Commitment Letter” shall be deemed to include the Commitment Letter as may be amended or modified pursuant to this Section 5.11 and any commitment letters with respect to the Alternative Financing. Parent acknowledges and agrees that neither the obtaining of the Roll-Over Financing or any Alternative Financing is a condition to Parent’s obligations to consummate the Mergers and the other transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.

Appears in 2 contracts

Sources: Agreement and Plan of Merger (Pinnacle Foods Inc.), Agreement and Plan of Merger (Hillshire Brands Co)

Financing. (a) The Debt Notwithstanding anything contained in this Agreement to the contrary, Purchaser acknowledges and agrees that Closing is not conditioned upon Purchaser obtaining any financing. Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain arrange the Financing on the terms and subject to the conditions described in the Financing Commitment (including the “flex” provisions) and shall not permit any amendment, supplement or modification to be made to, or any waiver by Purchaser of any provision or remedy under the Financing Commitment (including definitive agreements related thereto) if such amendment, supplement, modification or waiver would (i) reduce the aggregate amount of the net cash proceeds of the Financing (as compared to the amount of such aggregate proceeds contemplated by the Financing Commitment as in effect on the date hereof) or (ii) impose new or additional conditions, or otherwise amend, modify or expand any conditions, to the receipt of the Financing in a manner that would reasonably be expected to (I) prevent, impede or delay the funding of the Financing or the consummation of the Merger and the other transactions contemplated hereunder, (II) adversely impact the ability of Purchaser to enforce its rights against other parties to the Financing Commitment (including definitive agreements related thereto), provided that Purchaser may replace, amend, supplement or modify the Financing Commitment to add agents, co-agents, lenders, arrangers, joint bookrunners, managers or other entities that have not executed the Financing Commitment as of the date hereof. Purchaser shall promptly deliver to the Company copies of any such replacement, amendment, supplement, modification or waiver. For purposes of this Section 6.06(a), references to “Financing” shall include the debt financing contemplated by the Financing Commitment as permitted to be amended or modified by this Section 6.06(a) and references to “Financing Commitment” shall include such documents as permitted to be amended, modified or substituted by this Section 6.06(a). Without limiting the generality of the foregoing and except to the extent Purchaser has completed an offering of debt securities whose net cash proceeds replace amounts that were to be provided under the Financing Commitment, which net cash proceeds have been placed in an escrow account in favor of the bondholders on customary terms for high yield bond offerings and which will be available to Purchaser subject solely to conditions precedent that are no more onerous in any material respect than the conditions precedent contained in the Financing Commitment that would have been applicable to the replaced amounts of the Financing, Purchaser shall use its reasonable best efforts to (w) maintain in effect the Financing Commitment until the Merger, the Subsequent Mergers and the other transactions contemplated hereby are consummated, (x) negotiate and enter into definitive agreements with respect to the Financing Commitment (which with respect to the bridge facilities documentation shall not be required until reasonably necessary in connection with the funding of the Financing) on terms and conditions (including “flex” provisions) no less favorable to Purchaser than those contained in the Financing Commitment, (y) satisfy (or have waived) all conditions and covenants applicable to Purchaser in the Financing Commitment that are within its control at or prior to the Closing, and otherwise comply in all material respects with its obligations under the Financing Commitment (including definitive agreements related thereto), and (z) except to the extent Purchaser otherwise has cash resources at Closing to fund its payment obligations hereunder taking into account upfront and similar fees payable under the Financing (including to the extent any “flex” provisions are implemented), upon satisfaction of the conditions set forth in the Financing Commitment, consummate the Financing at or prior to the Closing. Purchaser shall keep the Company reasonably informed on a reasonably current basis and in reasonable detail of the status of its efforts to arrange the Financing (or replacement thereof) as the Company may reasonably request, and shall provide the Company with copies of all definitive documents related to the Financing and, as the Company may reasonably request from time to time, drafts of such documents posted to a lender syndicate group; provided that the Fee Letters may be redacted in accordance with Section 4.12; provided, that in no event will Purchaser be under any obligation to disclose any information that is subject to attorney-client or similar privilege if Purchaser shall have used its reasonable best efforts to disclose such information in a way that would not waive such privilege. Without limiting the generality of the foregoing, Purchaser shall give the Company prompt notice (x) of any material breach or default by any party to any of the Financing Commitments or definitive agreements related to the Financing of which Purchaser becomes aware, (y) of the receipt of (A) any written notice or (B) other written communication, in each case from any Financing Source with respect to any (1) material breach of any of its obligations under the Financing Commitment or default, termination or repudiation by any party to any of the Financing Commitments or definitive agreements related to the Financing of any provisions of the Financing Commitments or definitive agreements related to the Financing or (2) material dispute or disagreement between or among any parties to any of the Financing Commitments or definitive agreements related to the Financing with respect to the obligation to fund the Financing or the amount of the Financing to be funded at Closing (but excluding, for the avoidance of doubt, any ordinary course negotiations with respect to the terms of the Financing or any definitive agreement with respect thereto), and (z) if at any time for any reason Purchaser believes in good faith that it will not be able to obtain all or any portion of the Financing on the terms and conditions, in the manner or from the sources contemplated by any of the Financing Commitments or definitive agreements related to the Financing. As soon as reasonably practicable, but in any event within two Business Days after the Company delivers to Purchaser a written request, Purchaser shall provide any information reasonably requested by the Company relating to any circumstance referred to in clause (x), (y) or (z) of the immediately preceding sentence. (b) If any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Financing Commitment (including the “flex” provisions), Purchaser shall use its reasonable best efforts to arrange and obtain alternative financing from alternative sources on terms and subject to conditions that are not materially less favorable, in the aggregate, to Purchaser than those set forth in the Financing Commitment, in an amount sufficient, when combined with cash on hand and borrowings under any existing credit facilities or other financing arrangements, to consummate the Merger and the other transactions contemplated hereby as promptly as practicable after the occurrence of such event. Notwithstanding anything to the contrary contained in this Agreement, Purchaser shall have the right from time to time to substitute other debt financing for all or any portion of the Financing from the same and/or alternative financing source; provided, that any such substitution shall not expand upon in any material respect the conditions precedent or contingencies to the funding on the “Closing Date” of the Financing as set forth in the Financing Commitment in effect on the date hereof or reasonably be expected to cause any delay of the consummation of the transactions contemplated thereby. In such event, the term “Financing Commitment” as used herein shall be deemed to include the new commitment letter (the “New Financing Commitment”), if any, entered into in accordance with this Section 6.06(b) (any financing arranged under this Section 6.06(b) shall be referred to as the “Alternate Financing”). Purchaser will provide the Company with a copy of any New Financing Commitment obtained by Purchaser in connection with an Alternate Financing as promptly as practicable following the execution thereof (other than fees and other information redacted from such agreements that is consistent with the information redacted from the Fee Letters as permitted by Section 4.12). In the event that (x) all or any portion of the Financing contemplated to be raised in lieu of the bridge financing contemplated under the Financing Commitment has not been consummated, (y) all closing conditions contained in Article VII shall have been satisfied or waived (and which are, at the time of the termination of this Agreement, capable of being satisfied if the Closing were to occur at such time) and (z) the bridge facilities contemplated by the Financing Commitments are available on the terms and conditions described in the Financing Commitments, including to (A) maintain then Purchaser shall draw down on such bridge financing, in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) an amount sufficient and to the extent necessary, when combined with cash on hand and borrowings under any existing credit facilities or other financing arrangements, to consummate the Merger and the other transactions contemplated hereby, at the Closing. In the event that (x) the ABL Facility has not previously entered intobeen amended as contemplated by the Financing Commitment, enter into definitive agreements (y) all closing conditions contained in Article VII shall have been satisfied or waived (and which are, at the time of the termination of this Agreement, capable of being satisfied if the Closing were to occur at such time) and (z) the Replacement ABL Facility (or alternative financing obtained in accordance with respect thereto this Section 6.06(b)) is available on the terms and conditions described in or contemplated by the Financing Commitments Commitments), then Purchaser shall draw down on such Replacement ABL Facility, in an amount sufficient and (D) to the extent necessary, when combined with cash on hand and borrowings under any existing credit facilities or other financing arrangements, to consummate the Financing Merger and the other transactions contemplated hereby, at or prior the Closing. Notwithstanding anything to the Closing contrary contained in this Agreement, nothing contained in this Section 6.06 shall require, and in no event shall the reasonable best efforts of Purchaser be deemed or construed to require, Purchaser to (i) bring any enforcement action, including by seeking commencing or filing any Action, against any source of the Financing to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or (ii) pay any definitive agreements related fees in excess of those contemplated by the Financing Commitment (whether to secure waiver of any conditions contained therein or otherwise); provided, that Purchaser shall pay all fees required by the Financing Commitment as they become due. (c) The Company shall (and shall cause its Subsidiaries to) provide to Purchaser, and shall use reasonable best efforts to cause Representatives of the Company and its Subsidiaries to provide to Purchaser, on a timely basis, all cooperation in connection with the arrangement and syndication of the Financing (including the marketing efforts in connection therewith) and the repayment of any indebtedness of the Company and its Subsidiaries as may be reasonably requested by Purchaser, including by (i) providing reasonable cooperation with the marketing efforts of Purchaser and lenders or initial purchasers for any of the Financing, including using reasonable best efforts to cause its Representatives (including senior management and advisors of the Company and its Subsidiaries) to be available, during normal working hours and upon reasonable notice, to participate in a reasonable number of meetings, presentations, road shows, due diligence sessions, drafting sessions, and sessions with rating agencies, and using its commercially reasonable efforts to ensure that any syndication efforts benefit from any existing Company banking relationships, (ii) assisting with the preparation of customary materials for rating agency presentations, offering documents, private placement memoranda, bank information memoranda (to the Financingextent relating to the Company and its Subsidiaries), registration statements, prospectuses, road show presentations and similar documents reasonably necessary or advisable in connection with the Financing and offering of equity securities of Purchaser contemplated hereby, 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 accountants 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 reasonably required for the Purchaser to prepare pro forma financial statements, financial data, audit reports and other information regarding the Company and its Subsidiaries of the type required by and in compliance with Regulation S-X and Regulation S-K promulgated under the Securities Act of 1933, as amended, and related forms and all information regarding the Company and its Subsidiaries reasonably necessary for the preparation of financial projections and a financial model for the Purchaser after giving effect to the Merger (A) for a registered public offering of debt securities, and of type and form customarily included in private placements of debt securities under Rule 144A, to consummate the offering(s) of debt securities contemplated by the Financing Commitment and (B) for the syndication of bridge loan commitments and facilities and asset based loan commitments and facilities contemplated under the Financing Commitment, (iii) assist with the preparation of definitive financing documents and provide Financing Sources with reasonable access to the properties, books and records of the Company and its Subsidiaries during normal working hours (to the extent practicable) and upon reasonable notice, (iv) using commercially reasonable efforts to cause the Company’s independent auditors to provide, consistent with customary practice, (A) consent to SEC filings and offering memoranda that include or incorporate the Company’s consolidated financial information and their reports thereon, in each case, without to the extent such consent is required, customary auditors reports and customary comfort letters (including “negative assurance” comfort) with respect to financial information relating to the Company and its Subsidiaries, (B) reasonable assistance in the preparation of pro forma financial statements by Purchaser and (C) provide reasonable assistance and cooperation to Purchaser, including attending accounting due diligence sessions, (v) providing financial and other pertinent information regarding the Company and its Subsidiaries reasonably requested, including unaudited monthly financial statements for the Company and its Subsidiaries on a consolidated basis (excluding footnotes), to the extent the Company customarily prepares such financial statements, within the time frame such statements are prepared, (vi) providing and executing documents as may be reasonably requested by Purchaser (excluding legal opinions and solvency certificates); (vii) using reasonable best efforts to permit the Financing Sources and other prospective lenders involved in the Financing to evaluate the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed)current assets, provided that any such amendmentcash management and accounting system, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, policies and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely procedures relating thereto for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments establishing collateral arrangements as of the date of this Agreement so long as such addition does not preventClosing, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendmentincluding account control agreements, replacement, supplement or modification of (viii) reasonably cooperating with the Financing Commitments Sources and their respective agents with respect to their due diligence, including by giving access to documentation reasonably requested by persons in accordance connection with this Section 5.10capital markets transactions, the term “Financing Commitments” shall mean (ix) furnishing Purchaser and the Financing Commitments as so amended, replaced, supplemented or modified.Sources promptly with all documentation and other information required by any Governmental Entity wit

Appears in 2 contracts

Sources: Merger Agreement (RSC Holdings Inc.), Merger Agreement (United Rentals Inc /De)

Financing. (a) The Debt Subject to the terms and conditions of this Section 6.15, Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain the proceeds of arrange the Financing as promptly as practicable and in a timely fashion on the terms and conditions described in the Financing CommitmentsCommitment Documents, including using its reasonable best efforts to (Aa) maintain in effect the commitment for the Financing Commitmentsset forth in the Commitment Documents and comply with all covenants or agreements of Purchaser (and cause its Affiliates to comply with any covenant or agreement of any of its Affiliates) set forth in the Commitment Documents or any definitive documentation relating to the Financing, (Bb) negotiate and execute definitive agreements with respect thereto on the terms and conditions contemplated by the Commitment Documents (including any flex terms in the Commitment Documents) and otherwise on terms acceptable to Purchaser and its Financing Sources, (c) satisfy or obtain a waiver of (and cause its Affiliates to satisfy or obtain such waiver), on a timely basis basis, all conditions applicable to Purchaser and its Affiliates in such Commitment Documents and the Debt Purchaser definitive agreements related thereto that are within its or its Affiliates’ control, (d) in the event that all conditions to obtaining the commitment of any counterparty to the Commitment Documents providing such Financing have been satisfied (or waived, as applicable), consummate the Financing that is within its control (including by consummating the Equity Financing at on or prior to the ClosingClosing Date, and (e) use commercially reasonable efforts to cause the lenders and the other Person(s) providing the Financing to fund when required hereunder the Financing required to consummate the Transaction. Purchaser shall not permit any amendment or modification to be made to, or any waiver of any provision or remedy under the Commitment Documents (except in compliance with the flex provisions of the fee letters as in effect as of the date hereof), if such amendment, modification or waiver (Ci) reduces the aggregate amount of the Financing (including by changing the amount of fees to be paid or original issue discount), to an amount below the amount required, together with all other financial resources by Purchaser, to consummate the transactions contemplated hereby on the terms set forth in this Agreement, (ii) amends the existing, or imposes additional, conditions precedent to the Financing, (iii) would reasonably be expected to delay or prevent the Closing Date or make the funding of the Financing less likely to occur, (iv) imposes additional material obligations on Seller, or its Subsidiaries prior to the Closing Date or (v) adversely impact the ability of Purchaser or any of its Affiliates, as applicable, to enforce its rights against the other parties to the Commitment Documents or the definitive agreements with respect to the Financing (the amendments described in the foregoing clauses (i) through (v), “Prohibited Amendments”). Purchaser shall deliver to Seller true and complete copies of any amendment, modification, supplement, consent or waiver to or under any of the Commitment Documents or the definitive agreements relating to the Financing promptly upon execution thereof other than amendments or modifications solely for the purpose of joining additional arrangers or financing sources following the date hereof to the extent effected pursuant to the terms of the Notes Offering Commitment Letter or the Loan Agreement, as applicable. Purchaser shall keep Seller informed on a current basis and in reasonable detail of the status of its efforts to arrange, and of any material developments concerning the timing of, the closing of the Financing. Purchaser shall give Seller notice (i) promptly after obtaining knowledge thereof, of any actual or likely material breach, violation, default, termination or repudiation by any party to any of the Commitment Documents or definitive documents related to the Financing, (ii) of its receipt of any written notice from any of its Financing Sources alleging a breach, violation default, termination or repudiation by any party to the Commitment Documents or any definitive document related to the Financing of any provisions of the Commitment Documents or any definitive document related to the Financing, (iii) the occurrence of an event or development that Purchaser expects to have a material and adverse impact on the ability of Purchaser to obtain all or any material portion of the Financing contemplated by the Commitment Documents, (iv) of any material dispute or disagreement between or among any parties to any of the Commitment Documents or any definitive document relating to the Financing with respect to the conditionality or amount of the Financing or the obligation to fund the Financing or the amount of the Financing to be funded at the Closing (but excluding ordinary course negotiations) or (iv) otherwise, if the Financing contemplated by the Commitment Documents becomes unavailable on the terms and conditions (including any “flex” provisions) contemplated therein, in whole or in part, for any reason (each of the foregoing clauses, a “Financing Failure Event”). As soon as reasonably practicable, but in any event within two Business Days of the date Seller delivers to Purchaser a written request, Purchaser shall provide to Seller any information reasonably requested by Seller relating to any Financing Failure Event. If any portion of the Financing becomes unavailable on the terms and conditions (including any applicable market flex provisions) contemplated by the Commitment Documents and alternative financing (so long as the terms thereof are of the type that would not previously entered intoconstitute a Prohibited Amendment) is not then made available in an amount equal to such portion, and such portion is required to pay the Purchase Price on the terms and conditions contemplated by this Agreement and to pay Purchaser’s fees and expenses related thereto, Purchaser shall promptly notify Seller in writing and Purchaser shall use its reasonable best efforts to arrange and obtain in replacement thereof, and negotiate and enter into definitive agreements with respect thereto on to, alternative financing from alternative sources in an amount sufficient to consummate the Transactions with terms and conditions described (including market flex provisions) not materially less favorable, taken as a whole, to Purchaser than the terms and conditions set forth in the Commitment Documents, as promptly as practicable following the occurrence of such event but no later than the final day of the Marketing Period; provided, that in no event will the reasonable best efforts of Purchaser be deemed or construed to require Purchaser to (A) pay fees materially in excess of those contained in the Commitment Documents (including the market flex provisions) or agree to "market flex" terms, materially less favorable to Purchaser than the corresponding market flex terms contained in or contemplated by the Financing Commitments and Commitment Documents or (DB) consummate enter into any alternative financing terms the Financing at terms of which are materially less favorable to Purchaser than the terms contained in the Commitment Documents on the date hereof (taken as a whole). (b) Notwithstanding anything contained in this Section 6.15 or prior in any other provision of this Agreement, in no event shall Purchaser be required to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, amend or waive any of its rights under, any Financing Commitment the terms or any definitive agreements related to the Financingconditions hereof. (c) Subject, in each case, to the rights of the parties to the Commitment Documents under the terms thereof and the definitive documentation with respect to the Financing, none of the parties hereto in their capacities hereunder shall have any rights or claims against any Financing Source in connection with this Agreement, the Commitment Documents, the Financing, the definitive documentation in connection thereto or any of the transactions contemplated thereby, and, without prejudice to the Company’s prior written consent (which consent rights of each Financing Source pursuant to the Commitment Documents and the definitive documentation with respect to the Financing, each Financing Source, solely in its capacity as an agent, underwriter, purchaser, lender or arranger, shall not be unreasonably withheld have any rights or delayedclaims against any party hereto or any related Person thereof, in connection with this Agreement, whether at law or equity, in contract, in tort or otherwise (other than with respect to enforcing their rights as third party beneficiaries of this Agreement). In furtherance and not in limitation of the foregoing waiver, provided it is acknowledged and agreed that no Financing Sources shall have any such amendmentliability for any claims or damages to any Seller or any of its Subsidiaries in connection with this Agreement, replacementthe Commitment Documents, supplement the Financing or the transactions contemplated hereby or thereby. (d) Notwithstanding anything in Section 10.10 to the contrary, each of the parties hereto agrees that it will not bring or support any action (whether at law, in equity, in contract, in tort or otherwise) against any Financing Sources or any other Persons that have committed to provide or otherwise entered into agreements in connection with the Financing or other modification financings in connection with the transactions contemplated hereby in any way relating to the Roll-Over Commitments (i) does not involve this Agreement or any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement Agreement, including any dispute arising out of or in any way relating to the Commitment Documents or the TDC Agreement; and provided that performance thereof, in any forum other than the Debt Purchaser may replace and amend Supreme Court of the Roll-Over Commitments solely State of New York, County of New York, or, if under applicable law exclusive jurisdiction is vested in the federal courts, the United States District Court for the purpose Southern District of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed New York in the Roll-Over Commitments as County of the date New York (and appellate courts thereof). The provisions of this Agreement so long as such addition does not preventSection 6.15(d) shall be enforceable by each Financing Source, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedits Affiliates and their respective successors and permitted assigns.

Appears in 2 contracts

Sources: Asset Purchase Agreement (Assertio Therapeutics, Inc), Asset Purchase Agreement (Collegium Pharmaceutical, Inc)

Financing. (a) The Debt Subject to the terms and conditions of this Agreement (including Section 5.18(d) hereof), Purchaser shall, and shall cause its Subsidiaries to, use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper and advisable to consummate and obtain the proceeds of the Financing on the terms and conditions (including the flex provisions) described in the Financing CommitmentsLetters and any related Fee Letter, including using reasonable best efforts to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable seek to the Debt Purchaser to obtaining the Financing that is within its control enforce (including by consummating the Equity Financing at or prior to the Closing), (Cthrough litigation) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against Financing Letters in the lenders and other persons providing event of a material breach by the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendmentcounterparties thereto, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each caseand, without the Company’s prior written consent of Clorox Parent (which consent shall not be unreasonably withheld or delayed), provided that shall not permit any material amendment or modification to be made to, or consent to any waiver of any provision or remedy under, the Financing Letters or any related Fee Letter, if such amendment, replacement, supplement modification or other modification to the Roll-Over Commitments waiver (i) does not involve any conditions reduces the aggregate amount of the Financing (including by changing the amount of fees to funding be paid or original issue discount) from that contemplated in the Roll-Over that are not contained inFinancing Letters, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not preventimposes new or additional conditions or other terms or otherwise expands, materially impede amends or materially delay the consummation modifies any of the Roll-Over conditions to the receipt of the Financing or other terms in a manner that would reasonably be expected to (x) delay or prevent the Closing Date, (y) make the timely funding of the Financing or satisfaction of the conditions to obtaining the Financing less likely to occur, or (z) adversely impact the ability of Purchaser to enforce its rights against the other parties to the Financing Letters or Fee Letter. For purposes of clarification, the foregoing shall not prohibit Purchaser from amending the Debt Commitment Letter and any related Fee Letter to (i) add or replace lender(s) (and Affiliates of such additional lender(s)) as a party thereto or (ii) make such other changes that would not, taken as a whole, adversely impact the ability of Purchaser to consummate the transactions contemplated by hereby. Any reference in this Agreement or to (A) “Financing” shall include the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions financing contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments Letters as amended or modified in accordance compliance with this Section 5.10, the term 5.18 and (B) “Financing CommitmentsLetters” or “Debt Commitment Letter” shall mean include such documents as amended or modified in compliance with this Section 5.18(a). Purchaser’s obligations under this Section 5.18 shall include Purchaser’s reasonable best efforts to consummate a senior notes offering using the Financing Commitments items listed in Section 5.19(a)(iv)(A)(I), Section 5.19(a)(iv)(A)(II), and Section 5.19(a)(iv)(B) (as so amended, replaced, supplemented or modifiedit applies to (Section 5.19(a)(iv)(A)(I) and Section 5.19(a)(iv)(A)(II)).

Appears in 2 contracts

Sources: Purchase and Sale Agreement (Armored AutoGroup Inc.), Purchase and Sale Agreement (Clorox Co /De/)

Financing. (a) The Debt Purchaser Each of Parent and Merger Sub shall use its reasonable best efforts use, and shall cause their Affiliates to use, their respective Best Efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or advisable to arrange and obtain the proceeds of the Financing as promptly as practicable on the terms and conditions described in the Financing CommitmentsDocuments, including to using their respective Best Efforts to: (Ai) maintain in effect the Financing CommitmentsDocuments, (Bii) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on a timely basis (taking into account the expected timing of the Marketing Period) on the terms and conditions described contained in the Commitment Letter and the Fee Letter (including any “flex” provisions contained in the Fee Letter), (iii) satisfy, or contemplated cause their Affiliates to satisfy, on a timely basis (taking into account the expected timing of the Marketing Period) (or, if deemed advisable by Parent, seek the waiver of) all conditions applicable to Parent, Merger Sub or their respective Affiliates in the Financing Commitments Documents that are within their control and (Div) consummate the Financing at or prior to the Closing Closing, including by enforcing their respective rights under the Financing Documents (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and damages or taking other persons providing the Roll-Over Commitmentsenforcement actions, including seeking an order of specific performance). The Debt Purchaser . (b) Parent shall not agree to, or permit, any amendments, replacements, supplements or modifications to, or any waivers or assignment of commitments under, the Commitment Letter (it being understood that the exercise of any “market flex” provisions contained in the Fee Letter shall be deemed not to or permit be any such amendment, replacement, supplement, modification, waiver or assignment) without the prior written consent of the Company (such consent not to be unreasonably withheld, conditioned or delayed); provided, that Parent shall have the right to amend, replace, supplement or other modification ofotherwise modify, or waive any of its rights underunder the Commitment Letter, and/or substitute or add other equity or debt financing, and/or permit the parties to the Commitment Letter to assign their commitments thereunder to other equity or debt financing sources without the prior written consent of the Company if, and only if, such amendments, modifications, waivers, assignments or replacements would not: (i) reduce the aggregate amount of the Financing to an amount committed that is below the amount required, together with other financial resources of Parent and Merger Sub, including cash, cash equivalents and marketable securities of Parent and Merger Sub on the Closing Date, to consummate the Merger on the terms contemplated by this Agreement; (ii) adversely impact in any material respect the ability of Parent and/or Merger Sub to enforce their rights under the Financing Documents; (iii) amend or modify the then-existing conditions precedent to funding of the Financing in a manner that would make such conditions less likely in any material respect to be satisfied by the Closing or impose new or additional conditions precedent to funding of the Financing; (iv) otherwise be reasonably expected to prevent or materially delay or impair the ability of Parent to consummate the Merger and the other transactions contemplated by this Agreement; provided that Parent shall have the right to permit any Financing Source to assign its commitment under the Commitment or any definitive agreements related Letter to other financing sources solely to the Financing, in each case, without extent consistent with the other terms of this Section 6.16(b) and upon the Company’s prior written consent (which consent request, Parent shall not be unreasonably withheld or delayed), provided that promptly deliver to the Company copies of any such amendment, replacement, supplement supplement, modification or waiver of the Financing Documents. (c) In the event that any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Commitment Letter and the Fee Letter (including any “market flex” provisions that are contained therein) (other modification than as a result of a breach by the Company of any representation, warranty or obligation hereunder with respect to which Parent has provided written notice to the Roll-Over Commitments Company) and such portion is necessary to consummate the transactions contemplated by this Agreement, (i) does not involve any conditions to funding Parent shall promptly so notify the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments Company and (ii) does not preventParent and Merger Sub shall use their respective Best Efforts to take, materially impede or materially delay the consummation cause to be taken, all actions and do, or cause to be done, all things necessary or advisable to (A) promptly obtain (in light of the Roll-Over expected timing of the Marketing Period) the Financing or such portion of the Financing from alternative sources, which may include one or more of a senior secured debt financing, an offering and sale of notes, or any other financing or offer and sale of other debt securities, or any combination thereof, in an amount sufficient, when added to any portion of the Financing that is available, to pay in cash all amounts required to be paid by Parent in connection with the transactions contemplated by this Agreement or (“Alternative Financing”) and (B) promptly obtain a new debt financing commitment letter (the TDC Agreement; “Alternative Commitment Letter”) and provided negotiate and enter into a definitive agreement with respect thereto that provides for debt financing on terms and conditions (including conditions to draw and flex provisions) not materially less favorable than those in the Debt Purchaser may replace Commitment Letter and amend the Roll-Over Commitments solely for Fee Letter (including any “market flex” provisions that are contained therein), in the purpose aggregate, to Parent and which will not result in a material delay of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over transactions contemplated by this Agreement. In such event, the term “Financing” as used in this Agreement shall be deemed to include any Alternative Financing, and the term “Commitment Letter” as used in this Agreement shall be deemed to include any Alternative Commitment Letter. (d) Prior to the Closing, Parent shall (i) give the Company prompt notice (A) upon becoming aware of any material breach of any provision of, or termination by any party thereto of the Financing Documents, (B) upon the receipt of any written communication from any Person party to the Financing Documents with respect to any threatened breach or termination thereof by such Person or (C) if it is reasonably expected that Parent or Merger Sub will not be able to obtain all or any portion of the Financing on the terms and conditions of the Financing Documents (including any “market flex” provisions contained in the Fee Letter) and such portion is necessary to consummate the transactions contemplated by this Agreement and (ii) keep the Company reasonably informed, at the Company’s request, of material developments in Parent’s and Merger Sub’s efforts to arrange the Financing. (e) Nothing in this Section 6.16 or the TDC Agreement. Upon any such amendmentother provision of this Agreement shall require, replacement, supplement and in no event shall Parent or modification of Merger Sub be required to (i) seek the Financing Commitments from a source other than the Lenders or in accordance with any amount in excess of that contemplated by the Commitment Letter, (ii) amend or waive any term or condition of this Agreement, or (iii) commence any legal action or proceeding, subject to Section 5.109.7, against any Financing Source. (f) Each of Parent and Merger Sub acknowledges and agrees that in no event shall the receipt or availability of any funds or financing (including, for the avoidance of doubt, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented Financing) by Parent or modifiedany Affiliate or any other financing or other transaction be a condition to any of Parent’s or Merger Sub’s obligations under this Agreement.

Appears in 2 contracts

Sources: Merger Agreement (Cohu Inc), Merger Agreement (Xcerra Corp)

Financing. (a) The Debt Purchaser Parent and Merger Subsidiary shall use its their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of arrange the Financing on the terms and conditions described in the Financing CommitmentsCommitment Letter or on other terms that would not adversely impact the ability of Parent or Merger Subsidiary to consummate the transactions contemplated hereby, including using reasonable best efforts (taking into account the anticipated timing of the Marketing Period) to (Ai) maintain negotiate and enter into definitive agreements with respect thereto on the terms and conditions contained therein (including any “market flex” provisions) or on other terms reasonably acceptable to Parent and not in effect the Financing Commitmentsviolation of this Section 8.09, (Bii) satisfy on a timely basis all conditions and covenants applicable to Parent in the Debt Purchaser to obtaining the Financing Commitment Letter that is are within its control (including by consummating the Equity Financing at or prior to the Closing)and otherwise comply with its obligations thereunder, (Ciii) to maintain in effect the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or Commitment Letter until the transactions contemplated by the Financing Commitments and this Agreement are consummated, (Div) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against Commitment Letter, and (v) subject to the lenders terms and other persons providing conditions contemplated by the Roll-Over Commitments)Commitment Letter, consummate the Financing at the Closing. The Debt Purchaser Parent shall not agree have the right from time to or permit any amendmenttime to amend, replacementreplace, supplement or other modification ofotherwise modify, or waive any of its rights under, the Commitment Letter, and/or substitute other debt financing for all or any portion of the Financing from the same and/or alternative Financing Sources, including without limitation to add lenders, lead arrangers, bookrunners, syndication agents or similar entities who had not executed the Financing Commitment or any definitive agreements related to as of the Financingdate of this Agreement; provided, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to or waiver of any provision of the Roll-Over Commitments Commitment Letter that amends the Financing and/or substitution of all or any portion of the Financing shall not (i) does not involve impose any additional conditions to funding precedent or expand upon the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification conditions precedent to the same extent asFinancing as set forth in the Commitment Letter, the Roll-Over Commitments and (ii) does not prevent, materially adversely impact the ability of Parent or Merger Subsidiary to enforce its rights against the other parties to the Commitment Letter or (iii) prevent or impede or materially delay the consummation of the RollMerger and the other transactions contemplated by this Agreement. Parent shall be permitted to reduce the amount of Financing under the Commitment Letter in its reasonable discretion; provided, that Parent shall not reduce the Financing to an amount committed below the amount that is required, together with other financial resources of Parent and Merger Subsidiary including cash, cash equivalents and marketable securities of Parent, Merger Subsidiary, the Company and the Company’s Subsidiaries on the Closing Date, to consummate the Merger on the terms contemplated by this Agreement; and provided further, that such reduction shall not (i) impose any additional conditions precedent or expand upon the conditions precedent to the Financing as set forth in the Commitment Letter, (ii) adversely impact the ability of Parent or Merger Subsidiary to enforce its rights against the other parties to the Commitment Letter or (iii) prevent or impede or delay the consummation of the Merger and the other transactions contemplated by this Agreement. For the avoidance of doubt, the syndication of the Financing to the extent permitted by the Commitment Letter shall not be deemed to violate Parent’s obligations under this Agreement. Without limiting the generality of the foregoing, Parent and Merger Sub shall give the Company prompt notice: (A) of any material breach or material default (or any event or circumstance that, with or without notice, lapse of time or both, would reasonably be expected to give rise to any material breach or material default) by any party to any Commitment Letter or definitive document related to the Financing of which Parent or its Affiliates becomes aware; (B) of the receipt of any written notice or other written communication from any Person with respect to any: (x) actual or potential material breach, material default, termination or repudiation by any party to any Commitment Letter or any definitive document related to the Financing or any provisions of the Commitment Letter or any definitive document related to the Financing or (y) material dispute or disagreement between or among any parties to any Commitment Letter or any definitive document related to the Financing (but excluding, for the avoidance of doubt, any ordinary course negotiations with respect to the terms of the Financing or any definitive agreement with respect thereto); and (C) if for any reason Parent or Merger Sub believes in good faith that it will not be able to obtain all or any portion of the Financing on the terms, in the manner or from the sources contemplated by the Commitment Letter or the definitive documents related to the Financing; provided, that in no event will Parent or Merger Subsidiary be under any obligation to disclose any information that is reasonably believed to be subject to attorney-Over client or similar privilege or that is requested for purposes of litigation. As soon as reasonably practicable, but in any event within three (3) Business Days after the date the Company delivers Parent or Merger Sub a written request, Parent and Merger Subsidiary shall provide any information reasonably requested by the Company relating to any circumstance referred to in clause (A), (B) or (C) of the immediately preceding sentence, and subject to the proviso of the immediately preceding sentence. In the event any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Commitment Letter (including any “market flex” provisions), Parent shall use its reasonable best efforts to arrange to obtain alternative financing from alternative sources on terms and conditions not materially less favorable to Parent and Merger Subsidiary in an amount sufficient to consummate the transactions contemplated by this Agreement (any such alternative financing, any amended or substitute financing permitted by this Section 8.09(a), and the TDC Agreement; and provided Financing, an “Available Financing”). In the event that on the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as final day of the date of this Agreement so long as such addition does not prevent, materially impede Marketing Period (i) all or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification portion of the Financing Commitments structured as High Yield Financing has not been consummated, (ii) all closing conditions contained in accordance with this Section 5.10Article 9 shall have been satisfied or waived (other than those conditions that by their nature will not be satisfied until the Closing) and (iii) all conditions to the Bridge Financing set forth in the Commitment Letter have been satisfied, then Parent shall borrow under and use the proceeds of the Bridge Financing (or such alternative bridge financing) to replace such affected portion of the High Yield Financing on the Closing Date. Notwithstanding the foregoing or anything else set forth herein, the term “Company hereby acknowledges that it shall have no claims (contractual or otherwise) against any Financing Commitments” shall mean Source relating to the Financing Commitments as so amended, replaced, supplemented Merger or modifiedthe Financing.

Appears in 2 contracts

Sources: Merger Agreement (Labarge Inc), Merger Agreement (Ducommun Inc /De/)

Financing. (a) The Debt Purchaser Parent shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of arrange the Financing on the terms and conditions described in the Financing CommitmentsEquity Commitment Letter and the Debt Commitment Letter, including using reasonable best efforts to (Ai) maintain in effect the Financing CommitmentsEquity Commitment Letter and Debt Commitment Letter, (Bii) satisfy on a timely basis all conditions applicable to the Debt Parent and Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing)set forth therein, (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (Diii) consummate the Financing at or prior to the Closing (including dates that Purchaser becomes obligated to accept for payment and pay for Shares pursuant to the Offer. If any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Equity Commitment Letter and the Debt Commitment Letter, Parent shall use its commercially reasonable efforts to arrange to obtain alternative financing on substantially similar terms from alternative sources in an amount sufficient to consummate the transactions contemplated by seeking this Agreement as promptly as practicable following the occurrence of such event. Parent shall give the Company prompt notice of any material breach or alleged material breach by any party to enforce the Equity Commitment Letter or the Debt Commitment Letter of which Parent or Purchaser becomes aware, or any termination or threatened termination of the Equity Commitment Letter or the Debt Commitment Letter. Parent shall keep the Company informed on a reasonably current basis in reasonable detail of the status of its rights under efforts to arrange the Roll-Over Commitments against the lenders Financing and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement material amendment or other modification ofto be made to, or waive any waiver of its rights any material provision or remedy under, the Equity Commitment Letter or the Debt Commitment Letter without first consulting with the Company or, if such amendment would, or would be reasonably expected to, materially and adversely affect or delay in any Financing Commitment material respect the ability of Parent or any definitive agreements related Purchaser to consummate the Financing, in each case, transactions contemplated by this Agreement without first obtaining the Company’s prior written consent (which such consent shall not to be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.

Appears in 2 contracts

Sources: Merger Agreement (Sunterra Corp), Merger Agreement (Diamond Resorts, LLC)

Financing. (ai) The Debt Purchaser shall use its commercially reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain the proceeds of the Debt Financing on the terms and conditions described in the Financing Commitments, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control Commitment Letters (including by consummating any “flex” provisions contained in any fee letter) and, if required to satisfy the Closing Payment, to obtain the Equity Financing at or prior to on the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in the Equity Commitment and, prior to the Closing, shall not, and shall cause Parent not to, permit any amendment or modification to be made to, replacement of, or any waiver of any provision or remedy under, the Financing Commitments or the definitive agreements with respect thereto, if such amendment, modification, replacement or waiver would (A) reduce the aggregate amount of the Acquisition Financing (including by changing the amount of fees to be paid or original issue discount except in connection with the exercise of any “flex” provisions) below the amount necessary to satisfy the Closing Payment or (B) impose new or additional conditions precedent or otherwise expand, amend, replace or modify any of the conditions precedent to the receipt of the Acquisition Financing or other terms in a manner that would reasonably be expected to (I) delay, impair or prevent the consummation of the Sale, (II) make the timely funding of the Acquisition Financing or satisfaction of the conditions to obtaining the Acquisition Financing materially less likely to occur or (III) adversely impact the ability of the Purchaser or Parent (as applicable) to enforce its rights against other parties to the Financing Commitments or to draw upon and consummate the Acquisition Financing. Any reference in this Agreement to (1) “Acquisition Financing” or “Lenders” shall include the lenders and financing contemplated by the Financing Commitments and (D) consummate the Financing at as amended, replaced or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, modified in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance compliance with this Section 5.10, the term 5.10(a) and (2) “Financing Commitments”, “Equity Commitment” or “Debt Commitment Letters” shall mean the Financing Commitments include such documents as so amended, replaced, supplemented replaced or modifiedmodified in compliance with this Section 5.10(a).

Appears in 2 contracts

Sources: Equity and Asset Purchase Agreement (Liberty Tax, Inc.), Equity and Asset Purchase Agreement (Sears Hometown & Outlet Stores, Inc.)

Financing. (a) The Debt Purchaser shall Subject to the terms and conditions of this Agreement, Parent will use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsDebt Commitment Letters, including and will not permit any amendment or modification to be made to, or any waiver of any provision or remedy under, the Debt Commitment Letters if such amendment, modification or waiver would (i) reduce the aggregate amount of the Financing, or (ii) impose new or additional conditions, or otherwise amend, modify or expand any conditions, to the receipt of the Financing, in the case of either clause (i) or (ii) above, in a manner that would reasonably be expected to (A) maintain in effect materially delay or prevent the Financing CommitmentsClosing Date, (B) satisfy on a timely basis all make the funding of the Financing (or satisfaction of the conditions applicable to obtaining the Financing) materially less likely to occur or (C) materially adversely impact the ability of Parent or Merger Sub to enforce its rights against the other parties to the Debt Purchaser to obtaining Commitment Letters or the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in thereto, the ability of Parent or contemplated by the Financing Commitments and (D) Merger Sub to consummate the Financing at Transactions or prior to the Closing (including by seeking to enforce its rights under likelihood of consummation of the Roll-Over Commitments against the lenders Transactions; provided, however, that Parent and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments Merger Sub may (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that amend the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding Commitment Letters to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Commitment Letters as of the date of this Agreement or (ii) otherwise amend or replace the Debt Commitment Letters so long as (x) such addition does amendment do not preventimpose terms or conditions that would reasonably be expected to materially delay or prevent the Closing, (y) the terms are not, taken as a whole, materially impede less beneficial to Parent or Merger Sub, with respect to conditionality, than those in the Debt Commitment Letters as in effect on the date of this Agreement and (z) with respect to replacements, the replacement debt commitments otherwise satisfy the terms and conditions of an Alternative Financing set forth below. In the event of such amendment or replacement of the Debt Commitment Letters as permitted by the proviso to the immediately preceding sentence, the financing under such amended or replaced Debt Commitment Letters will be deemed to be “Financing” as such term is used in this Agreement. Parent will use its reasonable best efforts to (I) maintain in effect the Debt Commitment Letters (including any definitive agreements entered into in connection therewith), (II) satisfy on a timely basis all conditions in the Financing Agreements applicable to Parent and Merger Sub to obtaining the Financing as promptly as reasonably practicable, (III) negotiate and enter into definitive agreements with respect to the Debt Commitment Letters on terms and conditions contained in the Debt Commitment Letters or consistent in all material respects with the Debt Commitment Letters as promptly as reasonably practicable (such definitive agreements, together with the Debt Commitment Letters, the “Financing Agreements”) and promptly upon execution thereof provide complete executed copies of such definitive agreements to the Company, (IV) consummate the Financing at or prior to the Closing and (V) fully enforce the counterparties’ obligations and its rights under the Financing Agreements, including by suit or other appropriate proceeding to cause the lenders under the Financing to fund in accordance with their respective commitments if all conditions to funding the Financing in the applicable Financing Agreements have been satisfied or waived. Parent will keep the Company reasonably informed on a timely basis of the status of Parent’s and Merger Sub’s efforts to arrange the Financing and to satisfy the conditions thereof, including, upon Company’s reasonable request, (A) advising and updating the Company, in a reasonable level of detail, with respect to status, proposed Closing Date and material terms of the material definitive documentation for the Financing and (B) providing copies of the current drafts of all such definitive documentation. If any portion of that amount of the Financing necessary to consummate the Transactions becomes reasonably likely to be unavailable on the material terms and conditions contemplated by the applicable Financing Agreements, (i) Parent will promptly notify the Company and (ii) Parent will use its reasonable best efforts to arrange and obtain alternative financing from alternative sources in an amount sufficient to consummate the Transactions with terms and conditions not materially delay less favorable, taken as a whole, to Parent, Merger Sub and the Company than the terms and conditions set forth in the applicable Financing Agreements (“Alternative Financing”) as promptly as practicable following the occurrence of such event. In such event, (1) the term “Financing” as used in this Agreement will be deemed to include any such alternative debt financing, (2) the term “Financing” will be deemed to include the Alternative Financing, (3) the term “Debt Commitment Letters” will be deemed to include any commitment letters with respect to any such alternative debt financing and (4) the term “Financing Agreements” will be deemed to include any definitive agreement with respect to the Alternative Financing. (b) The Company will provide to Parent, and will cause its Subsidiaries to provide, at Parent’s cost and expense as provided in Section 6.13(d), and will use reasonable best efforts to cause its Representatives to provide, all cooperation reasonably requested by Parent that is customary and necessary in connection with arranging, obtaining and syndicating the Financing and causing the conditions in the Financing Agreements to be satisfied, including using reasonable best efforts in (i) assisting with the preparation of offering and syndication documents and materials, including prospectuses, private placement memoranda, information memoranda and packages, lender and investor presentations, rating agency materials and presentations, and similar documents and materials, in connection with the Financing, and providing reasonable and customary authorization letters to the Financing Sources authorizing the distribution of information to prospective lenders and containing customary information (all such documents and materials, collectively, the “Offering Documents”), (ii) preparing and furnishing to Parent and the Financing Sources as promptly as practicable with all Required Information to the extent it is available to the Company and all other information and disclosures relating to the Company and its Subsidiaries (including their businesses, operations, financial projections and prospects) as may be reasonably requested by Parent to assist in preparation of the Offering Documents, (iii) having the Company designate a member of senior management of the Company to participate in a reasonable number of presentations, road shows, due diligence sessions, drafting sessions and sessions with ratings agencies in connection with the Financing, including direct contact between such senior management of the Company and its Subsidiaries and Parent’s Financing Sources and potential lenders in the Financing, (iv) assisting Parent in obtaining any corporate credit and family ratings from any ratings agencies contemplated by the Debt Commitment Letters, (v) requesting the Company’s independent auditors to cooperate with Parent’s reasonable best efforts to obtain accountant’s comfort letters and consents from the Company’s independent auditors, (vi) assisting in the preparation of, and executing and delivering, definitive financing documents, including guarantee and collateral documents, hedging agreements and other certificates and documents as may be requested by Parent, and (vii) subject to any contractual agreement in effect facilitating the pledging of collateral for the Financing, including taking commercially reasonable actions necessary to permit the Financing Sources to evaluate the Company’s and its Subsidiaries’ real property and current assets, cash management and accounting systems, policies and procedures for the purpose of establishing collateral arrangements and establishing, as of the Effective Time, bank and other accounts and blocked account agreements and lockbox arrangements in connection with the Financing, (viii) using commercially reasonable efforts to assist the Financing Sources in benefiting from the existing lending relationships of the Company and the Company Subsidiaries, (ix) obtaining from the Company’s existing lenders such consents, approvals, authorizations and instruments which may be reasonably requested by Parent in connection with the Financing and collateral arrangements, including customary payoff letters, lien releases, instruments of termination or discharge, (x) preparing and delivering to Parent any supplements to the above information as may be required pursuant to the Debt Commitment Letters and (xi) cooperating with Parent to the extent within the control of the Company and its Subsidiaries, and taking all corporate actions, subject to the occurrence of the Effective Time, reasonably requested by Parent to permit the consummation of the RollFinancing and to permit the proceeds thereof to be made available to the Surviving Corporation immediately upon the Effective Time; provided, however, that (A) no obligation of the Company or any Company Subsidiary under any certificate, document, agreement or instrument will be effective until the Effective Time, (B) none of the Company or any Company Subsidiary will be required to pay any commitment or other similar fee or incur any other liability in connection with the Financing prior to the Effective Time and (C) none of the boards of directors (or equivalent bodies) of the Company or any Company Subsidiary shall be required to enter into any resolutions or take similar action approving the Financing. In connection with the foregoing, the Company will file with the SEC all Company Reports for the annual and quarterly fiscal periods ending on and after December 31, 2011 as soon as practicable but in any event not later than the time period required by law. The Company hereby consents to the use of the Company Subsidiaries’ logos in connection with 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 intended, or reasonably likely, to harm or disparage the Company or any Company Subsidiary or the reputation or goodwill of the Company or any Company Subsidiary. The Company will, upon request of Parent, use its reasonable best efforts to periodically update any Required Information (to the extent it is available) to be included in any Offering Document to be used in connection with such Financing so that Parent may ensure that any such Required Information does not contain any untrue statement of material fact or omit to state any material fact necessary in order to make the statements contained therein not misleading. (c) Notwithstanding the requirements of Section 6.13(b), (i) solely Parent will be responsible for provision of any post-Over Closing pro forma financial information, including cost savings, synergies, capitalization, ownership or other pro forma adjustments (provided, that for the avoidance of doubt, the Company will provide Parent with financial and other information relating to the Company and its Subsidiaries reasonably requested by Parent to allow Parent to prepare such pro forma financial information) and any financial projections of the Company for and after the Effective Time, (ii) neither the Company nor any Company Subsidiary or their respective Representatives will be required to enter into any certificate, document, agreement or instrument which will be effective prior to the Effective Time, (iii) nothing herein shall require cooperation contemplated thereby to the extent it would interfere unreasonably with the business or operations of the Company or any Company Subsidiary, (iv) none of the Company or any Company Subsidiary will be required to pay any commitment or other similar fee or incur any other liability in connection with the Financing prior to the Effective Time, and (iv) nothing herein will require cooperation or assistance from a Company director, officer or employee to the extent such Company director, officer or employee is reasonably likely to incur any personal financial liability by providing such cooperation or assistance that will not be repaid or reimbursed in full by the Parent. (d) Parent will promptly, upon request by the Company, reimburse the Company for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Company or any of its Subsidiaries in connection with the cooperation of the Company and its Subsidiaries contemplated by Section 6.13(b). Parent will indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives from and against any and all losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with the arrangement of the Financing (including any action taken in accordance with this Section 6.13) and any information used in connection therewith, except with respect to any information relating to the Company provided in writing by the Company or any of its Subsidiaries. (e) Parent and Merger Sub acknowledge and agree that the obtaining of Financing, or any Alternative Financing, is not a condition to Closing and reaffirm their obligation to consummate the transactions contemplated by this Agreement or irrespective and independently of the TDC Agreement. Upon any such amendment, replacement, supplement or modification availability of the Financing Commitments or any Alternative Financing, subject to fulfillment or waiver of the conditions set forth in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedARTICLE VII.

Appears in 2 contracts

Sources: Merger Agreement (Eastman Chemical Co), Merger Agreement (Solutia Inc)

Financing. (a) The Debt Purchaser Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or advisable to obtain arrange the proceeds Debt Financing as promptly as practicable following the date of this Agreement and to consummate the Debt Financing on the terms and conditions described in the Financing CommitmentsClosing Date, including the following: (i) Buyer shall have the right from time to (A) maintain in effect the Financing Commitmentstime to amend, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacementreplace, supplement or other modification ofotherwise modify, or waive any of its rights under, any Financing the Debt Commitment Letter, and/or substitute other debt (but not equity financing) for all or any definitive agreements related to portion of the Financing, in each case, without Debt Financing from the Companysame financing sources or alternative financing sources (with Parent’s prior written consent (which consent shall not be unreasonably withheld or delayedconsent), provided that if any such amendment, replacement, supplement or other modification to or waiver of any provision of the Roll-Over Commitments Commitment Letter that amends the Debt Financing and/or substitution of all or any portion of the Debt Financing shall not (i) does not involve any impose new or additional or expand upon or modify the conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification precedent to the same extent asDebt Financing as set forth in the Debt Commitment Letter, the Roll-Over Commitments and (ii) does not prevent, materially prevent or impede or materially delay the consummation of the Roll-Over transactions contemplated by this Agreement, (iii) adversely impact the ability of Buyer to enforce its rights under the Debt Commitment Letter or (iv) provide for terms and conditions (including any “flex” provisions) that are, in the aggregate, less favorable to Buyer and the Sellers than those in the Debt Commitment Letter. Buyer shall not be permitted to reduce the amount of Debt Financing under the Debt Commitment Letter unless it provides an equity commitment letter of a corresponding amount. (ii) participation by senior management of Buyer in, and assistance with, the preparation of rating agency presentations and meetings with rating agencies; (iii) satisfying on a timely basis (or obtain a waiver of) all Financing Conditions that are within its control; (iv) negotiating, executing and delivering Debt Financing Documents that reflect the terms contained in the Debt Commitment Letter (including any “market flex” provisions related thereto) and providing copies of drafts thereof exchanged with the Financing Sources to Parent, subject to any customary redaction; (v) in the event that the conditions set forth in Sections 8.01 and 8.02 and the Financing Conditions have been satisfied or, upon funding would be satisfied, causing the Financing Sources to fund the full amount of the Debt Financing at or prior to the Closing (and, for the avoidance of doubt, Buyer acknowledges and agrees that (A) in the event that on the final day of the Marketing Period (x) all or a portion of the Debt Financing structured as high yield debt or contemplated to be sold pursuant to a Rule 144A transaction has not been issued or sold, (y) all conditions precedent to Buyer’s obligations hereunder shall have been satisfied or waived (other than those conditions which by their nature will not be satisfied until the Closing) and (z) the bridge financing contemplated by the Debt Commitment Letter is available, then on such date Buyer shall borrow under and use the proceeds of the bridge financing to finance, in part, the Closing Date Payments and (B) Buyer shall comply with any “securities demand” or similar provisions included in the Debt Commitment Letter or any related fee letter and use any proceeds from the sale of securities issued thereunder to finance, in part, the Closing Date Payments); and (vi) enforcing its rights under the Debt Commitment Letters. (b) Buyer shall keep Parent informed in reasonable detail of the status of its efforts to arrange the Debt Financing. Buyer shall give Parent prompt notice (a) of any breach or repudiation, or any anticipated or threatened breach or repudiation (including any event or circumstance that, without or without notice, lapse of time or both, would reasonably be expected to give rise to any breach or repudiation), by any Party to the Debt Commitment Letters of which Buyer or its Affiliates becomes aware or (b) if, for any reason, Buyer no longer believes in good faith that it will be able to obtain all or any portion of the Debt Financing contemplated by the Debt Commitment Letters on the terms described therein. Without limiting Buyer’s other obligations under this Section 5.15, if a Financing Failure Event occurs, Buyer shall (i) promptly notify Parent of such Financing Failure Event and the reasons therefor, (ii) in consultation with the Parent and the Sellers, use its reasonable best efforts to obtain (on terms as favorable to Buyer in the aggregate as are reasonably available for financings of the type contemplated by the Debt Commitment Letter in the debt markets at such time) alternative financing from alternative financing sources, in an amount sufficient to make the Closing Date Payments and any payments pursuant to Section 2.06 and consummate the transactions contemplated by this Agreement or Agreement, as promptly as practicable following the TDC Agreement; occurrence of such event, and provided (iii) use its reasonable best efforts to obtain, and when obtained, provide Parent and the Sellers with a copy of, a replacement financing commitment in accordance with Section 5.15(a)(i) that provides for such alternative financing. (c) As promptly as practicable following the Debt Purchaser may replace receipt of the financial information required by clause (A) of the definition of Financing Information, Holdings shall prepare and amend file with the Roll-Over Commitments solely SEC a prospectus supplement to its currently effective Registration Statement on Form S-3 with respect to, and commence an offering of, the common stock of Holdings (the “Common Stock Offering”), which Buyer will use to pay a portion of the Purchase Price for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed Equity Interests on the Roll-Over Commitments Closing Date. (d) As promptly as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay practicable following the consummation of the Roll-Over Common Stock Offering (and in any event following the receipt of the financial information required by clause (A) of the definition of Financing Information), Holdings shall prepare and file with the SEC and deliver to holders of its common stock a prospectus supplement for a rights offering on the terms and conditions described in the Parent Backstop generating gross proceeds to Holdings of no less than $125 million less the net proceeds received by Holdings pursuant to the Common Stock Offering (the “Subscription Rights Offering”). (e) Prior to the Closing Date, Buyer shall promptly notify Parent upon the receipt of any comments from the SEC or its staff or any request from the SEC or its staff with respect to the Common Stock Offering or the Subscription Rights Offering, and Buyer and Holdings shall provide Parent with copies of all correspondence between it and its Representatives, on the one hand, and the SEC and its staff, on the other hand, relating to the Common Stock Offering or the Subscription Rights Offering or the transactions contemplated by this Agreement hereby. Buyer and Holdings shall use their reasonable best efforts to respond as promptly as practicable to any comments of the SEC with respect to the Common Stock Offering or the TDC Agreement. Upon any such amendment, replacement, supplement Subscription Rights Offering or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedtransactions contemplated hereby.

Appears in 2 contracts

Sources: Purchase and Sale Agreement (Aleris Corp), Purchase and Sale Agreement (Signature Group Holdings, Inc.)

Financing. (a) The Debt Purchaser 5.14.1. Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions and to use its reasonable best efforts to do, or cause to be done, all things necessary necessary, proper or advisable to obtain the proceeds of the Debt Financing on the terms and conditions described in the Financing CommitmentsDebt Commitment Letter (taking into account the relevant “market flex “ provisions of the Fee Letter (as defined in the Debt Commitment Letter)), including using its reasonable best efforts to (Aa) maintain in effect the Financing CommitmentsDebt Commitment Letter in accordance with its terms, (Bb) satisfy on a timely basis all conditions applicable and covenants in the Debt Commitment Letter that are a condition to the Debt Purchaser to obtaining the Financing funding thereunder, in each case, that is are within its control (including by consummating the Equity Financing at or prior to the Closing)control, (Cc) to the extent not previously entered into, enter into definitive agreements with respect thereto on the terms and conditions described in or contemplated by the Financing Commitments Debt Commitment Letter (taking into account any “market flex “ provisions set forth in the Fee Letter), and (Dd) consummate the Debt Financing at or prior to Closing on substantially the Closing (including by seeking to enforce its rights under terms and conditions of the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments)Debt Commitment Letter. 5.14.2. The Debt Purchaser Buyer shall not agree to or permit any amendment, replacement, supplement amendment or other modification ofto be made to, or waive any waiver of its rights any provision or remedy under, any Financing the Debt Commitment Letter or any the definitive agreements related to the Financingwith respect thereto, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any if such amendment, replacementmodification or waiver would (a) reduce the aggregate principal amount of the Debt Financing (unless, supplement if required to effect the Closing on the terms set forth herein, Buyer agrees to use its cash on hand) or (b) impose new or additional conditions or other modification terms or otherwise materially expand, amend or modify any of the conditions to the Roll-Over Commitments receipt of the Debt Financing or other terms in a manner that would reasonably be expected to (i) does not involve any conditions to funding the Roll-Over that are not contained inmaterially delay, and satisfied on the date of entry into, such amendment, replacement, supplement impair or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay prevent the consummation of the Roll-Over or the transactions contemplated by this Agreement or Agreement, (ii) make, in any material respect, the TDC Agreement; and provided that timely funding of the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents Financing or similar entities who had not executed the Roll-Over Commitments as satisfaction of the date conditions to obtaining the Debt Financing materially less likely to occur or (iii) adversely impact, in any material respect, the ability of this Agreement so long as such addition does not prevent, materially impede Buyer to enforce its rights against other parties to the Debt Commitment Letter or materially delay to draw upon and consummate the Debt Financing. 5.14.3. If any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Commitment Letters (other than due to the failure of a condition to the consummation of the Roll-Over Debt Financing resulting from a breach of any representation, warranty, covenant or agreement of Company or Holder Representative set forth in this Agreement), Buyer shall, as promptly as practicable following the transactions contemplated by occurrence of such event, use its reasonable best efforts to arrange and obtain from alternative sources alternative financing on terms and conditions that are not materially less favorable to Buyer (taking into account the relevant “market flex” provisions set forth in the Fee Letter), taken as a whole, than those set forth in the Debt Commitment Letter in an amount at least equal to the Debt Financing or such unavailable portion thereof (the “Alternate Debt Financing”), and to obtain a new commitment letter with respect to such Alternate Debt Financing (the “New Debt Commitment Letter”), a copy of which shall be promptly provided to the Company. In the event any New Debt Commitment Letter is obtained, (a) any reference in this Agreement or to the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Debt Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the debt financing contemplated by the Debt Commitment Letter as modified pursuant to subsection (b) below, and (b) any reference in this Agreement to the “Debt Commitment Letter” shall be deemed to include the Debt Commitment Letter or Letters that are not superseded by a New Debt Commitment Letter at the time in question and the New Debt Commitment Letter or Letters to the extent then in effect. 5.14.4. Upon written request by the Company from time to time, Buyer shall apprise the Company on a reasonably current basis and in reasonable detail with respect to all material activity concerning the status of its efforts to arrange the Debt Financing. Without limiting the foregoing, Buyer shall notify the Company promptly, and in any event within two (2) Business Days after it becomes aware thereof, (a) of any breach or default by any party to any Debt Commitment Letter or definitive agreements with respect thereto, (b) of the receipt by Buyer of any written notice or other communication (other than negotiations of the definitive agreements with respect to the Debt Financing) from any Debt Financing Commitments Source with respect to any breach, default, termination or repudiation by any party to any Debt Commitment Letter or any definitive agreement related thereto of any provision of any Debt Commitment Letter or any definitive agreements with respect thereto or (c) if for any reason Buyer no longer believes in good faith that it will be able to obtain all or any portion of the Debt Financing. Buyer shall not enter into any agreement or undertaking that would reasonably be expected to materially impair, delay or prevent the consummation of the Financing. 5.14.5. The Company, the Company Subsidiaries and their respective representatives shall, at Buyer’s expense, use reasonable best efforts to cooperate in connection with the arranging, obtaining, syndication and consummation of any Debt Financing (including any Alternate Debt Financing) being arranged by Buyer or its Affiliates in connection herewith as may be reasonably requested by Buyer or the Debt Financing Sources (provided, that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company and the Company Subsidiaries); including reasonable best efforts with respect to (i) promptly providing to Buyer and the Debt Financing Sources the Required Bank Information and such other reasonably available financial and other information regarding the Company and any of the Company Subsidiaries as required under the Debt Commitment Letter or otherwise reasonably requested by the Buyer, any Debt Financing Source or prospective lender in order to syndicate or consummate the Debt Financing and delivering customary authorization letters in connection with the information memoranda, investor presentations, rating agency memoranda and similar documents, including, if the Closing has not occurred prior to March 30, 2016, audited consolidated financial statements of the Company and the Company Subsidiaries for the year ending December 31, 2015, (ii) furnishing at least five (5) Business Days prior to the Closing Date all required documentation and other information required by applicable governmental authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the U.S.A. Patriot Act of 2011, but in each case solely relating to the Company and the Company Subsidiaries, as applicable, (iii) reasonably facilitating the pledging of collateral on the Closing Date with respect to any pledge or grant that becomes effective on or after the Closing Date, (iv) reasonably assisting in obtaining any corporate credit and family ratings and ratings in respect of the Debt Financing from any rating agencies contemplated by the Debt Commitment Letter, (v) obtaining customary consents of accountants for the use of their audit reports in any materials relating to the Debt Financing and (vi) obtaining lien releases at the expense of and as reasonably requested by the Buyer or any Debt Financing Source. The Company hereby consents to the use of all of its and the Company Subsidiaries’ logos in connection with the Debt 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 or the Company Subsidiaries or the reputation or goodwill of the Company or any of the Company Subsidiaries. Notwithstanding any other provision set forth herein, the Company agrees that the Buyer may share non-public or confidential information regarding the Company and its business with the Debt Financing Sources, and that such Debt Financing Sources may share such information with potential financing sources in connection with any marketing efforts (including any syndication) in connection with the Debt Financing, provided that (i) the recipients of such information agree to customary confidentiality arrangements and (ii) the Buyer will be responsible for any actions (or inactions) by such recipients that would be deemed a breach of the Confidentiality Agreement as if Buyer had so amendedacted (or not acted). 5.14.6. Buyer shall, replacedpromptly upon the written request of the Company or the Holder Representative reimburse the Company or the Holder Representative for all reasonable and documented out-of-pocket third-party costs and expenses incurred by the Company or the Holder Representative or any of their representatives in connection with the cooperation provided for in Section 5.14.5 (such reimbursement to be made promptly and in any event within three (3) Business Days of delivery of reasonably acceptable documentation evidencing such costs and expenses) and shall indemnify and hold harmless the Company, supplemented the Holder Representative and their respective representatives from and against any and all Losses suffered or modifiedincurred by them in connection with the arrangement of the Debt Financing and any information utilized in connection therewith (other than information provided by the Company, the Holder Representative or any of their respective representatives or to the extent such Losses result from the gross negligence or willful misconduct of any of the Company, the Company Subsidiaries, the Holder Representative or their respective representatives). Notwithstanding anything in this Agreement to the contrary, the Company shall not be required to pay any commitment or similar fee or incur any other liability in connection with the Debt Financing prior to the Closing for which it is not reimbursed by Buyer.

Appears in 2 contracts

Sources: Merger Agreement, Merger Agreement (Select Medical Corp)

Financing. (a) The Debt Purchaser Company shall use commercially reasonable efforts, and shall cause its Subsidiaries to use commercially reasonable efforts, and shall use its commercially reasonable best efforts to takecause its and its Subsidiaries’ respective officers, directors, employees, accountants, consultants, legal counsel, agents and other representatives (collectively, the “Company Representatives”) to, at Parent’s sole expense, provide all cooperation that is reasonably necessary or cause customary and reasonably requested by Parent to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described assist Parent in the Financing Commitmentsarrangement of bank financing and/or bond offerings for the purpose of financing the Merger, the fees and expenses incurred in connection therewith 74 and the other transactions contemplated hereby (the “Debt Financing”), including assisting with the preparation of materials for presentations, memoranda and similar documents required in connection with the Debt Financing; provided, however, that (x) nothing herein shall require such cooperation to the extent it would (A) maintain in effect unreasonably disrupt the Financing Commitmentsconduct of the Company’s and the Subsidiaries’ respective businesses, (B) satisfy on a timely basis all conditions applicable require the Company or any of the Subsidiaries or any of the Company Representatives to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at pay any fees or expenses or otherwise incur any liability or give any indemnities prior to the Closing), Effective Time (C) except to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement fee or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied expense is conditioned on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over Merger or Parent has advanced the amount of such fees, expenses or liabilities to the Company or the transactions Subsidiaries), and (C) require the preparation or delivery of (i) financial statements, other than those contemplated by this Agreement Sections 5.1(c) and 5.1(d), or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents (ii) pro forma financial information or similar entities who had not executed the Roll-Over Commitments as forecasts of the date Company and the Subsidiaries and (y) any documentation executed by the Company or any of this Agreement so long as such addition does its Subsidiaries shall not prevent, materially impede or materially delay become effective until the consummation of the RollClosing. Notwithstanding anything to the contrary provided herein or in the Confidentiality Agreement, Parent shall be permitted to share all information subject to such agreement with its financing sources, subject to customary confidentiality undertakings by such financing sources with respect thereto. (b) Parent shall indemnify and hold harmless each of the Company, the Subsidiaries and their respective Company Representatives and any Seller Indemnified Party 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 5.17. Parent shall, promptly upon request of the Company, reimburse the Company and the Subsidiaries for all out-Over of-pocket costs and expenses incurred by the Company or the transactions contemplated Subsidiaries (including those of their respective Company Representatives) in connection with the cooperation required by this Agreement or Section 5.17. (c) Each of Parent and ▇▇▇▇▇▇ Sub acknowledges and agrees that (i) the TDC Agreement. Upon any such amendment, replacement, supplement or modification obtaining of the Debt Financing Commitments in accordance with this Section 5.10is not a condition to the Closing, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.and

Appears in 2 contracts

Sources: Acquisition Agreement, Acquisition Agreement

Financing. (a) The Debt Each of Purchaser and Parent shall use its their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange, consummate and obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitments, including using their respective reasonable best efforts to: (i) enter into definitive agreements with respect thereto which are subject to no additional conditionality (Aother than conditionality that would be permitted pursuant to Section 5.13(b)) maintain than, and are otherwise on substantially the terms and conditions contained in effect the Financing Commitments, (Bii) satisfy satisfy, or use reasonable best efforts to cause their Representatives to satisfy, on a timely basis all conditions applicable to, and within the control of, Parent or Purchaser or their respective Representatives in such definitive agreements and (iii) upon the satisfaction of the conditions thereto and to Purchaser’s obligation to consummate the Offer or the Merger, as applicable, consummate the Debt Financing and the Equity Financing, at the Offer Closing (with respect to amounts required to consummate the Offer) and the Merger Closing (with respect to amounts required to consummate the Merger) and, upon the satisfaction of the conditions thereto and to Purchaser’s obligation to consummate the Offer or the Merger, as applicable, cause the lenders who are party to the Debt Financing Commitments and any other person providing Financing to fund the Financing at the Offer Closing (with respect to amounts required to consummate the Offer) and the Merger Closing (with respect to amounts required to consummate the Merger). (b) Purchaser and Parent shall not agree to any amendments or modifications to, or grant any waivers of, any condition or other provision or remedy under the Financing Commitments or Financing Agreements without the prior written consent of the Company (not to be unreasonably withheld, delayed or conditioned), to the extent such amendments, modifications or waivers would reduce the aggregate amount of aggregate cash proceeds available from the Financing to fund the amounts required to be paid by Purchaser or Parent under this Agreement (as compared to the amount of such aggregate proceeds contemplated under the Financing Commitments as in effect on the date hereof) to an amount committed below the amount that is required to consummate the transactions contemplated hereby. Purchaser and Parent shall not agree without the prior written consent of the Company (not to be unreasonably withheld, delayed or conditioned) to impose new or additional conditions precedent or otherwise expand, amend or modify any of the conditions precedent to funding of the Financing Commitments other than immaterial customary conditions which are likely to be satisfied and which do not (i) prevent or delay the funding of the Financing or (ii) make the timely funding of the Financing or satisfaction of the conditions precedent to obtaining the Financing that is within its control (including by consummating taking into account the expected timing of the Marketing Period) less likely to occur. Neither Purchaser nor Parent shall release or consent to the termination of the obligations of the lenders and other Persons under the Financing Commitments or Financing Agreements, except for (1) assignments and replacements of an individual lender in accordance with the terms of the syndication provisions of the Debt Commitment Letter with respect to the Debt Financing, or in accordance with the terms of the Equity Commitment Letter or Section 5.13(c) with respect to the Equity Financing at or prior (2) in connection with any amendment, modification, waiver or replacement thereof otherwise permitted hereby. For purposes of clarification, the foregoing shall not prohibit Purchaser and Parent from amending the Debt Commitment Letter to add or replace lender(s), lead arrangers, bookrunners, syndication agents or similar entities and their respective Affiliates as parties thereto or in any other manner consistent with this Agreement as a party thereto. (c) Except as set forth in Section 5.13(c) of the Parent Disclosure Letter, in no event shall Purchaser or Parent (i) award any agent, broker, investment banker, financial advisor or other firm or person any financial advisory role on an exclusive basis in connection with the Merger or the Offer or (ii) prohibit or seek to prohibit any bank or investment bank or other potential provider of debt or equity financing, from providing or seeking to provide financing or financial advisory services to any Person in connection with a transaction relating to the ClosingCompany or the Company Subsidiaries or in connection with the Offer or the Merger. (d) In the event that any portion of the Debt Financing becomes unavailable in the manner or from the sources contemplated in the Debt Commitment Letter or Financing Agreements (other than as a result of the Company’s breach of any representation, warranty, covenant or agreement set forth in this Agreement), (Ci) Parent shall promptly so notify the Company and (ii) Purchaser and Parent shall use their respective reasonable best efforts to the extent not previously entered intoarrange and obtain, and to negotiate and enter into definitive agreements with respect thereto to, alternative debt financing from the same or alternative financial institutions in an amount sufficient to consummate the Transactions (or replace any unavailable portion of the Financing) on terms and conditions described that are not materially less favorable, in the aggregate, to Purchaser and Parent than those in the Financing Commitments that such alternative debt financing would replace (taking into account any flex provisions), as promptly as practicable following the occurrence of such event; provided, that neither Purchaser nor Parent shall be required to execute any new debt commitment letter or arrange for such alternative debt financing on terms and conditions that are materially less favorable, in the aggregate, to Purchaser and Parent than those included in the Financing Commitments that they would replace. The definitive agreements entered into pursuant to the first sentence of this Section 5.13(d) or Section 5.13(a)(i) are referred to in this Agreement, collectively, as the “Financing Agreements.” In the event any new Financing Commitment is obtained in accordance herewith, (i) any reference in this Agreement to the “Financing,” the “Equity Financing” or the “Debt Financing” shall mean the financing contemplated by the Financing Commitments and (DCommitment(s) consummate the Financing at or prior as permitted to the Closing (including by seeking be modified pursuant to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendmentthis Section 5.13, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay any reference in this Agreement to the consummation of the Roll-Over “Financing Agreements” or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean be deemed to include the Financing Commitments as so amended, replaced, supplemented or modifiedCommitment(s) that are not superseded by a new Financing Commitment at the time in question and the new Financing Commitment(s) to the extent then in effect.

Appears in 2 contracts

Sources: Merger Agreement (Wok Acquisition Corp.), Merger Agreement (P F Changs China Bistro Inc)

Financing. (a) The Debt Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Financing as promptly as reasonably practicable on the terms and subject only to the conditions described contained in the Financing Commitments. Purchaser shall not permit any amendment or modification to be made to, including or any waiver of any provision or remedy under, the Financing Commitments (except for any such amendments, modifications or waivers which, individually or in the aggregate, would not be reasonably expected to prevent, delay or impair the availability of the Financing under the Financing Commitments or the consummation of the Transactions) without the prior written consent of the Sellers, which consent shall not be unreasonably withheld, conditioned or delayed. Without limiting the generality of the foregoing, Purchaser shall use reasonable best efforts to (Ai) maintain in effect the Financing Commitments, (Bii) satisfy on a timely basis (or obtain the waiver of) all conditions applicable to the Debt Purchaser to obtaining in the Financing Commitments that is are within its control (including by consummating the Equity Financing at or prior to the Closing)and otherwise comply with its covenants and other obligations thereunder, (Ciii) to negotiate with the extent not previously entered into, Lenders and other third parties and enter into definitive agreements with respect thereto to the Financing on the terms and subject only to the conditions described in or contemplated by the Financing Commitments and Commitments, (Div) consummate the Financing (or a portion thereof) at or prior to the Closing Applicable Closing, (including by seeking to v) enforce its rights under the Roll-Over Financing Commitments against in the lenders event of a breach or other failure to fund by a Lender that impedes or delays the Applicable Closing, and other persons providing (vi) otherwise cause the Roll-Over CommitmentsLenders to fund on the Applicable Closing Date the Financing (or a portion thereof) required to consummate the transactions to be consummated at the Applicable Closing (including taking enforcement action to cause the Lenders to provide the Financing). The Debt ; provided, that Purchaser shall not be required to agree to terms and conditions that are, in the aggregate, materially less favorable to Purchaser than those set forth in the Financing Commitments. Upon the reasonable request of the Sellers, Purchaser shall inform the Sellers of the status of its efforts to arrange the Financing and any material developments relating to the Financing. Without limiting the generality of the foregoing, Purchaser shall give the Sellers prompt notice: (A) upon becoming aware of any material breach or permit default (or any amendmentevent or circumstance that, replacementwith or without notice, supplement lapse of time or both, could reasonably be expected to give rise to any material breach or default) by Purchaser, or to the Knowledge of Purchaser, any other party to any Financing Commitment or definitive document related to the Financing; (B) of the receipt of any written notice or other modification ofwritten communication from any Person with respect to any (x) actual or potential breach, default, termination or waive repudiation by any of its rights under, party to any Financing Commitment or any definitive document related to the Financing of any provisions of any Financing Commitment or any definitive document related to the Financing or (y) material dispute or disagreement between or among any parties to any Financing Commitment or any definitive document related to the Financing; and (C) if for any reason Purchaser believes in good faith that (x) there is a reasonable likelihood to be a material dispute or disagreement between or among any parties to any Financing Commitment or any definitive document related to the Financing or (y) it is reasonably likely that it will not be able to obtain all or any portion of the Financing on the terms, in the manner or from the sources contemplated by the Financing Commitments or the definitive documents related to the Financing. As soon as reasonably practicable, but in any event within five (5) Business Days after the date the Sellers deliver to Purchaser a written request, Purchaser shall provide any information reasonably requested by the Sellers relating to any circumstance referred to in clause (A), (B) or (C) of the immediately preceding sentence. Purchaser shall refrain from taking, directly or indirectly, any action that is reasonably likely to result in the failure of any conditions contained in the Financing Commitments or any definitive agreement related thereto. If any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Financing Commitments, Purchaser shall use its reasonable best efforts to arrange and obtain financing as promptly as practicable from alternative sources in an amount sufficient to replace the Financing as promptly as practicable and without the imposition of any new or additional conditions and without any adverse amendment to existing conditions to the Financing, and Purchaser’s obligations under this Section 7.05(a) shall apply to such alternative financing and the agreements related thereto as if such alternative financing is the Financing and any commitment related thereto is the Financing Commitments; provided, that Purchaser shall not be required to agree to terms and conditions with respect to any alternative financing that are, in the aggregate, materially less favorable in any material respect to Purchaser than those set forth in the Financing Commitments. (b) Prior to the Applicable Closing, the Sellers shall use their commercially reasonable efforts to provide, and shall use their commercially reasonable efforts to cause their Affiliates and their respective officers, directors, employees and agents to provide, at Purchaser’s sole cost and expense, all reasonable cooperation in connection with the arrangement of the Financing as may be reasonably requested by Purchaser and that is customary in connection with Purchaser’s efforts to obtain the Financing, including to (i) provide readily-available financial and other information relating to the Sellers to the Lenders (including information to be used in the preparation of an informational package regarding the business, operations, financial projections and prospects of Purchaser and the Business and Purchased Assets which is customary for such financing or reasonably necessary for the completion of the Financing by the Lenders, to the extent reasonably requested by Purchaser (including prior real estate title commitments, surveys, environmental reports and similar information), (ii) assist in the preparation of bank information memoranda and similar documents (including historical and pro forma financial statements and information) for the Financing, (iii) cause the Sellers and their Affiliates to execute and deliver (and use commercially reasonable efforts to obtain from the Sellers’ and their Affiliates’ advisors) at, or conditional upon, the Applicable Closing customary certificates (including a certificate of the principal financial officer of each of the Sellers with respect to solvency matters), accounting comfort letters (including consents of accountants for use of their reports in any materials relating to the Financing) or other documents and instruments relating to guarantees and other matters ancillary to the Financing as may be reasonably requested by Purchaser, (iv) assist in the preparation of, entering into and, upon reasonable prior notice to the extent related to the participation in meetings, presentations, drafting sessions or similar activities, syndication of one or more credit agreements, note purchase agreements, indentures, currency or interest hedging agreements or other agreements, including by refraining from entering into any competing financing transactions, (v) use commercially reasonable efforts to have the independent accountants of the Sellers provide their reasonable cooperation and assistance, (vi) cooperate reasonably with the Lenders’ due diligence, to the extent customary and reasonable, (vii) refrain from pursuing any financing transactions that may delay, impede or otherwise adversely affect the Financing and (viii) assist Purchaser and the Lenders to benefit from the existing lending relationships of the Sellers and their Affiliates; provided, however, that no requested cooperation pursuant to this Section 7.05(b) shall delay the Applicable Closing, or unreasonably interfere with the ongoing operations of Sellers and the Sellers shall not (A) be required to pay any commitment or other similar fee, (B) have any Liability under any credit agreement, note purchase agreement, indenture, hedging agreement or other agreement or document related to the Financing, in each caseor (C) incur any out-of-pocket expense unless such expense is advanced or simultaneously reimbursed by Purchaser (without set-off). Purchaser shall, without the Company’s prior written consent right of set-off, indemnify and hold harmless Sellers and their respective subsidiaries and Representatives from and against any and all Losses suffered or incurred by them in connection with (which consent shall not be unreasonably withheld 1) any action taken by them at the request of Purchaser pursuant to this Section 7.05(b) or delayed), provided that any such amendment, replacement, supplement or other modification to in connection with the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification arrangement of the Financing Commitments or (2) any information utilized in connection therewith (other than information relation to Sellers approved by Sellers for use therein). This indemnification shall survive termination of this Agreement. All material, non-public information regarding Sellers and their Affiliates provided to Purchaser or its Representative pursuant to this Section 7.05(b) shall be kept confidential by them in accordance with this Section 5.10the Confidentiality Agreement, the term “Financing Commitments” shall mean except for disclosure to potential investors as required in connection with the Financing Commitments as so amended, replaced, supplemented or modifiedsubject to customary confidentially protections.

Appears in 2 contracts

Sources: Asset Purchase Agreement, Residential Servicing Asset Purchase Agreement (Nationstar Mortgage Holdings Inc.)

Financing. (a) The Debt Purchaser During the Pre-Closing Period, Parent shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain the proceeds of the Equity Financing on the terms and conditions described in the Financing CommitmentsEquity Commitment Letter (or other terms and conditions as Parent shall agree so long as not in contravention of this Section 6.15(a)), including maintaining in effect the Equity Commitment Letter in accordance with the terms and subject to the conditions thereof, complying with its obligations pursuant to the Equity Commitment Letter and enforcing its rights pursuant to the Equity Commitment Letter. Parent shall cooperate with and assist the Company in enforcing its third party beneficiary rights under the Equity Commitment Letter. Parent shall not permit any amendment or modification to be made to, or any waiver of any provision or remedy under, the Equity Commitment Letter if such amendment, modification or waiver would, or would reasonably be expected to (i) reduce the aggregate amount of the Equity Financing (except as expressly permitted by the Equity Commitment Letter), (ii) impose new or additional conditions or other terms or otherwise expand, amend or modify any of the conditions to the receipt of the Equity Financing or any other terms to the Equity Financing in a manner that would reasonably be expected to (A) maintain in effect delay or prevent the Financing CommitmentsClosing Date, or (B) satisfy on a make the timely basis all funding of the Equity Financing, or the satisfaction of the conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control Equity Financing, less likely to occur in any respect, or (including by consummating iii) adversely impact the Equity Financing at ability of Parent, Merger Sub or prior to the Closing)Company, (C) to the extent not previously entered intoas applicable, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Equity Commitment or any definitive agreements related to the FinancingLetter, in each case, without unless otherwise agreed to by the Company in writing. Parent shall give the Company prompt written notice of any material breach by any party to the Equity Commitment Letter, of which Parent becomes aware, or any termination of the Equity Commitment Letter or unavailability of any portion of the Equity Financing. (b) Prior to the Closing, the Company shall, and shall cause its Subsidiaries to, use reasonable best efforts to cause their respective Representatives, to provide to Parent, all reasonable cooperation (x) reasonably requested by Parent and (y) as is necessary and customary to assist Parent in connection with the arrangement of any debt financing in connection with the transactions contemplated herein (the “Debt Financing”), including to: (i) promptly (and in any event, no later than five (5) Business Days after the date hereof) provide Parent and its Financing Sources and their respective agents with the Financial Statements, (ii) participate in a reasonable number of meetings, presentations, drafting sessions, due diligence sessions, sessions with prospective Financing Sources, including direct contact between senior management and the other Representatives of the Company, on the one hand, and the actual and potential Financing Sources, on the other hand (including reasonable and customary one-on-one meetings with the parties acting as lead arrangers or agents for, and prospective lenders, purchasers and other financing sources with respect to, the Debt Financing (collectively, the “Financing Sources”)), and, if reasonably requested by Parent, sessions with rating agencies, in each case, at reasonable times and locations mutually agreed, (iii) assist with the preparation of materials for investor presentations, bank information memoranda, confidential information memoranda, marketing materials and similar documents required in connection with the Debt Financing and, if reasonably requested by Parent rating agency materials; (iv) provide appropriate representations in connection with the preparation of financial statements and other financial data of the Company (provided that in no event shall such representations with respect to financial information exceed the scope of the representations and warranties contained in Section 4.9 and shall be effective no earlier than as of the Closing) and direct the Company’s prior written consent independent auditors to provide reasonable and customary assistance and cooperation in connection with the Debt Financing; (which consent shall not v) cooperate with the marketing efforts of Parent and its Financing Sources for any portion of the Debt Financing; (vi) facilitate the obtaining of guarantees, pledging of collateral in connection with the Debt Financing, including using commercially reasonable efforts to cause individuals who will continue as officers, directors or managers of the Company or its Subsidiaries after the Closing to execute and deliver on behalf of the Company or its Subsidiaries, as applicable, customary guarantee, pledge and security documents, currency or interest hedging arrangements or other definitive financing documents or other customary certificates, legal opinions or documents as may be unreasonably withheld or delayed)reasonably requested by Parent (including a certificate of the chief financial officer with respect to solvency matters as of the Closing on a pro forma basis) to facilitate any such guarantee, obtaining and perfection of security interests in collateral from and after the Closing, in each case, as are necessary and customary in connection with the Debt Financing (provided that any rights, interests, obligations or covenants contained in such amendmentdocuments shall be effective no earlier than as of the Closing); (vii) provide, replacement, supplement or other modification at least three (3) Business Days prior to the RollClosing, to Parent and its Financing Sources all documentation and other information required by regulatory authorities under applicable “know your customer”, FinCEN and anti-Over Commitments money laundering rules and regulations, including the PATRIOT Act to the extent such documentation or information is requested at least ten (i10) does not involve any conditions Business Days in advance of Closing; (viii) use commercially reasonable efforts to funding cause individuals that will continue as officers, directors or managers of the Roll-Over that are not contained in, Company or its Subsidiaries to take corporate action (subject to the occurrence of the Closing) reasonably necessary to permit the completion of the Debt Financing; (ix) assist with the payoff of existing Indebtedness of the Company and satisfied the Acquired Companies on the date Closing Date and the release of entry intorelated Liens on the Closing Date (including obtaining customary payoff letters, such amendment, replacement, supplement or lien terminations and other modification instruments of discharge); and (x) to the same extent asapplicable, provide customary authorization letters to the Parent and its Financing Sources authorizing the distribution of information to the Financing Sources and containing a representation to the Financing Sources that the public side versions of such documents, if any, do not include material non-public information about the Company, the RollAcquired Companies or any of their respective securities. The Company hereby consents to the reasonable use of the Company’s logos in connection with the arranging and consummation of the Debt 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 or their marks. Notwithstanding anything to the contrary herein, in no event shall (A) any officer or employee of an Acquired Company be required to execute any agreement or document to the extent such agreement or document is not contingent upon the Closing or would be effective prior to the Closing, or otherwise require any such person to bear or assume any personal liability (other than the customary authorization letters referred to above), (B)(i) the pre-Over Commitments Closing board of directors of the Company and (ii) does not preventthe pre-Closing directors, materially impede or materially delay the consummation managers and general partners of the RollAcquired Companies be required to adopt resolutions or (C) the Company or any Acquired Company be required to prepare any pro-Over forma financial statements to comply with its obligations hereunder (subject to the obligations hereunder to cooperate in the preparation thereof). (c) Nothing in this Agreement (including this Section 6.15 will require cooperation of the Company or any of its Subsidiaries to the extent it would (i) require the Company or any of its Subsidiaries to 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, the organizational documents of the Company or any of its Subsidiaries, any material contract, or any Applicable Law, to waive or amend any term of this Agreement, or to cause any representation or warranty in this Agreement to be breached by the Company, (ii) unreasonably interfere with the conduct of the business or operations of the Company or any of its Subsidiaries, (iii) result in any officer, manager or director (or Person occupying a similar position) of the Company or any its Subsidiaries incurring (or potentially incurring) personal liability with respect to any matters relating to the Debt Financing or the transactions contemplated by this Agreement approval thereof, (iv) require the Company or any of its Subsidiaries or any of their respective Affiliates to incur any liability or commit to any obligation that is not contingent upon the TDC Agreement; and provided occurrence of the Closing, (v) require providing access to or disclose information that the Debt Purchaser may replace Company is advised by legal counsel would jeopardize any attorney-client privilege of, or violate confidentiality requirements binding on, the Company or any of its Subsidiaries (provided that, in either case, the Company and amend its Subsidiaries shall reasonably cooperate in seeking alternative means (including through entering into a common interest agreement or such other means to allow disclosure but not waive attorney-client privilege) whereby such information will be provided or disclosed to Parent without violating any such agreement or waiving such attorney-client privilege), or (vi) require any such Person to change any fiscal period. (d) Parent shall reimburse the RollAcquired Companies for all reasonable out-Over Commitments solely for of-pocket and documented expenses incurred in connection with the purpose of adding lenders, lead arrangers, book runners, syndication agents actions taken at Parent’s request pursuant to this Section 6.15. Parent shall indemnify and hold harmless the Acquired Companies and their respective Representatives from and against any and all losses suffered or similar entities who had not executed incurred by them in connection with the Roll-Over Commitments as arrangement of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon Debt Financing (including any such amendment, replacement, supplement or modification of the Financing Commitments action taken in accordance with this Section 5.106.15) and any information utilized in connection therewith (other than information provided by or on behalf of the Company or any of its Subsidiaries expressly for use in connection therewith), except to the extent arising from the gross negligence, bad faith or willful and intentional misconduct of any Acquired Company or their respective Representatives as determined by a court of competent jurisdiction in a final non-appealable court order. (e) To the extent there are any receivables, payables or loans between the Company or any of its Subsidiaries, other than Bayswater and any of its Subsidiaries (the “Bayswater Entities”), on the one hand, and any of the Bayswater Entities, on the other hand (the “Intercompany Payables, Receivables and Loans”), the term “Financing Commitments” Company shall mean cause all such Intercompany Payables, Receivables and Loans to be either (i) fully paid and satisfied by the Financing Commitments party that is the obligor or (ii) extinguished without any liability by the payee by (A) in the case of Subsidiaries of the Company, causing such Intercompany Payables, Receivables and Loans to be distributed to the Company and (B) contributing, directly or indirectly through one or more Subsidiaries, such Intercompany Payables, Receivables and Loans to the capital of the relevant obligee, in each case, as so amended, replaced, supplemented or modifiedof the close of business on the Business Day immediately preceding the Closing Date.

Appears in 2 contracts

Sources: Merger Agreement (Goldfield Corp), Merger Agreement (Goldfield Corp)

Financing. (a) The Debt Purchaser Parent shall use reasonable best efforts to take, or cause to be taken, all actions and do, or cause to be done, all things necessary or advisable to consummate the Equity Financing on the Closing Date, and Parent shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or advisable to obtain arrange the proceeds of Debt Financing in an amount necessary, together with the Equity Financing, to fund the Financing Amounts and to consummate the Debt Financing on the terms and conditions described in the Financing CommitmentsClosing Date, including the following: (i) maintaining in full force and effect the Debt Commitment Letter and not permitting any amendment or modification to be made to, not consenting to any waiver of any provision or remedy under, and not replacing, the Debt Commitment Letter (other than as contemplated by the Debt Commitment Letter or any Debt Fee Letter as in effect on the date hereof), in any case if such amendment, modification, waiver or replacement: (A) maintain reduces (or would reasonably be expected to have the effect of reducing) the aggregate amount of the Debt Financing (including by changing the amount of fees to be paid or original issue discount in effect connection with the Debt Financing) (unless an equal amount from alternative financing sources is then made available) to an amount, together with the Equity Financing, less than what is necessary to fund the Financing Commitments, Amounts or (B) satisfy on imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the funding of any of the Debt Financing in a timely basis all manner that would reasonably be expected to (1) delay or prevent the Closing, (2) make the funding of the Debt Financing (or satisfaction of the conditions applicable to obtaining the Debt Financing) materially less likely to occur or (3) materially and adversely impact the ability of Parent to enforce its rights against other parties to the Debt Purchaser to obtaining Commitment Letter or the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated when required pursuant to this Agreement (provided that (x) so long as not otherwise prohibited by the Financing Commitments and (D) consummate other provisions of this Section 5.10, for the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendmentavoidance of doubt, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that Parent may amend the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding Commitment Letter and/or any Debt Fee Letter to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Commitment Letter or the Debt Fee Letters as of the date hereof; and (y) Parent shall reasonably promptly furnish to the Company copies of this Agreement so long any executed versions of any agreements or other documentation with respect to such amendment, modification, waiver or replacement); (ii) causing the Equity Financing to be consummated upon satisfaction of the conditions contained in the Equity Commitment Letter; (iii) satisfying on a timely basis (or, if available, obtain waivers of) the Financing Conditions; (iv) negotiating, executing and delivering Debt Financing Documents that reflect and are consistent with the terms contained in the Debt Commitment Letter and the Debt Fee Letters (including “market flex” provisions (if any)) or on such other terms acceptable to the Financing Sources; (v) in the event that the conditions set forth in Sections 6.1 and 6.3 have been satisfied, upon funding of the Debt Financing would be satisfied, causing the full amount of the Financing to be funded at or prior to the Closing; and (vi) enforcing its rights under the Commitment Letters in the event of a Financing Failure Event. (b) Parent shall not amend, modify, waive or replace, or agree to amend, modify, waive or replace (in any case whether by action or inaction) any term of the Equity Commitment Letter without the prior written consent of the Company. (c) Upon request of the Company, Parent shall keep the Company informed in reasonable detail of the status of its efforts to arrange the Financing and any material developments with respect to the Financing. As soon as such addition does not preventreasonably practicable, materially impede or Parent shall provide any information reasonably requested by the Company relating to any Financing Failure Event. (d) Neither Parent nor any of its affiliates shall take any action that would reasonably be expected to materially delay or prevent the consummation of the Roll-Over Debt Financing or Equity Financing. (e) If any Financing Failure Event occurs, Parent shall promptly notify the transactions Company thereof and use its reasonable best efforts to obtain, as promptly as practicable and in any event prior to the Outside Date, in consultation with the Company, on terms as favorable to Parent as the terms in the Debt Commitment Letter and the Debt Fee Letters (including “market flex” provisions (if any)) or as are reasonably available for financings of the type contemplated by this Agreement or the TDC Agreement. Upon any Debt Commitment Letter and the Debt Fee Letters in the debt markets at such amendmenttime, replacement, supplement or modification of alternative debt financing (“Debt Replacement Financing”) in an amount that when added with the Equity Financing would be sufficient to pay the Financing Commitments in accordance with Amounts; provided that, notwithstanding anything herein to the contrary but subject to the penultimate sentence of this Section 5.10, in no event shall reasonable best efforts be construed to require that Parent (A) pay any fees or original issue discount in excess of those contemplated by the term Debt Commitment Letter and the Debt Fee Letters (including market flex” provisions (if any)) as in effect of the date hereof or (B) agree to pricing or other economic terms that are less favorable (taken as a whole) than those contemplated by the Debt Commitment Letter and the Debt Fee Letters (including “market flex” provisions (if any)) as in effect of the date hereof. Parent shall deliver to the Company true, correct and complete copies of all contracts or other arrangements pursuant to which any alternative source shall have committed to provide any portion of the Debt Replacement Financing Commitments” (provided that any fee letters in connection therewith may be redacted in a manner consistent with the Debt Fee Letters provided as of the date hereof). Notwithstanding anything else herein to the contrary, in no event shall mean the Financing Commitments receipt or availability of any funds or financing (including, for the avoidance of doubt, the Financing) by Buyer or any Affiliate or any other financing or other transactions be a condition to any of Buyer’s obligations hereunder. Any Debt Replacement financing shall be subject to the same obligations as so amended, replaced, supplemented or modifiedset forth in this Section 5.10 with respect to the Debt Financing.

Appears in 2 contracts

Sources: Merger Agreement (Patterson Companies, Inc.), Merger Agreement (Patterson Companies, Inc.)

Financing. (a) The Debt Purchaser Each of Parent and Merger Sub shall, and shall cause each of its respective controlled affiliates to, use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to consummate and to obtain the proceeds of Debt Financing on or prior to the Financing Acceptance Time on the terms and conditions described in the Financing Commitments, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control Commitment Letter (including by consummating the Equity Financing at or prior to exercise of any “market flex” provisions in the Closing), (CFee Letter) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacementsupplement, supplement modification or other modification ofreplacement to be made to, or waive any waiver of any provision or any of its rights under, any Financing the Commitment Letter or any definitive agreements related to the Financing, in each case, Definitive Agreements without the Company’s prior written consent of the Company (which consent shall not be unreasonably withheld withheld, conditioned or delayed), provided that any if such amendment, replacementsupplement, supplement modification, replacement or other modification to the Roll-Over Commitments waiver (i) does not involve any conditions reduces the aggregate cash amount of proceeds of the Debt Financing to funding an amount below the Roll-Over amount (that are not contained inwhen combined with the liquidity Parent then contemplates to be, and satisfied on which is available to be, applied thereto) required to consummate the date of entry into, such amendment, replacement, supplement or other modification to the same extent asOffer, the Roll-Over Commitments Merger and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the other transactions contemplated by this Agreement and to repay or refinance the debt contemplated to be replaced by the Commitment Letter, including the payment of all fees, premiums and expenses associated therewith, (ii) imposes new or additional conditions or any contingencies or otherwise expands upon, amends, supplements or otherwise modifies any of the conditions set forth in the Commitment Letter on the date hereof in a manner that would or would reasonably be expected to make a material portion of the Debt Financing less likely to be timely obtained (or the TDC Agreement; and provided that conditions to obtaining the Debt Purchaser Financing less likely to be timely satisfied), (iii) prevents, materially impedes or materially delays the Closing, (iv) adversely impacts the ability of either Parent or Guarantor to enforce its rights against any other parties to the Commitment Letter or the Definitive Agreements in any material respect or (v) materially adversely impacts the ability of Parent or Merger Sub to consummate the Offer at the Acceptance Time, the Merger at the Closing or any of the other transactions contemplated by this Agreement. For the avoidance of doubt, Parent and Merger Sub may amend, supplement, modify or replace the Commitment Letter and amend the Roll-Over Commitments solely for Fee Letter, in each case as in effect at the purpose of adding date hereto, or the Definitive Agreements, but only if any such amendment, supplement, modification or replacement is not inconsistent with the immediately preceding sentence, (w) to add or replace lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who which had not executed the Roll-Over Commitments Commitment Letter and the Fee Letter as of the date hereof, (x) to increase the amount of indebtedness, (y) to add or replace facilities with one or more new facilities or (z) otherwise in a manner not less favorable taken as a whole to Parent and Merger Sub. For purposes of this Agreement so long Agreement, (1) the term “Debt Financing” shall be deemed to include the Debt Financing, as amended, modified or replaced pursuant to this Section 5.2(a) and (2) the term “Commitment Letter” shall be deemed to include the Commitment Letter as it may be amended, supplemented, modified or replaced pursuant to this Section 5.2(a). Parent shall promptly deliver to the Company a true and complete copy of any such addition does not preventamendment, materially impede supplement, modification, replacement or materially delay the consummation waiver of the Roll-Over Commitment Letter or the Definitive Agreements. (b) Each of Parent and Merger Sub shall, and shall cause each of its respective controlled affiliates to, use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate and to obtain the Debt Financing on or prior to the Acceptance Time on the terms and conditions described in the Commitment Letter (including the exercise of any “market flex” provisions in the Fee Letter), including using reasonable best efforts to (i) comply with the terms and conditions of, and maintain in effect, the Commitment Letter pursuant to its terms (except for amendments, supplements, modifications and replacements made in compliance with Section 5.2(a)), (ii) negotiate and enter into, at or prior to the Acceptance Time, definitive agreements (such definitive agreements, the “Definitive Agreements”) with respect to the Debt Financing (and promptly upon the execution and delivery thereof, provide true and complete copies of the Definitive Agreements to the Company) on the terms and conditions set forth in the Commitment Letter (including, if necessary, the exercise of “market flex” provisions in the Fee Letter) or on other terms and conditions that would not, if such other terms and conditions constituted an amendment to the Definitive Agreements, be inconsistent with Section 5.2(a), (iii) satisfy on a timely basis (or, if deemed advisable by Guarantor, seek a waiver on a timely basis of) all conditions and covenants applicable to Guarantor and Parent to the funding of the Debt Financing set forth in the Commitment Letter or the Definitive Agreements and (iv) if all conditions to the Debt Financing are, or upon funding of the Debt Financing will be, satisfied, cause the Financing Sources to comply with their obligations under the Commitment Letter and the Definitive Agreements and to fund at or prior to the Acceptance Time, the Debt Financing required to consummate the Offer at the Acceptance Time, the Merger at the Closing and the other transactions contemplated by this Agreement, including, if necessary, enforcing its rights under the Commitment Letter and the Definitive Agreements, provided however, under no circumstances shall Parent or Guarantor be required to commence or sustain legal proceedings in connection therewith. (c) In the event that all or any portion of the Debt Financing becomes unavailable and such portion is reasonably required to consummate the Offer, the Merger and the other transactions contemplated by this Agreement, each of Guarantor and Parent shall use its reasonable best efforts to arrange and timely obtain substitute financing (on terms and conditions that are not materially less favorable to Guarantor and Parent, taken as a whole, than the terms and conditions set forth in the Commitment Letter relating to the Debt Financing to be replaced, taking into account the “market flex” provisions thereof) from the same or alternative sources in an amount sufficient to consummate Offer, the Merger and the other transactions contemplated by this Agreement or (the TDC Agreement. Upon any such amendment“Substitute Financing”) (and shall promptly upon the execution and delivery thereof, replacement, supplement or modification provide to the Company true and complete copies of the material, definitive documents related to the Substitute Financing Commitments (provided that, with respect to any fee letters, the fee amounts, pricing caps and other economic terms, and the rates and amounts included in accordance with this Section 5.10the “market flex” provisions (but not covenants), may be redacted). All references to the term “Financing CommitmentsDebt Financing” shall mean be deemed to include such Substitute Financing and all references to the “Commitment Letter,” the “Fee Letter” and “Definitive Agreements” shall include the applicable documents for the Substitute Financing. Parent shall give the Company prompt written notice of any (i) material breach by any party to the Commitment Letter or the Definitive Agreements of which Parent or Merger Sub becomes aware or (ii) receipt by it of any written notice from any the Lenders or any other Financing Commitments as so amendedSources with respect to any actual or threatened withdrawal, replaced, supplemented repudiation or modifiedtermination of the Debt Financing by the Lenders or any other Financing Sources. Parent shall keep the Company reasonably informed of the status of the efforts of Guarantor and Parent to arrange and obtain the Debt Financing.

Appears in 2 contracts

Sources: Merger Agreement (Salix Pharmaceuticals LTD), Merger Agreement (Valeant Pharmaceuticals International, Inc.)

Financing. (a) The Debt Purchaser (i) Subject to the terms and conditions of this Agreement, each of Parent and Merger Sub shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions (including the flex provisions) described in the Financing CommitmentsLetters pursuant to the terms thereof and satisfy the conditions to the Financing as described in the Financing Letters (including, including without limitation, the repayment of any indebtedness to the extent such repayment is a condition to the Debt Financing) and shall not permit any termination, amendment or modification to be made to, or any waiver of any provision under, or any replacement of, the Financing Letters if such termination, amendment, modification, waiver or replacement (A) maintain in reduces (or could have the effect of reducing) the aggregate amount of the Financing Commitments(including by increasing the amount of fees to be paid or original issue discount unless (x) the Debt Financing or the Equity Financing is increased by a corresponding amount or the Debt Financing is otherwise made available to fund such fees or original issue discount and (y) after giving effect to any of the transactions referred to in clause (x) above, the representation and warranty set forth in Section 3.7 shall be true and correct)or (B) satisfy on a timely basis all imposes new or additional conditions applicable or otherwise expands, amends or modifies any of the conditions to the Debt Purchaser to obtaining receipt of Financing, or otherwise expands, amends or modifies any other provision of the Financing Letters, in a manner that is within its control would reasonably be expected to (including by consummating x) delay or prevent or make less likely the Equity funding of the Financing at (or prior satisfaction of the conditions to the Closing)Financing) on the Closing Date or (y) adversely impact the ability of Parent, (C) Merger Sub or the Company, as applicable, to enforce its rights against other parties to the extent not previously entered into, enter into Financing Letters or the definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), thereto; provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, Parent and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that Merger Sub may amend the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding Commitment Letter to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Commitment Letter as of the date hereof. Parent shall promptly deliver to the Company copies of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such termination, amendment, modification, waiver or replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.

Appears in 2 contracts

Sources: Merger Agreement (Zayo Group LLC), Merger Agreement (Abovenet Inc)

Financing. (a) The Debt Purchaser Merger Partner shall, and shall cause the other members of the Merger Partner Group to, and Spinco shall, and shall cause other members of the Spinco Group to, in each case, use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds Financing as promptly as reasonably practicable after the date hereof on the same terms and conditions (including market flex) contained in the Commitment Letter. Merger Partner shall, and shall cause the other members of the Financing Merger Partner Group to, and Spinco shall, and shall cause other members of the Spinco Group to, in each case, use reasonable best efforts (including, where practicable, on a joint basis or otherwise mutually agreed upon basis) to (i) comply with and maintain in full force and effect the Commitment Letter in accordance with the terms thereof and negotiate and execute definitive agreements with respect thereto, on the terms and conditions described (including market flex) contained in the Commitment Letter (or on such other terms acceptable to Merger Partner, Remainco and Spinco and the applicable Financing Commitments, including to Sources so long as such other terms would not (A) maintain in effect delay or prevent the Financing CommitmentsClosing, (B) satisfy on a timely basis all expand the conditions applicable or other contingencies to the Debt Purchaser to obtaining funding, from those set forth in the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing)Commitment Letter, (C) reduce the committed amount, (D) adversely impact or delay in any respect the likelihood of the funding of the Financing (or satisfaction of the conditions to obtaining the Financing) or (E) adversely impact the ability of Merger Partner or Spinco, as applicable, to enforce its rights against the other parties to the extent not previously entered into, enter into Commitment Letter or the definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without in accordance with their terms) (such definitive agreements, the Company’s “Financing Agreements”)) or the ability of Merger Partner or Spinco, as applicable, to timely consummate the Contemplated Transactions and shall deliver to Merger Partner and Remainco, as applicable, copies of any and all drafts and proposed final versions of all documents prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and execution thereof as promptly as reasonably practicable; (ii) does not prevent, materially impede satisfy or materially delay cause the consummation satisfaction of all conditions in the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; Commitment Letter and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10Agreements that are within its control or, if necessary or deemed advisable by ▇▇▇▇▇▇ Partner, Remainco and Spinco, seek the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.waiver of

Appears in 2 contracts

Sources: Merger Agreement (Everi Holdings Inc.), Merger Agreement (International Game Technology PLC)

Financing. (a) The Purchaser shall not permit any amendment or modification to be made to, or any waiver of any provision or remedy under, or replace, the Debt Financing Commitment if such amendment, modification, waiver or replacement (i) (A) reduces the aggregate amount of the Debt Financing (including by changing the amount of fees to be paid or original issue discount of the Debt Financing) or (B) imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the receipt of the Debt Financing, in each case in a manner that would reasonably be expected to (1) delay or prevent the Closing, (2) delay or impair the availability of the Debt Financing at Closing or impede the satisfaction of the conditions to obtaining the Debt Financing at Closing, or (3) otherwise adversely impact the ability of Purchaser to enforce its rights against other parties to the Debt Financing Commitment or the definitive agreements with respect thereto (collectively, the “Restricted Financing Commitment Amendments”) (provided that, subject to the limitations set forth in this Section 6.11, Purchaser may amend the Debt Financing Commitment to add lenders, lead arrangers, bookrunners, syndication agents or similar entities who had not executed the Debt Financing Commitment as of the date hereof, but only if the addition of such additional parties, individually or in the aggregate, would not result in the occurrence of a Restricted Financing Commitment Amendment), or (ii) results in the early termination of the Debt Financing Commitment, and shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain arrange and consummate the proceeds of the Debt Financing on the terms and conditions described in the Debt Financing CommitmentsCommitment and to cause the conditions described in clause (y) of the final proviso to the definition of “Marketing Period” set forth in Section 1.01 to be satisfied as promptly as practicable, including using its reasonable best efforts to (A) maintain in effect the Debt Financing CommitmentsCommitment (including by complying with so-called “flex” provisions) until the funding of the Debt Financing at or prior to Closing, (B) satisfy on a timely basis (or obtain a waiver of) all conditions and covenants applicable to the Debt Purchaser to obtaining the Debt Financing that is within its control at Closing as set forth therein, (C) negotiate, execute and deliver definitive agreements with respect to such Debt Financing on the terms and conditions (including the “flex” provisions) contemplated by consummating the Equity Debt Financing Commitment (and provide copies thereof to Seller), (D) fully pay any and all commitment fees or other fees required by the Debt Financing Commitment and (E) upon satisfaction of the conditions set forth in the Debt Financing Commitment, consummate the Debt Financing at or prior to Closing. In the Closing)event any portion of the Debt Financing becomes unavailable on the terms and conditions (including any “flex” provisions) contemplated in the Debt Financing Commitment, Purchaser shall promptly notify Seller and shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to arrange to obtain alternative financing from alternative sources (Cx) with conditions to the extent funding of the Debt Financing not previously entered intomaterially less favorable to the interests of Seller than those included in the Debt Financing Commitment and (y) in an amount sufficient to consummate the transactions contemplated hereby, enter into including the payment of the Estimated Cash Consideration, the amounts to be paid pursuant to Section 3.05 (if any) and all related fees and expenses promptly following the occurrence of such event, and in any event prior to or on the Closing Date. Purchaser shall promptly deliver to Seller true and complete copies of all agreements pursuant to which any such alternative source shall have committed to provide Seller with any portion of the Debt Financing. Purchaser shall keep Seller reasonably informed and in reasonable detail with respect to all material developments concerning the Debt Financing. Without limiting the generality of the foregoing, Purchaser shall promptly (and, in any event, within one (1) Business Day) notify Seller in writing (1) of any breach or default (or any event or circumstance that, with or without notice, lapse of time or both could reasonably be expected to give rise to any breach or default) by any party to the Debt Financing Commitment or the definitive agreements with respect thereto on terms and conditions described in thereto, (2) of the receipt by Purchaser or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights underAffiliates or their respective employees, agents or representatives of any notice or other communication from any Person with respect to any (A) actual or potential breach, default, termination or repudiation by any party to the Debt Financing Commitment or any definitive agreement related thereto or any provision of the Debt Financing contemplated pursuant to the Debt Financing Commitment or any definitive agreement related thereto (including any proposal by any lender named in the Debt Financing Commitment or any definitive agreement related thereto to withdraw, terminate or make a material change in the terms of (including the amount of financing contemplated by) the Debt Financing Commitment) or (B) material dispute or disagreement between or among any parties to the Debt Financing Commitment or any definitive agreement related thereto and (3) if for any reason Purchaser believes in good faith that there is a material possibility that it will not be able to obtain all or any portion of the financing contemplated in the Debt Financing Commitment on the terms, in the manner or from the sources contemplated by the Debt Financing Commitment or the definitive agreements related thereto. References in this Agreement to “Debt Financing” shall include the Financingfinancing contemplated by the Debt Financing Commitment as permitted by this Section 6.11 to be amended, modified or replaced (including, replacement with alternative financing and alternative financing commitments pursuant to this Section 6.11) and references to “Debt Financing Commitment” shall include such documents as permitted by this Section 6.11 to be amended, modified or replaced (including replacement with alternative financing commitments pursuant to this Section 6.11), in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any case from and after such amendment, modification or replacement, supplement or other modification . Prior to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over Debt Financing, Purchaser shall not, and shall not permit any of its Subsidiaries, to accept any offer for all or any substantial part of the capital stock of Purchaser or the transactions contemplated Business. (b) Prior to Closing, Seller and its Subsidiaries shall use their reasonable best efforts to provide to Purchaser, and shall use their reasonable best efforts to cause their respective employees, advisors and representatives to provide to Purchaser, all cooperation that is reasonably requested by Purchaser in connection with the Debt Financing, including: (i) participating in a reasonable number of meetings, presentations, road shows, drafting sessions, due diligence sessions and sessions with prospective Financing Sources, investors and ratings agencies, and reasonably cooperating with the marketing efforts of Purchaser and its Financing Sources, in each case in connection with the Debt Financing, (ii) furnishing Purchaser and its Financing Sources with the Required Financial Information (it being understood that the failure to provide audited financial statements as of and for the year ended December 31, 2012 prior to March 30, 2013 shall not be deemed a breach of this Agreement Section 6.11(b)(ii)), (iii) assisting with the preparation of materials for rating agency presentations, bank information memoranda, and similar documents required in connection with the Debt Financing, (iv) assisting with the completion of the definitive financing documents and in taking such steps as may be necessary to perfect the liens and security interests to be granted as security for the Debt Financing in the assets of the Business; provided, that any such liens or security interests do not attach or otherwise become effective prior to the TDC Agreementoccurrence of the Closing, (v) executing and delivering, on behalf of the Company and the Company Subsidiaries, any necessary pledge and security documents and otherwise reasonably facilitating the granting of a security interest (and perfection thereof) in collateral, guarantees, mortgages, other definitive financing documents or other certificates or documents as may reasonably be requested by Purchaser; and provided that any obligations contained in all such agreements and documents shall be subject to the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as occurrence of the date of this Agreement so long as such addition does not preventClosing and effective no earlier than the Closing, materially impede or materially delay the consummation (vi) obtaining a certificate of the Roll-Over or Chief Financial Officer of the transactions contemplated Business with respect to solvency matters to the extent required by this Agreement or the TDC Agreement. Upon any such amendmentFinancing Sources, replacementcustomary authorization letters with respect to the bank information memoranda and (vii) using reasonable best efforts to obtain legal opinions, supplement or modification surveys and title insurance at the expense of and as reasonably requested by Purchaser on behalf of the Financing Commitments Sources; provided, however, that nothing herein shall require such cooperation either to support any financing other than a debt financing in accordance the form of a secured credit facility or to the extent it would interfere unreasonably with the Business or operations of Seller and its Subsidiaries; and provided, further, that Seller, its Affiliates and its and their respective officers, directors or employees shall not be required to authorize, execute, deliver or perform under any agreement with respect to the Debt Financing that is not contingent upon the Closing or that would be effective prior to the Closing. Seller, on behalf of the Business, hereby consents to the use of the Business’s logos in connection with the Debt Financing contemplated by the Debt Financing Commitment; provided, that such logos are used solely in a manner that is not intended to, nor reasonably likely to, harm or disparage the Business, Seller or its Affiliates. Seller agrees that it shall consent to Purchaser’s publicly furnishing to the SEC, on Item 7.01 of Form 8-K, Required Financial Information (that is listed in clause (1) of the definition of “Required Financial Information”) solely to the extent necessary to permit syndication of the Term Loan B to lenders that would not participate in such syndication if they were to receive material non-public information. (c) If the Marketing Period ends before, but the Closing Date has not occurred by, February 28, 2013, then Seller shall prepare and deliver, by no later than February 28, 2013, the consolidated unaudited balance sheet and consolidated unaudited statements of operations, cash flows and shareholders’ equity of the Business as of and for the year ended December 31, 2012. If the Marketing Period ends before, but the Closing Date has not occurred by, March 30, 2013, then Seller shall prepare and deliver, by no later than March 30, 2013, the consolidated balance sheet and consolidated statements of operations, cash flows and shareholders’ equity of the Business as of and for the year ended December 31, 2012, accompanied by an unqualified report thereon of the independent accountants of the Business. (d) None of Seller, its Affiliates (other than the Company and the Company Subsidiaries after the Closing) and its and their employees, agents or 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 provide or agree to provide any indemnity in connection with the Debt Financing or their performance of their respective obligations under this Section 5.106.11 and any information utilized in connection therewith. Purchaser shall, without set-off, indemnify and hold harmless Seller, its Affiliates and its and their employees, agents and 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 term “arrangement of the Debt Financing Commitments” and the performance of their respective obligations under this Section 6.11 or any information utilized in connection therewith except to the extent arising from the gross negligence or willful misconduct of the Seller or its Affiliates. Purchaser shall, without set-off, promptly upon request of Seller, advance or reimburse (as requested) Seller and its Affiliates for all out-of-pocket costs (including those of its and their accountants, consultants, legal counsel, agents and other representatives) to be incurred or that have been incurred by Seller and its Affiliates in connection with their performance of this Section 6.11 or otherwise to support or cooperate with the Debt Financing. (e) Prior to the Closing, Purchaser shall mean not (and shall not permit any of its Affiliates to) take any action, or enter into any transaction, or any agreement to effect any transaction that might reasonably be expected to (i) delay or impair the availability of the Debt Financing Commitments as so amendedat Closing or impede the satisfaction of the conditions to obtaining the Debt Financing at Closing, replaced, supplemented or modified(ii) otherwise materially and adversely impact the ability of Purchaser to enforce its rights against other parties to the Debt Financing Commitment or the definitive agreements with respect thereto.

Appears in 2 contracts

Sources: Acquisition Agreement (Arris Group Inc), Acquisition Agreement (Arris Group Inc)

Financing. (a) The Debt Purchaser Subject to the terms and conditions of this Agreement, Merger Sub shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsLetters, after giving effect to the market flex terms in the Fee Letter, and shall not permit any amendment or modification to be made to, or any waiver of any provision or remedy under, the Financing Letters or the Fee Letter, if such amendment, modification or waiver (i) reduces the aggregate amount of the Financing (including by changing the amount of fees to be paid or original issue discount) or (ii) imposes new or additional conditions or other terms or otherwise expands, amends or modifies any of the conditions to the receipt of the Financing or other terms in a manner that could reasonably be expected to (x) delay or prevent the Closing (y) make the timely funding of the Financing or satisfaction of the conditions to obtaining the Financing less likely to occur or (z) adversely impact the ability of Parent and Merger Sub to enforce their rights against the other parties to the Financing Letters or the definitive agreements with respect thereto; provided that Parent and Merger Sub shall have the right to substitute other debt (but not equity financing) for all or any portion of the Debt Financing contemplated by the Debt Commitment Letter from the same and/or alternative financing sources; provided, further, that such substitution shall only be permitted if (i) the terms would not be reasonably expected to delay or prevent the Closing or make the timely funding of the Debt Financing or satisfaction of the conditions to obtaining the Debt Financing less likely to occur, (ii) the conditions to the Debt Financing set forth in the Debt Commitment Letter as of the date hereof would not be expanded or modified in a manner that would reasonably be expected to delay or prevent the Closing and (iii) the terms and conditions are not, in the aggregate, less favorable to the Company than those in the Debt Commitment Letter, after giving effect to the market flex terms in the Fee Letters and provided, further, that any such substitute financing shall not obligate any of Stockholder or its Affiliates (other than the Companies) as a surety, guarantor or indemnitor or to extend credit to any Person. Any reference in this Agreement to (A) maintain in effect “Financing,” “Equity Financing” and “Debt Financing” shall include the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or financing contemplated by the Financing Commitments and (D) consummate the Financing at Letters as amended or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, modified in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance compliance with this Section 5.10, the term 5.11 and (B) “Financing CommitmentsLetters,” “Equity Commitment Letter,” “Debt Commitment Letter” and “Fee Letter” shall mean the Financing Commitments include such documents as so amended, replaced, supplemented amended or modifiedmodified in compliance with this Section 5.11.

Appears in 2 contracts

Sources: Merger Agreement (EVERTEC, Inc.), Merger Agreement (Popular Inc)

Financing. (a) The Debt Purchaser Company shall, and shall cause its Subsidiaries to, use its reasonable best efforts to takehave its and their representatives, or cause to be takenincluding management, all actions personnel, attorneys, financial advisors, accountants and to doother professionals, or cause to be done, all things necessary cooperate with Parent and its representatives in connection with the arrangements by Parent and Purchaser to obtain the proceeds Financing (or any alternative Financing as Parent may obtain) as may be reasonably requested by Parent (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Financing on Company and its Subsidiaries or unreasonably interfere with or hinder or delay in any material aspect the terms performance by the Company of its other obligations hereunder), including (i) participation in meetings, drafting sessions and conditions described due diligence sessions, (ii) furnishing Parent and Purchaser and their financing sources with financial and other pertinent information regarding the Company as may be reasonably requested by Parent, (iii) assisting Parent and Purchaser and their financing sources in the Financing Commitments, including to preparation of (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable an offering document for any debt raised to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or complete the transactions contemplated by this Agreement and (B) materials for rating agency presentations, (iv) mortgaging or otherwise borrowing money against any Owned Real Property, the TDC Agreement; and provided that proceeds of which the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments Company will hold as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification cash in furtherance of the Financing Commitments and (v) reasonably facilitating the pledge of the Company’s assets as collateral; provided, however, that none of the Company or its Subsidiaries will be required in accordance connection with this Section 5.10the Financing or any alternative financing as Parent may obtain or with respect to clauses (iv) and (v) to pay any commitment or other similar fee (unless such commitment or fee is paid by Parent) or incur any other liability or expense (unless such expense is paid by Parent) that would accrue prior to the Purchase Time or consummate any of the transactions referred to in clauses (iv) and (v) prior to the Purchase Time. Prior to the Purchase Time, the term “Financing Commitments” Company shall mean (X), when requested by Parent, monetize (at then standard commercial terms at not less than 50% of face value) any auction-rate securities held by the Financing Commitments as so amendedCompany or its Subsidiaries (Parent and Purchaser hereby acknowledging that the market for such auction-rate securities are illiquid at the present time) or (Y), replacedif the market for such auction-rate securities becomes liquid (whereby such securities may be sold at no less than 100% of face value), supplemented monetize (at no less than 100% of face value) any auction-rate securities held by the Company or modifiedits Subsidiaries, and in the case of (X) or (Y), the proceeds of such monetization shall be used by the Company solely to first, pay at the Purchase Time amounts due under the Termination Agreements, and thereafter, to the extent of any remaining proceeds, pay the amounts described in item 1 of Section 4.7(f) of the Disclosure Schedule.

Appears in 2 contracts

Sources: Merger Agreement (Excel Technology Inc), Merger Agreement (Gsi Group Inc)

Financing. (a) The Buyer shall not permit any amendment or modification to be made to, or any waiver of any provision or remedy under, or replace, (i) Equity Financing Commitment (the “Equity Financing”), or (ii) the Debt Purchaser Financing Commitments if, in the case of the Debt Financing Commitments, such amendment, modification, waiver or replacement (x) reduces the aggregate amount of the financing contemplated by the Debt Financing Commitments (the “Debt Financing” and together with the Equity Financing, the “Financing”) to an amount committed below the amount that is required, together with other financial resources of the Buyer, including amounts available under the Equity Financing Commitment, cash, cash equivalents and marketable securities of the Buyer on the Closing Date, to finance the Purchase Price on the terms set forth herein or (y) imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the receipt of the Debt Financing in a manner that would reasonably be expected to (A) materially delay or prevent the Closing or (B) materially delay, prevent or otherwise make materially less likely to occur the funding of the Debt Financing (or satisfaction of the conditions to obtaining the Debt Financing) and shall use its commercially reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Debt Financing on the terms and conditions described in the Debt Financing CommitmentsCommitments (provided, however, that the Buyer may amend or replace the Debt Financing Commitments to add lenders, lead arrangers, bookrunners, syndication agents or similar entities who had not executed a Debt Financing Commitment as of the date hereof), including using commercially reasonable efforts to (Ai) maintain in effect the Debt Financing Commitments, (Bii) satisfy on a timely basis all conditions applicable to the Debt Purchaser Buyer to obtaining the Financing that is within its control (including by consummating the Equity Debt Financing at or prior to the Closing)Closing set forth therein, (Ciii) to the extent not previously entered into, enter into definitive agreements with respect thereto on the terms and conditions described in or (including the flex provisions) contemplated by the Debt Financing Commitments (and provide copies thereof to the Seller upon reasonable request) and (Div) consummate the Debt Financing in accordance with the terms and conditions of the Debt Financing Commitments at or prior to the Closing Closing. (b) In the event any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Financing Commitments (including the flex provisions), the Buyer shall promptly notify the Seller and shall use commercially reasonable efforts to arrange to obtain alternative debt financing from alternative debt sources on terms and conditions no less favorable to the Buyer (in the reasonable judgment of the Buyer) and in an amount sufficient to consummate the transactions contemplated hereby promptly following the occurrence of such event (the “Alternative Financing”). The Buyer shall promptly deliver to the Seller true, complete and correct copies of all agreements pursuant to which any such alternative source shall have committed to provide the Buyer with the Alternative Financing. For purposes of this Section 5.21, references to “Debt Financing” shall include the financing contemplated by seeking the Debt Financing Commitments as permitted by this Section 5.21 to be amended, modified or replaced and references to “Debt Financing Commitments” shall include such documents as permitted by this Section 5.21 to be amended, modified or replaced, in each case from and after such amendment, modification or replacement. (c) Notwithstanding anything to the contrary contained in this Agreement, nothing contained in this Section 5.21 or elsewhere in this Agreement shall require, and in no event shall the “commercially reasonable efforts” of the Buyer be deemed or construed to require, the Buyer to (i) bring any litigation or any other enforcement action against the Debt Financing Sources in order to enforce its rights under the RollDebt Financing Commitments or otherwise, (ii) seek the Equity Financing from any source other than those counterparty to, or in any amount in excess of that contemplated by, the Equity Financing Commitment, (iii) seek or accept Debt Financing on terms less favorable in any material respect than the terms and conditions described in the Debt Financing Commitments (including the flex provisions) as determined in the reasonable judgment of the Buyer or (iv) pay any fees materially in excess of those contemplated by the Debt Financing Commitments (whether to secure a waiver of any conditions contained therein or otherwise). (d) In order to assist with the Debt Financing and at the Buyer’s expense, the Seller shall promptly provide its, and shall use reasonable best efforts to cause its Representatives to promptly provide their, reasonable best efforts assistance and cooperation as the Buyer and its Affiliates may reasonably request, including, but not limited to, (i) participating in presentations and meetings (including customary one-Over Commitments against on-one meetings between senior management and representatives of the Seller and the Debt Financing Sources, prospective lenders in respect of the Debt Financing and rating agencies) and cooperating with the marketing efforts of the Buyer and the Debt Financing Sources, (ii) assisting with the preparation of materials for rating agency presentations, bank information memoranda, business projections, lender presentations and similar documents prepared in connection with the Debt Financing, including execution and delivery of customary representation letters in connection with bank information memoranda, (iii) furnishing the Buyer and the Debt Financing Sources with financial, due diligence material and other persons pertinent information regarding the Seller as may be reasonably requested by the Buyer, (iv) executing and delivering, as of the Closing Date, any definitive financing documents, including any credit agreements, guarantees, pledge agreements, security agreements, mortgages, deeds of trust and other security documents or other certificates, documents and instruments relating to guarantees, the pledge of the collateral securing the Debt Financing and other matters ancillary to the Debt Financing as may be reasonably requested by the Buyer in connection with the Debt Financing and otherwise reasonably facilitating the pledging of, and granting and perfecting of Encumbrances in, the collateral securing the Debt Financing (including cooperation in connection with the payoff of the Indebtedness of the Seller required by this Agreement and the termination of related Encumbrances), (v) furnishing, within the time period specified in the Debt Financing Commitments, all documentation and other information required by regulators and authorities under applicable “know your customer” and anti-money laundering and regulations, including the PATRIOT Act and (vi) taking all corporate or other actions, and providing such other assistance, necessary or reasonably requested by the Roll-Over Commitments)Buyer to permit the consummation of the Debt Financing and to permit the proceeds thereof to be made available to the Buyer on the Closing Date. The Debt Purchaser shall not agree Seller hereby consents to or permit any amendment, replacement, supplement or other modification of, or waive any the use of its rights underlogos in connection with the Debt Financing. For purposes of this Section 5.21(d), references to “Debt Financing” shall include any Alternative Financing. (e) The Buyer shall (i) if the Closing does not occur, indemnify and hold harmless the Seller from and against any and all liabilities and expenses suffered or incurred by the Seller in connection with the arrangement of the Debt Financing Commitment or contemplated by the Debt Financing Commitments and the performance of its obligations under this Section 5.21 and any definitive agreements information utilized in connection therewith (other than information related to the Financing, Seller or its Subsidiaries provided by or on behalf of the Seller or its Subsidiaries in each case, without writing specifically for use in connection with the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (iDebt Financing offering documents) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation promptly upon request of the Roll-Over or Seller reimburse the transactions contemplated Seller for all reasonable costs and expenses incurred by the Seller (including those of its Representatives) in connection with the cooperation required by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified5.21.

Appears in 2 contracts

Sources: Asset Purchase Agreement (BOVIE MEDICAL Corp), Asset Purchase Agreement (BOVIE MEDICAL Corp)

Financing. (a) The Parent and Acquisition Sub shall not permit any amendment, modification, supplement, or replacement to be made to, or any waiver of any provision or remedy under, the Debt Purchaser Commitment Letter without the consent of the Company if such amendment, modification, supplement, replacement or waiver (i) reduces (or would reasonably be expected to have the effect of reducing) the aggregate amount of the Debt Financing, (ii) imposes new or additional conditions or otherwise expands or adversely amends or modifies any of the conditions to the Debt Financing, (iii) would modify the confidentiality provisions of the Debt Commitment Letter in any respect or (iv) would reasonably be expected to (A) materially delay, prevent, or impede the funding of the Debt Financing (or satisfaction of the conditions to the Debt Financing) or the consummation of the Offer, the Merger and the other Transactions or (B) adversely impact the ability of Parent or Acquisition Sub to enforce its rights against the other parties to the Debt Commitment Letter or the Definitive Financing Agreements (as defined below) (provided that Parent and Acquisition Sub may amend or replace the Debt Commitment Letter to add or replace lenders, arrangers or similar entities so long as such action would not reasonably be expected to materially delay, prevent, or impede the funding of the Debt Financing (or satisfaction of the conditions to the Debt Financing) or the consummation of the Offer, the Merger and the other Transactions, or adversely impact Parent’s or Acquisition Sub’s ability to enforce its rights under the Debt Commitment Letter). Parent and Acquisition Sub shall promptly deliver to the Company true and complete copies of any such amendment, modification or replacement. For purposes of this Agreement, references to “Debt Financing” shall include the financing contemplated by the Debt Commitment Letter as permitted to be amended or modified by this Section 7.13(a) and references to “Definitive Financing Agreements” or “Debt Commitment Letter” shall include such documents as amended or modified in accordance with this Section 7.13(a). (b) Parent and Acquisition Sub shall use its 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, to arrange and obtain the Debt Financing on the terms and subject to the conditions set forth in the Debt Commitment Letter by the Acceptance Time (assuming, for the purposes hereof, that (a) in the event that no Financing Extension Notices have been delivered, that no such Financing Extension Notices will be delivered and that the Acceptance Time will occur on the date, as reasonably estimated by the Parties, on which all conditions set forth on Annex II related to Antitrust Laws have been satisfied, and (b) in the event that one or more Financing Extension Notices have been delivered, that the Acceptance Time will occur no later than 9:00 a.m. Eastern Time on the business day immediately following the then scheduled expiration date of the Offer), including by using their reasonable best efforts (i) to maintain in effect the Debt Commitment Letter, (ii) to negotiate and enter into definitive agreements with respect to the Debt Commitment Letter (the “Debt Financing Agreements”) on the terms and conditions contained in the Debt Commitment Letter or on other terms (subject to the limitations contained in Section 7.13(a)) that would not reasonably be expected to materially prevent or delay the Offer, the Merger, and the other Transactions or the date on which the Debt Financing could be obtained or make the funding of the full amount of the Debt Financing less likely to occur on or prior to the Acceptance Time (assuming, for the purposes hereof, that (a) in the event that no Financing Extension Notices have been delivered, that no such Financing Extension Notices will be delivered and (b) in the event that one or more Financing Extension Notices have been delivered, that the Acceptance Time will occur no later than 9:00 a.m. Eastern Time on the business day immediately following the then scheduled expiration date of the Offer), (iii) to comply on a timely basis with (or obtain any waiver of) their covenants and obligations set forth in, and satisfy (or obtain a waiver of) on a timely basis all conditions to the funding in, the Debt Commitment Letter and the Debt Financing Agreements, in each case, as necessary to obtain consummate the proceeds Transactions and satisfy all obligations of Parent and Acquisition Sub pursuant to this Agreement, including to pay the aggregate Offer Price at the Acceptance Time and the aggregate Merger Consideration on the Closing Date and satisfy the obligations of Parent under Section 3.4, and to pay any fees and expenses of or payable by Parent, Acquisition Sub, and the Surviving Corporation. In the event that all conditions contained in the Commitment Letter or the Definitive Financing Agreements have been satisfied, Parent shall cause the Debt Providers thereunder to comply with their respective obligations, including to fund the Debt Financing required to consummate the Transactions on the Closing Date, including to pay the aggregate Offer Price at the Acceptance Time and the aggregate Merger Consideration on the Closing Date and satisfy the obligations of Parent under Section 3.4, and to pay any fees and expenses of or payable by Parent, Acquisition Sub, and the Surviving Corporation (including by promptly commencing a litigation proceeding against any breaching Debt Provider to compel such Debt Provider to provide its portion of the Debt Financing or otherwise comply with its obligations under the Debt Commitment Letter or Definitive Financing Agreements). Parent and Acquisition Sub shall comply with their obligations, and enforce their rights, under the Debt Commitment Letter and Definitive Financing Agreements in a timely and diligent matter. In each case promptly upon the Company’s request to Parent and Acquisition Sub, Parent and Acquisition Sub shall (A) provide to the Company copies of all substantially final drafts and executed definitive agreements for the Debt Financing Agreements (excluding any provisions related solely to fees and other economic terms), and (ii) keep the Company reasonably informed of the status of their efforts to arrange the Debt Financing. (c) In the event that, at any time prior to the Effective Time, (i) the Debt Commitment Letter is terminated for any reason, (ii) Parent or Acquisition Sub becomes aware of any material breach or default by any party to the Debt Commitment Letter or any Debt Financing Agreement, (iii) a counterparty provides notice that it will not provide, or it refuses to provide, all or any portion of the Debt Financing contemplated by the Debt Commitment Letter on the terms set forth in the Debt Commitment Letter, or (iv) any portion of the Debt Financing becomes unavailable for any reason, Parent will (A) use reasonable best efforts to obtain alternative debt financing (in an amount sufficient, when taken together with the available portion of the Debt Financing, to consummate the Transactions on the Closing Date and satisfy all of the obligations of Parent and Acquisition Sub hereunder, including the payment of the aggregate Offer Price at the Acceptance Time and the aggregate Merger consideration on the Closing Date and Parent’s obligations under Section 3.4, and to pay any fees and expenses of or payable by Parent, Acquisition Sub, and the Surviving Corporation) from the same or other sources and which does not include any conditions to the consummation of such alternative debt financing that are more onerous than the conditions set forth in the Debt Commitment Letter and Definitive Financing Agreements and (B) promptly notify the Company of such unavailability and the reason therefor; provided, that in no event will Parent or Acquisition Sub be under any obligation to disclose any information that (A) is subject to attorney-client or similar privilege if Parent or Acquisition Sub shall have used its reasonable best efforts to disclose such information in a manner that would not waive such privilege, or (B) would contravene any Law. In furtherance of and not in limitation of the foregoing, in the event that (1) any portion of the Debt Financing structured as high yield bond financing shall become unavailable, regardless of the reason therefor and (2) all conditions contained in Annex II shall have been satisfied or waived (other than (x) any such conditions that by their nature are to be satisfied at the expiration of the Offer, but subject to the satisfaction or waiver of such conditions at the expiration of the Offer, and (y) those conditions the failure of which to be satisfied is attributable to a breach by Parent or Acquisition Sub of their representations, warranties, covenants or agreements contained in this Agreement), and (3) the term loan credit facilities contemplated by the Debt Commitment Letter (or alternative facilities obtained in accordance with this Section 7.13) are available on the terms and conditions described in the Debt Commitment Letter (or replacements thereof), then each of Parent and Acquisition Sub shall cause the proceeds of such term financing to be used immediately in lieu of such affected portion of the high yield bond financing. For the purposes of this Agreement, references to “Debt Financing” shall include any alternative financing arranged in compliance herewith (and any Debt Financing Commitments, including pursuant to (A) maintain any Debt Commitment Letter or Definitive Financing Agreement remaining in effect at the time in question), and references to “Debt Commitment Letter” and “Definitive Financing CommitmentsAgreements” shall include any commitment letter (or similar agreement) with respect thereto and any definitive documents or agreements with respect thereto, respectively (B) satisfy on a timely basis all conditions applicable and any Debt Commitment Letter and Definitive Financing Agreements, respectively, remaining in effect at the time in question). Parent shall provide the Company with prompt written notice of any breach or default by any party to the Debt Purchaser Commitment Letter or any Definitive Financing Agreements and the receipt of any written notice or other written communication from any Debt Provider or other financing source with respect to obtaining the Financing that is within its control (including any breach, default, termination or repudiation by consummating the Equity Financing at or prior any party to the Closing), Debt Commitment Letter or any Definitive Financing Agreement of any provision thereof. (Cd) Notwithstanding anything to the extent not previously entered intocontrary contained herein, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does Parent’s and Acquisition Sub’s obligations hereunder shall not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification constitute a condition to the same extent asconsummation of the Transactions, the Roll-Over Commitments and (ii) does compliance by Parent and Acquisition Sub with this Section 7.13 shall not prevent, materially impede or materially delay the consummation relieve Parent of the Roll-Over or its obligation to consummate the transactions contemplated by this Agreement whether or the TDC Agreement; and provided that not the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedis available.

Appears in 2 contracts

Sources: Agreement and Plan of Merger (Fairchild Semiconductor International Inc), Agreement and Plan of Merger (On Semiconductor Corp)

Financing. (a) The Debt Purchaser Each of Parent and Acquisition Sub acknowledges and agrees that prior to the Effective Time the Company and its Affiliates and its and their respective Representatives shall use not be required to incur any liability to any Person under any financing that Parent and Acquisition Sub may raise in connection with the transactions contemplated by this Agreement or any cooperation provided pursuant to Section 6.16 and that Parent and Acquisition Sub shall, and shall cause their Affiliates to, on a joint and several basis, indemnify and hold harmless the Company and its Affiliates and its and their respective Representatives from and against, and compensate and reimburse the Company and its Affiliates and its and their respective Representatives for, any and all losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with the Financingany such financing, except in each case to the extent arising from the gross negligence, recklessness or willful misconduct of any such Persons. (b) Subject to the terms and conditions of this Agreement, each of Parent and Acquisition Sub shall use, and shall cause their Affiliates to use, their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Financing as promptly as practicable on the terms and conditions described in the Financing CommitmentsCommitment Letter, including using (and causing their Affiliates to use) their respective reasonable best efforts to: (Ai) maintain in effect the Financing CommitmentsCommitment Letter, (Bii) satisfy enter into definitive agreements with respect thereto as promptly as practicable on the terms and conditions contained in the Commitment Letter, which agreements shall be in effect as promptly as practicable after the date hereof, but in no event later than the Effective Time, (iii) satisfy, or cause their Representatives to satisfy, on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing Parent, Acquisition Sub or their respective Representatives in such definitive agreements that is are within its control (including by consummating the Equity Financing at or prior to the Closing)control, (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (Div) consummate cause the Lender and any other Persons providing Financing to fund the Financing at or prior to the Closing Effective Time, including by enforcing (including by seeking through litigation to enforce) such Persons’ funding obligations (and the rights of Parent and Acquisition Sub) under the Commitment Letter and Financing Arrangements (as defined below) to the extent necessary to fund the Merger Consideration. (c) Parent shall not agree to, or permit, any amendments or modifications to, or any waivers under, the Commitment Letter without the prior written consent of the Company if such amendments, modifications or waivers would reduce the aggregate amount of the Financing (including by changing the amount of fees to be paid or original issue discount of the Debt Financing), or impose new or additional conditions or otherwise expand the then existing conditions precedent to funding of the Financing at or prior to the Effective Time, if such new or additional conditions or such expanded existing conditions would reasonably be expected to (i) prevent or materially delay or impair the ability of Parent to consummate the Merger or (ii) adversely impact the ability of Parent or Acquisition Sub to enforce its rights against the other parties to the Commitment Letter. Parent shall not release or consent to the termination of the funding obligations of the Lender under the Roll-Over Commitments against Commitment Letter, except for assignments and replacements of an individual lender under the lenders and terms of or in connection with the syndication of the Commitment Letter if applicable; provided, that such assignments or replacements would not prevent or materially delay or impair the ability of Parent to consummate the Merger or the other persons providing transactions contemplated by this Agreement. (d) In the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit event that Parent determines that any amendment, replacement, supplement or other modification of, or waive any portion of its rights under, any the Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall will not be unreasonably withheld available in the manner or delayed)from the sources contemplated in the Commitment Letter, provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding Parent shall promptly so notify the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments Company and (ii) does not preventParent and Acquisition Sub shall use their respective reasonable best efforts to arrange and obtain, materially impede or materially delay the consummation of the Roll-Over or and to negotiate and enter into definitive agreements with respect to, alternative financing from alternative financial institutions in an amount sufficient to consummate the transactions contemplated by this Agreement or upon conditions not materially less favorable to Parent than those in the TDC Agreement; Commitment Letter, as promptly as practicable following the occurrence of such event (and provided that in any event no later than the Debt Purchaser may replace and amend Effective Time). The definitive agreements entered into pursuant to the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date first sentence of this Agreement so long Section 6.15(d) or Section 6.15(a) are referred to in this Agreement, collectively, as such addition does not prevent, materially impede or materially delay the consummation “Financing Agreements.” (e) Each of Parent and Acquisition Sub acknowledges and agrees that neither the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification obtaining of the Financing Commitments or any alternative financing, nor the completion of any issuance of securities contemplated by the Financing or any alternative financing, is a condition to the Closing. (f) Parent shall (i) promptly furnish the Company complete, correct and executed copies of the Financing Agreements and any amendment, modification or replacement of the Commitment Letter or any Financing Agreements promptly upon their execution, (ii) give the Company prompt written notice of any breach or threatened (in accordance with writing) breach by any party of the Commitment Letter or any of the Financing Agreements of which Parent or Acquisition Sub becomes aware or any termination or threatened (in writing) termination thereof, (iii) give the Company prompt written notice of any material dispute or disagreement between or among any parties to the Commitment Letter or any Financing Agreements that would reasonably be expected to result in a breach under the Commitment Letter or Financing Agreements, (iv) give the Company prompt written notice if for any reason Parent or Acquisition Sub has determined in good faith that it will not be able to obtain all or any portion of the Financing on substantially the terms and conditions contemplated by the Commitment Letter or Financing Agreements, (v) promptly furnish any additional information reasonably requested in writing by the Company relating to the circumstances in clauses (i) through (iv) of this Section 5.10, 6.15(f)) and (vi) otherwise keep the term “Financing Commitments” shall mean Company reasonably informed of the status of its efforts to arrange the Financing Commitments as so amended, replaced, supplemented (or modifiedany alternative financing).

Appears in 1 contract

Sources: Merger Agreement (Cypress Semiconductor Corp /De/)

Financing. (aA) The Debt Parent and the Purchaser shall use its their commercially reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Debt Financing on the terms and conditions described in the Financing CommitmentsDebt Commitment Letters, including using commercially reasonable efforts to (Ai) maintain in effect the Debt Commitment Letters and negotiate and enter into definitive agreements with respect to the Debt Financing Commitmentson the terms and conditions reflected in the Debt Commitment Letters or on other terms reasonably acceptable to Parent and the Purchaser, (Bii) satisfy on a timely basis all material conditions applicable to Parent and the Debt Purchaser to obtaining the Financing in such definitive agreements that is are within its control (including by consummating the Equity Financing at or prior to the Closing)their control, (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (Diii) consummate the Debt Financing at such time or prior from time to the Closing time as is necessary for Purchaser to satisfy its obligations under this Agreement, and (including by seeking to iv) enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Commitment Letters; provided, however, that Parent or Purchaser shall not agree have the right to substitute alternative financing for the Debt Commitment Letters with a different letter or permit a letter from alternative lenders so long as such substitute letter is subject to financing conditions that are at least as favorable to Parent and Purchaser as the financing conditions set forth in the Debt Commitment Letters. In the event any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Commitment Letters for any reason, Parent and the Purchaser shall use their commercially reasonable efforts to obtain alternative financing on terms no less favorable to Parent and Purchaser than the Debt Financing from alternative sources ("Alternative Financing") as promptly as practicable following the occurrence of such event. Parent shall promptly notify the Company in writing of: (A) the occurrence or existence of any event, condition, fact or circumstance that could adversely impact the availability to Parent or Purchaser of the cash resources and/or financing sufficient to enable Purchaser to acquire the Company Shares pursuant to the Offer, and otherwise perform its obligations under this Agreement; (B) any amendment, replacementwithdrawal, supplement rescission, breach, violation or non-satisfaction of any of the covenants, conditions or other modification of, terms contained in the Debt Commitment Letters or waive any documents incorporated by reference therein; or (C) any allegation with respect to any of its rights under, any Financing Commitment or any definitive agreements related the matters described in clause "(B)" of this sentence. No notification given to the FinancingCompany pursuant to this Section 5.16(a) shall limit or otherwise affect the covenants or obligations of Parent or Purchaser contained in this Section 5.16(a). For the avoidance of doubt, in each case, without Parent's and the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or Purchaser's obligation to consummate the Merger and the other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or are not (and shall not be) subject to any financing condition. (B) In the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of period between the date of this Agreement so long as such addition does not preventand the Effective Time, materially impede or materially delay upon request of Parent, the consummation Company shall, and shall use commercially reasonable efforts to cause its Subsidiaries, and its and their Affiliates and Representatives to, reasonably cooperate with Parent in connection with its financing of the Roll-Over or the transactions contemplated in this Agreement, including using commercially reasonable efforts to (i) participate in meetings and road shows, if any; (ii) provide information reasonably requested by this Agreement Parent relating to such financing; (iii) assist in the preparation of offering memoranda, private placement memoranda, prospectuses and similar documents of Parent; and (iv) obtain the consent of, and customary comfort letters from, Ernst & Young, LLP (including by providing customary management letters and requesting legal letters to obtain such consent) if necessary or the TDC Agreement. Upon any such amendment, replacement, supplement or modification desirable for Parent's use of the Financing Commitments Company's financial statements. Parent shall promptly, upon request by the Company, reimburse the Company for all documented out-of-pocket expenses incurred by the Company or its Affiliates or Representatives in accordance connection with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedsuch cooperation.

Appears in 1 contract

Sources: Merger Agreement (Inverness Medical Innovations Inc)

Financing. (a) The Debt Purchaser Alkermes shall use its reasonable best efforts to take, or cause to be taken, all actions actions, and to do, or cause to be done, all things reasonably necessary to consummate and obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsCommitment Letter, including using reasonable best efforts to (Ai) maintain in effect the Financing CommitmentsCommitment Letter and, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or if entered into prior to the Closing, the definitive documentation with respect to the Financing contemplated by the Commitment Letter (the “Definitive Financing Agreements”), and (Cii) to the extent not previously entered into, enter into definitive agreements with respect thereto negotiate and execute Definitive Financing Agreements on terms and conditions described in or contemplated by the Financing Commitments and Commitment Letter (D) consummate including any “flex” provisions contained therein), and, upon execution thereof, deliver a copy thereof to Elan. In the event that all conditions to the Financing at or prior have been satisfied, Alkermes shall use its reasonable best efforts to cause the lenders and the other Persons providing such Financing to fund on the Closing (Date the portion of the Financing required to pay the Cash Payment, including by seeking using its reasonable best efforts to enforce its rights under the Roll-Over Commitments against Commitment Letter, to cause such lenders or other Persons to fund such portion of the lenders and other persons providing Financing. Alkermes shall have the Roll-Over Commitments). The Debt Purchaser shall not agree right from time to or permit any amendmenttime to amend, replacementreplace, supplement or other modification ofotherwise modify, or waive any of its rights under, any the Commitment Letter or Definitive Financing Commitment Agreements, and/or substitute other debt or equity financing for all or any definitive agreements related to portion of the FinancingFinancing from the same and/or alternative financing sources; provided, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to or waiver of any provision of the Roll-Over Commitments Commitment Letter or Definitive Financing Agreements that amends the Financing and/or substitution of all or any portion of the Financing (iA) does shall not involve any expand upon the conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement precedent or other modification contingencies to the same extent as, Financing as set forth in the Roll-Over Commitments Commitment Letter and (iiB) does would not prevent, materially reasonably be expected to prevent or impede or materially delay the availability of the Financing and/or the consummation of the Roll-Over or Transactions and the transactions contemplated by this Agreement Agreement. Alkermes shall be permitted to reduce the amount of Financing under the Commitment Letter or Definitive Financing Agreements in its reasonable discretion; provided, further, that Alkermes shall not reduce the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as committed amount of the date Financing to an amount below the amount that is required, together with the financial resources of this Agreement so long Alkermes, including cash on hand of Alkermes, to pay the Cash Payment; provided, further, that any such reduction (A) shall not expand upon the conditions precedent or contingencies to the Financing as such addition does set forth in the Commitment Letter and (B) would not prevent, materially reasonably be expected to prevent or impede or materially delay the availability of the Financing and/or the consummation of the Roll-Over or Transactions and the transactions contemplated by this Agreement or the TDC Agreement. Upon If any portion of the Financing becomes unavailable or Alkermes becomes aware of any event or circumstance that makes any portion of the Financing unavailable, in each case, on the terms and conditions contemplated in the Commitment Letter (including any “flex” provisions contained therein), and such amendmentportion is reasonably required to pay the Cash Payment, replacementAlkermes shall use its reasonable best efforts to arrange and obtain as promptly as practicable following the occurrence of such event alternative financing from the same and/or alternative financing sources in an amount sufficient to pay the Cash Payment upon conditions no less favorable to Alkermes and its Subsidiaries than those contained in the Commitment Letter and, supplement if obtained, will provide Elan with a copy of the documentation with respect to such alternative financing. Alkermes shall give Elan prompt oral and written notice (but in any event not later than twenty-four (24) hours) after Alkermes becoming aware of the occurrence of any material breach by any party to the Commitment Letter or Definitive Financing Agreements or of any condition not likely to be satisfied, or of any termination or waiver, amendment or other modification of the Commitment Letter. Alkermes shall keep Elan informed on a reasonably current basis of the status of its efforts to arrange, obtain and/or consummate the Financing Commitments and shall provide copies of the principal documents related to the Financing (excluding fee letters, except excerpts of those portions thereof that contain any conditions to funding or “flex” provisions (excluding provisions related solely to fees and economic terms)). For the avoidance of doubt, the syndication of the Financing to the extent permitted by the Commitment Letter shall not be deemed to violate Alkermes’ obligations under this Agreement. (b) Elan shall, and shall cause its Subsidiaries to, 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 Alkermes and/or the Financing Parties in connection with the Financing (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of Elan and its Subsidiaries), including (i) providing information relating to the Business to Alkermes and the lenders and other financial institutions and investors that are or may become parties to the Financing (including the parties to the Commitment Letter and the Definitive Financing Agreements) (the “Financing Parties”) (including information to be used in the preparation of an information package regarding the business, operations, financial projections and prospects of the Business customary for such financing or reasonably necessary for the completion of the Financing by the Financing Parties) to the extent reasonably requested by Alkermes to assist in preparation of customary offering or information documents to be used for the completion of the Financing as contemplated by the Commitment Letter or the Definitive Financing Agreements, including, in addition (to the extent different) to the financial statements required to be delivered pursuant to Section 5.20(a), all information and data necessary to satisfy the conditions set forth in paragraphs 3 and 4 of Exhibit C of the Commitment Letter (information and data required to be delivered pursuant to this clause (i) being referred to as the “Required Financial Information”); (ii) participating, upon reasonable notice, in a reasonable number of meetings (including customary one-on-one meetings with the parties acting as lead arrangers for the Financing and senior management and Representatives, with appropriate seniority and expertise, of Elan), presentations, road shows, drafting sessions, due diligence sessions (including accounting due diligence sessions) and sessions with the rating agencies; (iii) assisting in the preparation of customary documents and materials, including (A) any customary offering documents and bank information memoranda (including public and private versions thereof) for the Financing, and (B) materials for rating agency presentations; (iv) cooperating with the marketing efforts for the Financing (including consenting to the use of Elan’s and its Subsidiaries’ logos to the extent used in the Business; provided, that such logos are used solely in a manner that is not intended to or reasonably likely to harm or disparage Elan or its Subsidiaries, including the Business, or the reputation or goodwill of Elan or any of its Subsidiaries, including the Business); (v) assisting in the preparation of, and causing New Alkermes and the New Alkermes Group Entities to execute and deliver (or using reasonable best efforts to obtain from its advisors), customary certificates, comfort letters, legal opinions, surveys, title insurance or other documents and instruments relating to guarantees or security interests and other matters ancillary to the Financing, in each case on terms reasonably satisfactory to Elan and as may be reasonably requested by Alkermes and necessary and customary in connection with the Financing; provided, that no obligation of New Alkermes or any New Alkermes Group Entity under any such document or instrument shall be effective until the Effective Time; (vi) reasonably cooperating with Alkermes’ legal counsel in connection with any legal opinions that such legal counsel may be required to deliver in connection with the Financing; (vii) assisting in the preparation of, and causing New Alkermes and the New Alkermes Group Entities to execute and deliver, one or more credit agreements, indentures, pledge and security documents, mortgages, guarantees, currency or interest hedging agreements, and any other definitive financing documents, in each case on terms reasonably satisfactory to Elan and as may be reasonably requested by Alkermes and necessary and customary in connection with the Financing; provided, that no obligation of New Alkermes or any New Alkermes Group Entity under any such document or instrument shall be effective until the Effective Time; (viii) using its reasonable best efforts, as appropriate, to have its independent accountants, consistent with their customary practice, provide their reasonable cooperation and assistance, including participation in due diligence sessions on customary terms and consistent with their customary practices in connection with financings similar to the Financing; (ix) using its reasonable best efforts to permit any cash and marketable securities included in the Business and any stock certificates or instruments of New Alkermes and any New Alkermes Group Entity to be pledged or made available to Alkermes at the Closing; (x) providing authorization letters to the Financing Parties authorizing the distribution of information to prospective lenders and containing a representation to the Financing Parties that the public side versions of such documents, if any, do not include material non-public information about Elan or its Affiliates or securities; (xi) cooperating reasonably with the Financing Parties’ due diligence and investigation (including the Financing Parties’ evaluation of the Business’s inventory, current assets, cash management and accounting systems, policies and procedures relating thereto for the purpose of establishing collateral arrangements and with their efforts to obtain guarantees from New Alkermes and the New Alkermes Group Entities and obtaining perfected first-priority security interests in the assets included in the Business intended to constitute collateral securing the Financing, with such cooperation occurring prior to or simultaneously with the Closing, but the execution of any guarantees or security arrangements not taking effect until the Closing, in each case, to the extent customary and reasonable and to the extent not unreasonably interfering with the business of Elan and its Subsidiaries; and (xii) providing all documentation and other information about Elan and each of its Subsidiaries as is reasonably requested in writing by Alkermes at least ten days prior to the Closing Date in connection with the Financing and relating to applicable “know your customer” and anti-money laundering rules and regulations including the USA PATRIOT Act; provided, that, notwithstanding anything in this Section 5.21(b) to the contrary, until the Effective Time occurs, none of New Alkermes, the New Alkermes Group Entities or any of their respective Subsidiaries shall (A) be required to pay any commitment or other similar fee relating to the Financing, (B) have any liability or any obligation under any credit agreement or any related document or any other agreement, document, certificate or representation related to the Financing or (C) be required to incur any other Liability in connection with the Financing; provided, further, that all non-public or other confidential information provided by Elan or any of its Representatives pursuant to this Section 5.21(b) shall be kept confidential in accordance with the Confidentiality Agreement, except that Alkermes shall be permitted to disclose such information to Lenders, prospective Lenders, ▇▇▇▇▇’▇ Investors Service, Inc. and Standard & Poor’s Rating Services on a confidential basis in connection with the Financing in accordance with the Commitment Letter. (c) Alkermes (i) shall promptly, upon request by Elan, reimburse Elan for all reasonable out-of-pocket costs (including reasonable attorneys’ and accountants’ fees) incurred by Elan, any of its Subsidiaries or their respective Representatives in connection with the cooperation of Elan, its Subsidiaries and their respective Representatives contemplated by this Section 5.105.21 (other than in connection with the provision of the Required Financial Information), (ii) acknowledges and agrees none of New Alkermes, the term “Financing Commitments” New Alkermes Group Entities or their respective Subsidiaries and their respective Representatives shall mean incur any liability to any Person prior to the Effective Time under the Financing Commitments and (iii) shall indemnify and hold harmless Elan, its Subsidiaries and their respective Representatives from and against any and all losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with the arrangement of the Financing and any information used in connection therewith, except (A) with respect to any information provided by Elan or any of its Subsidiaries in writing for inclusion in customary offering documents and (B) to the extent the same is the result of willful misconduct by Elan, any such Subsidiary or their respective Representatives. (d) In the event that the Commitment Letter or Definitive Financing Agreements are amended, replaced, supplemented or otherwise modified, including as a result of obtaining alternative financing or if Alkermes substitutes other debt or equity financing for all or a portion of the Financing in accordance with Section 5.21(a), each of Alkermes and Elan shall comply with its covenants in Section 5.21(a) and Section 5.21(b) respectively, with respect to the Commitment Letter or Definitive Financing Agreements, as applicable, as so amended, replaced, supplemented or otherwise modified and with respect to such other debt or equity financing to the same extent that Alkermes and Elan would have been obligated to comply with respect to the Financing. References to “Financing” shall include the financing contemplated under the Commitment Letter as permitted by this Section 5.21(d) to be amended, modified., or replaced and references to “Commitment Letter” shall include such documents as permitted by this

Appears in 1 contract

Sources: Business Combination Agreement (Elan Corp PLC)

Financing. (a) The Debt Purchaser Subject to the terms and conditions herein provided, from the date hereof until the earlier of the termination of this Agreement in accordance with its terms and the Closing Date, Buyer shall use its commercially reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange for Buyer to obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitments (provided that Buyer may (x) amend, modify, supplement, restate, assign, substitute or replace the Financing Commitments and any related Fee Letter to add or replace lenders, collateral agents or similar entities or (y) otherwise amend, modify, supplement, restate, assign, substitute or replace or consent to any waiver of any provision or remedy under, the Financing Commitments in a manner that would not (i) reduce the aggregate amount of the proceeds to Buyer of the Financing (including by increasing the amount of fees to be paid or original issue discount), (ii) reduce the amount of the Equity Financing unless (A) the Debt Financing is increased by, or other sources of financing are available to Buyer in, a corresponding amount no later than the date of such amendment, modification, supplementation, restatement, assignment, substitution, replacement or waiver, (B) such reduction is expressly conditioned upon the consummation of the Debt Financing or other financing at such increased amount at the Closing, and (C) after giving effect thereto, the representations in the sixth sentence of Section 4.4 hereof remain accurate, (iii) impose new or additional conditions, or expand any existing conditions, to the receipt of the proceeds of the Financing or otherwise amend, modify, supplement, restate, assign, substitute, replace or waive any other provision of the Financing Commitments, in each case, in a manner that would reasonably be expected to delay or prevent or make less likely to occur the funding of the Financing (or satisfaction of the conditions to the Financing) on the Closing Date or (iv) adversely affect the ability of Buyer or the Seller Representative, as applicable, to enforce its rights against other parties to the Equity Financing Commitments or the definitive agreements relating to the Equity Financing), including using its commercially reasonable efforts to (A) maintain in effect the Financing CommitmentsCommitments in accordance with the terms and subject to the conditions thereof (subject to Buyer’s right to amend, modify, supplement, restate, assign, substitute or replace the Financing Commitments in accordance herewith), (B) satisfy on a timely basis (taking into account the anticipated timing of the satisfaction of the condition set forth in Section 7.1(b)) all conditions applicable to the Debt Purchaser to Buyer’s obtaining the Financing that is within its control (including by consummating at the Equity Financing at or prior Closing set forth therein to the Closing)extent within Buyer’s control, (C) to the extent not previously entered into, negotiate and enter into definitive agreements with respect thereto to the Financing on terms and conditions no less favorable to Buyer than those described in or and contemplated by the Financing Commitments and the Fee Letter (and, upon the reasonable request of the Seller Representative, update the Seller Representative of the status of its efforts to arrange the Financing), (D) upon the satisfaction or the waiver of the conditions set forth in such definitive agreements and herein, consummate the financing on the Closing Date, including using its (and causing its controlled Affiliates to use) best efforts to cause the persons committed to fund the Financing to so fund the Financing at or prior to the Closing (including by seeking to and enforce its rights under the Roll-Over Financing Commitments against and the lenders definitive agreements in respect of the Debt Financing, including by seeking specific performance of the parties thereunder as and only to the extent permitted under Section 11.10 and (E) comply in all material respects with its covenants and other persons providing obligations under the Roll-Over Financing Commitments). (b) Buyer shall keep the Seller Representative informed on a reasonably current basis and in reasonable detail of the status of its efforts to arrange the Debt Financing and provide to the Seller Representative, upon request, copies of the definitive agreements and any other material documents relating to the Debt Financing. The Buyer shall give the Seller Representative prompt notice of (i) any termination of any Debt Purchaser shall not agree to Financing Commitment, any definitive agreement in respect of the Debt Financing or permit any amendmentportion of the Debt Financing, replacement(ii) any material breach, supplement default, termination or repudiation of any provisions of the Debt Financing Commitment or any material agreements entered into in respect thereof by any party thereto, of which Buyer becomes aware, and (iii) the receipt of any written notice or other modification of, or waive written communication from any party to any of its rights underthe Financing Commitments with respect to any material breach, default, termination or repudiation of any provisions of the Debt Financing Commitment or any definitive agreements related entered into in respect thereof. In the event any portion of the Financing becomes unavailable on the terms and conditions contemplated by the Financing Commitments, Buyer shall promptly notify Sellers and shall use its reasonable best efforts to, as promptly as reasonably practicable, arrange and obtain in replacement thereof, and negotiate and enter into definitive agreements with respect to, alternative financing from alternative sources in an amount such that the aggregate funds that would be available to Buyer at the Closing will be sufficient to pay all amounts contemplated by this Agreement to be paid by it at the Closing and to perform its obligations hereunder; provided that Buyer shall not be required to arrange for or obtain any such alternative financing on terms and conditions that are less favorable to Buyer and its Affiliates than the terms contained in the Debt Financing Commitment and the Fee Letter. Buyer shall promptly deliver to Sellers true, complete and correct copies of all agreements pursuant to which any such alternative source shall have committed to provide Buyer with any portion of the Financing. For purposes of this Agreement, references to “Financing,” “Equity Financing” and “Debt Financing” shall include the financing contemplated by the applicable Financing Commitments as permitted or required by this Section 5.11 to be amended, modified, supplemented, restated, assigned, substituted or replaced and references to “Financing Commitments,” “Equity Financing Commitment”, “Debt Financing Commitment” and “Fee Letter” shall include such documents as permitted or required by this Section 5.11 to be amended, modified, supplemented, restated, assigned, substituted or replaced, in each case from and after such amendment, modification or replacement. (c) Prior to the FinancingClosing, Sellers shall, and shall cause each of their Affiliates (including the Transferred Companies) to, and shall use their respective reasonable best efforts to cause its and their representatives to, provide to Buyer such cooperation as may be reasonably requested by Buyer to assist Buyer in causing the conditions in the Financing Commitments to be satisfied and such cooperation as is otherwise necessary or reasonably requested by Buyer in connection with Buyer’s obtaining the Financing in accordance with its terms. Such cooperation shall include: (i) granting the Buyer’s financing sources access to the Books and Records (including cash management and accounting systems) and to any information about the Transferred Companies and the Business as Buyer may reasonably request in order to permit such Buyer’s financing sources to conduct an appropriate due diligence review of the Transferred Companies and the Business; (ii) making available to Buyer and such Buyer’s financing sources its and the Transferred Companies’ employees and representatives for participation in a customary and reasonable number of meetings, presentations and due diligence sessions; (iii) furnishing to Buyer and such Buyer’s financing sources such financial statements, financial data, audit reports and information as Buyer may reasonably request; (iv) causing the Transferred Companies to execute and deliver (or using reasonable best efforts to obtain from their advisors) such documents, Contracts (including definitive financing documents, pledge documents and security documents), certificates (including a solvency certificate from the chief financial officer of the Transferred Companies), legal opinions or other documents and instruments relating to guarantees and other matters ancillary to the Financing as may be reasonably requested by the Buyer, in each case to be effective as of or after the Closing, (v) facilitating the pledging of, and the granting, recording and perfection of security interests in, share certificates, securities and other collateral at and after the Closing, (vi) causing the Transferred Companies to take such corporate actions, effective as of or after the Closing, as shall be reasonably requested by the Buyer to permit the consummation of the Financing and to permit the proceeds thereof to be made available at the Closing, (vii) causing the Transferred Companies to deliver notices of prepayment, termination or redemption within the time periods required by the relevant agreements governing any existing Indebtedness of the Transferred Companies, and obtaining customary payoff letters, prepayment notices, Lien terminations and instruments of discharge to be delivered at Closing, to allow the payoff, discharge and termination in full on the Closing Date of all existing Indebtedness of the Transferred Companies, and (viii) furnishing the Buyer and its financing sources promptly with all documentation and other information which any lender providing or arranging the Debt Financing has reasonably requested and that such lender has determined is required by regulatory authorities in connection with such Debt Financing under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act. Such requested cooperation shall not unreasonably interfere with the ongoing operations of the Sellers or the Transferred Companies. In no event shall the Sellers, the Transferred Companies or any of their respective Subsidiaries be required to (1) bear any cost or expense, pay any fee, enter into any definitive agreement or incur any other liability in connection with the Debt Financing prior to the Closing, in each case, except to the extent covered by the Buyer’s obligations pursuant to the terms of the immediately following sentence, (2) except for the prepayment, termination or redemption notices described in clause (vii) of this Section 5.11(c) and documents delivered pursuant to clause (viii) of this Section 5.11(c), enter into any definitive agreement in connection with the Debt Financing prior to the Closing or (3) take any actions to the extent such actions would unreasonably interfere with the ongoing business or operations of the Sellers or the Transferred Companies. Buyer shall promptly, upon request by the Seller Representative, reimburse the Sellers for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Sellers or any of their respective Subsidiaries and their respective Representatives in connection with the Debt Financing, including the cooperation of the Sellers, the Transferred Companies and their respective Subsidiaries and Representatives contemplated by this Section 5.11, and shall indemnify and hold harmless the Sellers and their Subsidiaries and their respective Representatives from and against any and all Losses suffered or incurred by any of them in connection with the arrangement of the Debt Financing and any information used in connection therewith, except to the extent any of the foregoing arise from (i) the gross negligence or willful misconduct of, or material breach of this Agreement by, the Sellers, the Transferred Companies or their respective Subsidiaries or (ii) historical information provided, directly or indirectly, by the Sellers, the Transferred Companies or their respective Subsidiaries that was requested by Buyer or any of its Representatives or Financing Sources in connection with the arrangement of the Debt Financing. Sellers shall keep confidential and not disclose to any Person (other than their representatives, on a need-to-know basis and in connection with the transactions contemplated hereby), the Debt Finacning Commitment, the Fee Letter or the terms thereof, without the Company’s prior written consent (which consent shall not of the Buyer, except as such Seller may be unreasonably withheld or delayed), provided that required to disclose any such amendment, replacement, supplement information by judicial or administrative process or by other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date requirements of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedLaw.

Appears in 1 contract

Sources: Stock Purchase Agreement (Tiptree Financial Inc.)

Financing. (a) The Debt Purchaser Subject to the terms and conditions of this Agreement, Buyer shall use its commercially reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsLetter (as may be amended in accordance with the terms below), including and shall not permit any amendment or modification to be made to (A) maintain in effect other than to amend the Financing Commitments, (B) satisfy on a timely basis all conditions applicable Letter to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding add lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments Financing Letter as of the date of this Agreement so long as such addition does not preventAgreement), materially impede or materially delay any waiver of any provision or remedy under, the consummation of the Roll-Over Financing Letter or the transactions contemplated by this Agreement or the TDC Agreement. Upon any Fee Letter, if such amendment, replacement, supplement modification or modification waiver (i) reduces the aggregate amount of the Financing Commitments or (ii) imposes new or additional conditions or other terms or otherwise expands, amends or modifies any of the conditions to the receipt of the Financing or other terms in accordance a manner that would reasonably be expected to (x) delay or prevent the Closing, including the receipt of Regulatory Approvals, (y) make the timely funding of the Financing or satisfaction of the conditions to obtaining the Financing materially less likely to occur, or (z) adversely impact the ability of Buyer to enforce its rights against the other parties to the Financing Letter or the definitive agreements with respect thereto without the prior consent of Seller, other than (i) a waiver of any closing conditions by lender(s) or their agent or (ii) to add lenders, lead arrangers, bookrunners, syndication agents or similar entities who had not executed the Financing Letter as of the date hereof or to reassign titles to such parties who had executed the Financing Letter as of the date hereof; provided, that Buyer shall have the right to substitute other financing for all or any portion of the Financing from the same and/or alternative financing sources; provided, further, that such substitution shall only be permitted if (i) the terms thereof would not be reasonably expected to delay or prevent the Closing or make the timely funding of the Financing or satisfaction of the conditions to obtaining the Financing materially less likely to occur, and (ii) the conditions to the Financing set forth in the Financing Letter would not be expanded or modified in a manner that would reasonably be expected to delay or prevent the Closing, provided, still further, that any such substitute financing shall not obligate Seller as a surety, guarantor or indemnitor or to extend credit to any Person. Any reference in this Agreement to: (A) “Financing,” shall include the financing contemplated by the Financing Letter as amended or modified in compliance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.Section

Appears in 1 contract

Sources: Asset Purchase Agreement (Uil Holdings Corp)

Financing. (a) The Parent and Sub shall, and, as applicable, shall cause their affiliates (including any Finance Affiliate) and representatives to, use their reasonable best efforts and do all things necessary or advisable to obtain the Financing at or prior to the Closing, on the terms and conditions (including any related “flex” provisions) described in the Financing Commitment Letters (for purposes of this Section 5.07, the Financing Commitment Letters and the Debt Purchaser Commitment Letter shall use its include any Fee Letter), including using reasonable best efforts to take, or cause (i) enter into definitive agreements with respect to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Debt Financing on the terms and conditions described in (including any related flex provisions) contemplated by the Debt Commitment Letter (the “Definitive Debt Financing Commitments, including to (A) maintain in effect the Financing CommitmentsAgreements”), (Bii) satisfy on a timely basis all conditions terms and conditions, including with respect to the payment of any fees, applicable to the Debt Purchaser to Parent, Sub or any Finance Affiliate obtaining the Financing set forth in the Financing Commitment Letters and the Definitive Debt Financing Agreements that is are within its control (including by consummating the Equity Financing at or prior to the Closing)their control, (Ciii) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms consummate and conditions described in or contemplated by cause the Financing Commitments and (D) Sources to consummate the Financing at or prior to the Closing and (iv) enforce their rights under the Financing Commitment Letters and the Definitive Debt Financing Agreements. Prior to the Closing, Parent and Sub (and, if applicable, any Finance Affiliate) shall not agree to any amendments, replacements or modifications to, or grant any waivers of, any condition or other material provision under the Financing Commitment Letters or the definitive agreements relating to the Financing without the prior written consent of the Company, unless such amendment, modification, replacement or waiver does not and would not reasonably be expected to (A) reduce the aggregate amount of the Financing thereunder (including by seeking changing the amount of fees to be paid or original issue discount thereof), (B) impose any new or additional condition, or otherwise amend, modify or expand any condition, to the receipt of any portion of the Financing, in each case, in a manner that would reasonably be expected to delay or prevent the Closing or make the funding of any portion of the Financing (or satisfaction of any condition to obtaining any portion of the Financing) less likely to occur or (C) adversely impact the ability of Parent, Sub or any Finance Affiliate to enforce its rights against any other party to any Financing Commitment Letter, the ability of Parent or Sub to consummate the Transactions or the likelihood of the consummation of the Transaction; provided that (I) Parent and Sub (and, if applicable, any Finance Affiliate) may amend the Financing Commitment Letters or the definitive agreements relating to the financing to add lenders, lead arrangers, bookrunners, syndication agents or any person with similar roles or titles who have not executed the Debt Commitment Letter as of the date hereof (including in connection with any Second Lien Giveaway) and (II) Parent and Sub (and, if applicable, any Finance Affiliate) may enter into any Replacement Commitment Facility; provided, further, that any consent of the First Lien Lead Arrangements required in connection with any such Replacement Commitment Facility have been obtained and shall be promptly provided to the Company. Parent and Sub (and, if applicable, any Finance Affiliate) shall use their reasonable best efforts to maintain in effect the Financing Commitment Letters (including any Definitive Debt Financing Agreements) until the termination thereof in accordance with their respective terms. Any commitment letter and any associated fee letters governing any Replacement Commitment Facility are referred to, respectively, as a “Replacement Facility Commitment Letter” and a “Replacement Facility Fee Letter.” Neither Parent or Sub (or, if applicable, any Finance Affiliate) shall release or consent to the termination of the obligations of the Debt Financing Sources under the Roll-Over Commitments against Debt Commitment Letter or the lenders and Definitive Debt Financing Agreements other persons providing than with respect to the Roll-Over Commitments). The Debt Purchaser Second Lien Term Facility solely in connection with any Second Lien Giveaway or Replacement Commitment Facility. (b) Notwithstanding anything to the contrary contained in this Agreement, in no event shall not agree to Parent or permit any amendment, replacement, supplement or other modification of, or waive any of its rights underaffiliates (which for purposes of this Agreement shall be deemed to include each direct or indirect investor or potential investor in Parent, or any of the Guarantor’s, Parent’s or any such investor’s financing sources or potential financing sources or other representatives acting at the direction of or on behalf of Parent, the Guarantor or such investor) engage any bank, investment bank or other potential provider of debt or equity financing, or provider of surety or performance bonds (or similar bonds) on an exclusive basis or otherwise on terms that prohibit or are designed to prevent such provider from providing or seeking to provide such services, financing or bonds to any person in connection with a transaction relating to the Company or the Company Subsidiaries in connection with the Transactions (including in connection with the making of any Competing Proposal); provided that Parent’s or any of its affiliates’ Debt Financing Sources may establish a “tree” system whereby separate groups or “trees” will be formed and dedicated to Parent in connection with the Transactions. (c) If any portion of the Debt Financing becomes unavailable on the terms and conditions (including any “flex” provisions) contemplated in the Debt Commitment Letter, Parent and Sub (and, if applicable, any Finance Affiliate) shall use their reasonable best efforts to, as promptly as practicable following the occurrence of such event, arrange and obtain financing in an amount sufficient to satisfy the Financing Purposes from the same or alternative sources, on terms and conditions (including any “flex” provisions) that are not materially less favorable to Parent and Sub (and, if applicable, any Finance Affiliate) in the aggregate than the Debt Financing contemplated by the Debt Commitment Letter in effect on the date hereof (after giving effect to any “flex” provisions in the Fee Letter) and that do not add new (or expand upon or adversely modify the) conditions precedent or contingencies to the funding of the Debt Financing on the Closing Date of the Financing as set forth in the Financing Commitment Letters in effect on the date hereof or otherwise adversely affect the ability or likelihood of Parent and Sub to timely consummate the Transactions. The new debt commitment letter and fee letter entered into in connection with such alternative financing are referred to, respectively, as a “New Debt Commitment Letter” and a “New Fee Letter.” In the event Parent or Sub (or, if applicable, any Finance Affiliate) enter into any such New Debt Commitment Letter or Replacement Facility Commitment Letter or documentation with respect to a Second Lien Giveaway, (i) Parent and Sub shall promptly provide the Company with true, correct and complete copies thereof (provided that any fee letters may be redacted with respect to any fee amounts, pricing terms, pricing caps, flex provisions and certain other customary economic provisions (none of which individually or in the aggregate would reduce the amount of the Debt Financing or adversely affect the availability or conditionality of the Debt Financing or prevent or materially delay the Closing)), (ii) any reference in this Agreement to the “Debt Financing” shall be deemed to include the debt financing contemplated by such New Debt Commitment Letter or Replacement Facility Commitment Letter, as applicable, (iii) any reference in this Agreement to the “Debt Commitment Letter” (and any definition incorporating the term “Debt Commitment Letter,” including the definition of Definitive Debt Financing Agreements) shall be deemed to include such New Debt Commitment Letter and any New Fee Letter or such Replacement Facility Commitment Letter and any Replacement Facility Fee Letter, as applicable, and (iv) any reference in this Agreement to the “Debt Financing Sources” (and any definition incorporating the term “Debt Financing Sources,” including the definition of Financing Sources) shall be deemed to include any financial institutions and other lenders party to such New Debt Commitment Letter or such Replacement Facility Commitment Letter, as applicable, from time to time. (d) Parent and Sub shall, upon reasonable request, keep the Company informed as promptly as practicable in reasonable detail of the status of their efforts to arrange and obtain the Financing and, upon reasonable request, provide the Company with drafts of the Definitive Debt Financing Agreements. Without limiting the generality of the foregoing, Parent shall (i) furnish the Company complete, correct and executed copies of any amendments to the Financing Commitment Letters promptly upon their execution (including in connection with any Second Lien Giveaway or Replacement Commitment Facility) (provided that any Fee Letters may be redacted with respect to any fee amounts, pricing terms, pricing caps, flex provisions and certain other customary economic provisions (none of which individually or in the aggregate would reduce the amount of the Debt Financing or adversely affect the availability or conditionality of the Debt Financing or prevent or delay the Closing)) and (ii) give the Company prompt written notice (A) of any default or breach (or any event that, with or without notice, lapse of time or both, would (or would reasonably be expected to) give rise to any default or breach) by any party under any of the Financing Commitment Letters or the definitive agreements relating to the Financing of which Parent or Sub becomes aware, (B) of any termination of any of the Financing Commitment Letters or any commitment provided thereunder, (C) of the receipt of any written notice from any person with respect to any (1) actual default, breach, termination or repudiation of any Financing Commitment Letter, any definitive agreement relating to the Financing or any provision of the Financing Commitment Letters or the definitive agreements related relating to the Financing, in each case, without by any party thereto, or (2) material dispute or disagreement between or among any parties to any Financing Commitment Letter or the Companydefinitive agreements relating to the Financing, and (D) if for any reason Parent or Sub believe in good faith that they (or, if applicable, any Finance Affiliate) will not be able to obtain all or any portion of the Financing on the terms, in the manner or from the sources contemplated by the Financing Commitment Letters or the definitive agreements relating to the Financing. Parent and Sub shall provide any information reasonably requested by the Company relating to any of the circumstances referred to in the previous sentence as soon as reasonably practical (but in any event within three (3) Business Days) after the date that the Company delivers a written request therefor to Parent. (e) Prior to the Closing, at Parent’s prior written consent (which consent sole expense, the Company shall, and shall cause the Company Subsidiaries and instruct its and their respective Representatives to, in each case, use their reasonable best efforts to provide to Parent and Sub all customary cooperation or assistance as reasonably requested by Parent in connection with the Debt Financing; provided that the Company shall not be unreasonably withheld or delayed), provided obligated to cooperate with any type of Debt Financing that any such amendment, replacement, supplement or other modification is more burdensome to the Roll-Over Commitments (i) does not involve any conditions to funding Company than the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions first lien/second lien term loan credit facilities contemplated by this Agreement or the TDC Agreement; and provided that as the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments Financing as of the date hereof (including any related “flex” provisions or any Second Lien Giveaway or Replacement Commitment Facility permitted pursuant to this Agreement). Without limiting the generality of this Agreement the foregoing, such cooperation and assistance shall include using reasonable best efforts in (i) causing management of the Company, in each case, with appropriate seniority and expertise, to participate (including by teleconference or virtual meeting platforms) in a reasonable number of meetings, presentations, sessions and road shows with prospective lenders or rating agencies and rating agency and due diligence sessions, (ii) providing reasonable and customary assistance with the preparation of materials for rating agency presentations, bank information memoranda (including, to the extent necessary, an additional bank information memoranda that does not contain material non-public information), marketing materials, investor presentations (including road shows) and similar documents required in connection with the Debt Financing, including executing customary authorization letters in connection with the distribution of such materials, and providing reasonable cooperation with the due diligence efforts of the Debt Financing Sources to the extent reasonable and customary (and, to the extent applicable, subject to the limitations contained in Section 5.05), (iii) (A) to the extent timely requested by Parent, obtaining documents, including the Payoff Letters and (if applicable) customary lien release documentation, evidencing the repayment of the Payoff Indebtedness and any other Indebtedness reasonably requested by Parent (and Parent provides the funds therefor) of the Company and the Company Subsidiaries and the release of any related Liens and (B) promptly, and no later than three (3) Business Days prior to the Closing, providing all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, relating to the Company or any of the Company Subsidiaries, in each case as reasonably requested by Parent at least ten (10) Business Days prior to the Closing Date, (iv) furnishing Parent and Sub and the Debt Financing Sources with the Required Information, (v) reasonably assisting Parent with Parent’s preparation of pro forma financial statements and other financial information required to be included in any materials referred to in clause (ii) above related to the Debt Financing (it being understood that the Company and the Company Subsidiaries shall not themselves be responsible for the preparation of such pro forma financial information), (vi) reasonably assisting Parent with Parent’s preparation of the Definitive Debt Financing Agreements, including cooperating to facilitate the pledging of, granting of security interests in and obtaining perfection of any Liens on, collateral in connection with the Debt Financing, and cause officers of the Company or the Company Subsidiaries who will be officers of the Company or the Company Subsidiaries after the Closing, as applicable, to execute and deliver certificates and other documents as may reasonably be requested by Parent or the Debt Financing Sources in connection with the Debt Financing (so long as such addition certificates and other documents will not be effective prior to the Closing), (vii) attempting to ensure that any syndication effort benefits from any existing lending and investment banking relationship of the Company, (viii) (A) reasonably cooperating with the amendment of or waivers pursuant to certain agreements governing existing Indebtedness and lease obligations of the Company and the Company Subsidiaries that are intended to remain outstanding following the Closing, including the Synthetic Lease and (B) at Parent’s request, reasonably cooperating with respect to Parent’s real estate optimization strategies to be effective at or after the Closing, including, with respect to both Owned Real Property and Leased Real Property, by (so long as any such cooperation does not preventviolate the terms of any lease or sub-lease with respect to any such Leased Real Property) (1) providing third parties designated by Parent with access to such properties, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any (2) assisting in obtaining environmental, engineering and title reports and surveys and (3) assisting with negotiating and entering into agreements with respect to such properties; provided that no such amendment, replacementwaiver or agreement shall become effective prior to the Closing and Parent shall be responsible for all fees and expenses relating thereto, supplement or modification of (ix) furnishing Parent and the Debt Financing Commitments in accordance Sources with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.su

Appears in 1 contract

Sources: Merger Agreement (Cubic Corp /De/)

Financing. (a) The Debt Purchaser Buyer shall, and shall cause Sponsor to, use its reasonable best efforts to take, or cause to be taken, all actions and to appropriate action, do, or cause to be done, all things necessary necessary, proper or advisable under applicable Law, and to execute and deliver, or cause to be executed and delivered, such instruments and documents as may be necessary, proper or advisable to arrange and obtain the proceeds Financing as promptly as reasonably practicable on the terms (including the “market flex” provisions) and subject only to the conditions described in the Commitment Letters and Fee Letter, including, in the case of the Debt Financing, (i) to negotiate and enter into definitive agreements (the “Definitive Agreements”) with respect to the Debt Financing on the terms (including the “market flex” provisions) and subject only to the conditions described contained in the Debt Commitment Letter and Fee Letter (without regard to any adverse impact on any of Buyer’s corporate default or equivalent credit ratings (whether by M▇▇▇▇’▇, Standard & Poor’s or other recognized credit rating agencies)) or on such other terms as Buyer and the Lenders shall agree so long as the terms of the Definitive Agreements (w) do not reduce the aggregate amount of the Debt Financing Commitments, including to (A) maintain in effect the Financing Commitmentsbelow $600,000,000, (Bx) do not contain additional or modified conditions or other contingencies to the funding of the Debt Financing than those contained in the Debt Commitment Letter, and (y) are otherwise not reasonably likely to impair or delay the Closing or the date on which the Debt Financing would be obtained, (ii) to satisfy (or obtain the waiver of) on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within applicable to Buyer or its control Affiliates set forth in the Debt Commitment Letter and the Definitive Agreements, (iii) to comply in all material respects with its obligations under the Debt Commitment Letter (or obtain the waiver of such obligations) and (iv) to consummate the Debt Financing contemplated by the Debt Commitment Letter and the Fee Letter (including the “market flex” provisions) at the Closing, including by consummating using its reasonable best efforts to cause the Lenders to fund the Debt Financing. Buyer shall cause the Sponsor Fund to fund the Equity Financing at or prior the Closing pursuant to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described of the Equity Commitment Letter. (b) Buyer shall give Ashland prompt notice upon becoming aware of any material breach of any Commitment Letter or Definitive Agreement (if a Definitive Agreement is executed prior to Closing) by a party to such Commitment Letter or Definitive Agreement or any termination of any Commitment Letter, Fee Letter or Definitive Agreement (if a Definitive Agreement is executed prior to Closing). Buyer shall keep Ashland informed on a timely basis and in or contemplated by reasonable detail of the status of its efforts to arrange the Financing Commitments and (D) consummate any material developments relating to the Financing at or prior and shall provide to Ashland, upon its request, copies of the Closing Definitive Agreements and any other agreements in respect of the Financing (provided that Buyer may redact the amount of any fee, including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitmentsin any “market flex” provisions, in any Fee Letter). The Debt Purchaser Further, Buyer shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment Letter, Fee Letter or any definitive agreements related to the Financing, in each case, Definitive Agreement without the CompanyAshland’s prior written consent consent, except that Buyer may amend, supplement or modify the Debt Commitment Letter, Fee Letter or Definitive Agreement if such amendment, supplement or modification (i) does not reduce the aggregate amount of the Debt Financing, (ii) does not contain additional or modified conditions or other contingencies to the funding of the Debt Financing relative to those contained in the Debt Commitment Letter, and (iii) is otherwise not reasonably likely to impair or delay the Closing or the date on which consent the Debt Financing would be obtained; provided, however, that Buyer shall not be unreasonably withheld or delayed), provided that notify Ashland in writing of any such amendment, replacement, supplement or other modification to of, or waiver of any of its rights under, any Commitment Letter or any Definitive Agreement no later than the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, time such amendment, replacementsupplement, supplement modification or other modification waiver is agreed. Buyer shall refrain from taking, directly or indirectly, any action that is reasonably likely to result in the failure of any of the conditions contained in any Commitment Letter or any Definitive Agreement. (c) Notwithstanding anything herein to the same extent ascontrary, at the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of Buyer’s option after the date of this Agreement so long as but prior to Closing, one or more Commitment Letters may be superseded by replacement commitments (other than amounts that are replaced by Buyer’s cash on hand) from alternate sources (such addition portion from alternate sources, the “Alternate Financing”) on terms and conditions that will enable Buyer to consummate the Contemplated Transactions and that are not less favorable in the aggregate to Buyer and Ashland than those contained in the Commitment Letters and Fee Letter; provided that such Alternate Financing shall not (i) be subject to any additional or materially modified conditions or other contingencies to the funding of the Financing than those contained in the Commitment Letters or (ii) otherwise be reasonably likely to impair or delay the Closing or the date on which the Financing would be obtained. Buyer shall deliver to Ashland complete and correct copies of all amendments, supplements, other modifications or agreements pursuant to which any Alternate Financing shall be made available to Buyer. In the event all or any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Commitment Letter, Buyer shall immediately notify Ashland and Buyer shall use its reasonable best efforts to obtain promptly any such unavailable amount in the form of Alternate Financing. (d) Prior to the Closing, Ashland shall use its reasonable best efforts to provide, and shall cause its Affiliates and representatives to use reasonable best efforts to provide, in connection with the arrangement of the Debt Financing, all reasonable cooperation requested by Buyer that is customary in connection with the arrangement of debt financing for transactions that are substantially similar to the Contemplated Transactions (provided that such requested cooperation does not prevent(x) unreasonably interfere with the ongoing operations of Ashland or any of its Affiliates, materially impede (y) cause any representation, warranty, covenant or materially delay other term in this Agreement to be breached or (z) cause any closing condition set forth in Article 4 to fail to be satisfied), including using its reasonable best efforts to (i) furnish the Financing Sources with financial and other pertinent information regarding Ashland and its subsidiaries to be used by Buyer in providing the Financing Sources with the information identified in paragraphs 5 and 6 of Exhibit D of the Debt Commitment Letter (all such information, the “Required Information”) (provided that Ashland may deliver to Buyer one or more written notices stating when it believes it has completed delivery of the Required Information (each, a “Delivery Notice”) and, unless Buyer in good faith reasonably believes Ashland has not completed delivery of the Required Information and, within three Business Days after the delivery of the latest Delivery Notice, has delivered a written notice to Ashland to that effect (stating which Required Information has not been delivered), the date identified in Ashland’s latest Delivery Notice shall be the date of delivery of the Required Information) and any supplements to the Required Information reasonably requested by Buyer during the Marketing Period; (ii) provide information (including records, journal entries and other data) in a format and for the historical period of time that allows for the accurate calculation of collateral availability under customary audits and examinations of accounts receivable and inventory conducted by asset backed lenders; (iii) participate in a reasonable number of meetings, drafting sessions, road shows (it being understood that participation in road shows shall be limited to key members of senior management of the Business), rating agency presentations and due diligence sessions and sessions with rating agencies; (iv) furnish Buyer for distribution to the Financing Sources as promptly as practicable with pertinent information regarding the Business as is customary in connection with the Debt Financing and any security required therefor, including providing, as promptly as practicable following a request therefor, monthly financial and operating data relating to the Business that is reasonably requested by Buyer and of a type similar to the monthly financial and operating data previously delivered to Buyer; (v) assist Buyer and the Financing Sources in the preparation of (A) a customary offering document for any of the Debt Financing; and (B) materials for rating agency presentations; (vi) use reasonable best efforts to obtain current surveys, title commitments, title insurance and such UCC, bankruptcy, litigation and similar lien searches (collectively, “Title and Survey Information”) reasonably requested by Buyer and consistent with the requirements of Buyer or its lenders; (vii) take all corporate actions, subject to the consummation of the RollClosing, reasonably requested by Buyer to permit the consummation of the Debt Financing and to permit the proceeds thereof to be made available to Buyer; (viii) cause the appropriate authorized representatives of Ashland to execute and deliver any pledge and security documents, definitive financing documents or other certificates or documents as may be reasonably requested by Buyer or otherwise facilitate the pledging of Collateral (as defined in the Debt Commitment Letter) for delivery at the consummation of the Financing on and as of the Closing (unless otherwise specified); (ix) cause the appropriate authorized representatives of Ashland to execute and deliver any credit agreements or indentures or other definitive financing documents on terms satisfactory to Buyer on and as of the Closing; (x) provide, if requested by Buyer, authorization letters to the Financing Sources authorizing the distribution of information to prospective lenders; (xi) cooperate reasonably with the Financing Sources’ due diligence, to the extent customary and reasonable; (xii) obtain accountant’s comfort letters and legal opinions reasonably requested by Buyer and customary for financings similar to the Financing; (xiii) at least five (5) days prior to the Closing (provided that the request by Buyer for such information is received by Ashland at least ten (10) Business Days prior to the Closing), providing all documentation and other information about Ashland and each of its Subsidiaries as is reasonably requested in writing by Buyer which relates to applicable “know your customer” and anti-Over money laundering rules and regulations including without limitation the USA PATRIOT ACT and (xiii) take all actions reasonably necessary to (A) permit (subject, for the avoidance of doubt, to the confidentiality obligations set forth herein) the Financing Sources to evaluate Ashland’s inventory, current assets, cash management and accounting systems, policies and procedures relating thereto for the purpose of establishing collateral arrangements (including conducting the commercial financing examination and inventory appraisal contemplated by the Debt Financing Commitment within the time frame described therein; provided that (x) information and documents provided by Ashland and the Asset Selling Corporations that are delivered to agents and lenders under the Debt Commitment Letter and their representatives shall be subject to customary arrangements for confidentiality that are substantially similar to the provisions in the Confidentiality Agreement, including Buyer providing prior written notice of disclosure to Ashland, (y) none of Ashland or any of its Affiliates shall be required to pay any commitment or other fee or incur any other liability or obligation in connection with the transactions Debt Financing or to 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 and (z) no obligations of Ashland or any of its Affiliates under any certificate, document or instrument delivered pursuant to this Section 7.6(d) (other than the authorization letter referred to above) shall be effective until the Effective Time. Buyer shall promptly, upon request by Ashland, reimburse Ashland for all out-of-pocket costs and expenses (including attorneys’ fees) incurred by Ashland or any of its Affiliates (except for any costs and expenses incurred prior to the date hereof in connection with obtaining the Title and Survey Information) in connection with the cooperation of Ashland and its Affiliates contemplated by this Agreement Section 7.6(d) and shall, on a joint and several basis, indemnify and hold harmless Ashland and its Affiliates and their respective directors, officers, employees and representatives from and against any and all losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with the TDC Agreementarrangement of the Debt Financing and any information used in connection therewith. Upon Any information provided by Ashland in connection with seeking the Financing shall be prepared in good faith. (e) If (i) any portion of the Debt Financing structured as privately offered notes has not been received by Buyer by the time that all of the conditions to the Closing in Article 4 (other than the condition set forth in Section 4.1(d) and other than those conditions that by their nature are to be satisfied at the Closing) shall have been satisfied or (to the extent permitted by applicable Law) waived and the Marketing Period has expired and (ii) the bridge facilities contemplated by the Debt Commitment Letter are available, then Buyer shall borrow under such amendmentbridge facilities, replacementand cause the proceeds of such borrowing to replace such privately offered note financing, supplement no later than the date on which the conditions in Article 4 (other than the condition set forth in Section 4.1(d) and other than those conditions that by their nature are to be satisfied at the Closing) shall have been satisfied or modification (or to the extent permitted by applicable Law) waived and the Marketing Period has expired. (f) Buyer acknowledges and agrees that its obligation to consummate the Contemplated Transactions on the terms and subject to the conditions set forth herein are not conditioned upon the availability or consummation of the Financing Commitments in accordance with this Section 5.10, or receipt of the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedproceeds therefrom.

Appears in 1 contract

Sources: Purchase and Sale Agreement (Ashland Inc.)

Financing. (a) The Debt Purchaser Parent and Merger Subsidiary shall use its their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Debt Financing on the terms and conditions described in the Debt Financing Commitment in the most expeditious manner possible, but in any event on or prior to the End Date, and shall not amend, modify or permit any amendment or modification to be made to, or any waiver of any provision or remedy under, the Financing Commitments if such amendment, modification or waiver would (x) reduce the aggregate amount of the Debt Financing (including by changing the amount of fees to be paid or original issue discount of the Debt Financing or similar fee) to the extent that Parent would then not have sufficient funds to pay the Merger Consideration, or (y) impose new or additional conditions, or otherwise amend, modify or expand any conditions, to the receipt of the Debt Financing, in each case, in a manner that would reasonably be expected to (1) impair, delay or prevent the Closing, (2) make the funding of the Debt Financing (or satisfaction of the conditions to obtaining the Debt Financing) less likely to occur, or (3) adversely impact the ability of Parent to enforce its rights against the other parties to the Debt Financing Commitment or the definitive agreements with respect thereto, the ability of Parent to consummate the transactions contemplated hereby or the likelihood of consummation of the transactions contemplated hereby. Subject to the limitations set forth in this Section 8.03 and provided that the representations set forth in Section 5.06 shall be true and correct giving effect to such replacement or amendment, Parent and Merger Subsidiary may replace or amend the Debt Financing Commitment to add lenders, lead arrangers, bookrunners, syndication agents or similar entities that have not executed the Debt Financing Commitment as of the date hereof, unless the addition of such additional parties, individually or in the aggregate, would be likely to result in Parent not having sufficient funds to pay the Merger Consideration or adversely impact the ability of Parent or Merger Subsidiary to consummate the transactions contemplated hereby on or prior to the End Date or the likelihood of the consummation of the transactions contemplated hereby or the availability of the Financing on or prior to the End Date. For purposes of this Section 8.03, references to “Financing” shall include the financing contemplated by the Financing Commitments as permitted to be amended or modified by this Section 8.03 and references to “Financing Commitments” or “Debt Financing Commitment” shall include such documents as permitted to be amended or modified by this Section 8.03. Without limiting the foregoing, including Parent and Merger Subsidiary shall use their reasonable best efforts to (Ai) maintain in full force and effect the Debt Financing CommitmentsCommitment in accordance with its terms until the consummation of the transactions contemplated hereby, (Bii) satisfy on a timely basis all conditions and covenants applicable to Parent and Merger Subsidiary in the Debt Purchaser to obtaining the Financing that is within its control Commitment (including by consummating the financing pursuant to the terms of the Equity Financing at Commitments) and otherwise comply with its obligations thereunder, in each case, that are within Parent’s or prior to the Closing)any of its Affiliates’ control, (Ciii) to the extent not previously entered into, enter into definitive agreements with respect thereto on the terms and conditions described in or (including any flex provisions) contemplated by the Debt Financing Commitments Commitment or on such other terms as shall be acceptable to Parent and the Financing Sources (Das long as such terms do not adversely affect the amount of financing to be provided or cause the funding of the Debt Financing to be less likely to occur), (iv) consummate the Financing at or prior to the Closing Closing, (including by seeking to v) fully enforce its their rights under the Roll-Over Commitments Debt Financing Commitment, including by bringing legal action or other appropriate proceedings, against any Financing Source to enforce their respective rights under the Debt Financing Commitment and, as may be appropriate, to fund in accordance with their respective commitments if all conditions to funding the Debt Financing in the applicable document have been satisfied or waived, and (vi) subject to the satisfaction or waiver of the conditions set forth in the Debt Financing Commitment, cause the lenders and other persons Persons providing Financing to fund on the Roll-Over CommitmentsClosing Date the Financing contemplated to be funded on the Closing Date by the Debt Financing Commitment (or such lesser amount as may be required to consummate the Merger and the other transactions contemplated hereby). The Debt Purchaser Without limiting the generality of the foregoing, Parent and Merger Subsidiary shall not agree give the Company prompt written notice: (A) of any breach or default (or any event or circumstance that, with or without notice, lapse of time or both, would reasonably be expected to give rise to any breach or permit default) by any amendment, replacement, supplement party to any Financing Commitment or definitive document related to the Financing of which Parent or its Affiliates becomes aware; (B) of the receipt of any written notice or other modification ofwritten communication from any Person with respect to any (x) actual or potential breach, default, termination or waive repudiation by any of its rights under, party to any Financing Commitment or any definitive agreements document related to the Financing or any provisions of the Financing Commitments or any definitive document related to the Financing or (y) material dispute or disagreement between or among any parties to any Financing Commitment or any definitive document related to the Financing which would create a risk that the funding of the Debt Financing would be less likely to occur (but excluding, for the avoidance of doubt, any ordinary course negotiations with respect to the terms of the Financing or any definitive agreement with respect thereto); and (C) if for any reason Parent or Merger Subsidiary believes in good faith it will not be able to obtain all or any portion of the Financing on the terms or in the manner contemplated by the Financing Commitments or the definitive documents related to the Financing; provided, that in no event will Parent or Merger Subsidiary be under any obligation to disclose any information that is subject to attorney-client or similar privilege if Parent and Merger Subsidiary shall have used their reasonable best efforts to disclose such information in a way that would not waive such privilege. If any portion of the Debt Financing becomes unavailable on substantially the terms and conditions contemplated in the Debt Financing Commitment, Parent shall use its reasonable best efforts to arrange and obtain alternative financing from alternative sources on terms and conditions that are no less favorable to Parent, taken as a whole, than those set forth in the Debt Financing Commitment, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification an amount sufficient to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or consummate the transactions contemplated by this Agreement as promptly as practicable following the occurrence of such event. Parent will furnish to the Company correct and complete copies of any Debt Financing Commitment and ancillary documents thereto (redacted to the extent necessary to comply with confidentiality agreements, provided that such redacted information does not relate to the amounts or conditionality of, or contain any conditions precedent to, the TDC Agreementfunding of the Debt Financing). (b) Prior to the Closing, the Company shall, and shall cause its Subsidiaries and Representatives to use its reasonable best efforts to provide to Parent and Merger Subsidiary, at Parent’s sole expense, all cooperation reasonably requested by Parent in connection with the Debt Financing and causing the conditions in the Debt Financing Commitment to be satisfied, including, without limitation, (i) furnishing Parent and Merger Subsidiary and their Financing Sources with the financial statements and financial data of the Company required by paragraph 5 of Exhibit C of the Debt Financing Commitment, (ii) 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 of, the Debt Financing and the executive chairman, chief executive officer, chief operating officer, chief financial officer and general counsel of the Company and other members of senior management and Representatives of the Company), presentations, road shows, due diligence sessions, drafting sessions and sessions with rating agencies in connection with the Debt Financing, (iii) assisting Parent and its Financing Sources in the preparation of customary offering memoranda, bank information memoranda, authorization letters, confirmations and undertakings in connection with the offering memoranda and the bank information memoranda and lender presentations relating to the Debt Financing, (iv) providing and executing documents as may be reasonably requested by Parent, including (A) documents requested by the Parent or its Financing Sources relating to the repayment of the existing Indebtedness of the Company and its Subsidiaries and the release of related Liens, including customary payoff letters and (to the extent required) evidence that notice of such repayment has been timely delivered to the holders of such debt; (B) all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Patriot Act; (C) a certificate of the chief financial officer of the Company with respect to solvency matters; and provided (D) agreements, documents or certificates that facilitate the creation, perfection or enforcement of Liens securing the Debt Purchaser may replace Financing (including original copies of all certificated securities (with transfer powers executed in blank), control agreements, surveys, title insurance, landlord consent and amend access letters) as are reasonably requested by the Roll-Over Commitments solely Parent or its Financing Sources, (vi) executing and delivering any pledge and security documents and otherwise facilitating the pledging of collateral, (vii) cooperating with the Financing Sources’ due diligence investigation and evaluation of the Company’s assets for the purpose of adding lendersestablishing collateral arrangements, lead arrangers, book runners, syndication agents or similar entities who had to the extent customary and reasonable and not executed unreasonably interfering with the Roll-Over Commitments as business of the date Company, and (viii) providing any other documents, instruments, certificates or information as may be reasonably requested in connection with the Debt Financing; provided, however, that, (1) irrespective of the above, no obligation of the Company or any of its Subsidiaries under any certificate, document or instrument (other than the authorization and representation 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 the entry into any agreement that is effective before the Effective Time) or that would be effective prior to the Effective Time and (2) nothing herein shall require such cooperation to the extent it would interfere unreasonably with the business or operations of the Company or its Subsidiaries. None of the Company or any of its Subsidiaries shall be required 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) in connection with the Financing or any of the foregoing prior to the Effective Time. The Company hereby consents to the use of its and its Subsidiaries’ logos in connection with the Debt Financing; provided that such logos shall be used solely in a manner that is not intended or reasonably likely to harm, disparage or otherwise adversely affect the Company or any of its Subsidiaries. If this Agreement so long as such addition does not preventis terminated prior to the Effective Time, materially impede 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 materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments its Subsidiaries in accordance connection with this Section 5.108.03(b). (c) Parent and Merger Subsidiary acknowledge and agree that the obtaining of the Financing, the term “Financing Commitments” shall mean the Financing Commitments as so amendedor any alternative financing, replaced, supplemented or modifiedis not a condition to Closing.

Appears in 1 contract

Sources: Merger Agreement (Tekelec)

Financing. (a) The Debt Purchaser shall will use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or, in the Purchaser’s reasonable determination, advisable to arrange, consummate and obtain the proceeds of the Financing financing on the terms and conditions described in the Debt Commitment Letter (as such terms and conditions may be modified or adjusted in accordance with the terms thereof and within the limits of the “market flex” provisions in the Fee Letter) (the “Financing”), and (1) not borrow funds or voluntarily incur liabilities which materially increase the likelihood of a failure of the condition set forth in paragraph 2 of Exhibit C to the Debt Commitment Letter and (2) will not permit any amendment or modification to be made to, or any waiver of any provision or remedy under, the Debt Commitment Letter if such amendment, modification or waiver would (i) reduce the aggregate amount of the Financing Commitmentsplus unrestricted cash on hand at the time of the Initial Closing below the Required Closing Amount or (ii) impose new or additional conditions, including or otherwise amend, modify or expand any conditions, to the receipt of the Financing, in the case of either clause (i) or (ii) above, in a manner that would reasonably be expected to (A) maintain in effect prevent, impede or delay the Financing Commitmentsability of the Purchaser to consummate the Initial Closing, (B) satisfy on a timely basis all make any portion of the Financing (or satisfaction of the conditions applicable to the Debt Purchaser to obtaining the Financing) less likely to be obtained or prevent, impede or delay in any material respect the funding of the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to adversely impact the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by ability of the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking Purchaser to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related parties to the Financing, in each caseDebt Commitment Letter; provided that the Purchaser may, without the Company’s prior written consent of the Seller, (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to 1) amend the Roll-Over Commitments Debt Commitment Letter (iA) does not involve any conditions to funding in accordance with the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments “market flex” provisions thereof and (iiB) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Commitment Letter as of the date of this Agreement or (2) otherwise amend or replace the Debt Commitment Letter so long as in the case of this clause (2), (x) such addition amendment does not impose terms or conditions that would reasonably be expected to prevent, materially impede or materially delay in any material respect the consummation ability of the Roll-Over Purchaser to consummate the Initial Closing or adversely impact the ability of the Purchaser to enforce its rights against the other parties to the Debt Commitment Letter and (y) with respect to replacements, the replacement debt commitments otherwise satisfy the terms and conditions of an Alternative Financing set forth below. In the event of such amendment or replacement of the Debt Commitment Letter as permitted by the proviso to the immediately preceding sentence, the financing under such amended or replaced Debt Commitment Letter will be deemed to be the “Financing” as such term is used in this Agreement, and the commitment letter evidencing any Alternative Financing (as defined below) will be deemed to be the “Debt Commitment Letter” as such term is used in this Agreement. The Purchaser will use reasonable best efforts to (I) maintain in effect the Debt Commitment Letter (including any definitive agreements entered into in connection therewith), (II) satisfy on a timely basis (or obtain the waiver of) all conditions in the Debt Commitment Letter applicable to, and within the control of, the Purchaser necessary to obtaining the Financing on the Initial Closing Date and comply with its obligations thereunder, (III) consummate the Financing on or prior to the Initial Closing Date and (IV) fully enforce the MASTER ACQUISITION AGREEMENT counterparties’ obligations and its rights under the Debt Commitment Letter, including by suit or other appropriate proceeding (including by seeking specific performance) to cause the lenders under the Debt Commitment Letter to fund in accordance with their respective commitments. The Purchaser will keep the Seller reasonably informed on a current basis and in reasonable detail of the status of the Purchaser’s efforts to arrange the Financing and to satisfy the conditions thereof and shall provide to the Seller, upon request, copies of any amendments, modifications or supplements to or replacements of the Debt Commitment Letter related to the availability of the Financing, the commitment by the lenders to provide the Financing, or the transactions contemplated by this Agreement conditions, the “Certain Funds” provisions, the “flex” provisions or the TDC Agreementtermination provisions of the Debt Commitment Letter. Upon In the event that the Purchaser commences an enforcement action to enforce its rights under the Debt Commitment Letter or the definitive agreements entered into in connection therewith and/or to compel the financing sources under the Debt Commitment Letter to fund the Financing (any such amendmentaction, replacementa “Financing Action”), supplement or modification the Purchaser shall keep the Seller reasonably informed of the status of the Financing Commitments Action. If any portion of the Financing becomes reasonably likely to be unavailable or the Purchaser becomes aware of any event or circumstance that is reasonably likely to result in accordance any portion of the Financing being unavailable, in each case, on the terms and conditions (including any “market flex” provisions) contemplated in the Debt Commitment Letter, (i) the Purchaser will promptly notify the Seller and (ii) the Purchaser will use reasonable best efforts to arrange and obtain alternative financing (A) in an amount sufficient, when added to any portion of the Financing that is available and unrestricted cash on hand and other readily available liquidity, to pay in cash the Required Closing Amount and (B) that does not impose new or additional conditions that were not contained in the Debt Commitment Letter or otherwise expands, amends or modifies any of the conditions or contingencies that were contained in the Debt Commitment Letter (taking into account the “market flex” provisions of the Debt Commitment Letter) not materially less favorable or more onerous to the Purchaser or the Seller, taken as a whole (“Alternative Financing”) as promptly as practicable following the occurrence of such event. The Purchaser shall provide a true, correct and complete copy of each alternative financing commitment (together with this Section 5.10a redacted copy of any related fee letter) to the Seller. Notwithstanding the foregoing, it is understood and agreed that Alternative Financing may take the form of senior secured or senior second secured term loans with substantially similar terms to any first lien term loans (except for customary cushions and other modifications) in lieu of debt securities and if a commitment for second secured term loans is obtained, the conditions may be expanded to include customary supplemental security documents and a customary intercreditor agreement. In such event, (1) the term “Financing” will be deemed to include any Alternative Financing Commitmentsand (2) the term “Debt Commitment Letterwill be deemed to include any commitment letters with respect to any such Alternative Financing. Without limiting the generality of the foregoing, the Purchaser shall mean give the Seller notice as promptly as reasonably practicable and in any event within two (2) Business Days: (I) of any breach or default by any party to the Debt Commitment Letter or definitive document related to the Financing Commitments of which the Purchaser becomes aware; (II) of the receipt of any written notice or other written communication from any Financing Source with respect to (X) any breach, default, termination or repudiation by any party to the Debt Commitment Letter or any definitive document related to the Financing of any provisions of the Debt Commitment Letter or any definitive document related to the Financing or (Y) any material dispute or disagreement between or among any parties to the Debt Commitment Letter or any definitive document that pertains to the availability of the Financing or the commitment MASTER ACQUISITION AGREEMENT by the lenders under the Debt Commitment Lender to provide the Financing, or the conditions, the “Certain Funds” provisions, the “flex” provisions, the termination provisions of the Debt Commitment Letter; and (III) if for any reason the Purchaser believes in good faith that it will not be able to obtain all or any portion of the Financing on the terms, in the manner or from the sources contemplated by the Debt Commitment Letter or the definitive documents related to the Financing. As soon as reasonably practicable, but in any event within five (5) Business Days of the date the Seller delivers a written request to the Purchaser, the Purchaser shall provide any information reasonably requested by the Seller relating to any circumstance referred to in clause (I), (II) or (III) of the immediately preceding sentence. (b) Through the Initial Closing Date, the Seller will provide to the Purchaser, and will cause its Subsidiaries to provide, at the Purchaser’s cost and expense as provided in Section 5.8(e), in each case subject to Section 10.5, all cooperation reasonably requested by the Purchaser that is customary or reasonably necessary in connection with arranging, obtaining and syndicating the Financing and causing the conditions in the Debt Commitment Letter to be satisfied as such matters relate to the Acquired Companies and the Business, including using Reasonable Efforts in (i) assisting with the preparation prior to the Marketing Period of offering and syndication documents and materials in connection with the Financing, including (A) private placement memoranda, registration statements and prospectuses and (B) information memoranda and packages, lender and investor presentations and rating agency materials, and providing reasonable and customary authorization letters to the Financing Sources authorizing the distribution of information to prospective lenders and containing customary information (all such documents and materials, collectively, the “Offering Documents”), (ii) preparing and furnishing to the Purchaser and the Financing Sources as promptly as reasonably practicable (A) all Required Information, (B) to the extent it is reasonably available to the Seller and not previously made otherwise available to the Purchaser, all pertinent information reasonably necessary for the Purchaser to prepare pro forma financial statements and projections or otherwise as is requested and customarily provided in connection with any financing comparable to the Financing and (C) all other information and disclosures relating to the Acquired Companies and the Business (including their businesses, operations and financial projections) as may be reasonably requested by the Purchaser to assist in preparation of the Offering Documents (including execution of customary authorization and management representation letters relating to the Acquired Companies and the Business), (iii) having the Seller designate members of senior management of the Acquired Companies and the Business to participate in a reasonable number of presentations, road shows, due diligence sessions, drafting sessions and sessions with ratings agencies in connection with the Financing, (iv) assisting the Purchaser in obtaining any corporate credit and family ratings from any ratings agencies contemplated by the Debt Commitment Letter, (v) assisting in the preparation of definitive financing documents (including any schedules, annexes or exhibits thereto and any pro forma financial statements and financial projections, in each case, customarily required to be delivered thereunder), (vi) subject to any contractual agreement in effect, assisting in the pledging of collateral for the Financing, including taking commercially reasonable actions necessary to permit the Financing Sources to evaluate the Acquired Companies’ and the Business’s real property and current assets, cash management and accounting systems, policies and procedures for the purpose of establishing collateral arrangements, in each case, to the extent customary and not unreasonably interfering with the business of the Seller, (vii) assisting in obtaining, to the extent applicable, from the Seller’s existing lenders such consents, approvals, authorizations and instruments which may be MASTER ACQUISITION AGREEMENT reasonably requested by the Purchaser in connection with the Financing and collateral arrangements, including customary payoff letters, lien releases, release of guaranties, instruments of termination or discharge, (viii) providing the Purchaser with all documentation and other information required by regulatory authorities and as reasonably requested by the Purchaser on behalf of Financing Sources with respect to the Acquired Companies and the Business in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT ACT, Title III of Pub. L. 107-56 (signed into law October 26, 2001) and (ix) preparing and delivering to the Purchaser any supplements to the above information as may be reasonably required pursuant to the Debt Commitment Letter. The Seller hereby consents to the use of the Acquired Companies’ and the Business’s logos, trademarks and servicemarks in connection with the Financing in a form and manner mutually agreed with the Seller; provided, however, that such logos are used in a customary manner and solely in a manner that is not intended, or reasonably likely, to harm or disparage the Seller or any of its Subsidiaries or the reputation or goodwill of the Seller or any of its Subsidiaries. The Seller will, upon the reasonable request of the Purchaser, use Reasonable Efforts to periodically update any information (to the extent it is reasonably available) to be included in any Offering Document to be used in connection with such Financing, so amendedthat the Purchaser may ensure that any such Required Information remains Compliant. (c) Notwithstanding the requirements of Section 5.8(b), replaced(i) the Purchaser shall solely be responsible for provision of any post-Initial Closing pro forma financial information, supplemented including cost savings, synergies, capitalization, ownership, purchase accounting adjustments or modified.other pro forma adjustments (provided, that for the avoidance of doubt, the Seller shall provide the Purchaser with financial and other information relating to the Acquired Companies and the Business reasonably requested by the Purchaser to allow the Purchaser to prepare such pro forma financial information, including projections of the Acquired Companies and the Business), (ii) none of the Seller, any of its Subsidiaries, or any of their respective Representatives shall be required to enter into any certificate, document, agreement or instrument in connection with the Financing which will be effective prior to the Initial Closing Date (other than in connection with the issuance of a customary comfort letter by the Seller’s auditors in connection with the pricing and closing of any high-yield debt offering in connection with the Financing), (iii) nothing herein shall require cooperation contemplated thereby to the extent it would interfere unreasonably or materially with the business or operations of the Seller or any of its Subsidiaries (it being agreed that contacting the customers of the Seller without the Seller’s consent shall constitute unreasonable interference), (iv) none of the Seller and any of its Subsidiaries will be required to pay any commitment or other similar fee or incur any other liability in connection with the Financing prior to the Initial Closing Date, (v) nothing herein shall require cooperation or assistance from a Seller director, officer or employee to the extent such director, officer or employee is reasonably likely to incur any personal financial liability by providing such cooperation or assistance that will not be repaid, reimbursed or indemnified in full by the Purchaser and (vi) neither the Seller nor any of its Subsidiaries (excluding the Acquired Companies on the Initial Closing Date after giving effect to the Initial Closing) shall (except as expressly set forth in this Agreement) have any liability or obligation under any credit agreement or any related document or any other agreement or document related to the Financing (or any alternative financing that the Purchaser may raise in connection with

Appears in 1 contract

Sources: Master Acquisition Agreement (Zebra Technologies Corp)

Financing. (a) The Debt Purchaser Buyer shall use its reasonable best efforts to (x) take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or advisable to obtain arrange the proceeds Financing as promptly as practicable following the date of this Agreement and (y) consummate the Financing on the terms and conditions described Closing Date, including using its reasonable best efforts to (i) cause the Financing to be consummated upon satisfaction of the Financing Conditions contained in the Financing CommitmentsEquity Commitment Letter, including to and (A) maintain in effect the Financing Commitments, (Bii) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments)Date all Financing Conditions that are within Buyer’s control. The Debt Purchaser Buyer shall not agree to any amendments or permit modifications to, or grant any amendmentwaivers of, replacement, supplement any condition (including any of the Financing Conditions) or other modification ofprovision or remedy under the Equity Commitment Letter without the prior written consent of Seller (which may be granted or withheld in Seller’s sole discretion), to the extent such amendments, modifications or waive any waivers would (i) reduce the aggregate amount of its rights under, any Financing Commitment or any definitive agreements related to aggregate cash proceeds available from the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not preventimpose new or additional conditions precedent or otherwise expand, materially impede amend or materially delay the consummation modify any of the Roll-Over Financing Conditions or other terms therein in a manner adverse to Buyer or Seller, including any expansion, waiver, amendment or modification that would be reasonably likely to (A) prevent or delay or impair the ability of Buyer to consummate the transactions contemplated by this Agreement or the TDC Agreement; and provided that other Transaction Documents, (B) adversely impact the Debt Purchaser may replace and amend ability of Seller or Buyer to enforce its rights or remedies against the Roll-Over Commitments solely for Equity Investors or (C) make the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as timely funding of the date Financing or satisfaction of this Agreement so long the Financing Conditions any less likely to occur. Buyer shall promptly (and in any event within one (1) Business Day) notify Seller of (i) any amendment, waiver or modification, or agreement to do any of the foregoing, of any term of the Equity Commitment Letter, (ii) the expiration or termination (or attempted or purported termination, whether or not valid) of the Equity Commitment Letter, or (iii) any refusal by any of the Equity Investors to provide, any stated intent by any of the Equity Investors to refuse to provide, or any expression of concern or reservation by any of the Equity Investors regarding its obligation and/or ability to provide, the full financing contemplated by the Equity Commitment Letter. (b) Seller and its Subsidiaries shall, and shall use commercially reasonable efforts to cause its Affiliates and Representatives to, provide such cooperation as such addition does not preventis reasonably requested by Buyer, materially impede or materially delay at Buyer’s sole cost and expense, in connection with the Financing and any debt financing intended to be incurred by Buyer in connection with the consummation of the Roll-Over or the transactions contemplated by this Agreement (such debt financing, the “Debt Financing”); provided that Seller and its Affiliates shall in no event be required to provide such assistance that shall unreasonably interfere with their respective business operations; and provided, further, that the obligation of Seller and its Subsidiaries pursuant to this Section 5.19(b) shall terminate and be of no further effect as of the date that is twelve (12) months following the Closing Date. Such assistance shall include the following, each of which shall be at Buyer’s request with reasonably practicable prior notice: (i) furnishing Buyer and its prospective financing sources as promptly as practicable with such customary financial and other information concerning the Business as is customarily delivered in connection with the preparation of (x) a customary bank book, confidential information memorandum, lender presentations, business projections and similar documents for debt financings similar to the Debt Financing and (y) other marketing materials customarily used in connection with the syndication of debt financings that are reasonably requested by Buyer in order to market, syndicate and consummate the Debt Financing, and promptly provide Buyer with any supplements to such information requested by Buyer pursuant to this clause (i); (ii) (A) participation, following reasonable notice and in reasonably convenient locations, by the senior management team of the Business in the marketing activities undertaken in connection with the marketing of the Debt Financing, including (x) assisting in the preparation of a customary bank book, confidential information memorandum, lender presentations, business projections and similar documents, (y) a reasonable number of meetings with prospective lenders or debt investors, sessions with rating agencies for the Debt Financing and due diligence sessions and otherwise assisting in marketing efforts related to the Debt Financing including, without limitation, direct contact between senior management and representatives of the Business, on the one hand, and the financing sources, potential lenders and investors for the Debt Financing, on the other hand, and (z) providing to Buyer from time to time information regarding the Business reasonably requested by the prospective financing sources and assisting with the preparation of appropriate and customary materials for rating agency presentations and offering and syndication documents (including prospectuses, private placement memoranda, lender and investor presentations, bank information memoranda and similar documents); (B) taking reasonable corporate actions, subject to and only effective upon the occurrence of the Closing, reasonably necessary to permit the consummation of the Debt Financing; (C) providing customary authorization and/or representation letters in connection with the distribution of bank information memoranda to prospective lenders and identifying any portion of the information therein that constitutes material nonpublic information regarding the Business, Seller or its Subsidiaries; (D) assisting with the preparation and negotiation of, and facilitating the execution and delivery by the appropriate officers of the Business, loan agreements, pledge and security documents (including control agreements, surveys, title insurance, landlord consent and access letters as are reasonably requested by Buyer) and other definitive documents and/or certificates required to consummate the Debt Financing; (E) having a senior financial officer of the Business execute and deliver to the Buyer’s financing sources a customary solvency certificate; (F) cooperating in the replacement or backstop of any outstanding letters of credit issued for the account of the Business or any joint venture thereof; (G) furnishing Buyer and its financing sources at least five Business Days prior to the Closing Date with all documentation and other information with respect to the Business required under applicable “know your customer” and anti-money laundering laws, rules and regulations, including the U.S. PATRIOT Act, to the extent requested not less than 10 days prior to the Closing Date; (H) consenting to the use of the logos of the Business so long as such use is not reasonably likely to harm or disparage the Business or Seller or any of its Affiliates or their respective reputation, goodwill, products, services, offerings or intellectual property rights; (I) obtaining customary payoff letters and related documents and instruments relating to the repayment of any exiting third party indebtedness for borrowed money to be repaid on or coincidental with Closing; and (J) supplementing the information provided by Seller pursuant to this Section 5.19(b) if such supplement is necessary to ensure that such information does not contain an untrue statement of a material fact or omit to state any material fact necessary to make such information not misleading; and (iii) taking such actions as are reasonably requested by Buyer to facilitate the satisfaction on a timely basis of all conditions (including, with respect to the Financing, the Financing Conditions) that are within its control. (c) Seller shall have the right to review and comment on marketing materials related to the Debt Financing prior to the dissemination of such materials to potential lenders or other counterparties to any proposed financing transaction (or filing with any Governmental Authority); provided, that Seller shall communicate in writing their comments, if any, to Buyer 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 materials. Notwithstanding anything in this Section 5.19 to the contrary, this Section 5.19 shall not (i) require any cooperation to the extent it would cause any condition to Closing set forth in ARTICLE VIII to fail to be satisfied or otherwise cause any breach of this Agreement (unless waived by Buyer) or (ii) require Seller or any of its Affiliates to (A) pay any commitment fee or similar fee, (B) except in the case of the execution of authorization and representation letters referred to in Section 5.19(b)(ii), incur any Liability (or cause their respective directors, officers or employees to incur any Liability) with respect to the cooperation described in this Section 5.19 prior to the Closing, (C) approve or enter into any agreement or binding commitment, (D) provide (or to have any of their respective Representatives provide) any opinions or reliance letters, in each case, with respect to or in connection with the Financing or the TDC Agreement. Upon Debt Financing, (E) execute or deliver, or take any such amendmentcorporate or other action to adopt or approve, replacementany documents, supplement agreement, certificate or modification instrument with respect to the Financing, including any pledge or security documents or closing certificates (other than (x) the execution of authorization and representation letters referred to in Section 5.19(b)(ii) and (y) to the extent necessary for the valid and enforceable execution of the Financing Commitments definitive documents for the Debt Financing, such action as is reasonably necessary to facilitate the adoption of resolutions and consents, as applicable) or (F) take any action that will conflict with or violate Seller’s or any of its Affiliates’ Organizational Documents or any Law or result in accordance the material contravention of, or that would reasonably be expect to result in a material violation or breach of, or default any, any material Contract to which Seller or any of its Affiliates is a party; provided that the foregoing clause (E) shall not prevent any of the officers or directors of the Business who will remain officers and/or directors of the Business immediately following the Closing from executing documents, agreements, resolutions, certificates and instruments that do not become effective until the Closing. (d) Buyer shall indemnify and hold harmless Seller and its Affiliates, and each of their respective directors, officers, employees, agents and other Representatives from and against any and all Liabilities suffered or incurred in connection with this Section 5.10the arrangement of any debt financing or any assistance or any activities provided in connection therewith (other than historical information relating to the Business provided by Seller or its Affiliates in writing for the purpose of arranging any debt financing); provided, however, that the term “Financing Commitments” foregoing shall mean not apply in the Financing Commitments as so amended, replaced, supplemented event of Seller’s or modifiedits Affiliates’ or other Representative’s willful misconduct or gross negligence. Buyer shall promptly reimburse Seller and its Affiliates for all documented out-of-pocket third-party costs (including reasonable attorneys’ fees) incurred by Seller and its Affiliates or other Representatives in connection with such cooperation.

Appears in 1 contract

Sources: Asset and Membership Interest Purchase Agreement (Bob Evans Farms Inc)

Financing. Tenant agrees that this Lease and all of Tenant's right, title, and interest in and to this Lease and the Premises is subject and subordinate to any mortgage, deed of trust, or other security instrument which Landlord may now or hereafter place upon all or any portion of the Premises (each, a "Mortgage") and to all renewals, modifications, amendments, and extensions thereof and to all the terms and provisions thereof. This provision is self-operative. Tenant agrees, however, to promptly execute any document or instrument which may be requested by Landlord or any mortgagee or lender holding a Mortgage (each, a "Mortgagee") evidencing such subordination. If any Mortgage is foreclosed (or in the event of a deed in lieu of foreclosure), then (a) The Debt Tenant shall, at any purchaser's (including any Mortgagee) at such foreclosure sale (or deed in lieu thereof) (the "Purchaser") election, attorn to such Purchaser shall use its reasonable best efforts and recognize such Purchaser as the "landlord" under this Lease pursuant to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitmentsprovisions of this Lease, including and Tenant will promptly execute any such documents and instruments as may be necessary or appropriate to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments evidence such attornment; and (Db) consummate Tenant waives the Financing at provisions of any statute or prior rule of law, now or hereafter in effect, that provides Tenant any right to terminate this Lease or to otherwise adversely affect Landlord's interest in this Lease upon any such foreclosure proceeding. Any Mortgagee shall also have the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financingright, in each casesuch Mortgagee's discretion, without to subordinate its Mortgage to this Lease. If Tenant, within fifteen (15) days after Landlord's demand, fails to execute and deliver any instrument or document required to be executed by Tenant pursuant to this Section 18, then Landlord is hereby authorized to execute same as attorney-in-fact for the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry intoTenant, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance power being coupled with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedan interest.

Appears in 1 contract

Sources: Lease (Arotech Corp)

Financing. (a) The Debt Purchaser Unless, and to the extent, Parent or Merger Sub have sufficient cash from other sources (including by reason of a capital market or other financing transaction) available to satisfy their obligations under this Agreement, from and after the execution of this Agreement, Parent and Merger Sub shall use its their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of arrange the Financing on the terms and conditions described in the Commitment Letter (including any “market flex” provisions applicable thereto) and shall not permit any amendment or modification to be made to, any replacement of all or any portion of any facilities (or commitments thereof) described in, or any waiver of any provision or remedy under, the Commitment Letter, if such amendment, modification, replacement or waiver (i) reduces the aggregate amount of the Financing Commitments(including by changing the amount of fees to be paid or original issue discount except by operation of the “market flex” provisions) or (ii) imposes new or additional conditions or otherwise expands, including amends or modifies any of the conditions to the receipt of any portion of the Financing in a manner that would or would reasonably be expected to (A) maintain in effect materially delay or prevent the Financing CommitmentsClosing, (B) satisfy on a timely basis all make the funding of the Financing (or satisfaction of the conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at Financing) less likely to occur or prior to the Closing), (C) adversely impact the ability of Parent or Merger Sub, as applicable, to enforce their rights against other parties to the extent not previously entered intoCommitment Letter or the Definitive Agreements (as defined below), enter into definitive agreements with respect thereto on terms and conditions described in any material respect, including any right to seek specific performance of the Commitment Letter or contemplated by the Financing Commitments and (D) consummate the Financing at or prior Definitive Agreements. Subject to the Closing (including by seeking to enforce its rights under limitations set out in the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any first sentence of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayedthis Section 5.15(a), provided that any such amendmentParent and Merger Sub may amend, replacementsupplement, supplement modify or other modification to replace the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on Commitment Letter as in effect at the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement (1) to add or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Commitment Letter as of the date of this Agreement, (2) to increase the amount of indebtedness and (3) to replace all or a portion of the facility committed under the Commitment Letter as in effect as of the date of this Agreement so long with one or more new facilities under such Commitment Letter or under any new commitment letter or facility (any such new commitment or facility, a “Replacement Facility”); provided, that any amendments, modifications or replacements of any Replacement Facility shall be subject to the same limitations that apply to the Commitment Letter as such addition does set forth in the first sentence of this Section 5.15(a). For purposes of this Agreement (other than with respect to any representations made by Parent or Merger Sub), (x) the term “Financing” shall be deemed to include the financing contemplated by the Commitment Letter as permitted to be amended, modified or replaced pursuant to this Section 5.15 (including any Replacement Facility, any Alternative Financing (as defined below) and, in the case of Section 5.15(e), any offering of debt or equity securities the proceeds of which are intended to be used to satisfy the obligations under this Agreement), and (y) the term “Commitment Letter” shall be deemed to include the Commitment Letter as may be permitted to be amended, modified or replaced pursuant to this Section 5.15 and any commitment letters with respect to any Replacement Facility and the Alternative Financing and any related fee letters. (b) Unless, and to the extent, Parent or Merger Sub have sufficient cash from other sources (including by reason of a capital market or other financing transaction) available to satisfy their obligations under this Agreement, each of Parent or Merger Sub shall use their reasonable best efforts to (i) maintain in effect the Commitment Letter pursuant to its terms (except for amendments not prevent, materially impede or materially delay the consummation of the Roll-Over or prohibited by Section 5.15(a)) until the transactions contemplated by this Agreement Agreement, including the Merger, are consummated, (ii) negotiate and enter into definitive agreements with respect to the Financing on the terms and conditions (including any “market flex” provisions applicable thereto) contained in the Commitment Letter (“Definitive Agreements”) or on other terms not materially less favorable to Parent and Merger Sub, in the TDC aggregate, than the terms and conditions (including any “market flex” provisions applicable thereto) contained in the Commitment Letter, (iii) satisfy on a timely basis (or obtain the waiver of) all conditions to funding in the Commitment Letter applicable to Parent or Merger Sub that are within its control and consummate the Financing at or prior to the Closing in accordance with the terms and conditions of the Commitment Letter at or prior to the Closing and (iv) enforce their rights under the Commitment Letter in the event of a breach or other failure to fund the Financing required to consummate the transactions contemplated by this Agreement. Upon , including the Merger, on the Closing Date by the Financing Sources. (c) Without limiting the generality of the foregoing, Parent and Merger Sub shall give the Company reasonably prompt notice: (i) of any such amendmentmaterial breach or default by any party to the Commitment Letter or definitive document related to the Financing of which they become aware; (ii) of the receipt of any oral or written notice or other oral or written communication from any Financing Source with respect to any breach, replacementdefault, supplement termination or modification repudiation by any party to the Commitment Letter or any definitive document related to the Financing of any provisions of the Commitment Letter or any definitive document related to the Financing and (iii) if for any reason Parent or Merger Sub believe in good faith that they will not be able to obtain all or any portion of the Financing Commitments required to consummate the transactions contemplated by this Agreement, including the Merger. (d) Unless, and to the extent, Parent or Merger Sub have sufficient cash from other sources (including by reason of a capital market or other financing transaction) available to satisfy their obligations under this Agreement, in the event any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Commitment Letter, Parent and Merger Sub shall use their respective reasonable best efforts to, as promptly as practicable, arrange alternative debt financing from the same or alternative sources in an amount sufficient to consummate the transactions contemplated by this Agreement, including the Merger (the “Alternative Financing”), following the occurrence of such event; provided, however, that Parent shall not be required to obtain financing which includes terms and conditions materially less favorable (taking into account any “market flex” provisions) to Parent and Merger Sub, in each case relative to those in the Financing being replaced. (e) The Company shall use commercially reasonable efforts, shall cause its Subsidiaries to use commercially reasonable efforts, and shall use commercially reasonable efforts to cause its and their Representatives to provide, at Parent’s cost and expense, on a timely basis in each case, all reasonable cooperation requested by Parent in connection with (x) the arrangement of Financing to be incurred in connection with the transactions contemplated by this Agreement, including the Merger, and (y) Refinancing Transactions, including, in the case of both (x) and (y): (i) promptly providing the Financing Sources and/or Refinancing Sources and their respective agents with all financial statements, pro forma financial statements and other information regarding the Company and its Subsidiaries required to be delivered pursuant to Exhibit D of the Commitment Letter or is otherwise necessary to satisfy the conditions thereof (the information required to be delivered pursuant to this clause (i) and the letters referred to in clause (ix) below, the “Required Information”); (ii) promptly providing all other information as may be reasonably requested by Parent, the Financing Sources or Refinancing Sources or their respective agents to prepare customary bank information memoranda, lender presentations, offering memoranda, private placement memoranda (including under Rule 144A under the Securities Act), registration statements and prospectuses under the Securities Act in connection with such Financing and/or Refinancing Transaction; (iii) participating (including by making members of senior management with appropriate seniority and expertise available to participate) in a reasonable number of meetings, due diligence sessions, presentations, “road shows”, drafting sessions and sessions with the rating agencies in connection with the Financing and Refinancing Transactions; (iv) reasonably cooperating with the Financing Sources’ and/or Refinancing Sources’ and their respective agents’ due diligence, to the extent not unreasonably interfering with the business of the Company, including access to documentation reasonably requested by Persons in connection with capital markets transactions; (v) reasonably cooperating with the marketing efforts for any portion of the Financing and Refinancing Transactions; (vi) reasonably cooperating with Parent’s preparation of bank information memoranda, prospectuses and similar documents, rating agency presentations, road show presentations and written offering materials used to complete such Financing or Refinancing Transaction, to the extent information contained therein relates to the business, financial performance or financial condition of the Company and its Subsidiaries, including reasonable assistance in the preparation of pro forma financial statements by Parent and/or Merger Sub; provided, that it is understood that assumptions underlying the pro forma adjustments to be made are the responsibility of Parent and/or Merger Sub; (vii) using commercially reasonable efforts to cause its certified independent auditors to provide (A) consent to the inclusion or incorporation in SEC filings and offering memoranda of the Company’s consolidated financial information (with such changes as the Company and its auditors deem necessary or appropriate) and their reports thereon, in each case, to the extent such consent is required by law, regulation or customary market practice in connection with an underwritten offering of securities of Parent, (B) auditors reports and comfort letters with respect to financial information relating to the Company and its Subsidiaries in customary form, (C) reasonable assistance in the preparation of pro forma financial statements by Parent and/or Merger Sub, provided, that it is understood that assumptions underlying the pro forma adjustments to be made are the responsibility of Parent and/or Merger Sub and (D) other documentation to the extent such other documentation is required or customary; (viii) furnishing all documentation and other information required by Governmental Entities under applicable “know your customer” and anti-money laundering rules and regulations, including U.S.A. Patriot Act of 2001, but in each case, solely as relating to the Company and its Subsidiaries; (ix) issuing customary letters to the Financing Sources and/or Refinancing Sources authorizing the distribution of information to prospective lenders and making customary representations to the Financing Sources and/or Refinancing Sources that such information does not contain a material misstatement or omission and, if requested, confirming that such information does not contain material non-public information with respect to the Company or its Affiliates or any of its or their respective securities for purposes of any applicable securities Laws; (x) providing customary certificates, legal opinions or other customary closing documents as may be reasonably requested by Parent and/or Merger Sub or their respective Financing Sources or Refinancing Sources; (xi) assisting with the pledging of, and the granting and perfection of security interests in, collateral contemplated by the Financing; and (xii) arranging for customary payoff letters, lien terminations and instruments of discharge to be delivered at Closing providing for the payoff, discharge and termination on the Closing Date of all indebtedness of the Company and its Subsidiaries contemplated by the Commitment Letter to be paid off, discharged and terminated on the Closing Date; provided, that no obligation of the Company or any of its Subsidiaries under any agreement, certificate, document or instrument related to the Financing (other than the authorization letters referred to in clause (ix) above) shall be effective until the Closing. (f) All non-public or other confidential information provided by the Company or any of its Representatives pursuant to this Section 5.15 shall be kept confidential in accordance with the Confidentiality Agreement, except that Parent and Merger Sub may disclose such information to potential financing sources and to rating agencies during the syndication and marketing of the Financing or Refinancing Transactions subject to customary confidentiality undertakings by such potential financing sources or rating agencies. The Company hereby consents to the use of its and its Subsidiaries’ logos in connection with the Financing or Refinancing Transactions; provided, however, that such logos are used solely in a manner 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. Parent and Merger Sub shall promptly indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives from and against any and all (1) costs and expenses incurred in connection with their cooperation pursuant to this Section 5.105.15 and (2) Claims asserted by Financing Sources or Refinancing Sources in connection with the arrangement of the Financing or Refinancing Transactions and any information used in connection therewith (other than information relating to the Company or its Subsidiaries provided to Parent in writing on or behalf of the Company, its Subsidiaries or its and their Representatives) except in the event such Claim arose out of or result from the willful misconduct, gross negligence, fraud, or intentional misrepresentation of the Company, its Subsidiaries or any of their respective Representatives; the foregoing indemnification shall survive termination of this Agreement. (g) Notwithstanding the obligations of the Company under Section 5.15(e), neither the obtaining of the Financing, any Alternative Financing or Refinancing Transaction, nor the completion of any issuance of securities contemplated by the Financing, is a condition to the Closing. For the avoidance of doubt, if the Company has made commercially reasonable efforts to provide the cooperation, documents and information contemplated by Section 5.15(e) and Section 5.16, the term “Financing Commitments” Company’s failure to provide all items contemplated thereby shall mean not affect its rights or privileges under this Agreement (or be construed as a waiver of any such rights or privileges), including the Financing Commitments as so amended, replaced, supplemented or modifiedCompany’s right to specific enforcement set forth in Section 8.13.

Appears in 1 contract

Sources: Merger Agreement (Kindred Healthcare, Inc)

Financing. (a) The Debt Purchaser Buyer shall use its commercially reasonable best efforts (taking into account the expected timing of the Marketing Period) to take, take all actions and to do or cause to be taken, all actions and to do, or cause to be done, done all things necessary necessary, proper or advisable to obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsLetters (provided, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments Buyer may (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that amend the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding Commitment Letter to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Commitment Letter as of the date of this Agreement or (ii) otherwise replace or amend the Debt Commitment Letter so long as such addition does action would not preventreasonably be expected to delay or prevent the Closing and the terms are not materially less beneficial to Buyer, materially impede with respect to conditionality, than those in the Debt Commitment Letter as in effect on the date of this Agreement). Buyer shall not permit any amendment or modification to be made to, or any waiver of any provision under, the Financing Letters without the prior written consent of Seller if such amendment, supplement, modification or waiver: (i) with respect to the Financing Letters, reduces the aggregate amount of the Financing (including by increasing the amount of fees to be paid or original issue discount as compared to such fees and original issue discount contemplated by the Debt Commitment Letter and related fee letters in effect on the date hereof unless the Debt Financing or the Equity Financing is increased by such amount); (ii) (A) imposes new or additional conditions or (B) otherwise adversely expands, amends or modifies any of the conditions precedent to the Financing, or otherwise expands, amends or modifies any other provision of the Financing Letters, in the case of clause (B), in a manner that would reasonably be expected to prevent or materially delay the consummation ability of Buyer to consummate the Roll-Over Closing on the Closing Date; or (iii) would otherwise materially adversely impact the ability of Buyer to enforce its rights against other parties to the Financing Letters or otherwise to timely consummate the transactions contemplated by this Agreement or the TDC Agreement. Upon Buyer shall promptly deliver to Seller copies of any such amendment, modification, waiver or replacement. For purposes of this Agreement, supplement references to “Financing” or modification “Debt Financing,” as applicable, shall include the financing contemplated by the Financing Letters as permitted to be amended, modified or replaced by this Section 8.28(a) or 8.28(c), and references to “Debt Commitment Letter” shall include such documents as permitted to be amended, modified or replaced by this Section 8.28(a) or 8.28(c). (b) Buyer shall use commercially reasonable efforts to: (i) maintain in effect the Financing Letters; (ii) negotiate and enter into definitive agreements and provide Seller with copies of all substantially final drafts of documents with respect to the Debt Financing on the terms and conditions contained in the Debt Commitment Letter (including the “flex” provisions contained in any related fee letter) or on other terms in the aggregate materially no less favorable to Buyer, as to conditionality, than the terms and conditions in the Debt Commitment Letter; provided, that in no event shall any such definitive agreement contain terms (other than those included in the Debt Commitment Letter) that would reasonably be expected to prevent or materially delay the Closing; (iii) satisfy (or, if deemed advisable by Buyer, seek the waiver of) on a timely basis all conditions applicable to Buyer that are within its control as set forth in the Financing Letters and to comply with all of its material obligations pursuant to the Debt Commitment Letter; (iv) upon satisfaction of such conditions, cause the funding of the Debt Financing Commitments at or prior to Closing (together with other sources of funds, including the Equity Financing, with respect to amounts required to pay the Required Amounts); and (v) give Seller prompt notice of any material breach by any party to the Debt Commitment Letters of which Buyer has become aware or any termination of any of the Commitment Letters. Buyer shall give the Company prompt notice of any material adverse change with respect to the Financing. Without limiting the foregoing, Buyer agrees to notify Seller promptly if at any time any financing source that is a party to the Debt Commitment Letter notifies Buyer that such source no longer intends to provide financing on the terms set forth therein. Notwithstanding anything to the contrary in accordance with this Agreement, nothing contained in this Section 5.108.28(b) shall require, and in no event shall the commercially reasonable efforts of Buyer be deemed or construed to require, Buyer or any Affiliate thereof to (i) seek the Equity Financing from any source other than those counterparty to, or in any amount in excess of that contemplated by, the term “Financing Commitments” shall mean Equity Funding Letter or (ii) pay any material fees in excess of those contemplated by the Financing Commitments Letters (including pursuant to the “flex” provisions contained in any fee letter relating to the Debt Financing). (c) If any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Commitment Letter or the Debt Commitment Letter is terminated or modified in a manner materially adverse to Buyer for any reason, Buyer shall promptly notify Seller in writing and shall use its commercially reasonable efforts to arrange to obtain alternative financing from alternative sources for such portion as promptly as practicable following such event on terms no less favorable to Buyer in any material respect as those contained in the Debt Commitment Letter and in an amount sufficient, together with the Equity Financing and cash on hand of the Acquired Companies, if any, to fund the Required Amount (the “Alternate Financing”) and, if obtained, will provide Seller with a copy of, a new financing commitment that provides for at least the same amount of financing as provided under the Debt Commitment Letter originally issued, to the extent needed to fund the Required Amount, and on terms and conditions (including all terms, termination rights, flex provisions and funding conditions) no less favorable in any material respect to Buyer than those included in the Debt Commitment Letter (an “Alternate Debt Commitment Letter”). Buyer shall use its commercially reasonable efforts (taking into account the expected timing of the Marketing Period) to take, or cause to be taken, all actions and things necessary, proper or advisable to arrange promptly and consummate the Alternate Financing on the terms and conditions described in any Alternate Debt Commitment Letter, including by complying with its obligations under clause (b) above as though the references therein to Debt Commitment Letter and Debt Financing were instead references to the Alternate Financing and the Alternate Debt Commitment Letter. Notwithstanding anything to the contrary in this Agreement, Buyer may enter discussions regarding, and may enter into arrangements and agreements relating to the Financing to add other equity providers, so amendedlong as in respect of any such arrangements and agreements, replacedthe following conditions are met: (i) the aggregate amount of the Equity Financing is not reduced; (ii) the arrangements and agreements, supplemented in the aggregate, would not be reasonably likely to delay or modifiedprevent the Closing and (iii) the arrangements and agreements would not diminish or release the pre-closing obligations of the parties to the Equity Funding Letter, adversely affect the rights of Buyer to enforce its rights against the other parties to the Equity Funding Letter, or otherwise constitute a waiver or reduction of Buyer’s rights under the Equity Funding Letter. (d) Prior to the Closing Date or as expressly provided for in clause (iv) below, Seller shall use its commercially reasonable efforts to provide, and shall cause the Acquired Companies to use commercially reasonable efforts to provide, and shall use commercially reasonable efforts to cause its respective Representatives to use commercially reasonable efforts to provide, to Buyer such cooperation as may be reasonably requested by Buyer with respect to the Financing; provided, that such requested cooperation does not materially and adversely interfere with the Acquired Company’s business and that any information requested by Buyer is reasonably available to Seller and/or the Acquired Companies. Such cooperation shall include: (i) using commercially reasonable efforts to, as promptly as reasonably practical, (x) furnish Buyer and Buyer’s financing sources and their respective Representatives with the Required Information; and (y) inform Buyer if the Company shall have knowledge of any facts that would likely require the restatement of such financial statements for such financial statements to comply with GAAP; (ii) using commercially reasonable efforts to participate in a reasonable number of presentations and due diligence sessions in connection with the Financing; (iii) using commercially reasonable efforts to assist with the preparation of materials for rating agency presentations, private placement memoranda, offering documents, bank information memoranda and similar documents required in connection with the Financing, including the execution and delivery of customary representation letters in connection with bank information memoranda and reviewing and commenting on Buyer’s draft of a business description and “Management’s Discussion and Analysis” of Seller’s financial statements to be included in offering documents contemplated by the Debt Financing; (iv) using commercially reasonable efforts to provide Buyer upon request a copy of each semi-annual proved oil and gas reserves report, which may be prepared internally by petroleum engineers who are employees of the Company, for the period ended June 30, 2012 together with audit reports prepared by third-party independent petroleum engineering firms reasonably acceptable to Buyer and the debt financing sources in respect of any such reports prepared as of December 31, 2011, and including consents from such independent petroleum engineering firms to inclusion of such reports in any offering documents, private placement memoranda, bank information memoranda, prospectuses and similar documents in connection with the Financing; (A) using commercially reasonable efforts to assist Buyer and its financing sources in obtaining and providing customary accountants’ comfort letters and (B) using commercially reasonable efforts to obtain title information and other documentation and items relating to the Debt Financing, as contemplated by the Debt Commitment Letter or reasonably requested by Buyer and, if requested by Buyer, to cooperate with and assist Buyer in obtaining such documentation and items; (vi) both before the Closing and, to the extent reasonably necessary to allow Buyer or any of its Affiliates to consummate a securities offering or comply with SEC requirements, after the Closing, providing appropriate representations to its accountants in connection with the preparation of financial statements and other financial data of each Acquired Company and requesting accountants’ consents in connection with the use of each Acquired Company’s financial statements in offering documents, prospectuses, Current Reports on Form 8-K and other documents to be filed with the SEC (or similar documents required to be delivered under the terms of the definitive documentation for the Financing); (vii) using commercially reasonable efforts to assist Buyer in connection with the preparation of pro forma financial information and financial statements contemplated by the Debt Commitment Letter or to the extent required by SEC rules and regulations or necessary (or reasonably required by Buyer’s financing sources) to be included in any offering documents; provided that Buyer shall have provided Seller or the Acquired Companies with information relating to the proposed debt and equity capitalization that is required for such pro forma financial information in financial reports; (viii) using commercially reasonable efforts to provide monthly management reports for each fiscal month ended on or after September 30, 2012 and at least 30 days before the Closing Date; (ix) using commercially reasonable efforts to execute and deliver as of the Closing any pledge and security documents, other definitive financing documents, or other certificates or documents as may be reasonably requested by Buyer and otherwise facilitating the pledging of collateral (including cooperation in connection with the pay-off of existing Indebtedness and the release of related Liens and termination of security interest); (x) using commercially reasonable efforts to assist Buyer in obtaining waivers, consents, estoppels and approvals from other parties to material leases, other than rights of way and other encumbrances and contracts to which any Acquired Company is a party and to arrange discussions among Buyer, the Equity Providers and the Debt Providers and their respective Representatives with other parties to material leases, rights of way and other encumbrances and contracts as of the Closing; (xi) taking all commercially reasonable actions necessary to (A) permit the prospective lenders involved in the Debt Financing (through any Debt Provider) and the Debt Providers 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 reasonable and customary for oil and gas industry reserve-based financing and (B) establish bank and other accounts and blocked account agreements and lock box arrangements to the extent necessary in connection with the Debt Financing; (xii) using commercially reasonable efforts to take all corporate actions, subject to the occurrence of the Closing, reasonably requested by Buyer that are necessary or customary to permit the consummation of the Debt Financing, including any high-yield financing, and to permit the proceeds thereof, together with the cash at each Acquired Company, if any (not needed for other purposes), to be made available on the Closing Date to consummate the transactions contemplated by this Agreement; and (xiii) using commercially reasonable efforts to provide all documentation and other information about the Acquired Companies as is required by applicable “know your customer” and anti-money laundering rules and regulations including without limitation the USA PATRIOT Act to the extent reasonably requested at least five (5) Business Days prior to the anticipated Closing Date; provided, that no obligation of any Acquired Company, or any Lien on any of their respective assets, in connection with the Financing shall be effective until the Closing; no Acquired Company or any Representatives of any of the foregoing shall be required to pay any commitment or other fee or incur any other liability in connection with the Financing prior to the Closing; and no director or officer of any Acquired Company shall be required to execute any agreement, certificate, document or instrument with respect to the Financing that would be effective prior to the Closing. (e) Seller shall, and shall cause the Company to, use commercially reasonable efforts to periodically update any Required Information provided to Buyer as may be necessary so that such Required Information is (i) Compliant, (ii) meets the applicable requirements set forth in the definition of “Required Information” and (iii) would not, after giving effect to such update(s), result in the Marketing Period to cease to be deemed to have commenced. For the avoidance of doubt, Buyer may, to most effectively access the financing markets, require the cooperation of the Company under Section 8.28(d) at any time, and from time to time and on multiple occasions, between the date hereof and the Closing; provided that, for the avoidance of doubt, the Marketing Period shall not be applicable as to each attempt to access the markets. Seller shall timely (taking into account any extensions permitted by the applicable SEC rules) file SEC documents and other materials with the SEC to t

Appears in 1 contract

Sources: Equity Purchase Agreement (Helix Energy Solutions Group Inc)

Financing. (a) The Debt Purchaser Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain arrange the proceeds of the Debt Financing on the terms and conditions described in the Debt Financing CommitmentsCommitment (provided that Buyer may replace or amend the Debt Financing Commitment to add lenders, lead arrangers, bookrunners, syndication agents or similar entities which had not executed the Debt Financing Commitment as of the date hereof, or otherwise so long as the terms would not materially adversely impact the ability of Buyer to consummate the transactions contemplated hereby or the likelihood of consummation of the transactions contemplated hereby), including using reasonable best efforts to (Ai) maintain in effect the Debt Financing CommitmentsCommitment, (Bii) satisfy on a timely basis all conditions applicable to the Debt Purchaser Buyer to obtaining the Debt Financing that is within its control set forth in the Debt Financing Commitment (including by consummating the equity financing pursuant to the terms of the Equity Financing at or prior to the ClosingCommitment), (Ciii) to the extent not previously entered into, enter into definitive agreements with respect thereto on the terms and conditions described in or contemplated by the Financing Commitments or on other terms that would not adversely impact the ability or likelihood of Buyer to consummate the transactions contemplated hereby, and (Div) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under Closing. If any portion of the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied becomes unavailable on the date of entry intoterms and conditions contemplated in the Debt Financing Commitment, such amendment, replacement, supplement or other modification Buyer shall use its reasonable best efforts to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or arrange to obtain alternative financing from alternative sources in an amount sufficient to consummate the transactions contemplated by this Agreement or as promptly as practicable following the TDC Agreementoccurrence of such event; provided, that such alternative financing shall be on terms and conditions materially no less favorable to Buyer than those provided that in the Debt Purchaser may replace Financing Commitment, or otherwise on terms and amend conditions acceptable to Buyer. Buyer shall give the Roll-Over Company prompt notice of any material breach by any party to the Financing Commitments solely of which Buyer becomes aware, or any termination of the Financing Commitments. Buyer shall keep the Company informed on a reasonably current basis in reasonable detail of the status of its efforts to arrange the Debt Financing and provide copies of all documents related to the Debt Financing (other than any fee letters and ancillary documents subject to confidentiality agreements) to the Company. The Company hereby consents to the use of its and its Subsidiaries’ names and logos in connection with the Financing. (b) Prior to the Closing, the Company shall, and the Shareholders shall cause the Company to, provide to Buyer, and shall cause its Subsidiaries to, and shall use its reasonable best efforts to cause the respective officers, employees and advisors, including legal and accounting, of the Company and its Subsidiaries to, provide to Buyer all cooperation reasonably requested by Buyer that is necessary in connection with the Debt Financing, including using reasonable best efforts to (i) participate in meetings, presentations, road shows, due diligence sessions and sessions with rating agencies, (ii) provide assistance in preparation of confidential information memoranda (including execution and delivery of a customary representation letter) and other materials to be used in connection with obtaining financing contemplated by the Debt Financing Commitment and all information (including financial information) customarily contained therein, (iii) provide assistance in the preparation for, and participate in, meetings, due diligence sessions and similar presentations to and with, among others, prospective lenders, investors and rating agencies, (iv) enter into a loan agreement and related documents (including pledge and security documents), (v) execute and deliver customary certificates, legal opinions or other documents reasonably requested by Buyer (including a certificate of the chief financial officer of the Company with respect to solvency matters) and otherwise reasonably facilitate the pledging of collateral contemplated by the Debt Financing Commitment (including taking all actions reasonably necessary to (A) permit the prospective lenders involved in the Debt Financing to evaluate the Company’s current assets, cash management and accounting systems, policies and procedures relating thereto for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed establishing collateral arrangements and to conduct the Roll-Over Commitments appraisals and field examinations relating thereto as contemplated by the Debt Financing Commitment and (B) establish bank and other accounts and blocked account agreements and lock box arrangements in connection with the foregoing) and (vi) provide the financial statements and other information necessary for the satisfaction of the date obligations and conditions set forth in the Debt Financing Commitment within the time periods required thereby in order to permit a Closing Date on or prior to the Termination Date; 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 any of its Subsidiaries. The Company shall use its reasonable best efforts to obtain pay-off letters, in form and substance reasonably satisfactory to Buyer, from holders of all Debt and to ensure that each such pay-off letter will provide for the waiver of any notice provisions relating thereto. If this Agreement so long as is terminated pursuant to Section 8.1(a) or 8.1(b)(ii) (but with respect to Section 8.1(b)(ii) only for a Willful or Deliberate Breach by Buyer), Buyer shall, promptly upon request by the Company, reimburse the Company for all reasonable and documented out-of-pocket costs incurred by the Company or its Subsidiaries in connection with such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedcooperation.

Appears in 1 contract

Sources: Stock Purchase Agreement (McJunkin Red Man Holding Corp)

Financing. (a) The Debt Purchaser shall Without limiting the generality of Investor’s obligations under Section 5.3, Investor will use its reasonable best efforts to take, or cause to be taken, and cause its Affiliates to take, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain the proceeds of the Financing as promptly as practicable and in timely fashion on the terms and conditions described in the Financing CommitmentsCommitment Documents, including (i) maintaining in effect the commitment for the Financing set forth in the Commitment Documents until the consummation of the Transactions, (ii) negotiating, executing and delivering definitive agreements with respect to the Financing on or prior to the Closing on the terms and conditions contemplated by the Commitment Documents and on such other terms that would not (A) maintain in effect reduce the aggregate amount of the Financing Commitments, (including by changing the amount of fees to be paid or original issue discount of the Debt Financing) or (B) satisfy impose new or additional conditions to the funding of the Financing from those set forth in the Commitment Documents delivered on the date hereof, or otherwise amend, modify or expand any conditions, to the funding of the Financing from those set forth in the Commitment Documents delivered on the date hereof in a manner that would reasonably be expected to (1) impede, prevent, delay or cause all or any portion of the Financing to be funded on a date later than the date on which the Closing is otherwise required to occur pursuant to Section 2.4, (2) make the funding of the Financing (or satisfaction of the conditions to obtaining the Financing) less likely to occur or (3) adversely affect (x) the ability of Investor to enforce its rights against the other parties to the Commitment Documents or the definitive agreements with respect thereto, (y) the ability of Investor to consummate the Transactions or (z) the likelihood of consummation of the Transactions or (C) be otherwise adverse to the interests of the Company and the Contributors (any such adverse effect, an “Adverse Effect on Financing”); (iii) satisfying (or obtaining a waiver thereof) and causing to be satisfied (and causing its Affiliates to satisfy), on a timely basis basis, all conditions applicable to Investor and its Affiliates in such Commitment Documents and the Debt Purchaser to obtaining definitive agreements related thereto; and (iv) complying with their respective obligations under the Financing that is within its control (Commitment Documents, including by consummating the Financing. (b) In the event that all conditions to the commitment of any counterparty to the Commitment Documents providing such Financing (other than conditions that are within the control of Investor or Sponsor, including conditions relating to (i) the availability or funding of any of the Equity Financing or the failure of any equity funding condition of similar effect in the Note Purchase Agreement, (ii) the failure to deliver documents by Investor or its Affiliates at the Closing, (iii) the failure to pay costs, fees, expenses and other compensation contemplated by the Commitment Documents that are payable by Investor, Sponsor or prior any of their respective Affiliates to the Closing)lead arrangers, any lenders and administrative agents or any other Person, or (Civ) a breach, in any material respect, by Investor, Sponsor or any of their respective Affiliates under the Commitment Documents) have been satisfied, Investor will consummate the Financing on or before the date on which the Closing is required to occur pursuant to Section 2.4. Investor will not, and will cause its respective Affiliates not to, take or refrain from taking, directly or indirectly, any action that could reasonably be expected to result in a failure of any of the conditions contained in the Commitment Documents or in any definitive agreement related to the extent Financing. Investor will not, and will cause its respective Affiliates not previously entered intoto, object to the utilization of any “flex” provisions by any Financing Source. (c) If any portion of the Financing becomes unavailable on the terms and conditions (including any applicable flex terms) contemplated in the Commitment Documents, or Investor becomes aware of any event or circumstance that could reasonably be expected to make any portion of the Financing unavailable on the terms and conditions (including any applicable flex terms) contemplated in the Commitment Documents, Investor will promptly notify the Contributors, use its reasonable best efforts to arrange and obtain in replacement thereof, and to negotiate and enter into definitive agreements with respect thereto to, alternative financing from alternative sources, in a like amount and on terms like terms, as promptly as practicable following the occurrence of such event, but, in no event, later than the date Investor is required to consummate the Closing pursuant to Section 2.4; provided, however, that any such alternative financing will not, without the prior written consent of the Contributors, have an Adverse Effect on Financing. After any amendment, supplement, modification, replacement or waiver of the Note Purchase Agreement (prior to the Closing) with respect to the Debt Financing in accordance with this Section 5.12, Investor shall promptly deliver to the Contributors a true and conditions described in or complete copy thereof. For purposes of this Agreement, references to the “Financing” will include the financing contemplated by the Financing Commitments Commitment Documents as permitted to be amended, modified or replaced by this Section 5.13(c) or Section 5.13(d), and (D) consummate the Financing at or prior references to the Closing “Commitment Documents” will include such documents as permitted to be amended, modified or replaced by this Section 5.13(c) or Section 5.13(d). (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall d) Investor will not agree to or permit any amendment, modification or waiver, consent to, replacement, or supplement or other modification ofto be made to the Commitment Documents without obtaining the prior written consent of the Contributors, or waive any except in accordance with Section 5.13(c). (e) Investor will keep the Contributors reasonably informed on a current and timely basis of its rights underthe status of Investor’s efforts to obtain the Financing and to satisfy the conditions thereof, any Financing Commitment or any including advising and updating the Contributors, in a reasonable level of detail, with respect to status, proposed closing date and material terms of the definitive agreements documentation related to the Financing, providing copies of then current drafts of the Note Purchase Agreement and other primary definitive documents, and giving the Contributors prompt notice of any material change (adverse or otherwise) with respect to the Financing. Without limiting the foregoing, Investor will notify the Contributors promptly (and in any event within two Business Days) if at any time before the Closing Date: (i) any Commitment Document expires or is terminated for any reason (or if any Person attempts or purports to terminate or repudiate any Commitment Document, whether or not such attempted or purported termination or repudiation is valid); (ii) Investor obtains knowledge of any breach or default or any threatened breach or default (or any event or circumstance that, with or without due notice, lapse of time or both, would reasonably be expected to give rise to any breach or default) by any party to any Commitment Document or any definitive document related to the Financing of any provisions of the Commitment Documents or any definitive document related to the Financing; (iii) Investor receives any communication (written or oral) from any Person with respect to any (A) actual, potential or threatened breach, default, termination or repudiation by any party to the Commitment Documents or any definitive document related to the Financing of any provisions of the Commitment Documents or any definitive document related to the Financing or (B) dispute or disagreement between or among any parties to the Commitment Documents; (iv) any Financing Source refuses to provide or expresses (orally or in writing) an intent to refuse to provide all or any portion of the Financing contemplated by the Commitment Documents on the terms set forth therein (or expresses (orally or in writing) that such Person does not intend to enter into all or any portion of definitive documentation related to the Financing or to consummate the transactions contemplated thereby); or (v) there occurs any event or development that could reasonably be expected to adversely impact the ability of Investor to obtain all, or any portion of, the Financing contemplated by the Commitment Documents on the terms and conditions, in the manner or from the sources contemplated by any of the Commitment Documents or the definitive documents related to the Financing or if at any time for any other reason Investor no longer believes in good faith that it will be able to obtain all or any portion of the Financing on the terms and conditions, in the manner or from the sources contemplated by any of the Commitment Documents or the definitive documents related to the Financing. As soon as reasonably practicable (but in any event within two Business Days after the date the Contributors deliver to Investor a written request therefor), Investor will provide any information reasonably requested by the Contributors relating to any circumstance referred to in clauses (i) through (v) of the immediately preceding sentence. (f) Investor shall not consent to any assignment of the obligation of any Purchaser (as defined in the Note Purchase Agreement) to purchase the Initial Notes (as defined in the Note Purchase Agreement) or agree to any amendment which results in the initial Purchasers listed on the Purchaser Schedule (as defined in the Note Purchase Agreement) not being required to purchase the Initial Notes, in each case, without the Company’s prior written consent of the Contributors (which consent shall not to be unreasonably withheld withheld, conditioned or delayed). (g) Notwithstanding this Section 5.12 (but subject to Section 8.2 and Section 10.15), provided Investor affirms that any such amendment, replacement, supplement or other modification it is not a condition to the Roll-Over Commitments Closing or to any of its other obligations under this Agreement (iincluding consummating the Investor Contribution) does not involve that Investor obtains financing for or related to any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over Transactions (including receipt of all or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as any portion of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation proceeds of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedFinancing).

Appears in 1 contract

Sources: Contribution Agreement (EQT Corp)

Financing. (a) The Debt Purchaser Parent shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or advisable to arrange and obtain the proceeds Financing as promptly as practicable following the date of this Agreement (but taking into account the Marketing Period) and to consummate the Financing on the terms and conditions described in the Financing CommitmentsClosing Date, including using reasonable best efforts with respect to the following: (i) maintaining in effect the Commitment Letters and not permitting any amendment or modification to be made to, not consenting to any waiver of any provision or remedy under, and not replacing, the Commitment Letters, if such amendment, modification, waiver or replacement: (A) maintain in effect reduces the aggregate amount of the Financing Commitments(including by changing the amount of fees to be paid in respect of the Debt Financing or original issue discount in respect of the Debt Financing), (B) satisfy on a timely basis all imposes new or additional conditions applicable or otherwise expands, amends or modifies any of the conditions to the Debt Purchaser to obtaining receipt of the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing)Financing, (C) to prevents or materially delays the extent not previously entered intoClosing, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate makes the funding of the Financing at (or prior satisfaction of the conditions to obtaining the Closing Financing) less likely to occur or (including by seeking E) adversely impacts the ability of Parent to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related parties to the Financingapplicable Commitment Letter (provided, in each case, without the Company’s prior written consent that (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (ix) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that Parent may amend the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding Commitment Letter to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Commitment Letter as of the date hereof and (y) Parent shall disclose to the Company promptly its intention to amend, modify, waive or replace the Debt Commitment Letter, shall keep the Company reasonably apprised of this Agreement so long the status and proposed terms and conditions thereof, and shall promptly furnish to the Company copies of any agreements or other documentation with respect to such amendment, modification, waiver or replacement); (ii) causing the Equity Financing to be consummated upon satisfaction of the conditions contained in the Equity Commitment Letter; (iii) satisfying (or seeking a waiver of) on a timely basis (taking into account the timing of the Marketing Period) all conditions to the Debt Financing and the Equity Financing that are within its control or subject to its influence; (iv) negotiating, executing and delivering the definitive Debt Financing Documents that reflect the terms contained in the Debt Commitment Letter (including any “market flex” provisions related thereto) or on such other terms acceptable to Parent and the Financing Sources (but such other terms to be subject to the limitations on any amendment, modification, waiver or replacement of a Commitment Letter as set forth in Section 5.10(a)(i)) and providing copies thereof exchanged with the Financing Sources to the Company upon any reasonable request; (v) enforcing its rights under the Commitment Letters in the event of a Financing Failure Event; and (vi) timely prepare, with the assistance of the Company and the applicable Financing Sources, the marketing materials with respect to the Debt Financing (including with respect to timing, taking into account the expected timing of the Marketing Period) and commence the syndication and/or marketing activities contemplated by the Debt Commitment Letter. (b) Parent shall keep the Company informed on a reasonably current basis in reasonable detail of the status of its efforts to arrange the Financing. Parent shall give the Company prompt notice of (i) any material breach or repudiation, or any such addition does written threatened breach or repudiation, by any party to the Commitment Letters of which Parent or its affiliates obtains Knowledge and (ii) receipt of any written notice or other written communication to Parent from any party to the Commitment Letters with respect to any actual or threatened breach, default (or any accusation of breach or default), termination or repudiation by any party to the Commitment Letters; provided, however, that in no event will Parent be under any obligation to disclose any information pursuant to clauses (i) or (ii) that is subject to attorney-client or similar privilege if Parent shall have used its reasonable best efforts to disclose such information in a way that would not preventwaive such privilege. (c) In the event any portion of the Debt Financing becomes unavailable on the terms and conditions set forth in the Debt Commitment Letter (including any related “market flex” terms) regardless of the reason therefor, materially impede or materially delay including in connection with a Financing Failure Event (but other than due to the failure of a condition to the consummation of the Roll-Over Debt Financing resulting from a material breach of any representation, warranty, covenant or agreement of the Company set forth in this Agreement and as a result of which alternative financing sources are not otherwise then available), Parent shall, as promptly as practicable, (i) notify the Company of such unavailability and, to the Knowledge of Parent, the reasons therefor, and (ii) use its reasonable best efforts to obtain alternative financing (“Alternative Debt Financing”) on terms and conditions no less favorable, in the aggregate, to Parent (as determined in the reasonable judgment of Parent) than those set forth in the Debt Commitment Letter (including any related “market flex” terms) in an amount, when added to the portion of the Financing being replaced that is still available, such that the aggregate funds available to Parent at Closing will be sufficient to pay the Closing Payments and otherwise consummate the transactions contemplated by this Agreement or as promptly as practicable following the TDC Agreementoccurrence of such event and, when obtained, provide a copy of such Alternative Debt Financing commitment. Upon any such amendment, replacement, supplement or modification of In the event that Parent obtains Alternative Debt Financing Commitments in accordance with pursuant to this Section 5.105.10(c), references to the term Financing CommitmentsDebt Financing,the “Financing,” the “Debt Commitment Letter” and the “Commitment Letters” (and other like terms in this Agreement) shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedbe deemed to be modified to refer to such Alternative Debt Financing.

Appears in 1 contract

Sources: Merger Agreement (Press Ganey Holdings, Inc.)

Financing. (a) The Debt Purchaser Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or advisable to obtain arrange the proceeds Debt Financing as promptly as practicable following the date of this Agreement and to consummate the Debt Financing on the terms and conditions described in the Financing CommitmentsClosing Date, including to using its reasonable best efforts to: (Ai) maintain in effect the Debt Commitment Letter and not permitting any amendment or modification to be made to, not consenting to any waiver of any provision or remedy under, and not replacing, the Debt Commitment Letter, if such amendment, modification, waiver or replacement: (A) reduces the aggregate amount of the Debt Financing Commitments(including by changing the amount of fees to be paid or original issue discount of the Debt Financing) unless the Equity Financing (as reflected in the Equity Commitment Letter, as may be amended) is increased by a corresponding amount or (B) satisfy on imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the receipt of the Debt Financing in a timely basis all conditions applicable manner that would reasonably be expected to (1) materially delay or prevent the Closing or (2) adversely impact the ability of Buyer to enforce its rights against other parties to the Debt Purchaser to obtaining Commitment Letter or the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior when required pursuant to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided (provided, that Buyer may amend the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding Commitment Letter to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Commitment Letter as of the date hereof and amend the economic or other arrangements with respect to the existing and additional lenders, lead arrangers, bookrunners, syndication agents or similar entities, if the addition of this Agreement so long such additional parties and amendment of additional terms do not reduce the Debt Financing to be funded at the Closing to less than the aggregate amount committed pursuant to the Debt Commitment Letter as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over date hereof or, individually or in the aggregate, would not be reasonably expected to delay or prevent the Closing); (ii) cause the Equity Financing to be consummated upon satisfaction of the Financing Conditions contained in the Equity Commitment Letter; (iii) satisfy on or prior to the Closing Date, all Financing Conditions that are within Buyer’s control; (iv) negotiate, execute and deliver Debt Financing Documents that reflect the terms contained in, or no less favorable to Buyer in the aggregate than, the Debt Commitment Letter (including any “market flex” provisions related thereto); (v) in the event that the conditions set forth in Sections 8.01 and 8.02 and the Financing Conditions have been satisfied or, upon funding would be satisfied, cause the Financing Sources to fund the full amount of the Debt Financing at or prior to the Closing (or such lesser amount as may be required to consummate the transactions contemplated hereby) (and, for the avoidance of doubt, Buyer acknowledges and agrees that (A) in the event that on the final day of the Marketing Period (x) all or a portion of the Debt Financing structured as high yield debt or contemplated to be sold pursuant to a Rule 144A transaction has not been issued or sold, (y) all conditions precedent to Buyer’s obligations hereunder shall have been satisfied or waived (other than those conditions which by their nature will not be satisfied until the Closing) and (z) the bridge financing contemplated by the Debt Commitment Letter is available, then on such date Buyer shall borrow under and use the proceeds of the bridge financing to finance, in part, the Closing Date Payments and (B) Buyer shall comply with any “securities demand” or similar provisions included in the Debt Commitment Letter or any related fee letter and use any proceeds from the sale of securities issued thereunder to finance, in part, the Closing Date Payments); and (vi) enforce its rights under the Commitment Letters in the event of a Financing Failure Event. (b) Buyer shall keep Parent informed in reasonable detail of the status of its efforts to arrange the Financing. Buyer shall give Parent prompt notice of any breach or repudiation, or receipt of a written notice of any anticipated or threatened breach or repudiation, by any party to the Commitment Letters of which ▇▇▇▇▇ becomes aware. Without limiting Buyer’s other obligations under this Section 5.15, if a Financing Failure Event occurs, Buyer shall (i) promptly notify Parent of such Financing Failure Event and the reasons therefor, (ii) in consultation with the Parent and the Sellers, use its reasonable best efforts to obtain (on terms no less favorable to Buyer, taken as a whole (taking into account any “market flex” provisions, but not in excess or outside of such “market flex” provisions unless agreed by Buyer), in the aggregate, than those set forth in the Debt Commitment Letter) alternative financing from the same or alternative financing sources, in an amount sufficient to make the Closing Date Payments and consummate the transactions contemplated by this Agreement or Agreement, as promptly as practicable following the TDC Agreement. Upon any occurrence of such amendmentevent, replacementand (iii) use its reasonable best efforts to obtain, supplement or modification of and when obtained, provide Parent and the Financing Commitments Sellers with a copy of, a replacement financing commitment in accordance with this Section 5.105.15(a)(i) that provides for such alternative financing. Notwithstanding anything herein to the contrary, in no event shall the term reasonable best efforts of Buyer be deemed or construed to require Buyer to, and Buyer shall not be required to, (i) pay fees in the aggregate in excess of those contemplated by the Debt Commitment Letter, or (ii) agree to terms that are outside of, or less favorable than, in the aggregate, any terms set forth in the Debt Commitment Letter or any related fee letter (including any Financing Commitmentsmarket flexshall mean the Financing Commitments as so amended, replaced, supplemented or modifiedprovision therein).

Appears in 1 contract

Sources: Stock Purchase Agreement

Financing. (a) The Debt Purchaser Buyer shall use its commercially reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain arrange the proceeds of the Debt Financing on the terms and conditions described in the Debt Financing CommitmentsCommitments (provided, including to (A) maintain in effect that Buyer and Merger Sub may, after consultation with the Financing CommitmentsCompany, (B) satisfy on a timely basis all conditions applicable to replace or amend the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Debt Financing Commitments as of the date of this Agreement hereof, or otherwise so long as the terms thereof are not less beneficial to the Buyer, Merger Sub and the Company, including with respect to conditionality, than those in the Debt Financing Commitments as in effect on the date hereof), including using its commercially reasonable efforts to (a) maintain in effect the Debt Financing Commitments, (b) satisfy on a timely basis, to the extent within its control, all conditions applicable to the Buyer and Merger Sub to obtaining the Debt Financing set forth therein, (c) enter into definitive agreements with respect thereto on the terms and conditions contemplated by the Debt Financing Commitments and (d) consummate the Debt Financing at or prior to the Closing. In the event any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Financing Commitments, the Buyer shall promptly notify the Company and shall use its commercially reasonable efforts to arrange to obtain alternative financing from alternative sources on financial terms no less favorable to the Buyer than the Debt Financing Commitments and upon other terms and conditions no less favorable than in the Debt Financing Commitments in an aggregate amount sufficient to consummate the transactions contemplated hereby promptly following the occurrence of such addition does not preventevent. The Buyer shall deliver to the Company true and complete copies of all agreements pursuant to which any such alternative source shall have committed to provide Buyer and Merger Sub with any portion of the Debt Financing. (b) The Company shall cooperate, materially impede shall cause its Subsidiaries to cooperate and shall use commercially reasonable efforts to cause its Joint Ventures to cooperate in connection with the arrangement of the Debt Financing as may be reasonably requested in writing by the Buyer including by (i) participating in meetings (including lender meetings), presentations, road shows, due diligence and drafting sessions and sessions with rating agencies; (ii) assisting with the preparation of materials for rating agency presentations, bank information memoranda and similar documents required in connection with the Debt Financing; (iii) furnishing the Buyer and its financing sources financial and other pertinent information regarding the Company and its Subsidiaries and the Joint Ventures as may be reasonably requested by the Buyer to consummate the Debt Financing; (iv) requesting of the appropriate Person, and using commercially reasonable efforts to obtain, such consents and legal opinions, as reasonably requested by the Buyer; (v) taking all actions, subject to or materially delay concurrently with the occurrence of the Merger, reasonably requested by the Buyer to permit consummation of the Roll-Over Debt Financing as contemplated by the Debt Financing Commitments (or the transactions contemplated debt commitment letter related to any alternative financing); and (vi) otherwise reasonably cooperating in the Buyer’s efforts to obtain the Debt Financing (including, without limitation, requesting of the appropriate Persons, and using commercially reasonable efforts to obtain, customary officer’s certificates and other documents and instruments as may reasonably be requested by the Buyer, facilitating the pledge of, and granting of security interests in, the stock and assets, including the Vessels, of the Company and its Subsidiaries and its Joint Ventures, establishing bank accounts, blocked account agreements and lock box arrangements and executing and delivering deeds and other conveyance instruments to one or more designees of Buyer); provided that notwithstanding anything in this Agreement to the contrary, neither the Company nor any of its Subsidiaries or Joint Ventures shall (1) be required to pay any commitment or other similar fee, (2) have any Liability under any loan agreement or any related document or any other agreement or document related to the TDC AgreementDebt Financing, unless and until the Closing, or (3) be required to take any action that will (x) conflict with or violate the Company’s organizational documents or any Laws or (y) result in the contravention of, or that would reasonably be expected to result in a violation or breach of, or a default under, in any material respect any Material Contract. Upon The Buyer shall, promptly upon written request by the Company, reimburse the Company for all reasonable out-of-pocket costs to the extent such costs are incurred by the Company or its Subsidiaries or Joint Ventures in connection with it complying with its obligations under this Section 7.14(b) or otherwise in connection with the Debt Financing, the Buyer shall indemnify and hold harmless the Company and its Subsidiaries and Joint Ventures and its and their respective Affiliates from and against any and all liabilities or losses suffered or incurred by them to the extent such amendment, replacement, supplement liabilities or modification losses arose out of the arrangement of the Financing Commitments and any information utilized in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented connection therewith (other than information provided by Company or modifiedits Subsidiaries and Joint Ventures).

Appears in 1 contract

Sources: Merger Agreement (Quintana Maritime LTD)

Financing. (a) The Debt Purchaser Parent shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary reasonably necessary, proper or advisable to obtain arrange the proceeds of the Debt Financing as promptly as practicable on the terms and conditions described in the Debt Financing CommitmentsCommitment (provided that Parent and Merger Sub may replace or amend the Debt Financing Commitment to add lenders, lead arrangers, bookrunners, syndication agents or similar entities which had not executed the Debt Financing Commitment as of the date hereof, or otherwise so long as such replacement or amendment would not adversely impact or delay in any material respect the ability of Parent or Merger Sub to consummate the transactions contemplated hereby or the likelihood of the consummation of the transactions contemplated hereby), including using reasonable best efforts to (Ai) maintain in effect the Debt Financing CommitmentsCommitment, subject to the foregoing replacement and amendment rights, (Bii) satisfy on a timely basis all conditions applicable to the Debt Purchaser Parent and Merger Sub to obtaining the Debt Financing set forth in the Debt Financing Commitment that is are within its their control (including by consummating the financing pursuant to the terms of the Equity Financing at Commitments and by assisting in the syndication or prior to marketing of the Closing), financing contemplated by the Debt Financing Commitment) and (Ciii) to the extent not previously entered into, enter into definitive agreements with respect thereto on the terms and conditions described in or contemplated by the Financing Commitments and (D) Commitment or on other terms reasonably acceptable to Parent that would not adversely impact in any material respect the ability of Parent or Merger Sub to consummate the Financing at or prior transactions contemplated hereby. Subject to the terms and conditions contained herein and the satisfaction of the conditions set forth in Section 7.1, Sections 7.2(a), 7.2(b) and 7.2(c) and the satisfaction or waiver of the conditions set forth in Section 7.3, at the Closing Parent shall draw down on the Financing if the conditions to the Debt Financing Commitment are then satisfied (including by seeking to enforce its rights under other than, in connection with the Roll-Over Commitments against Debt Financing, the lenders and other persons providing availability of funding of any of the Roll-Over Equity Commitments). The Without limiting Parent’s obligations under this Section 6.13, if any portion of the Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied becomes unavailable on the date of entry intoterms and conditions contemplated in the Debt Financing Commitment, such amendment, replacement, supplement or other modification Parent shall use its reasonable best efforts to the same extent as, the Roll-Over Commitments arrange to obtain alternative financing from alternative sources on terms not materially less beneficial to Parent and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or Merger Sub in an amount sufficient to consummate the transactions contemplated by this Agreement as promptly as practicable following the occurrence of such event but in no event later than the Termination Date. Parent shall give the Company prompt notice of any material breach by any party to the Financing Commitments of which Parent or Merger Sub becomes aware, or any termination of the TDC Agreement; Financing Commitments. Parent shall keep the Company informed on a reasonably current basis of the status of its efforts to arrange the Debt Financing and provide copies of all documents related to the Debt Financing (other than any ancillary documents subject to confidentiality agreements) to the Company. (b) Prior to the Closing, the Company shall provide to Parent and Merger Sub, and shall cause its Subsidiaries to, and shall use its reasonable best efforts to cause the respective officers, employees and advisors, including legal and accounting, of the Company and its Subsidiaries to, provide to Parent and Merger Sub all cooperation reasonably requested in writing by Parent that is reasonably necessary or customary in connection with the Financing (provided that such requested cooperation does not unreasonably interfere with the business or operations of the Company and its Subsidiaries), including (i) participating in a reasonable number of meetings, presentations, road shows, due diligence sessions and sessions with rating agencies, (ii) using commercially reasonable efforts to assist with the preparation of materials for rating agency presentations, offering documents, private placement memoranda, bank information memoranda, prospectuses and similar documents necessary or customary in connection with the Financing, (iii) using commercially reasonable best efforts to furnish Parent and Merger Sub as promptly as reasonably practicable with financial and other pertinent information regarding the Company and its Subsidiaries as may be reasonably requested by Parent in connection with the Debt Purchaser may replace Financing and amend customarily included in private placement memoranda relating to private placements under Rule 144A promulgated under the RollSecurities Act to consummate the offering(s) of debt securities contemplated by the Debt Financings Commitments at the time during the Company’s fiscal year such offering(s) will be made as soon as such financial and other information becomes available, including all financial statements and financial data of the type required by Regulation S-Over Commitments solely for X and Regulation S-K under the purpose Securities Act (other than Rule 3-10 of adding lendersRegulation S-X and summary quarterly financial information and without giving effect to the executive compensation and related person disclosure rules related to SEC Release Nos. 33-8732A; 34-54302A; IC-27444A), lead arrangersincluding audits thereof to the extent so required (which audits shall be unqualified) (all such information in this clause (iii), book runnersthe “Required Information”), syndication agents (iv) using reasonable best efforts to assist Parent in procuring accountants’ comfort letters and consents, legal opinions, surveys and title insurance and other customary documentation required by the Debt Financing Commitments, in each case as reasonably requested by Parent and, if reasonably requested by Parent or similar entities who had not executed Merger Sub, to cooperate with and assist Parent or Merger Sub in obtaining such documentation and items, (v) using commercially reasonable efforts to provide monthly financial statements (excluding footnotes) within the Roll-Over Commitments time frame, and to the extent, the Company prepares such financial statements in the ordinary course of business, (vi) using reasonable best efforts to assist Parent in procuring the execution and delivery, as of the date Effective Time, by the officers of this Agreement so long the Surviving Corporation and its Subsidiaries of any customary pledge and security documents, other definitive financing documents, or other certificates, legal opinions or documents as such addition does not preventmay be reasonably requested by Parent (including a certificate of the Chief Financial Officer of the Surviving Corporation or any Subsidiary with respect to solvency matters) and otherwise reasonably facilitating, materially impede or materially delay to the extent reasonably requested by Parent, the pledging of collateral (including cooperation, to the extent reasonably requested by Parent, in connection with the pay-off of existing indebtedness and the release of related Liens), (vii) taking all actions to the extent reasonably requested by Parent necessary to (A) permit the prospective lenders involved in the Financing to evaluate the Company’s current assets, cash management and accounting systems, policies and procedures relating thereto for the purposes of establishing collateral arrangements and (B) establish bank and other accounts and blocked account agreements and lock box arrangements in connection with the foregoing, and (viii) taking all corporate actions, subject to the occurrence of the Closing, reasonably requested by Parent in connection with the consummation of the Roll-Over Debt Financing by Surviving Corporation and its Subsidiaries immediately following the Effective Time; provided that none of the Company or any of its Subsidiaries shall be required to pay any commitment or other similar fee or incur any other cost or expense that is not simultaneously reimbursed by Parent in connection with the Debt Financing prior to the Effective Time. In the event that prior to September 30, 2007 (x) all or any portion of the Debt Financing structured as high yield financing has not been consummated and (y) all closing conditions contained in ARTICLE VII (ignoring any failure to deliver the Required Information solely to the extent such failure results from (i) Option Accounting Issues and (ii) other immaterial unrelated matters that, in the aggregate, would not in the case of this clause (ii) (A) have prevented the Company from providing the Required Information and (B) in and of themselves have required a restatement of the Company’s financial statements), including Section 7.2(c), shall have been satisfied or waived (other than the delivery of the officer certificates referred to in Sections 7.2(a), 7.2(b), 7.2(c), 7.3(a) and 7.3(b)) and the Closing shall not have occurred (including as a result of the failure of the Initiation Date to occur), then Parent and Merger Sub (A) shall promptly (but in any event within five business days) (i) notify their lenders of the possibility that it will utilize the bridge financings contemplated by the Debt Commitment Letter, and (ii) commence the preparation and negotiation of any definitive documents in connection with such bridge financings which has not theretofore been agreed upon and (B) shall no later than October 31, 2007, borrow under such bridge financings and use the proceeds thereof to effectuate the Closing on or prior to October 31, 2007. Parent 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 in connection with such cooperation and shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives from and against any and all liabilities, losses, damages, claims, expenses, interest, judgments and penalties suffered or incurred by them in connection with the arrangement of the Debt Financing and any information utilized in connection therewith (other than information provided by the Company or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments Subsidiaries in accordance with the terms hereof). (c) For purposes of this Section 5.10Agreement, the term Financing CommitmentsMarketing Period” shall mean the first period of 20 consecutive days after the Initiation Date (A) throughout and on the last day of which (1) Parent and its Financing Commitments as so amendedsources shall have the Required Information and (2) nothing has occurred and no condition exists that would cause any of the conditions set forth in Section 7.2(a) and 7.2(b) (other than the receipt of the certificates referred to therein) to fail to be satisfied assuming the Closing were to be scheduled for any time during such 20-consecutive-day period, replacedand (B) throughout and on the last day of which the conditions set forth in Section 7.1 shall be satisfied; provided that (w) the Marketing Period shall end on any earlier date that is the date on which the Debt Financing is consummated; (x) for purposes of calculating such 20-consecutive-day period, supplemented August 17 through September 3, 2007 shall not be counted or modifiedtaken into account; (y) the “Marketing Period” shall not be deemed to have commenced if, prior to the completion of the Marketing Period, (A) Ernst & Young LLP shall have withdrawn its audit opinion with respect to any financial statements contained in the Required Financial Information, in which case the Marketing Period will not be deemed to commence at the earliest unless and until a new unqualified audit opinion is issued with respect to the consolidated financial statements for the applicable periods by Ernst & Young LLP or another independent registered accounting firm reasonably acceptable to Parent, (B) the Company shall have announced any intention to restate any of its financial information included in the Required Information or that any such restatement is under consideration or may be a possibility, in which case the Marketing Period will not be deemed to commence at the earliest unless and until such restatement has been completed and the Company’s SEC Reports have been amended or the Company has announced that it has concluded that no restatement shall be required in accordance with GAAP or (C) the Company shall have been delinquent in filing any report with the SEC, in which case the Marketing Period will not be deemed to commence at the earliest unless and until all such delinquencies have been cured; and (z) if the financial statements included in the Required Information that is available to Parent on the first day of any such 20-consecutive-day period would not be sufficiently current on any day during such 20-consecutive-day period to permit (i) a registration statement using such financial statements to be declared effective by the SEC on the last day of the 20-consecutive-day period or (ii) the Company’s independent registered accounting firm to issue a customary comfort letter to purchasers (in accordance with its normal practices and procedures) on the last day of the 20-consecutive-day period, then a new 20-consecutive-day period shall commence upon Parent receiving updated Required Information that would be sufficiently current to permit the actions described in (i) and (ii) on the last day of such 20-consecutive-day period.

Appears in 1 contract

Sources: Merger Agreement (Biomet Inc)

Financing. (a) The Debt Each of Purchaser and Sponsor, as applicable, shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain arrange and consummate the proceeds of the Debt Financing on the terms and conditions described in the Financing CommitmentsDebt Commitment Letter, including (i) using reasonable best efforts to (Aw) maintain in effect the Financing CommitmentsDebt Commitment Letter, (Bx) satisfy on a timely basis all terms, covenants and conditions applicable to set forth in the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing)Commitment Letter, (Cy) to the extent not previously entered into, enter into definitive agreements with respect thereto on the terms and conditions contemplated by the Debt Commitment Letter and (z) consummate the Debt Financing at or prior to Closing and (ii) enforcing its rights under the Debt Commitment Letter. (b) Purchaser shall not permit any amendment, modification or waiver of the Debt Commitment Letter that (i) reduces the amount of aggregate cash proceeds available from the Debt Financing below the amount necessary to finance the transactions to be consummated on the Closing Date unless the Equity Financing is increased by a corresponding amount or (ii) imposes new or additional conditions to the receipt of the Debt Financing, in each of the cases of clauses (i) and (ii), in a manner that would reasonably be expected to delay or prevent the Closing (it being understood and agreed the Purchaser may, without the consent of the Seller, (A) amend or otherwise modify the Debt Commitment Letter to add lenders, lead arrangers, bookrunners, syndication agents or similar entities that have not executed the Debt Commitment Letter as of the date of this Agreement or (B) amend or modify the Debt Commitment Letter in connection with entry into a New Debt Commitment Letter or an Alternative Debt Commitment and/or to implement the flex provisions set forth in any then-applicable Fee Letter). (c) Until the earlier of the Closing and such time as this Agreement is terminated in accordance with its terms, the Company shall cooperate (or cause its Subsidiaries to cooperate) in connection with the Debt Financing, any other financings undertaken by the Sponsor, Purchaser or their respective Affiliates in substitution for or in addition thereto for the purpose of funding the purchase of the Shares or any offerings that are registered under the Purchaser’s (or its direct or indirect parent’s) existing or future shelf registration statements on Form S-3 (each, a “Financing Transaction”) and, in each case, as may be reasonably requested by Purchaser, at Purchaser’s sole cost and expense, including (i) assisting Purchaser and each agent, arranger, lender, investor, potential agent, potential arranger, potential lender, potential investor, underwriter, initial purchaser and placement agent providing or potentially providing, or acting in connection with, any Financing Transaction, or any Affiliate of such Person (each of the foregoing, and each of its respective officers, controlling persons, directors, employees, agents, counsel and representative or any respective successors and assigns, a “Financing Source”) in the preparation of customary (A) offering documents, private placement memoranda and bank information memoranda and similar marketing documents (including providing such information and data in connection therewith as Purchaser shall reasonably request), including the execution and delivery of customary representation letters in connection with bank information memoranda authorizing the distribution of information to prospective lenders and identifying any portion of such information that constitutes material, non-public information regarding the Business and (B) materials for rating agency presentations, (ii) cooperating with the marketing efforts for each Financing Transaction, including participating in a reasonable number of customary meetings, presentations, road shows, due diligence sessions (including accounting due diligence sessions), drafting sessions and sessions with prospective lenders, initial purchasers, investors and rating agencies, including direct contact with senior management of the Company (and other employees with appropriate seniority and expertise) and advisors, in each case, at times and locations to be mutually agreed upon, (iii) furnishing all financial statements, financial data, audit reports and such other financial information, including the Required Financial Information, regarding the Business of the type and form required by Regulation S-K (including, without limitation, Item 303 Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 301 Selected Financial Data; provided that such Selected Financial Data shall not include any information for any period prior to the year ended December 31, 2013) and Regulation S-X under the Securities Act for offerings of non-convertible debt securities on a registration statement on Form S-1, but in each case limited to (a) the type and form customarily included in a private placement of debt securities pursuant to Rule 144A promulgated under the Securities Act, which for the avoidance of doubt, shall not be required to include “segment reporting,” information required by Regulation S-X Rule 3-09, Regulation S-X Rule 3-10, Regulation S-X Rule 3-16 and Item 402 of Regulation S-K, and information regarding executive compensation or projections or pro forma financial statements, which shall be the responsibility of the Purchaser, to consummate an offering of debt securities incurred to provide funds to consummate the purchase of the Shares and (b) the type and form customarily included in offering documents used to syndicate credit facilities of the type to be included in the Debt Financing, (iv) causing the independent accountants of the Company to provide assistance and cooperation, including providing customary consents and comfort letters in connection with any Financing Transaction, (v) cooperating, to the extent the satisfaction of such condition requires the cooperation of, or is within the control of, the Company and its Subsidiaries in satisfying the conditions precedent set forth in any definitive document relating to any Financing Transaction and (vi) upon request, furnishing any documentation and other information required by a Governmental Body under applicable “know your customer” and anti-money laundering rules and regulations, including the U.S.A. Patriot Act of 2001. Notwithstanding anything to the contrary contained herein, Purchaser shall, promptly upon request by the Company, reimburse the Company for all reasonable out-of-pocket costs incurred by the Company, any of the Subsidiaries or their respective Affiliates in connection with such cooperation. Purchaser shall indemnify and hold harmless the Company, any of the Subsidiaries and their respective Affiliates, and each of their representatives from and against any and all losses suffered or incurred by them in connection with the arrangement of the Debt Financing and any information utilized in connection therewith (other than information provided by the Company, any of the Subsidiaries or their respective Affiliates). Notwithstanding the foregoing, (x) nothing contained in this Section 8.10(c) shall require cooperation with Purchaser to the extent it would materially and unreasonably interfere with the ongoing customary operations of the business of the Company, any of the Subsidiaries, or any of their respective Affiliates (provided that, the delivery of Required Financial Information and the information required by Item 303 Management’s Discussion and Analysis of Financial Condition and Results of Operations of Regulation S-K shall not constitute such interference), encumber any of the assets of the Company or any of its Subsidiaries prior to Closing, or require the Company or any of its Subsidiaries to pay any commitment or other fee or make any other payment in connection with the Financing prior to the Closing Date and (y) neither the Company nor any of its Subsidiaries, nor any of their respective directors or officers, shall (A) be required to take any action in the capacity as a member of the board of directors of the Company or any of its Subsidiaries to authorize or approve the Financing, (B) have any liability or any obligation under any definitive agreement or any other agreement or document related to the Financing (except with respect to any customary authorization letters contemplated by this Section 8.10(c)) or (C) enter into any definitive agreement in connection with the Financing Transaction (or Alternate Financing), in each case, that would be effective prior to the Closing Date. (d) Purchaser shall use its Commercially Reasonable Efforts to keep the Company reasonably informed with respect to the status of the Debt Financing contemplated by the Debt Commitment Letter and shall give the Company prompt notice of any material adverse change with respect to the availability of the Debt Financing that would reasonably be expected to delay or prevent the Closing. Without limiting the foregoing, Purchaser agrees to notify the Company promptly, and in any event within two (2) Business Days, if at any time (i) the Debt Commitment Letter shall expire or be terminated for any reason (unless replaced with an alternative debt commitment (an “Alternative Debt Commitment”) that (A) is subject to conditions precedent to funding (or release from escrow) with “certain funds” limitations consistent with those set forth in the Debt Commitment Letter, (B) does not require that the Sponsor or Purchaser provide any financial statements with respect to the subsidiaries of the Company or provide financing cooperation by the Seller, in each case, in addition to that set forth in this Section 8.10 and (C) would not reasonably be expected to materially delay or adversely affect the Closing or the transactions contemplated by this Agreement (it being understood and agreed that, subject to the preceding clauses (A) and (B), conditions relating solely to (1) the escrow of the proceeds of such debt financing in advance of the Closing and/or (2) the loans being borrowed or securities being issued pursuant to a new facility and not an incremental amendment to an existing credit facility are deemed to not reasonably be expected to in any way materially delay or adversely affect the Closing or the transactions contemplated by this Agreement) (provided that, in the event an Alternate Debt Commitment is obtained, references in this Agreement to the Debt Commitment Letter shall be deemed to refer to the Alternative Debt Commitment, as applicable)), (ii) any Financing Source that is a party to the Debt Commitment Letter notifies Sponsor or Purchaser that such Financing Source no longer intends to provide financing to Sponsor or Purchaser (or their applicable Affiliate) on the terms set forth therein (unless replaced with an alternative Financing Source providing Alternative Debt Commitments in an aggregate principal amount not less than the Financing Source being so replaced and subject to conditions precedent to funding or issuance (into escrow otherwise) by such alternative Financing Source that are consistent with those set forth in the preceding clause (i)), or (iii) for any reason Purchaser no longer believes in good faith that it or Sponsor or their respective Affiliate will be able to obtain all or any portion of the Debt Financing contemplated by the Debt Commitment Letter on the terms described therein. Purchaser shall not, and shall not permit any of its Affiliates to, without the prior written consent of the Company, take or fail to take any action or enter into any transaction, including any merger, acquisition, joint venture, disposition, Contract or debt or equity financing, that could reasonably be expected to materially impair, delay or prevent consummation of the Debt Financing contemplated by the Debt Commitment Letter or any Alternate Financing contemplated by any New Debt Commitment Letter. (e) If any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Commitment Letter or the Debt Commitment Letter shall be terminated or modified in a manner materially adverse to Purchaser for any reason (in each case, unless replaced with an Alternative Debt Commitment), Purchaser shall use its reasonable best efforts to arrange to obtain (either directly or through Sponsor or any of their respective affiliates) alternative financing from alternative sources in an amount sufficient to consummate the transactions contemplated hereunder (“Alternate Financing”) and to obtain (either directly or through Sponsor or any of their respective affiliates), and, if obtained, will provide the Company with a correct and complete copy of, a new financing commitment that provides for at least the same amount of financing as the Debt Commitment Letter as originally issued, to the extent needed to fund the transactions contemplated hereby (the “New Debt Commitment Letter”) and a complete and correct copy of any then-applicable executed fee letter (the “Fee Letter”) that relates to such New Debt Commitment Letter, with only economic and economic flex terms redacted. To the extent applicable, Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions necessary, proper or advisable to arrange promptly and consummate the Alternate Financing on the terms and conditions described in or any New Debt Commitment Letter (after giving effect to any market flex provisions in any Fee Letter entered into in connection with such New Debt Commitment Letter), including (i) using reasonable best efforts to (x) satisfy on a timely basis all terms, covenants and conditions set forth in the New Debt Commitment Letter, (y) enter into definitive agreements with respect thereto on the terms and conditions contemplated by the Financing Commitments New Debt Commitment Letter and (Dz) consummate the Alternate Financing at or prior to the Closing and (including by seeking to enforce ii) enforcing its rights under the Roll-Over Commitments against New Debt Commitment Letter. In the lenders event Alternate Financing is obtained and other persons providing the Roll-Over Commitments). The a New Debt Purchaser shall not agree to or permit any amendmentCommitment Letter is entered into, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related references in this Agreement to the Financing, in each case, without the Company’s prior written consent (which consent Debt Commitment Letter shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification deemed to refer to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained inNew Debt Commitment Letter, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedapplicable.

Appears in 1 contract

Sources: Stock Purchase Agreement (Dynegy Inc.)

Financing. (a) The Debt Purchaser Prior to the Closing, each of Parent and Merger Sub shall not, without the prior written consent of the Company, agree to, or permit any withdrawal, rescindment, amendment, replacement, supplement or modification to be made to, or any waiver of any provision or remedy pursuant to or consent under, the Equity Commitment Letter or the definitive agreements relating to the Equity Financing if such withdrawal, rescindment, amendment, replacement, supplement, modification, consent or waiver would, or would reasonably be expected to, (i) reduce the aggregate amount of the Equity Financing (or the cash proceeds available therefrom) below the amount required to consummate the transactions contemplated by this Agreement; (ii) impose new or additional conditions precedent to the Equity Financing or otherwise expand, amend or modify any of the existing conditions to the receipt of the Equity Financing; (iii) expand, amend, or modify any other terms to the Equity Financing in a manner that would reasonably be expected to prevent, impair or materially delay the Closing and the funding of the amount of the Equity Financing required to consummate the transactions contemplated by this Agreement; or (iv) adversely impact in any material respect the ability of Parent or Merger Sub, as applicable, to enforce its rights against the other parties to the Equity Commitment Letter or the definitive agreements with respect thereto. (b) Subject to the terms and conditions of this Agreement, each of Parent and Merger Sub shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of Equity Financing, including by (i) maintaining in effect the Financing on Equity Commitment Letter in accordance with the terms and subject to the terms and conditions described therein, (ii) complying in all material respects with the obligations applicable to Parent and Merger Sub pursuant to the Equity Commitment Letter, (iii) enforcing its rights pursuant to the Equity Commitment Letter at or prior to the Closing and (iv) in the Financing Commitments, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis event that all conditions applicable contained in the Equity Commitment Letter have been satisfied (except those that, by their nature, are to be satisfied at the Debt Purchaser to obtaining the Financing that is within its control (including by Closing) or waived, consummating the Equity Financing at or prior to the Closing. (c) Without limiting the generality of the foregoing, Parent and Merger Sub shall give the Company prompt notice in writing of (i) any material breach or default (or any event or circumstance that, with notice or lapse of time or both, would reasonably be expected to give rise to any material breach or default), (C) cancellation, early termination or repudiation by any party to the extent not previously entered into, enter into Equity Commitment Letter or definitive agreements related to the Equity Financing; (ii) the receipt by Parent or Merger Sub of any written notice or written communication from any Financing Source with respect thereto on terms and conditions described in to any actual material breach, default, cancellation, early termination or contemplated repudiation by the Financing Commitments and (D) consummate the Financing at or prior any party to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Equity Commitment Letter or any definitive agreements related to the FinancingEquity Financing of any provisions of the Equity Commitment Letter or such definitive agreements; and (iii) Parent or Merger Sub becoming aware of any fact, in each casecircumstance, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement event or other modification development that would reasonably be expected to the Roll-Over Commitments (i) does result in Parent not involve being able to timely obtain all or any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation portion of the Roll-Over or Equity Financing in the amount required to consummate the transactions contemplated by this Agreement on the terms, in the manner or from the TDC Agreement; sources contemplated by the Equity Commitment Letter or any definitive agreements related to the Equity Financing. Parent and provided Merger Sub shall provide any information reasonably requested by the Company relating to any of the circumstances referred to in the previous sentence as promptly as reasonably practical after the date that the Debt Purchaser may replace Company delivers a written request therefor to Parent. (d) ▇▇▇▇▇▇ and amend Merger Sub each acknowledge and agree that obtaining the Roll-Over Commitments solely for Equity Financing is not a condition to the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedClosing.

Appears in 1 contract

Sources: Merger Agreement (On24 Inc.)

Financing. (a) The Debt Purchaser Unless, and to the extent, the Buyer Parties have sufficient cash from other sources sufficient to consummate the Merger, and the other Transactions and to pay the Merger Consideration and all other amounts required to be paid by the Buyer Parties in connection with the consummation of the Transactions and any other related fees and expenses, the Buyer Parties shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to consummate and obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsDocuments and in a timely manner, including to (Ai) maintain maintaining in effect the Financing CommitmentsDocuments, (Bii) satisfy satisfying on a timely basis all conditions to the funding of the Financing on the Closing Date applicable to the Debt Purchaser to obtaining Buyer Parties in the Financing that is within its control Documents and the definitive agreements with respect thereto and comply with their obligations thereunder, (including by consummating iii) fully enforcing all of their rights, and all of the Equity obligations of the institutions parties to the Financing Documents, under the Financing Documents and any definitive agreements relating thereto, and (iv) causing the institutions parties to the Financing Documents to fund the Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser Buyer Parties shall not agree have the right from time to or permit any amendmenttime to amend, replacementreplace, supplement or other modification ofotherwise modify, or waive any of its their rights under, any the Financing Commitment Documents and/or substitute other debt or equity financing for all or any definitive agreements related to portion of the Financing, in each case, without Financing from the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed)same and/or alternative financing sources, provided that any such amendment, replacement, supplement or other modification to or waiver of any provision of the Roll-Over Commitments (i) does Financing Documents and the definitive agreements with respect thereto that amends the Financing and/or substitution of all or any portion of the Financing shall not involve any impose additional conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification precedent to the same extent as, Financing as set forth in the Roll-Over Commitments and (ii) does not prevent, materially impede Financing Documents that could reasonably be expected to prevent or materially delay the consummation of the Roll-Over Transactions; provided, further, that the Buyer Parties shall not amend, replace, supplement or otherwise modify or waive any provision of the Financing Documents or the transactions contemplated by this definitive agreements with respect thereto in a manner that (A) adversely impacts the ability of the Buyer Parties to enforce their rights against the other parties to the Equity Commitment Agreements or the definitive agreements with respect thereto, or (B) adversely impacts the ability of the Buyer Parties or the Company to enforce their respective rights against the other parties to the Amended Credit Agreement or the TDC Agreement; definitive agreements with respect thereto. The Buyer Parties shall not release or consent to the termination of the obligations of the Financing Sources under the Financing Documents, except for assignments and replacements of an individual lender under the terms of or in connection with the syndication of the Debt Financing or as otherwise expressly contemplated by the Financing Documents. The Buyer Parties shall be permitted to reduce the amount of Financing under the Financing Documents in their reasonable discretion, provided that the Debt Purchaser may replace and amend Buyer Parties shall not reduce the Roll-Over Commitments solely for Financing to an amount committed below the purpose of adding lendersamount that is required, lead arrangers, book runners, syndication agents or similar entities who had not executed together with the Roll-Over Commitments as financial resources of the date Buyer Parties, including cash on hand of this Agreement so long the Buyer Parties and the Company, to consummate the Transactions, and provided, further, that such reduction shall not impose additional conditions precedent to the Financing as such addition does not prevent, materially impede set forth in the Financing Documents that could reasonably be likely to prevent or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC AgreementTransactions. Upon If any such amendment, replacement, supplement or modification portion of the Financing Commitments becomes unavailable in the manner or from the sources contemplated in the Financing Documents and such portion is reasonably required to fund the Merger Consideration, the Buyer Parties shall arrange and obtain alternative financing in an amount sufficient to consummate the Transactions as promptly as reasonably practicable following the occurrence of such event. The Buyer Parties shall promptly provide the Company with the documentation evidencing such alternative sources of financing, including all relevant agreements, other financing documents and any proposed amendments or waivers thereto, and shall give the Company prompt notice (but in any event within two (2) Business Days) of any material breach by any party to a Commitment Letter or any termination of a Commitment Letter. The Buyer Parties shall keep the Company reasonably informed on a current basis and in reasonable detail of the status of their effort to arrange the Financing. (b) For the avoidance of doubt, if the Buyer Parties fail to obtain the Financing contemplated by the Financing Documents or any alternative financing, the Buyer Parties shall continue to be obligated to perform their obligations under this Agreement, including this Section 6.06, and to consummate the Transactions on the terms contemplated hereby (subject only to satisfaction or waiver of the conditions set forth in Section 7.01 and Section 7.02) unless and until this Agreement is terminated in accordance with Article VIII. The parties hereby agree and acknowledge that, with respect to the Buyer Parties’ obligations pursuant to this Section 5.106.06, time is of the term “Financing Commitments” essence. Notwithstanding anything to the contrary in this Agreement, there shall mean be no cure period for any breach by the Financing Commitments as so amended, replaced, supplemented or modifiedBuyer Parties of this Section 6.06.

Appears in 1 contract

Sources: Merger Agreement (AmREIT, Inc.)

Financing. (a) The Debt Purchaser Subject to the other terms and conditions of this Agreement, the Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain arrange and consummate the proceeds of the Equity Financing on the terms and conditions described in the Financing CommitmentsEquity Commitment Letters, including using reasonable best efforts to (Ax) maintain in effect the Financing Commitmentssatisfy, (B) satisfy or cause to be satisfied, on a timely basis basis, any conditions within Buyer’s control to funding in the Equity Commitment Letters and (y) upon satisfaction of the conditions set forth in Article VI (Conditions) (other than those that, by their nature, are to be satisfied at the Closing, all conditions applicable to of which are capable of being satisfied at the Debt Purchaser to obtaining the Financing that is within its control (including by consummating Closing), consummate the Equity Financing at or prior to the Closing). Upon the reasonable written request of the Seller, Buyer shall provide Seller with a reasonable update of the status of its efforts to arrange the Equity Financing. The Buyer shall promptly notify the Seller in writing (A) if there exists any actual or potential breach or default (or any event or circumstance that, with or without notice, lapse of time or both, would reasonably be expected to give rise to any material breach or default) by any party to the Equity Commitment Letters, (B) of the receipt by the Buyer or any Sponsor or any of their respective Representatives of any written or oral notice with respect to any potential or actual breach, default, termination or repudiation by any party to the Equity Commitment Letters or (C) if, for any reason, the Buyer no longer believes in good faith that it will be able to obtain all or any portion of the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or Equity Financing contemplated by the Financing Commitments and Equity Commitment Letters on the terms described therein. The Buyer shall not consent to (Da) consummate any amendment or modification to, or any waiver of any provision under, the Financing at Equity Commitment Letters if such amendment, modification or prior waiver (i) decreases the aggregate amount of the Equity Financing, (ii) imposes new or additional conditions or otherwise expands any of the conditions to the Closing receipt of the Equity Financing or (including by seeking iii) would otherwise reasonably be expected to (A) prevent, jeopardize or delay the Closing, (B) make the funding of the Equity Financing materially less likely to occur or (C) adversely impact the ability of the Buyer to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing parties to the Roll-Over Commitments)Equity Commitment Letters, in each case without prior consent of the Seller. The Debt Purchaser Buyer shall not agree promptly furnish to or permit the Seller a copy of any amendment, replacementmodification, supplement waiver or other modification ofconsent of or relating to the Equity Commitment Letters. The Buyer shall, and shall cause its Affiliates to, refrain from taking, directly or waive indirectly, any action that would reasonably be expected to result in the failure of any of its rights under, any Financing the conditions contained in the Equity Commitment Letter or in any definitive agreements related agreement relating to the Equity Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.

Appears in 1 contract

Sources: Interest Purchase Agreement (SVB Financial Group)

Financing. (a) The Debt Each Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to consummate and obtain the proceeds of the applicable Financing on the terms and conditions (including the flex provisions) described in the Financing Commitmentsapplicable Commitment Letters (or, including to (A) maintain in effect the Financing Commitmentsif available, (B) satisfy on a timely basis all conditions applicable other terms that are acceptable to the Debt applicable Purchaser to obtaining the Financing that is within in its control sole discretion, so long as such other terms do not include or result in a Prohibited Modification (including by consummating the Equity Financing at or prior to the Closingas defined below), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit (i) in the case of the applicable Equity Commitments Letters, any amendmentearly termination, replacement, supplement amendment or other modification ofthereof, or waive any waiver of any provision thereunder (except any amendment or modification to increase the amount of Equity Financing available thereunder or any termination, replacement, amendment or modification expressly provided for therein) or (ii) in the case of the applicable Debt Commitment Letters, any early termination, replacement, amendment or modification thereof, or any waiver of any provision thereunder, except in the case of this clause (ii) any such termination, replacement, amendment, modification or waiver that would not (A) reduce the aggregate amount of the applicable Debt Financing to an amount that, together with the amount of the applicable Equity Financing, would be less than the amount required to fund the applicable Required Amount or (B) impose new or additional conditions or otherwise expand or adversely amend or adversely modify any of the conditions to the receipt of the applicable Financing in a manner that would reasonably be expected to (x) delay (taking into account the expected timing of Closing pursuant to Section 2.3) or prevent the funding of the applicable Financing (or satisfaction of the conditions to the applicable Financing (taking into account the expected timing of Closing pursuant to Section 2.3)) on the Closing Date or (y) adversely impact the ability of such Purchaser to enforce its rights underagainst other parties to the applicable Commitment Letters or, any Financing Commitment or any if and to the extent in effect, the definitive agreements related with respect thereto or to consummate the Financingtransactions contemplated hereby (the effects described in clauses (A) and (B), collectively, “Prohibited Modifications”); provided, that Zayo Purchaser may amend the Zayo Debt Commitment Letter and EQT Purchaser may amend the EQT Debt Commitment Letter, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification in a customary manner to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments applicable Debt Commitment Letter as of the date hereof. The applicable Purchaser shall promptly deliver to Parent copies of this Agreement any such early termination, amendment, modification, waiver or replacement. (b) Each Purchaser shall use reasonable best efforts (A) to maintain in effect the applicable Commitment Letters, (B) taking into account the expected timing of Closing pursuant to Section 2.3, to negotiate and enter into on the Closing Date definitive agreements with respect to the applicable Debt Financing on the terms and conditions (including the flex provisions) described or contemplated in the applicable Debt Commitment Letter (or, if available, on other terms that are acceptable to such Purchaser in its sole discretion, so long as such addition does other terms do not include or result in a Prohibited Modification), (C) to enforce its rights under the applicable Commitment Letters and, if and to the extent in effect, the definitive documentation in respect of the applicable Debt Financing, (D) to comply in all material respects with its obligations under each of the applicable Commitment Letters and (E) to satisfy (and cause its Affiliates to satisfy) on a timely basis (or, if reasonably required to obtain the applicable Debt Financing, seek the waiver of) all conditions to the funding or investing of the applicable Financing applicable to such Purchaser and its Affiliates in the applicable Commitment Letters and the definitive agreements related thereto that are within the control of, and are to be satisfied by, such Purchaser or its Affiliates. Each Purchaser shall keep Parent informed on a reasonably current basis and in reasonable detail of the status of its efforts to arrange the applicable Debt Financing and, upon written request to such Purchaser, provide to Parent executed copies of the definitive agreements for the applicable Debt Financing. Each Purchaser shall give Parent prompt notice, and keep Parent informed on a reasonably current basis and in reasonable detail, of (i) any actual material breach, material default, termination(other than in accordance with its terms) or repudiation by any party to any applicable Commitment Letter or, if and to the extent in effect, definitive documents related to any applicable Debt Financing of which such Purchaser becomes aware; (ii) the receipt by such Purchaser (or any of its respective Affiliates) of any written notice or other written communication from any Debt Financing Source or any Sponsor party to any applicable Equity Commitment Letter with respect to any (A) actual or potential material breach, material default, termination (other than in accordance with its terms) or repudiation by any party to any applicable Commitment Letter or, if and to the extent in effect, any definitive document related to the applicable Debt Financing or any provisions of any applicable Commitment Letter or, if and to the extent in effect, any definitive document related to the applicable Debt Financing or (B) material dispute or disagreement between or among any parties to any applicable Commitment Letter or, if and to the extent in effect, any definitive document related to the applicable Debt Financing (but excluding, for the avoidance of doubt, any ordinary course negotiations with respect to the terms of the applicable Debt Financing or any definitive documents related thereto); and (iii) if and when such Purchaser becomes aware that all or any portion of the applicable Financing may not be available on the Closing Date on the terms and conditions set forth in the applicable Commitment Letters. As soon as reasonably practicable after Parent delivers to the applicable Purchaser a written request, such Purchaser shall provide any information reasonably requested by Parent relating to any circumstance referred to in the immediately preceding sentence with respect to such Purchaser or the applicable Financing; provided that in no event shall any Purchaser be required to share any information with Parent that is subject to attorney-client or other privilege (provided, that, such Purchaser shall work in good faith to use reasonable best efforts to provide access to or disclose any such information in a manner which would not jeopardize such privilege). If any portion of any Purchaser’s applicable Debt Financing becomes unavailable, such Purchaser shall use its reasonable best efforts to arrange and obtain in replacement thereof, as promptly as reasonably practicable, alternative financing from the same or alternative sources in an amount sufficient, when taken together with the available portion of the applicable Debt Financing and the applicable Equity Financing, to fund the applicable Required Amount on the Closing Date (“Alternative Financing”); provided that in no event shall any Purchaser be required to, and in no event shall its reasonable best efforts be deemed or construed to require that it (A) obtain Alternative Financing that (1) includes terms (including any “market flex” provisions applicable thereto), taken as a whole, that are materially less favorable to such Purchaser than those contained in the applicable Debt Commitment Letter (including any “market flex” provisions applicable thereto) in effect on the date hereof (it being understood that any fees (based on a percentage of funds) or any interest rate amounts or original issue discounts, in each case, in excess of those contemplated by the applicable Debt Commitment Letter as in effect on the date hereof (taking into account any “market flex” provisions contained therein) shall be deemed to be materially less favorable to such Purchaser), (2) involves any conditions to funding of the applicable Debt Financing that are not contained in the applicable Debt Commitment Letter as in effect on the date hereof or (3) would reasonably be expected to prevent, materially impede impede, or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement, (B) seek or obtain any equity financing in excess of the amount provided for in, or from a Person other than the counterparties to, the applicable Equity Commitment Letters as in effect on the date of this Agreement, (D) amend or waive any of the terms or conditions hereof or under the applicable Debt Commitment Letter or (E) share any information with Parent that is subject to attorney-client or other privilege if Purchaser shall have used its reasonable best efforts to disclose such information in a way that would not waive such privilege; provided, further, that failure to obtain Alternative Financing shall not relieve any Purchaser of any obligation hereunder. Each Purchaser shall promptly deliver true, correct and complete copies of any debt commitment letter and related fee letter (in the case of any such fee letter, redacted in a manner consistent with the applicable Redacted Fee Letter) pursuant to which any such alternative source shall have committed to provide any Alternative Financing to such Purchaser (the “Alternative Financing Commitment Letter”). As applicable, references in this Agreement (other than with respect to representations in this Agreement made by such Purchaser that speak as of the date hereof) to (i) “Debt Financing” (or “Zayo Debt Financing” or “EQT Debt Financing”, as applicable) shall include any such Alternative Financing and (ii) “Debt Commitment Letter” (or “Zayo Debt Commitment Letter” or “EQT Debt Commitment Letter”, as applicable) shall include any such Alternative Financing Commitment. Each Purchaser will fully pay, or cause to be paid, all commitment and other fees under or arising pursuant to the applicable Debt Commitment Letter that are due and payable on or prior to the Closing Date as and when they become due and payable. (c) Prior to the Closing Date, Parent shall use reasonable best efforts to, and shall use its reasonable best efforts to cause the Transferred Entities to use their reasonable best efforts to, and shall use its reasonable best efforts to cause its and their respective Representatives to use reasonable best efforts to, provide such cooperation as is reasonably requested by each Purchaser in connection with the applicable Debt Financing, any applicable ABS Financing or any other permitted replacement, amended, modified or alternative financing (with respect to any Purchaser, collectively with the applicable Debt Financing and any applicable ABS Financing, the applicable “Available Financing”), in each case at the sole cost and expense of the applicable Purchaser, including, without limitation: (i) furnishing such Purchaser and any Debt Financing Source in respect of the applicable Available Financing, promptly following such Purchaser’s request, with such customary and pertinent financial information, operating data, business and other information (including diligence information) regarding the applicable Business and the related Transferred Entities (including information to be used in the preparation of one or more information packages regarding the applicable Business) as reasonably requested by such Purchaser in connection with the arrangement or marketing of the applicable Available Financing or the TDC Agreement. Upon preparation of any such amendmentdefinitive documentation or any syndication, replacementoffering or other similar marketing materials and/or documents (including any offering memorandum) or rating agency or lender presentations relating to, supplement or modification of the Financing Commitments in accordance with this Section 5.10connection with, the term “Financing Commitments” shall mean applicable Available Financing, (ii) furnishing such Purchaser, promptly following such Purchaser’s request, with the Financing Commitments applicable Required Information (including any updates thereto as so amended, replaced, supplemented or modified.may be reasonably necessary in the discretion of such Purchaser in connection with any Available Financing),

Appears in 1 contract

Sources: Stock Purchase Agreement (Crown Castle Inc.)

Financing. (a) The Debt Purchaser shall use its reasonable best efforts Reasonable Best Efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange, obtain and consummate the proceeds of the Purchaser Financing on or prior to the terms and conditions described in the Financing Commitments, including to Closing Date. Such actions shall include using Reasonable Best Efforts to: (Ai) maintain in full force and effect the Financing CommitmentsCommitment Letters, (Bii) satisfy on a timely basis all of the conditions precedent and covenants to the Purchaser Financing applicable to the Purchaser or its Affiliates that are to be satisfied by Purchaser or its Affiliates (or, if deemed advisable by Purchaser, seek the waiver of conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the ClosingPurchaser), (Ciii) to negotiate, execute and deliver definitive documents consistent with the extent not previously entered intoterms contained in the Commitment Letters and, enter into definitive agreements with respect thereto on terms and conditions described as necessary, the “flex” provisions contained therein or in or contemplated by any related fee letters (the “Purchaser Financing Commitments Documents”), and (Div) consummate solely in the Financing at or prior event that all conditions contained in Section 6.1 (except those that by their nature are to be satisfied by actions taken on the Closing (including by seeking to Date, provided that such conditions would be so satisfied as of such date) and in any Commitment Letter or Purchaser Financing Document have been satisfied, enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendmentCommitment Letters and, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financingextent such documents have been executed and are legal, valid and binding documents, the Purchaser Financing Documents in each caseorder to consummate the Closing. Prior to Closing, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed)Purchaser shall, provided that any such amendmentreasonably promptly, replacement, supplement or other modification to notify the Roll-Over Commitments Company in writing (i) does not involve of any conditions breach or default (or any event or circumstance that, with or without notice, lapse of time or both, would reasonably be expected to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement give rise to any breach or other modification default) by any party to the same extent asCommitment Letters, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over receipt by the Purchaser of any written notice from any Person with respect to any (A) actual, threatened or alleged breach, default or termination of any Commitment Letter or Purchaser Financing Document or repudiation by any party to the Commitment Letters or any Purchaser Financing Document or (B) material dispute or disagreement between or among any parties to the Commitment Letters or any Purchaser Financing Document of any Purchaser Financing Document. (b) From the Execution Date until the Closing, the Seller and the Company shall, shall cause their Subsidiaries, and shall use their respective Reasonable Best Efforts to cause their respective other Affiliates and each of its and their respective officers, directors, employees, advisors, attorneys, accountants and representatives to, provide all cooperation reasonably requested by the Purchaser in connection with the raising of financing for the transactions contemplated by this Agreement Agreement, including (i) causing appropriate officers and employees to be available, on a customary basis and on reasonable advance notice, to speak with prospective investors in meetings, conference calls, presentations, and due diligence sessions, (ii) assisting with the preparation of disclosure documents, and other materials in connection therewith, (iii) requesting that its independent accountants provide reasonable assistance to the Purchaser and (iv) assisting the Purchaser in a field audit of the Company Entities, including causing appropriate officers and employees to be available, on a customary basis and on reasonable advance notice, to speak with the Purchaser or its Representatives in connection therewith; provided, that (A) the Company Entities and the Seller shall not be required to take any action that would materially interfere with the normal operations of the Company Entities or the TDC Agreement; and provided that Seller, (B) such cooperation by the Debt Purchaser may replace and amend Company Entities or the Roll-Over Commitments solely Seller shall not require the entry by the Company Entities or the Seller into any agreement the effectiveness of which is, or any of the obligations of the Company Entities or the Seller thereunder are, not conditioned on the Closing except for the purpose of adding lenders, lead arrangers, book runners, syndication agents customary authorization letters in connection with bank information memoranda or similar entities who had materials; (C) the Company Entities or the Seller shall not executed the Roll-Over Commitments as be required to take any actions that such reasonably believes would (i) result in a violation by of any Contract (including confidentiality agreements) entered into prior to the date of this Agreement so long as such addition does not preventor Law, materially impede (ii) cause any representation, warranty, covenant or materially delay the consummation other obligation in this Agreement to be breached or any of the Roll-Over conditions set forth in Section 6.2 to fail to be satisfied, (iii) require the waiver or amendment of any terms of this Agreement, and (D) the board of directors of the Company Entities or the Seller shall not be required to enter into any resolutions or take any similar action approving the Purchaser Financing until the closing of the Purchaser Financing and the transactions contemplated herein. (c) The Purchaser shall indemnify, defend, hold harmless and reimburse the Seller and the Company Entities and their respective Representatives from and against any and all liabilities, losses, damages, claims, reasonable and documented out-of-pocket costs and expenses (including reasonable and documented out-of-pocket attorneys’ fees), interest, awards, judgments and penalties asserted, suffered or incurred by them in connection with the arrangement of the Purchaser Financing and the performance of their respective obligations under this Section 5.22 and any information utilized in connection therewith in each case other than to the extent any of the foregoing arises from the bad faith, gross negligence or willful misconduct by the Seller, its Representatives or the Company Entities (as determined by a final and non-appealable judgment of a court of competent jurisdiction). The Purchaser shall, promptly upon written request by the Seller or the Company Entities, but in no event later than Closing, or if this Agreement is terminated as provided in Section 8, then within fifteen (15) Business Days after such request, reimburse the Seller and the Company Entities for all reasonable and documented out-of-pocket costs and expenses incurred thereby (including those of its accountants, consultants, legal counsel, agents and other Representatives) in connection with the cooperation required by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified5.22.

Appears in 1 contract

Sources: Stock Purchase Agreement (Cubic Corp /De/)

Financing. (a) The Debt Purchaser shall and shall use its reasonable best efforts to cause each of its Subsidiaries to take, or cause to be taken, all actions actions, and to do, or cause to be done, all things necessary reasonably necessary, proper or advisable to obtain funds sufficient to fund the Financing Amounts on or prior to the date on which the Sale is required to be consummated pursuant to the terms hereof. In furtherance and not in limitation of the foregoing, Purchaser shall take, or cause to be taken, all reasonable actions and do, or cause to be done, all things reasonably necessary, proper or advisable to obtain the proceeds of the Financing on the terms and subject only to the conditions described in the Financing CommitmentsCommitment Letter as promptly as possible but in any event prior to the date on which the Sale is required to be consummated pursuant to the terms hereof, including to by (Ai) maintain maintaining in effect the Financing CommitmentsCommitment Letter, (Bii) satisfy negotiating and entering into definitive agreements with respect to the Financing (the “Definitive Agreements”) consistent with the terms and conditions contained in the Commitment Letter (including, as necessary, the “flex” provisions contained therein) and without any Prohibited Modification, (iii) satisfying on a timely basis all conditions applicable to in the Debt Purchaser to obtaining Commitment Letter and the Financing that is Definitive Agreements and complying with its obligations thereunder and (iv) taking all reasonable action within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against Commitment Letter and the lenders and other persons providing Definitive Agreements. (b) Neither Purchaser nor any of its Subsidiaries shall, without the Roll-Over Commitments). The Debt Purchaser shall not prior written consent of Parent: (i) permit, consent to or agree to or permit any amendment, replacement, supplement supplement, termination or other modification to, or any waiver of, any provision or waive any of its rights remedy under, any Financing the Commitment Letter or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any Definitive Agreements if such amendment, replacement, supplement supplement, termination, modification, waiver or other modification to the Roll-Over Commitments remedy (iA) does not involve adds new (or adversely modifies any existing) conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over all or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as any portion of the date of this Agreement so long as such addition does not preventFinancing, materially impede or materially delay (B) reduces the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification aggregate principal amount of the Financing Commitments in accordance with this Section 5.10below the amount (taking into account all other sources of proceeds) necessary to fund the payment of the Closing payments, (C) adversely affects the term “Financing Commitments” shall mean ability of Purchaser to enforce its rights against other parties to the Financing Commitments Commitment Letter or the Definitive Agreements as so amended, replaced, supplemented or modifiedotherwise modified or (D) could otherwise reasonably be expected to prevent, impede or delay the consummation of the Transactions (the effects described in clauses (A) through (D), collectively, the “Prohibited Modifications”); or (ii) terminate or cause the termination of the Commitment Letter or any Definitive Agreement. Purchaser shall promptly deliver to Parent copies of any amendment, replacement, supplement, termination, modification or waiver to the Commitment Letter and/or Definitive Agreements. (c) In the event that any portion of the Financing becomes unavailable, regardless of the reason therefor, Purchaser shall (i) notify as soon as reasonably practicable Parent in writing of such unavailability and the reason therefor and (ii) use reasonable best efforts, and cause each of its Subsidiaries to use their reasonable best efforts, to arrange and obtain, as promptly as practicable following the occurrence of such event, alternative financing for any such unavailable portion from the same or alternative sources (the “Alternative Financing”) in an amount sufficient, when taken together with the available portion of the Financing to consummate the transactions contemplated by this Agreement and to pay the Financing Amounts and, without limiting the foregoing, shall use reasonable best efforts to cause such Alternative Financing to not include any Prohibited Modifications. Purchaser shall provide Parent with prompt oral and written notice of any actual or threatened breach, default, cancellation, termination or repudiation by any party to the Commitment Letter or any Definitive Agreement and a copy of any written notice or other written communication from any Lender or other financing source with respect to any actual or threatened breach, default, cancellation, termination or repudiation by any party to the Commitment Letter or any Definitive Agreement of any provision thereof. Purchaser shall keep Parent reasonably informed on a current basis of the status of its efforts to consummate the Financing, including any Alternative Financing. (d) The foregoing notwithstanding, compliance by Purchaser with this Section 5.20 shall not relieve Purchaser of its obligations to consummate the transactions contemplated by this Agreement whether or not the Financing or any Alternative Financing is available. To the extent Purchaser obtains Alternative Financing or amends, replaces, supplements, terminates, modifies or waives any of the Financing, in each case pursuant to this Section 5.20 and without any Prohibited Modification, references to the “Financing,” “Financing Parties,” “Commitment Letter” and “Definitive Agreements” (and other like terms in this Agreement) shall be deemed to refer to such Alternative Financing, the commitments thereunder and the agreements with respect thereto, or the Financing as so amended, replaced, supplemented, terminated, modified or waived.

Appears in 1 contract

Sources: Stock Purchase Agreement (Capri Holdings LTD)

Financing. (a) (i) The Debt Purchaser shall will use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange, consummate and obtain the proceeds of the Financing financing on the terms and conditions described in the Debt Commitment Letter (as such terms and conditions may be modified or adjusted in accordance with the terms hereof and thereof and within the limits of any “market flex” provisions therein) (the “Financing”), and the Purchaser will not (1) take any actions that increase the likelihood of a failure of any condition precedent to the availability of the Financing Commitmentsset forth in the Debt Commitment Letter and (2) will not permit any amendment or modification to be made to, including or any waiver of any provision or remedy under, the Debt Commitment Letter if such amendment, modification or waiver would impose new or additional conditions, or otherwise amend, modify or expand any conditions, to the receipt of the Financing, in a manner that would reasonably be expected to (A) maintain in effect prevent, impede or delay the Financing Commitmentsability of the Purchaser to consummate the Initial Closing, (B) satisfy on a timely basis all make any portion of the Financing (or satisfaction of the conditions applicable to the Debt Purchaser to obtaining the Financing) less likely to be obtained or prevent, impede or delay in any respect the funding of the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to adversely impact the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by ability of the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking Purchaser to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related parties to the Financing, in each caseDebt Commitment Letter; provided that the Purchaser may, without the Company’s prior written consent of the Seller, amend the Debt Commitment Letter (which consent shall not be unreasonably withheld or delayed), provided that 1) in accordance with any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments “market flex” provisions thereof and (ii2) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities (in each case, excluding any Affiliates of the Purchaser) who had not executed the Roll-Over Commitments Debt Commitment Letter as of the date of this Agreement so long Agreement. In the event of such amendment of the Debt Commitment Letter as permitted by the immediately preceding sentence, the financing under such amended Debt Commitment Letter will be deemed to be the “Financing” as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by term is used in this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.

Appears in 1 contract

Sources: Master Acquisition Agreement (Carbonite Inc)

Financing. Prior to the earlier of the Effective Time and the Termination Date, the Company shall, and shall cause its Subsidiaries to, and shall use its commercially reasonable efforts to cause its Representatives to, use commercially reasonable efforts to provide all cooperation that is necessary, customary or advisable and reasonably requested by Parent to assist Parent in the arrangement of any third party debt or equity financing in connection with the consummation of the transactions contemplated hereby and all related fees and expenses of Parent and Merger Sub (the “Financing”) (it being understood that the receipt of such Financing is not a condition to the Merger); provided, however, that nothing herein shall require such cooperation to the extent it would (a) The Debt Purchaser shall use unreasonably disrupt the conduct of the business or operations of the Company or its reasonable best efforts Subsidiaries or any of their respective Representatives, (b) require the Company or any of its Subsidiaries to pay any fees, reimburse any expenses (or agree or commit to pay any fees or reimburse any expenses) or otherwise incur any liability or give any indemnities prior to the Effective Time for which it is not promptly reimbursed or simultaneously indemnified by Parent pursuant to this Section 6.18, (c) require the Company or any of its Subsidiaries to 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, the Charter, the Bylaws, any applicable Laws or any Material Contract, (d) encumber any of the assets of the Company or its Subsidiaries or otherwise require that the Company or its Subsidiaries act as an issuer, borrower, guarantor or other obligator with respect to any Financing prior to the Effective Time, (e) take, or commit to take, any action to authorize or cause to be taken, all actions and to doapprove, or cause execute or deliver any agreement, certificate or other document related to be donethe Financing unless the effectiveness of such authorization or approval or agreement, all things necessary to obtain certificate or other document is expressly made contingent upon the proceeds occurrence of the Financing on the terms and conditions described in the Financing Commitments, including to (A) maintain in effect the Financing CommitmentsEffective Time, (Bf) satisfy on a timely basis all conditions applicable take any action that could subject any director, officer, employee, agent, manager, consultant, advisor or other Representative of the Company or its Subsidiaries to any actual or potential personal liability, (g) 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 (provided, that upon the Debt Purchaser to obtaining reasonable request of Parent, the Financing that is within its control (including by consummating Company shall reasonably assist Parent in Parent’s preparation of the Equity Financing at or prior to the Closingforegoing), (Ch) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree provide access to or permit disclose information that the Company determines in good faith could jeopardize any amendment, replacement, supplement or other modification attorney client privilege of, or waive conflict with any confidentiality obligations binding on, the Company or any of its rights under, any Financing Commitment Subsidiaries or any definitive agreements related of Affiliate of the Company or any of its Subsidiaries (provided, that in such case the Company shall use commercially reasonable efforts to develop alternative arrangements to provide the substance of such information without creating such jeopardy or conflict) or (i) deliver any financial or other information that is not currently reasonably available or prepared in the ordinary course of business of the Company at the time requested by Parent. Such cooperation shall include, (i) at reasonable times and upon reasonable advanced notice, causing appropriate members of management of the Company to participate in a reasonable number of meetings, presentations and due diligence sessions (each of which shall be virtual or teleconference unless otherwise approved by the Company, which approval shall not be unreasonably withheld, conditioned or delayed) that are usual and customary for financings of the type similar to the Financing, (ii) providing reasonable and timely assistance with the preparation of materials for presentations, offering memoranda, prospectuses and similar documents required in connection with the Financing, and (iii) as promptly as reasonably practical, furnishing Parent and its financing sources with any additional financial statements, schedules or other financial data relating to the Company and its Subsidiaries reasonably requested by Parent as may be reasonably necessary to consummate the Financing, in each casecase subject to the proviso in the immediately preceding sentence. Parent shall promptly, without upon request by the Company, reimburse the Company for all reasonable, documented and out-of-pocket costs and expenses (including attorneys’ fees, but excluding for the avoidance of doubt, the costs of the Company’s prior written consent (which consent shall not be unreasonably withheld preparation of its annual and quarterly financial statements) incurred by the Company or delayed)any of its Subsidiaries or their respective Representatives in connection with the Financing, provided that any such amendment, replacement, supplement or other modification to including the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation cooperation of the Roll-Over or the transactions Company and its Subsidiaries and Representatives contemplated by this Agreement Section 6.18, and shall indemnify and hold harmless the Company, its Subsidiaries and their respective Representatives from and against any and all losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification arrangement of the Financing Commitments and any information used in connection therewith, except with respect to (A) any information provided by the Company or any of its Subsidiaries or (B) any fraud or willful misconduct by any such Persons. All non-public or other confidential information provided by the Company or any of its Representatives pursuant to this Section 6.18 shall be kept confidential in accordance with the Confidentiality Agreement. Notwithstanding anything to the contrary in this Agreement, but without limiting any other provision hereunder, the condition set forth in Section 7.2(b), solely as and to the extent it applies to the Company’s obligations under this Section 5.106.18, shall be deemed satisfied absent a Willful and Material Breach by the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedCompany of its obligations under this Section 6.18.

Appears in 1 contract

Sources: Merger Agreement (Poshmark, Inc.)

Financing. (a) The Debt Purchaser Each of Parent and Merger Sub shall use their respective reasonable best efforts to take or cause to be taken, and Parent shall use its respective reasonable best efforts to cause its Subsidiaries and each of their respective Representatives and Affiliates to, use reasonable best efforts to take, or cause to be taken, all actions actions, and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain consummate on a timely basis the proceeds Debt Financing as contemplated by the Debt Commitment Letters (or in the event any portion or all of such Debt Financing becomes unavailable or otherwise undesirable, alternative financing (“Alternative Financing”) (in an amount sufficient, together with the remaining Debt Financing contemplated by the Commitment Letter, if any, cash on hand of and any other sources available to Parent and Merger Sub, to fund the payment of the Funding Obligations) from the same or other sources) as and to the extent (but only to the extent) required to fund the Funding Obligations. To the extent that (i) Parent and Merger Sub require Debt Financing on contemplated by the Debt Commitment Letters in order to fund the Funding Obligations and (ii) the Debt Financing under the Debt Commitment Letters has not become unavailable, Parent and Merger Sub shall not amend the Debt Commitment Letters to impose additional conditions or contingencies to the funding of the Debt Financing that would adversely impact the ability of Parent and Merger Sub to consummate the Merger; provided, that if the Debt Financing under the Debt Commitment Letters has become unavailable, the terms of the Alternative Financing will not adversely impact the ability of Parent and Merger Sub to consummate the Merger. (b) Each of Parent and ▇▇▇▇▇▇ Sub expressly acknowledges and agrees that neither the availability, the terms nor the obtaining of the Debt Financing or any Alternative Financing, nor the completion of any issuance of securities contemplated by the Debt Financing or any Alternative Financing, is in any manner a condition to the Merger, the Closing or the obligations of Parent and Merger Sub to consummate the Transactions, and reaffirms its obligation to consummate the Merger and the other Transactions irrespective and independently of the availability of the Debt Financing or any Alternative Financing, or the completion of any such issuance, subject to the applicable conditions described set forth in Section 7.1 and Section 7.3. (c) Upon the Financing Commitmentswritten request of the Company, including Parent and Merger Sub shall keep the Company reasonably informed of the status of the efforts of Parent or Merger Sub to arrange the Debt Financing. Parent and Merger Sub shall (i) give the Company prompt written notice of any (A) maintain in effect material breach or material default by any party to the Debt Commitment Letters of which Parent or Merger Sub becomes aware, including the receipt of any written notice from any Debt Financing CommitmentsSource with respect to any material breach or material default by any party to the Debt Commitment Letters, (B) satisfy on written withdrawal, repudiation or termination of the Debt Commitment Letters by the financing sources party thereto of which Parent or Merger Sub becomes aware, or (C) incurable event or circumstance that makes a timely basis all conditions applicable condition precedent relating to the Debt Purchaser Financing unable to obtaining be satisfied (in the Financing that is within its control (including good faith determination of Parent) by consummating the Equity Financing at any party of which Parent or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments Merger Sub becomes aware and (ii) does not prevent, materially impede notify the Company promptly if for any reason Parent or materially delay the consummation Merger Sub no longer believes in good faith that it will be able to obtain all or any portion of the Roll-Over Debt Financing contemplated by the Debt Commitment Letters from the sources described therein; provided, that, that nothing in this sentence or the transactions contemplated by this Agreement immediately preceding sentence shall require Parent or Merger Sub to disclose any information that is subject to the attorney-client or work product or similar privilege or the TDC Agreement; and provided that disclosure of which would result in the breach of any of Parent’s confidentiality obligations set forth in the applicable Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedCommitment Letters.

Appears in 1 contract

Sources: Merger Agreement (Encore Wire Corp)

Financing. (a) The Each of Parent and Merger Sub shall use, and shall cause its Subsidiaries to use, its reasonable best efforts to take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper or advisable to arrange, obtain and consummate the Financing on the terms and conditions (including, to the extent required, the full exercise of any “flex” provisions) described in the Financing Commitment Letters and the fee letter pursuant to the terms thereof (or, with respect to terms applicable to the Debt Purchaser Financing following the Closing, such other terms as are no less favorable, in the aggregate, to Parent than those set forth in the Debt Commitment Letter and do not conflict with their obligations hereunder), and shall not permit any amendment, supplement or modification to be made to, or any waiver of any provision under, the Financing Commitment Letters if such amendment, supplement, modification, replacement or waiver (A) with respect to the Financing Commitment Letters, reduces (or could have the effect of reducing) the aggregate amount of the Financing (including by increasing the amount of fees to be paid or original issue discount unless (x) the Debt Financing or the Equity Financing is increased by a corresponding amount or the Debt Financing is otherwise made available to fund such fees or original issue discount and (y) after giving effect to any of the transactions referred to in clause (x) above, the representation and warranty set forth in Section 5.09 shall be true and correct), (B) imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the Financing, or (C) otherwise expands, amends or modifies any other provision of the Financing Commitment Letters in a manner that would reasonably be expected to (x) delay (taking into account the Marketing Period) or prevent or make less likely the funding of the full amount of the Financing (or satisfaction of the conditions to the Financing) on the Closing Date or (y) adversely impact the ability of Parent, Merger Sub or the Company, as applicable, to enforce its rights against other parties to the Financing Commitment Letters or the definitive agreements with respect thereto (provided that, subject to compliance with the other provisions of this Section 6.17(a), Parent and Merger Sub may amend the Debt Commitment Letter to (i) add additional lenders, arrangers, bookrunners, agents and other similar entities or (ii) replace such Financing with alternative financing from alternative sources in an amount sufficient to pay the Required Amount (after taking into account consideration cash on hand at the Parent and other available financing (with conditions not less favorable to Parent and Merger Sub than the terms and conditions set forth in the Debt Commitment Letter)). Parent and Merger Sub shall not agree to the withdrawal, termination, repudiation or rescission of any commitment in respect of the Debt Financing without the prior written consent of the Company, and shall not release or consent to the termination of the obligations of the financing sources under the Debt Commitment Letter other than to effect the joinder or addition of financing sources to the Debt Commitment Letter providing replacement commitments in a manner not prohibited by this Section 6.17. Parent shall promptly deliver to the Company copies of any such material amendment, modification or replacement. For purposes of this Section 6.17, references to “Financing” shall include the financing contemplated by the Financing Commitment Letters as permitted to be amended, modified, supplemented or replaced by this Section 6.17(a), references to “Debt Financing” shall include the debt financing contemplated by the Debt Commitment Letter as permitted to be amended, modified, supplemented or replaced by this Section 6.17(a) and references to “Debt Commitment Letter” shall include such documents as permitted to be amended, modified or replaced by this Section 6.17(a). (b) Each of Parent and Merger Sub shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Financing on the terms (including the market “flex” provisions) and subject only to the conditions described set forth in the Financing CommitmentsCommitment Letters, including to using reasonable best efforts (A) to maintain in effect the Financing CommitmentsCommitment Letters, (B) to negotiate and enter into definitive agreements with respect to the Debt Commitment Letter on the terms and subject only to the conditions (including, as necessary, agreeing to any requested changes to the terms thereunder in accordance with any “flex” provisions) contained in the Debt Commitment Letter (or, with respect to terms applicable following the Closing, on such other terms acceptable to Parent and its Debt Financing Sources to the extent such terms do not conflict with their obligations hereunder), (C) to prepare on a timely basis the necessary offering circulars, private placement memoranda, or other offering documents, rating agency materials and other marketing materials with respect to the Debt Financing and to commence on a timely basis the marketing and/or syndication activities contemplated by the Debt Commitment Letter, (D) to satisfy on a timely basis all conditions applicable to funding in the Debt Purchaser to obtaining the Financing that is within its control (including by consummating Commitment Letter and such definitive agreements thereto and in the Equity Financing at or prior Commitment Letters and to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing Closing, including using its reasonable best efforts to cause the lenders and the other Persons committing to fund the Financing to fund the Financing at the Closing, and (including by seeking E) to enforce its rights under the Roll-Over Commitments against Financing Commitment Letters. Parent shall keep the lenders Company reasonably informed, in all reasonable detail, of the status of its efforts to arrange and consummate the Debt Financing and of all material developments in respect thereof. Parent shall provide the Company, upon request, with copies of any material definitive documents in respect of the Debt Financing and such other persons providing information regarding the Roll-Over Commitments)Debt Financing and any syndication efforts as shall be reasonably necessary to allow the Company to monitor the progress of such financing activities. The Debt Purchaser Without limiting the generality of the foregoing, Parent and Merger Sub shall not agree give the Company prompt notice (x) of any material breach or default by any party to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any the Financing Commitment Letters or definitive agreements related to the Financing of which Parent or Merger Sub become aware, (y) of the receipt of (A) any written notice or (B) other written communication, in each case from any Debt Financing Source with respect to any actual or potential breach, default, termination or repudiation by any party to any of the Financing Commitment Letters or definitive agreements related to the Financing of any provisions of the Financing Commitment Letters or definitive agreements related to the Financing, and (z) if at any time for any reason Parent or Merger Sub believes in each case, without the Company’s prior written consent (which consent shall good faith that it will not be unreasonably withheld able to obtain all or delayedany portion of the Financing on the terms and conditions, in the manner or from the sources contemplated by any of the Financing Commitment Letters or definitive agreements related to the Financing; provided, that in no event will Parent or Merger Sub be under any obligation to disclose any information that would result in the waiver of attorney-client or similar privilege if Parent and Merger Sub shall have used their reasonable best efforts to disclose such information in a way that would not waive such privilege (it being agreed that Parent or Merger Sub shall give notice to the Company of the fact that it is withholding such information). As soon as reasonably practicable, Parent and Merger Sub shall provide any information reasonably requested by the Company relating to any circumstance referred to in clause (x), provided that any such amendment, replacement, supplement (y) or other modification (z) of the immediately preceding sentence (subject to the Roll-Over Commitments proviso and limitations set forth in the immediately preceding sentence) or the status of the Debt Financing. Upon the occurrence of any circumstance referred to in clause (ix) does not involve or (y) of the second preceding sentence or if any conditions to funding portion of the Roll-Over that are not contained inDebt Financing otherwise becomes unavailable, and satisfied on such portion is reasonably required to fund the date of entry intoAggregate Merger Consideration and all fees, such amendmentexpenses and other amounts contemplated to be paid by Parent, replacementMerger Sub or the Surviving Corporation pursuant to this Agreement and the Financing, supplement or other modification Parent and Merger Sub shall use their reasonable best efforts to arrange and obtain in replacement thereof alternative debt financing from alternative sources in an amount sufficient to consummate the same extent as, the Roll-Over Commitments Merger and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement with terms and conditions not less favorable to Parent and Merger Sub than the terms and conditions set forth in the Debt Commitment Letter and with lenders reasonably satisfactory to Parent and Merger Sub, as promptly as reasonably practicable following the occurrence of such event. Parent shall deliver to the Company true and complete copies of all agreements, arrangements or understandings (including fee letters (subject to redaction consistent with the requirements of Section 5.08)) related to any such alternative Debt Financing. Parent and Merger Sub acknowledge and agree that the obtaining of the Financing, or any alternative financing, is not a condition to Closing. (c) Prior to the Closing Date, the Company shall use its reasonable best efforts to provide, and shall cause each of its Subsidiaries to use their respective reasonable best efforts to provide, and shall use its reasonable best efforts to cause its Representatives to use their respective reasonable best efforts to provide, to Parent and Merger Sub, in each case at Parent’s sole expense, all cooperation reasonably requested by Parent in connection with the arrangement of the Debt Financing, including (i) upon reasonable notice and at mutually convenient times, causing representatives of senior management of the Company to participate in a reasonable number of meetings and presentations with prospective lenders (but not more than two primary bank meetings), (ii) assistance with the preparation of customary materials for bank information memoranda and similar documents reasonably necessary in connection with the Debt Financing, (iii) furnishing Parent reasonably promptly with the historical and the pro forma financial statements identified in Section 4 and Section 5, respectively of Exhibit D to the Debt Commitment Letter as in effect on the date hereof (subject to the immediately following proviso, the “Required Financial Information”); provided, however, that with respect to the pro forma financial statements described in clause (iii) above, Parent shall have furnished to the Company any and all information to be included in such pro forma financial statements (other than the historical financial statements) as promptly as practicable and in no event later than June 26, 2017, including (1) all information relating to (x) the proposed aggregate amount of debt and equity financing, together with assumed interest rates, fees and expenses relating to the incurrence of such debt and equity financing, for the transactions contemplated hereby, (y) the assumed pro forma capitalization of the Company after giving effect to the Closing, the Financing and the refinancing or repayment of any Indebtedness of the Company and its Subsidiaries in connection therewith and (z) the assumed cost savings, synergies and similar adjustments (if any) for the transactions contemplated hereby, (iv) causing representatives of senior management of the Company to participate in, and assist with, preparation of ratings agency presentations and meetings with rating agencies, (v) causing representatives of senior management of the Company to participate in the negotiation of, and the execution and delivery into escrow of, the agreements, documents and certificates required to consummate the Debt Financing, including to the extent required by the Debt Commitment Letter: a credit agreement, notes, guarantees and security documents contemplated at Closing by the Debt Commitment Letter and customary officer, secretary and a perfection certificates, (vi) using commercially reasonable efforts to take such other actions (on the terms and subject to the limitations and exceptions set forth herein) as are reasonably requested by Parent to assist Parent with the satisfaction by Parent on a timely basis of all conditions precedent to obtaining the Debt Financing, (vii) assisting the Parent, Merger Sub or the TDC Agreement; Debt Financing Sources in connection with the repayment at (or, at the election of the Company, prior to) Closing of the Specified Indebtedness and provided the release following repayment thereof of the related Liens, consisting of customary payoff letters (or customary payoff documentation with respect to non-U.S. indebtedness) and (to the extent required) evidence that notice of such repayment and lien release has been timely delivered to the holders (or agents thereof) of such existing Specified Indebtedness, (viii) using commercially reasonable efforts to ensure to the extent practicable that the Debt Purchaser may replace and amend Financing benefits from the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as existing lending relationships of the date Company and its Subsidiaries, (ix) at least three (3) Business Days prior to the Closing Date (to the extent requested within eight (8) Business Days prior to the Closing Date), delivering all documentation and other information with respect to the Company and its Subsidiaries required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Patriot Act, (x) causing the Company to deliver a solvency certificate, substantially in the form attached to the Debt Commitment letter that is executed by the chief financial officer of the Company (or a senior member of management with equivalent job responsibilities and functions) to the extent accurate in the good faith judgment of such officer; provided, however, that the Company shall not be required to provide, or cause its Subsidiaries or Representatives to provide, cooperation under this Section 6.17 that: (A) unreasonably interferes with the ongoing business of the Company or its Subsidiaries; (B) causes any covenant, representation or warranty in this Agreement to be breached or untrue; (C) causes any closing condition set forth in Article 7 to fail to be satisfied or otherwise causes the breach of this Agreement so long as such addition does not preventor of any Contract to which the Company or any of its Subsidiaries is a party; (D) requires the Company or its Subsidiaries or Representatives to incur any obligation or liability (including any commitment fees) in connection with the Debt Financing prior to the Closing, materially impede other than in respect of expenses reimbursable pursuant to Section 6.17(e); (E) requires the Company or materially delay its Subsidiaries or Representatives or their respective directors, officers, managers or employees to execute and release from escrow, deliver or enter into, or perform any agreement, document, certificate or instrument with respect to the consummation Debt Financing (other than customary authorization letters with respect to the bank information memoranda) and the directors and managers of the RollCompany or its Subsidiaries shall not be required to adopt resolutions approving the agreements, documents and instruments pursuant to which the Debt Financing is obtained; or (F) requires the Company or its Subsidiaries or Representatives to provide any legal opinion or other opinion of counsel, or any information that would, in its good faith opinion, result in a violation of Applicable Law or loss of attorney-Over client privilege. In no event shall the Company be required to pay any commitment or other fee or incur any liability (including due to any act or omission by the transactions contemplated Company, its Subsidiaries or any of their respective Affiliates or Representatives) or expense, other than liability in respect of expenses reimbursable pursuant to Section 6.17(e), in connection with assisting Parent and Merger Sub in arranging the Debt Financing or as a result of any information provided by this Agreement the Company, its Subsidiaries or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.their respectiv

Appears in 1 contract

Sources: Merger Agreement (Albany Molecular Research Inc)

Financing. (a) The Debt Purchaser Each of the Purchasers shall use use, and cause their Affiliates to use, its commercially reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to: (i) maintain in full force and effect the Financing Commitment in accordance with the terms and subject to obtain the proceeds of conditions thereof; (ii) negotiate definitive agreements with respect to the Financing on the terms and conditions described in contemplated by the Financing Commitments, including to Commitment in all respects; (A) maintain in effect the Financing Commitments, (Biii) satisfy on a timely basis all conditions applicable set forth in the Financing Commitment (or definitive agreements entered into with respect to the Debt Purchaser to obtaining Financing Commitment); and (iv) consummate and obtain the Financing that is within its control (including by consummating the Equity Financing at or Financing, prior to Closing, on the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described (including the flex provisions) set forth in or contemplated by the Financing Commitments Commitment and any related fee letter. (Db) consummate Each of the Financing at or prior to the Closing Purchasers shall, and shall cause their Affiliates to: (including by seeking to i) enforce its rights under the Roll-Over Commitments against Financing Commitment in the lenders and other persons providing event of a breach thereof by the Roll-Over Commitments). The Debt Purchaser shall Financing sources thereunder; (ii) comply with their respective obligations under the Financing Commitment; and (iii) without the consent of the Parent, not agree to or permit any amendment, replacement, supplement amendment or other modification ofto be made to, or waive consent to any waiver of its rights any provision or remedy under, any the Financing Commitment or any definitive agreements related to the Financingfee letters, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any if such amendment, replacement, supplement modification or other modification to waiver: (A) reduces the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification aggregate amount of the Financing Commitments from that contemplated in accordance with this Section 5.10the Financing Commitment; (B) imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the receipt of the Financing in a manner adverse in any respect to the Purchasers, the term “Financing Commitments” shall mean Parent or the Sellers; (C) amends or modifies any other terms in a manner that would reasonably be expected to (x) delay or prevent the Closing or (y) make the timely funding of the Financing Commitments as so amendedor satisfaction of the conditions to obtaining the Financing less likely to occur; (D) adversely impacts the ability of the Purchasers, replaced, supplemented the Parent or modifiedthe Sellers to enforce their respective rights against the other parties to the Debt Financing Commitment; or (E) imposes any obligations on the Parent or its Affiliates.

Appears in 1 contract

Sources: Asset Purchase Agreement (Harte Hanks Inc)

Financing. (a) The Debt Purchaser Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or advisable to obtain arrange the proceeds Debt Financing as promptly as practicable following the date of this Agreement and to consummate the Debt Financing on the terms and conditions described in the Financing CommitmentsClosing Date, including to using its reasonable best efforts to: (Ai) maintain in effect the Debt Commitment Letter and not permitting any amendment or modification to be made to, not consenting to any waiver of any provision or remedy under, and not replacing, the Debt Commitment Letter, if such amendment, modification, waiver or replacement: (A) reduces the aggregate amount of the Debt Financing Commitments(including by changing the amount of fees to be paid or original issue discount of the Debt Financing) unless the Equity Financing (as reflected in the Equity Commitment Letter, as may be amended) is increased by a corresponding amount or (B) satisfy on imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the receipt of the Debt Financing in a timely basis all conditions applicable manner that would reasonably be expected to (1) materially delay or prevent the Closing or (2) adversely impact the ability of Buyer to enforce its rights against other parties to the Debt Purchaser to obtaining Commitment Letter or the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior when required pursuant to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided (provided, that Buyer may amend the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding Commitment Letter to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Commitment Letter as of the date hereof and amend the economic or other arrangements with respect to the existing and additional lenders, lead arrangers, bookrunners, syndication agents or similar entities, if the addition of this Agreement so long such additional parties and amendment of additional terms do not reduce the Debt Financing to be funded at the Closing to less than the aggregate amount committed pursuant to the Debt Commitment Letter as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over date hereof or, individually or in the aggregate, would not be reasonably expected to delay or prevent the Closing); (ii) cause the Equity Financing to be consummated upon satisfaction of the Financing Conditions contained in the Equity Commitment Letter; (iii) satisfy on or prior to the Closing Date, all Financing Conditions that are within Buyer’s control; (iv) negotiate, execute and deliver Debt Financing Documents that reflect the terms contained in, or no less favorable to Buyer in the aggregate than, the Debt Commitment Letter (including any “market flex” provisions related thereto); (v) in the event that the conditions set forth in Sections 8.01 and 8.02 and the Financing Conditions have been satisfied or, upon funding would be satisfied, cause the Financing Sources to fund the full amount of the Debt Financing at or prior to the Closing (or such lesser amount as may be required to consummate the transactions contemplated hereby) (and, for the avoidance of doubt, Buyer acknowledges and agrees that (A) in the event that on the final day of the Marketing Period (x) all or a portion of the Debt Financing structured as high yield debt or contemplated to be sold pursuant to a Rule 144A transaction has not been issued or sold, (y) all conditions precedent to Buyer’s obligations hereunder shall have been satisfied or waived (other than those conditions which by their nature will not be satisfied until the Closing) and (z) the bridge financing contemplated by the Debt Commitment Letter is available, then on such date Buyer shall borrow under and use the proceeds of the bridge financing to finance, in part, the Closing Date Payments and (B) Buyer shall comply with any “securities demand” or similar provisions included in the Debt Commitment Letter or any related fee letter and use any proceeds from the sale of securities issued thereunder to finance, in part, the Closing Date Payments); and (vi) enforce its rights under the Commitment Letters in the event of a Financing Failure Event. (b) Buyer shall keep Parent informed in reasonable detail of the status of its efforts to arrange the Financing. Buyer shall give Parent prompt notice of any breach or repudiation, or receipt of a written notice of any anticipated or threatened breach or repudiation, by any party to the Commitment Letters of which Buyer becomes aware. Without limiting Buyer’s other obligations under this Section 5.15, if a Financing Failure Event occurs, Buyer shall (i) promptly notify Parent of such Financing Failure Event and the reasons therefor, (ii) in consultation with the Parent and the Sellers, use its reasonable best efforts to obtain (on terms no less favorable to Buyer, taken as a whole (taking into account any “market flex” provisions, but not in excess or outside of such “market flex” provisions unless agreed by Buyer), in the aggregate, than those set forth in the Debt Commitment Letter) alternative financing from the same or alternative financing sources, in an amount sufficient to make the Closing Date Payments and consummate the transactions contemplated by this Agreement or Agreement, as promptly as practicable following the TDC Agreement. Upon any occurrence of such amendmentevent, replacementand (iii) use its reasonable best efforts to obtain, supplement or modification of and when obtained, provide Parent and the Financing Commitments Sellers with a copy of, a replacement financing commitment in accordance with this Section 5.105.15(a)(i) that provides for such alternative financing. Notwithstanding anything herein to the contrary, in no event shall the term reasonable best efforts of Buyer be deemed or construed to require Buyer to, and Buyer shall not be required to, (i) pay fees in the aggregate in excess of those contemplated by the Debt Commitment Letter, or (ii) agree to terms that are outside of, or less favorable than, in the aggregate, any terms set forth in the Debt Commitment Letter or any related fee letter (including any Financing Commitmentsmarket flexshall mean the Financing Commitments as so amended, replaced, supplemented or modifiedprovision therein).

Appears in 1 contract

Sources: Stock Purchase Agreement (Illinois Tool Works Inc)

Financing. (a) The Debt Purchaser Subject to the terms and conditions of this Agreement, each of Acquiror and Acquiror Sub shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsLetters, including and shall not permit any amendment or modification to be made to, or any waiver of any provision or remedy under, the Financing Letters; provided, however, that notwithstanding the foregoing, Acquiror shall be entitled to amend or waive any provision of or remedy under the Debt Commitment Letter, or replace it, provided that no such amendment, waiver or replacement may (i) reduce the aggregate amount of the Debt Financing (unless the Ultimate Parent increases its funding commitment under the Equity Commitment Letter by an amount equal to the amount of such reduction subject to receipt of the proceeds of Debt Financing and the satisfaction or waiver of all of the conditions set forth in Section 6.1 and 6.2) or (ii) impose new or additional conditions or otherwise expand, amend or modify any of the conditions to the receipt of the Debt Financing in a manner that would reasonably be expected to (A) delay or prevent the Closing Date, (B) make the funding of the Debt Financing (or satisfaction of the conditions to obtaining the Debt Financing) less likely to occur or (C) adversely impact the ability of Acquiror or Acquiror Sub, as applicable, to enforce its rights against other parties to the Debt Commitment Letter or the definitive agreements with respect thereto. Each of Acquiror and Acquiror Sub shall use its reasonable best efforts (i) to maintain in effect the Financing CommitmentsLetters, to execute and deliver the Senior Credit Facilities and the Bridge Facility (B) satisfy on a timely basis all conditions applicable to each as defined in the Debt Purchaser Commitment Letter) and to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into negotiate all other definitive agreements with respect thereto to the Debt Commitment Letter on the terms and conditions described (including the flex provisions) contained in or contemplated by the Financing Commitments Debt Commitment Letter and related fee letters, (Dii) to satisfy all conditions to such definitive agreements and consummate the Financing at or prior to the Closing Closing, and (including by seeking iii) to enforce comply with its rights obligations under the Roll-Over Commitments against Financing Letters. Acquiror shall keep the lenders Company informed on a reasonably current basis and other persons providing in reasonable detail of the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any status of its rights under, any efforts to arrange the Financing Commitment or any and provide to the Company copies of all definitive agreements documents related to the Financing. Without limiting the generality of the foregoing, in each case, without Acquiror and Acquiror Sub shall give the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments Company prompt notice: (i) does not involve of any conditions breach or default by any party to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement any Financing Letters or other modification definitive document related to the same extent as, the Roll-Over Commitments Financing of which Acquiror and Acquiror Sub become aware; (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over receipt of any written notice or other written communication from any Financing source with respect to any: (A) breach, default, termination or repudiation by any party to the Financing Letters or any definitive document related to the Financing or any provisions of the Financing Letters or any definitive document related to the Financing or (B) material dispute or disagreement between or among any parties to any Financing Letters or any definitive document related to the Financing; and (iii) if for any reason Acquiror or Acquiror Sub believes in good faith that it will not be able to obtain all or any portion of the Financing on the terms, in the manner or from the sources contemplated by the Financing Letters or the definitive documents related to the Financing; provided, that Acquiror and Acquiror Sub shall be under no obligation to disclose any information that is subject to an attorney-client or similar privilege if Acquiror and Acquiror Sub shall have used reasonable best efforts to disclose such information in a way that would not waive such privilege. As soon as reasonably practicable, but in any event within 5 days of the date the Company delivers Acquiror or Acquiror Sub a written request, Acquiror and Acquiror Sub shall provide any information reasonably requested by the Company relating to any circumstance referred to in clause (i), (ii) or (iii) of the immediately preceding sentence. Acquiror and Acquiror Sub shall use their reasonable best efforts to cause the lenders and any other Persons providing Financing to fund on the Closing Date the Financing required to consummate the Merger and the other transactions contemplated by this Agreement if all conditions to closing contained in Article VI are satisfied or waived (other than those conditions that by their nature are to be satisfied at the TDC Closing, but subject to the fulfillment or waiver of those conditions). For the avoidance of doubt, in the event that all or any portion of the Debt Financing to be obtained through the issuance of Notes as contemplated by the Debt Commitment Letter has not been obtained on or prior to the Closing, then Acquiror shall use its reasonable best efforts to cause, no later than the Closing, the proceeds of the Bridge Loans contemplated by the Debt Commitment Letter to be used to replace such portion of the Notes not issued at Closing. Acquiror and Acquiror Sub acknowledge and agree that the obtaining of the Financing is not a condition to Closing. For the avoidance of doubt, if the Debt Financing has not been obtained, Acquiror and Acquiror Sub shall continue to be obligated, subject to the fulfillment or waiver of the conditions set forth in Article VI, to consummate the Merger and the other transactions contemplated by this Agreement; . Notwithstanding anything contained in this Section 5.11 or in any other provision of this Agreement, in no event shall Acquiror or Acquiror Sub be required (i) to amend or waive any of the terms or conditions hereof or (ii) to consummate the Closing any earlier than the final day of the Marketing Period. (b) Prior to the Closing Date, the Company shall use its commercially reasonable efforts to provide to Acquiror and Acquiror Sub, at Acquiror’s sole expense, all cooperation reasonably requested by Acquiror in connection with the arrangement of the Financing (including, for the avoidance of doubt, any issuance of the Senior Notes as defined in and contemplated by the Debt Commitment Letter) or any permitted amended or modified financing (collectively with the Financing, the “Available Financing”) (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company and the Subsidiaries), including (i) furnishing Acquiror and Acquiror Sub and their Financing sources as promptly as practicable with all financial statements required to be delivered pursuant to clause (vii) (Financial Statements) of Exhibit C of the Debt Purchaser may replace Commitment Letter, other than pro forma financial statements unless Acquiror or Acquiror Sub has provided the Company information relating to pro forma adjustments at least 30 days prior to the date pro forma financial statements are required to be delivered (without giving effect to any qualification therein with respect to receipt by Acquiror or Acquiror Sub); (ii) furnishing Acquiror and amend Acquiror Sub and their Financing sources as promptly as practicable with information relating to the RollCompany and the Subsidiaries to the extent reasonably requested by Acquiror to prepare the confidential information memorandum and the lender presentation contemplated by the Debt Commitment Letter (information required pursuant to clause (i) and this clause (ii) being referred to as the “Required Bank Information”), (iii) participating in a reasonable number of meetings (including customary one-Over Commitments solely for on-one meetings with the purpose of adding lendersparties acting as lead arrangers or agents for, lead arrangersand prospective lenders and purchasers of, book runnersthe Available Financing and senior management, syndication agents or similar entities who had not executed the Roll-Over Commitments as with appropriate seniority and expertise, of the date Company), presentations, due diligence sessions, drafting sessions and sessions with rating agencies in connection with the Available Financing, (iv) using commercially reasonable efforts to obtain accountant’s comfort letters and legal opinions reasonably requested by Acquiror, (v) using commercially reasonable efforts to obtain surveys and title insurance reasonably requested by Acquiror, (vi) taking all corporate actions, subject to the occurrence of this Agreement so long as such addition does not preventthe Closing, materially impede or materially delay reasonably requested by Acquiror to permit the consummation of the RollAvailable Financing and to permit the proceeds thereof to be made available to the Surviving Entity at the Closing, (vii) executing and delivering any pledge and security documents, other definitive financing documents or other certificates, and documents as may be reasonably requested by Acquiror (including a certificate of the chief financial officer of the Company with respect to solvency matters in the form of Exhibit H attached hereto and consents of accountants for use of their reports in any material relating to the Available Financing), (viii) providing authorization letters to the Financing sources authorizing the distribution of information to prospective lenders and containing a customary representation to the arranger of the Available Financing that the information contained in the confidential information memorandum contemplated by the Debt Commitment Letter does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and, in the case of the public-Over side version, containing a representation to the arranger of the Available Financing that such public-side version does not include material non-public information about the Company and the Subsidiaries, (ix) cooperating reasonably with Acquiror’s Financing sources’ due diligence to the extent reasonable and to the extent not unreasonably interfering with the business of the Company; (x) using its commercially reasonable efforts to permit any cash and marketable securities of the Company and the Subsidiaries that can, without violating Law or incurring material Taxes, reasonably be made available to pay a portion of the aggregate Total Consideration to be made available for that purpose at the Closing (it being understood that the Company has not made any representations about how much that cash and marketable securities will be), (xi) assisting in (A) the preparation of and entering into one or more credit agreements or purchase agreements or other agreements on the terms contemplated by the Debt Commitment Letter or, if applicable, on the terms contemplated by the Available Financing, and currency or interest hedging agreements as reasonably requested by Acquiror or Acquiror Sub or (B) the amendment of any of the Company’s or the transactions Subsidiaries’ currency or interest hedging agreements on terms reasonably requested by Acquiror or Acquiror Sub; provided that no obligation of the Company or any of the Subsidiaries under any such agreements or amendments shall be effective until the Closing, and (xii) assisting with the preparation of the confidential information memorandum, the lender presentation and one rating agency presentation for each of ▇▇▇▇▇’▇ Investor Services and Standard & Poor’s Ratings Group, a division of the McGraw Hill Corporation; provided that (A) any confidential information memorandum and the lender presentation need not be issued by the Company or any of the Subsidiaries and (B) any confidential information memorandum and the lender presentation shall contain disclosure reflecting the Surviving Corporation and/or the Subsidiaries as the obligor. Notwithstanding the foregoing, (A) no obligation of the Company or any of the Subsidiaries under any certificate, document or instrument (other than the authorization letters referred to above) shall be effective until the Closing Date and (B) none of the Company or any of the Subsidiaries shall be required to bear any cost or expense or to pay any commitment or other similar fee in connection with the Available Financing prior to the Closing Date. The Company hereby consents to the use of its and the Subsidiaries’ logos in connection with the Available 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 or any of the Subsidiaries or the reputation or goodwill of the Company or any of the Subsidiaries. All non-public or other confidential information provided by the Company or any of its Representatives pursuant to this Section 5.11(b) shall be kept confidential, except that Acquiror and Acquiror Sub shall be permitted to disclose such information to potential sources of capital and to rating agencies and prospective lenders and investors during syndication of the Available Financing subject to the potential sources of capital, prospective lenders and investors entering into customary confidentiality undertakings with respect to such information, with the Company being a beneficiary of such confidentiality undertakings. Acquiror shall promptly, upon request by the Company, reimburse the Company for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Company or any of the Subsidiaries in connection with the cooperation of the Company and the Subsidiaries contemplated by this Agreement Section 5.11, and shall indemnify and hold harmless the Company, the Subsidiaries and their respective Representatives from and against any and all losses, damages, claims, costs or expenses suffered or incurred by any of them of any type in connection with the TDC Agreement. Upon arrangement of any such amendment, replacement, supplement or modification Available Financing and any information used in connection therewith. (c) The Company shall furnish Acquiror and Acquiror Sub and their Financing sources as promptly as practicable with all financial and other pertinent information with respect to the Company and the Subsidiaries as may be reasonably requested by Acquiror in order to prepare the offering memorandum and private placement memorandum referred to in clause (x) in Exhibit C to the Debt Commitment Letter in order to consummate the offering of the Financing Commitments Senior Notes contemplated by the Debt Commitment Letter in accordance with the terms of the Debt Commitment Letter on the Closing Date, including all financial statements and financial data (provided that in the case of pro forma financial statements all information related to pro forma adjustments shall have been provided by Acquiror or Acquiror Sub at least 30 days prior to when pro forma financial statements are required to be provided) that are customarily included in a preliminary offering memorandum for a high-yield debt securities offering (including all financial data that would be reasonably required to enable the independent registered public accountants of the Company and the Subsidiaries to render a customary “comfort letter” (including customary “negative assurances”)) (information required pursuant to this Section 5.10clause being referred to as the “Required Notes Information”; provided, that if the Company shall in good faith reasonably believe it has delivered the Required Notes Information, it may deliver to Acquiror a written notice to that effect (stating when it believes it completed such delivery), in which case the Required Notes Information shall be deemed to have been delivered on the date of such notice unless Acquiror in good faith reasonably believes the Company has not completed delivery of the Required Notes Information and, within four (4) Business Days after the delivery of such notice by the Company, delivers a written notice to the Company to that effect (stating with specificity which Required Notes Information the Company has not been delivered.) (d) Subject to applicable Law, the term “Financing Commitments” Company shall mean use commercially reasonable efforts, upon the Financing Commitments as so amendedreasonable request of Acquiror Sub, replacedto take any action reasonably requested by Acquiror Sub in connection with its strategic planning; provided, supplemented however, that (i) the Company shall not be required to take any action in contravention of any organizational document or modified.other Contract relating to it or any of the Subsidiaries, (ii) any such actions or transactions shall be conditioned upon the Closing occurring, (iii) any and all such actions shall not constitute a breach by the Company of any representation, warranty or covenant made by the Company pursuant to this Agreement, (iv) no such actions shall subject the Company, any of the S

Appears in 1 contract

Sources: Agreement and Plan of Merger (Cablevision Systems Corp /Ny)

Financing. (a) The Debt Purchaser Parent and Sub shall use its reasonable best efforts not agree to takeany amendment or modification to, or cause to be takengrant any waiver of, all actions and to doany provision under the Debt Commitment Letter without the prior written consent of the Company if such amendment, modification or waiver would (i) impose new or additional conditions, or cause to be done, all things necessary to obtain the proceeds otherwise amend or modify any of the Financing on conditions in a manner that is adverse to Parent, Sub or the terms and conditions described in Company, to the Financing Commitments, including to (A) maintain in effect receipt of the Financing CommitmentsDebt Financing, (Bii) satisfy on a timely basis all conditions applicable delay or extend the timing of, or prevent or make less likely to occur, the funding of the commitments thereunder, (iii) reduce the aggregate cash amount of the funding commitments thereunder, (iv) delay or prevent the Closing, (v) shorten the period that the commitments are available thereunder, (vi) modify the choice of law provisions with respect thereto or (vii) adversely impact the ability of the Parent to enforce its rights against the other parties to the Debt Purchaser to obtaining Commitment Letter or the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) ability of Parent or Sub to consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement (the foregoing clauses (i) through (vii), the “Prohibited Changes”). Notwithstanding the foregoing or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date any provision of this Agreement to the contrary, Parent and Sub shall be entitled to replace the Debt Commitment Letter by entering into definitive documentation with respect to the Debt Financing on or prior to the Closing so long as such addition does definitive documentation is on terms and conditions consistent with the Debt Commitment Letter and would not preventresult in Prohibited Changes. Parent and Sub acknowledge and agree that their obligations hereunder, materially impede including their obligations to consummate the Transactions, are not subject to, or materially delay the consummation conditioned on, receipt of the RollDebt Financing or any other financing. Neither Parent nor Sub will prior to the receipt of the Requisite Stockholder Approval, directly or indirectly, enter into an exclusivity, lock-Over up or other similar agreement, arrangement or binding understanding with any bank or investment bank or other potential provider of debt or equity financing that prohibits such provider from providing or seeking to provide services, including debt or equity financing, to any third person in connection with a transaction relating to the Company or the transactions contemplated by this Agreement or Company Subsidiaries (including in connection with the TDC Agreement. Upon making of any such amendment, replacement, supplement or modification of Competing Proposal) in connection with the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedTransactions.

Appears in 1 contract

Sources: Merger Agreement (Beam Inc)

Financing. (a) The Buyer shall not, without the prior written consent of Seller (which shall not be unreasonably withheld), permit any amendment or modification to be made to, or any waiver of any provision or remedy pursuant to, the Debt Purchaser Commitment Letter if such amendment, modification or waiver would (i) reduce the aggregate amount of the Debt Financing below that required to provide the Buyer with the funds necessary for it to consummate the Contemplated Transactions at the Closing and to perform its obligations under this Agreement, unless the Equity Financing is increased by an equivalent amount or due to a reduction in the Base Purchase Price; (ii) impose new or additional conditions or otherwise expand, amend or modify any of the conditions to the receipt of the Debt Financing, in each case, in a manner that would reasonably, when taken as a whole, be expected to delay or prevent in any material respect the ability of Buyer to consummate the Contemplated Transactions or (iii) materially and adversely impact the ability of Buyer to enforce its rights against the other parties to the Debt Commitment Letter. Notwithstanding the foregoing, assignments consummated pursuant to the terms of the Debt Commitment Letter are permitted. For the avoidance of doubt, Buyer may amend, supplement, modify or replace the Debt Commitment Letter as in effect at the date hereof, (1) as expressly permitted by Section 3.22(c) below or (2) in any manner consistent with the immediately preceding sentence, including, (x) as required pursuant to the market flex provisions in the fee letter, (y) to add or replace lenders, lead arrangers, bookrunners, syndication agents or other parties (for the avoidance of doubt, providing additional or replacement lenders, lead arrangers, bookrunners, syndication agents or similar entities with consent rights with respect to existing conditions shall not constitute the addition, expansion, amendment or modification of any condition of the Debt Financing), (x) to increase the amount of indebtedness, or (y) to add or replace facilities with one or more new facilities. For purposes of this Section 3.22, references to “Debt Commitment Letter” shall include such documents as permitted to be amended, modified or replaced by this Section 3.22. (b) Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Debt Financing on the terms and conditions described in the Financing CommitmentsDebt Commitment Letter, including using commercially reasonable efforts to (Ai) maintain in effect the Debt Commitment Letter; (ii) negotiate, execute and deliver definitive agreements with respect to the Debt Financing Commitmentscontemplated by the Debt Commitment Letters on the terms and conditions contemplated by the Debt Commitment Letters (or on other terms acceptable to Buyer so long as such other terms do not (A) reduce the aggregate amount of the Debt Financing set forth in the Debt Commitment Letter (except as permitted by clause (a) above), (B) impose new or additional conditions or otherwise expand, amend or modify any of the conditions to the receipt of the Debt Financing in a manner that, in either case, would reasonably be expected materially to (1) delay, impair, impede, reduce or prevent or make less likely in any respect the Closing or (2) make the timely funding of the Debt Financing or satisfaction of the conditions to obtaining the Debt Financing less likely to occur or (C) adversely impact the ability of Buyer to enforce its rights against the other parties to the Debt Commitment Letters); (iii) taking into account the expected timing of the Marketing Period, satisfy on a timely basis all conditions to funding that are applicable to Buyer in the Financing Letters and/or definitive agreements for the Debt Purchaser to obtaining the Financing that is are within its reasonable control and (including by consummating iv) upon satisfaction of the Equity conditions set forth in the Debt Commitment Letter and this Agreement, consummate the Debt Financing at or prior to Closing. (c) If any portion of the Closing)Debt Financing becomes unavailable, (C) the Buyer shall use its reasonable efforts to arrange alternative financing from the extent not previously entered into, enter into definitive agreements with respect thereto same or other sources of financing on terms and conditions described (including the flex provisions) no less favorable to the Buyer than those contained in (or expressly permitted with respect to) the Financing Commitments and in an amount sufficient for the Buyer to perform its obligations under this Agreement (it being agreed that, if alternative financing is not reasonably available to the Buyer on such terms and conditions, the Buyer may arrange alternative financing on such other terms and conditions as the Buyer may in good ▇▇▇▇▇ ▇▇▇▇ appropriate). Notwithstanding anything herein to the contrary, in no event shall the foregoing require the Buyer to, and the Buyer shall not be required to, (i) pay any fees materially in excess of those contemplated by the Financing Commitments as in effect on the date hereof or (ii) agree to any terms or conditions materially less favorable in the aggregate than the terms and (D) consummate conditions of the Financing at or prior Commitments and fee letters as in effect on the date hereof; provided, further, that in no event shall the Buyer be required (A) to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, amend or waive any of its rights under, the terms or conditions hereof or (B) to consummate the Closing any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated earlier than as required by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified3.2.

Appears in 1 contract

Sources: Purchase Agreement (Chicago Bridge & Iron Co N V)

Financing. (a) The Debt Purchaser shall use its reasonable best efforts Subject to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described in of this Agreement and the Financing CommitmentsLetters, each of Parent and Merger Sub shall not, without the prior written consent of the Company, permit or grant any withdrawal, rescindment, amendment, replacement, supplement, consent or modification to be made to, or any waiver of any provision or remedy pursuant to, the Financing Letters or any definitive agreement relating to the Debt Financing if such withdrawal, rescindment, amendment, replacement, supplement, consent, modification or waiver would, or would reasonably be expected to (i) reduce the aggregate amount of the Debt Financing to an amount such that Parent and Merger Sub would not have the Required Funds (after taking into account funds otherwise available from internally generated cash flow); (ii) impose new or additional conditions or other terms or otherwise expand, amend or modify any of the conditions to the receipt of the Debt Financing (including expanding the information required to be provided by the Company) or any other terms to the Debt Financing in a manner that would reasonably be expected to (A) maintain in effect materially delay or prevent the Financing Commitments, Closing; or (B) satisfy on a make the timely basis all conditions applicable to funding of the Debt Purchaser Financing, or the satisfaction of the conditions to obtaining the Financing that is within Debt Financing, materially less likely to occur in any respect; or (iii) adversely impact the ability of Parent, Merger Sub or the Company, as applicable, to enforce its control (including by consummating rights against the Equity Financing at or prior other parties to the Closing), (C) to Financing Letters or the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior thereto. Parent shall promptly furnish to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders Company a true and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit complete copy of any amendment, replacement, supplement supplement, modification, consent or other modification of, or waive any of its rights under, any waiver relating to the Financing Commitment Letters or any definitive agreements related relating to the Debt Financing, . Any reference in each case, without this Agreement to (1) the Company’s prior written consent “Debt Financing” will include the financing contemplated by the Financing Letters as amended or modified and (which consent 2) “Debt Commitment Letters” or “Financing Letters” will include such documents as amended or modified. Parent shall not be unreasonably withheld release or delayed), provided that any such amendment, replacement, supplement or other modification consent to the Roll-Over Commitments termination of any individual lender under the Debt Commitment Letters, except for (ix) does not involve any conditions to funding assignments and replacements of an individual lender under the Roll-Over that are not contained interms of, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent asonly in connection with, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation syndication of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that Debt Financing under the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents Commitment Letters; or similar entities who had not executed the Roll-Over Commitments as (y) replacements of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance Debt Commitment Letters with this alternative financing commitments pursuant to Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified5.14(d).

Appears in 1 contract

Sources: Merger Agreement (Forterra, Inc.)

Financing. (a) The Debt Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitments, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior Prior to the Closing), (C) Parent and Merger Sub shall use their commercially reasonable efforts to arrange the extent not previously entered intoFinancing, including using their commercially reasonable efforts to enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by accordance with those set forth in the Financing Commitments, and shall use its commercially reasonable efforts not to (and Parent shall use its commercially reasonable efforts to cause the other Affiliates of Parent not to) take any action in connection with the Financing Commitments and (D) consummate or the Financing at that would reasonably be expected to delay or prior to otherwise adversely affect the funding of the Financing on the Closing (including by seeking Date or enforcement thereof. Notwithstanding the foregoing, Parent shall have the right from time to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree time to or permit any amendmentamend, replacementreplace, supplement or other modification ofotherwise modify, or waive any of its rights under, any the Financing Commitment Commitments or any definitive agreements related with respect to the Financing, in each caseand/or substitute other debt or equity financing for all of any portion of the Financing from the same and/or alternative financing sources, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that as long as any such amendment, replacement, supplement or other modification to or waiver of any provision of the Roll-Over Financing Commitments or other definitive agreements shall not expand upon the conditions precedent contained therein or materially delay or otherwise affect in any material respect the funding of the Financing. In the event that any portion of the Debt Financing becomes unavailable so as not to enable Parent and Merger Sub to proceed with the Transactions in a timely manner, Parent and Merger Sub shall use their commercially reasonable efforts to arrange to obtain alternative financing from alternative sources in an amount sufficient to consummate the Transactions (as provided in Section 5.5) with terms and conditions that are not less favorable (from the standpoint of Parent, Merger Sub and the Surviving Corporation) than those set forth in the initial Debt Commitment Letters (for the avoidance of doubt, with conditions precedent to such alternative financing and other terms that would not reasonably be expected to materially delay or otherwise adversely affect in any material respect the funding of such alternative financing or enforcement thereof as compared to the Financing in accordance with the initial Debt Commitment Letters) as promptly as practicable following the occurrence of such event, including using their commercially reasonable efforts to enter into definitive agreements with respect thereto (such definitive agreements entered into pursuant to the first, second or third sentence of this Section 6.9(a) being referred to as the “Definitive Financing Agreements”) and, any reference to the Debt Commitment Letters in this Agreement shall be deemed to include any replacement or amendment entered into pursuant to the second or third sentence of this Section 6.9(a), and any reference to Debt Financing Sources in this Agreement shall be deemed to include any source of debt financing under any such replacement or amendment). Parent and Merger Sub shall use their commercially reasonable efforts to, and shall use their commercially reasonable efforts to cause their Affiliates and Representatives to, comply with the terms and satisfy on a timely basis the conditions of the Financing Commitments, any alternate financing commitments and the Definitive Financing Agreements and any related fee and engagement letters. Any material breach of any of the Financing Commitments, the Definitive Financing Agreements, any alternate financing commitment and any related fee and engagement letters by Parent or Merger Sub (a “Financing Agreement Breach”) not cured or waived (in writing by the applicable financing source(s)) within thirty (30) days notice thereof shall be deemed a breach by Parent of this Section 6.9(a); provided, that if Parent and Merger Sub enter into any replacement financing with alternate financing source(s) within thirty (30) days of such Financing Agreement Breach (covering at least the amount of financing applicable to such breached financing) in accordance with the second or third sentences of this Section 6.9(a), and there is no material breach by Parent or Merger Sub thereunder, such original Financing Agreement Breach shall be deemed cured for purposes of this sentence. Parent shall (i) does not involve any conditions to funding furnish complete, correct and executed copies of the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification Definitive Financing Agreements to the same extent asCompany promptly upon their execution, the Roll-Over Commitments and (ii) does not preventgive the Company prompt notice (x) of any material breach by any party of, materially impede or materially delay the consummation material dispute or disagreement between any of the Roll-Over parties to, the Financing Commitments, any alternate financing commitment or the transactions Definitive Financing Agreements of which Parent or Merger Sub becomes aware or any termination thereof or (y) if for any reason Parent or Merger Sub believes in good faith that it is reasonably likely that it will not be able to obtain all or any material portion of the Financing in the amounts or from the sources contemplated by the Financing Commitments and that it is not reasonably likely that it will be able to obtain acceptable alternative financing and (iii) otherwise keep the Company reasonably informed on a current basis of the status of its efforts to arrange the Financing (or any replacements thereof). Parent and Merger Sub acknowledge and agree that the obtaining of the Financing, or any alternative financing, is not a condition to their respective obligations to effect the Merger. Notwithstanding any provision of this Agreement to the contrary, nothing in this Section 6.9 shall require, and in no event shall the commercially reasonable efforts of Parent or Merger Sub be deemed or construed to require, either Parent or Merger Sub to (i) seek equity financing from any source other than the party providing Equity Financing under the initial Equity Commitment Letter or an amount of equity financing in excess of the Equity Financing contemplated by the initial Equity Commitment Letter or (ii) pay any fees in excess of those contemplated by the Financing Commitments or to agree to any “market flex” term less favorable to Parent, Merger Sub or the TDC AgreementSurviving Corporation than such corresponding market flex term contained in or contemplated by the initial Debt Commitment Letters (in the case of this clause (ii), other than any increase(s) from the interest rate contemplated by the initial Debt Commitment Letters in an amount not to exceed twelve point five (12.5) basis points in the aggregate); provided, that this sentence shall not excuse Parent from its obligation to pay the Parent Termination Fee in accordance with Section 8.4 due to its failure to obtain the Financing, or in any way prejudice the Company’s rights under the Limited Guarantee or, to the extent contemplated by Section 9.13, the Equity Commitment Letter. (b) From and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of after the date of this Agreement so long as such addition does not prevent, materially impede or materially delay until the consummation earlier of the Roll-Over Effective Time or the transactions contemplated by termination of this Agreement or in accordance with Section 8.1, the TDC Agreement. Upon any such amendmentCompany shall, replacementand shall cause each of the Company Subsidiaries to, supplement or modification use its commercially reasonable efforts, at Parent’s sole expense, to cooperate with Parent and Parent’s Affiliates and Debt Financing Sources in connection with the arrangement of the Financing Commitments (or any replacements thereof), including (i) furnishing Parent, Merger Sub and the Debt Financing Sources with financial and other pertinent information regarding the Company and the Company Subsidiaries in accordance connection with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amendedmay be reasonably be requested in writing by Parent, replaced, supplemented or modified.including using commercially reasonable efforts to furnish all financial statements and other financial data and financial information that is required in order for the Parent to satisfy its obligations under the Debt Commitment Letters and using commercially reasonable efforts to furnish all other financial information required from the Company pursuant to the Debt Commitment Letters as

Appears in 1 contract

Sources: Merger Agreement (Benihana Inc)

Financing. (a) The Debt Purchaser (i) shall use its reasonable best efforts Commercially Reasonable Efforts to take, or cause to be taken, all actions within its control and to do, or cause to be done, all things necessary within its control necessary, proper or reasonably advisable to obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsUnderwriting Agreement, including and (ii) shall not permit any amendment or modification to be made to, or consent to any waiver of any provision or remedy under the Underwriting Agreement if such amendment, modification, consent or waiver (AX) maintain in effect materially reduces the aggregate proceeds received by the Purchaser from the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating materially increasing the Equity Financing at amount of fees to be paid) or prior (Y) imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the Closing)receipt of Financing, or otherwise expands, amends or modifies any other provision of the Underwriting Agreement, in a manner that would reasonably be expected to materially delay or prevent or make less likely the funding of the Financing (C) or satisfaction of the conditions to the extent not previously entered into, enter into definitive agreements with respect thereto Financing) on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking Date or materially adversely impacts the ability of the Purchaser to enforce its rights under against other parties to the Roll-Over Commitments against Underwriting Agreement. The Seller acknowledges and agrees that the lenders “bought deal letter” provides only a summary of the terms of the Financing and will be replaced by an “underwriting agreement” including additional particulars concerning the Financing and the entering into of such “underwriting agreement” and other persons agreements or documents necessary to implement the Financing will not constitute a default under this Agreement.. (b) The Purchaser shall give the Seller prompt notice, (A) of any breach, default, termination or repudiation by any party to the Underwriting Agreement of which the Purchaser becomes aware and (B) of the receipt by the Purchaser of any written notice or other written communication from any underwriter party to the Underwriting Agreement with respect to any breach, default, termination or repudiation by any party to the Underwriting Agreement of any provisions of the Underwriting Agreement or material dispute or disagreement between the parties to the Underwriting Agreement. As soon as reasonably practicable, but in any event within two (2) Business Days of the date the Seller delivers the Purchaser a written request, the Purchaser shall provide any information reasonably requested by the Seller relating to any circumstance referred to in clause (A) or (B) of the immediately preceding sentence. (c) The Seller and the Corporation shall use Commercially Reasonable Efforts to cause its affiliates, directors, officers, employees and advisors (including financial advisors and legal counsel) to provide, at the Purchaser’s request, any co-operation reasonably requested by the Purchaser in connection with the Financing, including (a) providing the Roll-Over Commitments). The Debt Purchaser shall not agree with all information regarding the Corporation, including any pro forma financial statements as may be required to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related be included in a prospectus relating to the Financing, (b) co-operating with the marketing efforts undertaken by the Purchaser or the Financing underwriters; (c) making senior management of the Corporation and Seller available to participate in each casedue diligence sessions, without (d) responding to requests from any Governmental Authority in connection with the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification prospectus relating to the Roll-Over Commitments Financing and (ie) does not involve any conditions to funding the Roll-Over otherwise taking, or refraining from taking, such actions that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement likely to hinder or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedFinancing.

Appears in 1 contract

Sources: Share Purchase Agreement (Enthusiast Gaming Holdings Inc. / Canada)

Financing. (a) The Debt Purchaser Powerfleet shall use its reasonable best efforts to, and shall cause its Subsidiaries to use their reasonable best efforts to, take, or cause to be taken, all actions actions, and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitments, including to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including Documents by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to no later than the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders Date, and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each casepermit, without the Company’s prior written consent of Agent (which such consent shall not to be unreasonably withheld withheld, conditioned or delayed), provided that any amendment or modification to be made to, or any waiver or release of any provision or remedy to be made under, the Financing or any definitive agreement or documentation in connection therewith (including the Financing Documents and any fee letter) if such amendment, replacementmodification, supplement waiver or other modification to the Roll-Over Commitments release would (i) does not involve any conditions reduce the aggregate amount of the Financing to funding an amount that is less than the Roll-Over amount that are not contained in, and satisfied would be required for Powerfleet to effect payments on the date of entry intoClosing Date required to be made by it pursuant to this Agreement, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not preventimpose new or additional (or adversely modifies any existing) conditions precedent to the availability of the Financing, materially impede or materially (iii) otherwise be reasonably expected to impair, prevent or delay the consummation of the Roll-Over Financing or the consummation of the transactions contemplated by this Agreement or adversely impact the TDC Agreement; ability of Powerfleet to enforce their rights against the other parties to the Financing or any definitive agreements or documentation with respect thereto. (b) Without limiting the generality of Section 5.3(a), Powerfleet shall use reasonable best efforts to, and provided that shall cause its Subsidiaries to use their reasonable best efforts to: (i) seek and obtain any Authorizations required to consummate the Debt Purchaser may replace Financing, (ii) maintain in effect the Financing on terms and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or conditions described therein until the transactions contemplated by this Agreement are consummated, (iii) satisfy (or obtain waiver of), on a timely basis, all conditions within their control, covenants, terms, representations and warranties in the TDC Agreement. Upon Financing Documents (and any such amendmentother definitive documentation related thereto) at or prior to Closing and otherwise comply with their obligations thereunder, replacementin each case to the extent necessary for, supplement or modification a condition to, the availability of the financing thereunder, (iv) enter into definitive agreements and documentation with respect to the Debt Financing as soon as reasonably practicable but in any event prior to the Closing, on the terms and conditions (including the flex provisions contained in any fee letter) contemplated by the Debt Commitment Letter, (v) if all the conditions precedent contained in the Financing Documents have been satisfied, consummate the Financing on or prior to the Closing Date, and in any event prior to or contemporaneously with the Closing, (vi) enforce its rights under the Financing Documents (and any other definitive documentation related thereto), and (vii) cause the lenders or investors, as the case may be, to fund by no later than the Closing Date, and in any event prior to or contemporaneously with the Closing, the Financing. (c) Powerfleet will keep Agent reasonably informed with respect to all material activity concerning the status of the Financing Commitments and will give Agent prompt notice of any material change in accordance or with respect to the Financing. Without limiting the generality of the foregoing, Powerfleet shall give Agent prompt notice: (i) of any breach, threatened (in writing) breach or default (or any event or circumstance that, with or without notice, lapse of time or both, would reasonably be expected to give rise to any breach or default) by any party to any Financing Document or other definitive document related to the Financing of which Powerfleet becomes aware; (ii) of the receipt of any written notice or other written communication from any party to any Financing Document or other definitive document related to the Financing with respect to any actual or potential breach, default, termination or repudiation by any party to any Financing Document or any other definitive document related to the Financing or a request for amendments or waivers thereto that are or could be reasonably expected to be materially adverse to the timely consummation of the Financing, (iii) if for any reason Powerfleet believes in good faith that it will not be able to obtain all or any portion of the Financing on the terms, in the manner or from the sources contemplated by the Financing Documents or the other definitive documents related to the Financing (including if Powerfleet has any reason to believe that it will be unable to satisfy, on a timely basis, any term or condition to the availability of any Financing) and (iv) if any Financing Document or other definitive document related to the Financing will expire or be terminated for any reason. As soon as reasonably practicable, but in any event within two (2) Business Days after the date Agent delivers to Powerfleet a written request, Powerfleet shall provide any information reasonably requested by Agent relating to any circumstance referred to in clause (i), (ii), (iii) or (iv) of the immediately preceding sentence. (d) If any portion of the Financing becomes unavailable on the terms and conditions or from the sources contemplated in the Financing Documents (including the “market flex” provisions in respect of the Debt Financing), including due to a failure to obtain any necessary regulatory approvals in connection therewith, Powerfleet shall use reasonable best efforts to arrange and obtain, as promptly as practicable following the occurrence of such event, alternative financing from the same or alternative sources in an amount sufficient to consummate the transactions contemplated by this Agreement with such terms and conditions as are not materially less favourable to Powerfleet in the aggregate than those contained in the Financing Document which became unavailable (any such alternative financing, the “Alternative Financing”); provided that any change in the currency denomination currently contemplated in the Debt Financing shall be deemed to be not materially less favourable to Powerfleet in the aggregate in such Alternative Financing. Powerfleet shall deliver to Agent correct copies of any modified or replaced Financing Document and documents relating to the Alternative Financing as promptly as practicable following the execution thereof (except that the fee amounts, pricing caps, “market-flex” and other economic and commercially sensitive terms that are customarily redacted in transactions of this type (none of which would adversely affect the amount (other than upfront fees) or availability of, or impose any additional conditions on the availability of, the Alternative Financing) set forth therein may be redacted). After giving effect to any such Alternative Financing and assuming the references herein to the Financing and Debt Financing or Equity Financing, as applicable, include references to the Alternative Financing, the representations and warranties of Powerfleet set forth in Article 4 herein (or, in the case of representations and warranties that address matters only as of a particular date, as of such date) shall be true and correct in all material respects on and as of such date with the same effect as though made on and as of such date. (e) Powerfleet acknowledges and agrees that Agent, Sellers and FC Group Entities and their respective Affiliates and employees have no responsibility for any financing that Powerfleet may raise in connection with the transactions contemplated hereby. Powerfleet also acknowledges and agrees that it obtaining financing is not a condition to any of its obligations hereunder, regardless of the reasons why financing is not obtained or whether such reasons are within or beyond the control of Powerfleet. For the avoidance of doubt, if any financing referred to in this Section 5.105.3 is not obtained, Powerfleet shall continue to be obligated to consummate the term “Financing Commitments” shall mean transactions contemplated by this Agreement, subject to and on the Financing Commitments as so amended, replaced, supplemented or modifiedterms contemplated by this Agreement.

Appears in 1 contract

Sources: Share Purchase Agreement (Powerfleet, Inc.)

Financing. (a) The Debt Purchaser Unless, and to the extent, Buyer shall use have demonstrated to the reasonable satisfaction of Seller that Buyer shall have sufficient cash from other sources (including by reason of capital markets, securities or other financing transactions) available to satisfy its reasonable best efforts to takecash payment obligations under this Agreement, from and after the execution of this Agreement, Buyer shall not permit any amendment or cause modification to be takenmade to the Commitment Letter, all actions and to do, if such amendment or cause to be done, all things necessary to obtain modification (A) reduces the proceeds aggregate amount of the Financing on below the terms and conditions described in amount required together with the Financing Commitments, including other sources to (A) maintain in effect pay the Financing Commitments, Required Funding Amount or (B) satisfy on a timely basis all imposes additional conditions applicable or otherwise amends any of the conditions to the Debt Purchaser receipt of the Financing in a manner that could reasonably be expected to (I) prevent the Closing from occurring prior to the Termination Date, (II) make the funding of the Financing (or satisfaction of the conditions to obtaining the Financing that is within Financing) materially less likely to occur or (III) materially impact the ability of Buyer to enforce its control (including by consummating the Equity Financing at or prior rights against other parties to the Closing), (C) to Commitment Letter or the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by thereto. For the Financing Commitments and (D) consummate the Financing at or prior avoidance of doubt, but subject to the Closing (including by seeking to enforce its rights under foregoing, Buyer may amend, supplement, modify or replace the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, Letter as in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on effect at the date of entry into, such amendment, replacement, supplement hereof (x) to add or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Commitment Letter as of the date of this Agreement so long as such addition does not preventAgreement, materially impede (y) to increase the amount of indebtedness or materially delay the consummation (z) to replace all or a portion of the Roll-Over facility committed under the Commitment Letter as in effect as of the date hereof with one or the transactions contemplated by this Agreement more new facilities under such Commitment Letter or the TDC Agreement. Upon under any new commitment letter or facility (any such amendmentnew commitment or facility, replacementa “Replacement Facility”); provided, supplement or modification that the terms of such Replacement Facility shall comply with clauses (A) and (B) above. Promptly following the Financing Commitments execution of a Replacement Facility by Buyer, Buyer shall notify the Seller to such effect and shall promptly provide a fully executed copy of such Replacement Facility and any related agreements (which may be redacted in accordance with a customary manner). For purposes of this Section 5.10Agreement, (1) the term “Financing CommitmentsFinancing” shall mean be deemed to include the Financing Commitments financing contemplated by the Commitment Letter as so amended, replacedmodified or replaced pursuant to this Section 6.23 (including any Replacement Facility, supplemented any Alternative Financing and, in the case of Section 6.23(d), any offering or modifiedsale of debt or equity securities the proceeds of which are intended to be used to satisfy the obligations under this Agreement), and (2) the term “Commitment Letter” shall be deemed to include the Commitment Letter as may be amended, modified or replaced pursuant to this Section 6.23, any commitment letters with respect to any Replacement Facility, and any commitment letters with respect to the Alternative Financing.

Appears in 1 contract

Sources: Asset Purchase Agreement (Centene Corp)

Financing. (a) The Debt Purchaser Each of Parent and Merger Sub shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitmentsapplicable Equity Commitment Letters, including to by (Ai) maintain maintaining in effect effect, without amendment, supplement, modification or waiver, each of the Financing CommitmentsEquity Commitment Letters, (Bii) satisfy satisfying on a timely basis all conditions to the closing of and funding under the applicable Equity Commitment Letters applicable to the Debt Purchaser to obtaining Parent and Merger Sub that are within their control, (iii) consummating the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by each of the Financing Commitments and (D) consummate the Financing applicable Equity Commitment Letters at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related prior to the Effective Time, and (iv) enforcing the parties’ funding obligations (and the rights of Parent and Merger Sub) under each of the applicable Equity Commitment Letters to the extent necessary to fund the Merger Consideration. If any portion of the Financing becomes unavailable on the terms and conditions contemplated by the applicable Equity Commitment Letters, (x) Parent and Merger Sub shall promptly notify the Company in writing and (y) Parent and Merger Sub shall use their reasonable best efforts to arrange and obtain as promptly as practicable following the occurrence of such event alternative debt financing and/or equity financing on terms and conditions not materially less favorable, in the aggregate, from the standpoint of the Company than the terms and conditions as set forth in the applicable Equity Commitment Letters as in effect on the date hereof (the “Alternative Financing”), in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments case so long as (i) does not involve the aggregate proceeds of the Financing (as amended or modified) and any Alternative Financing (if applicable), will be sufficient for Merger Sub and the Surviving Company to pay the Merger Consideration and any other amounts required to be paid in connection with the consummation of the Transactions upon the terms and conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments contemplated hereby and (ii) such amendment or modification or such Alternative Financing (A) does not preventimpose new or additional conditions compared to those in each of the applicable Equity Commitment Letters as in effect on the date hereof, materially impede (B) would not prevent or materially delay the consummation of the Roll-Over Transactions or materially impair the transactions contemplated by this Agreement ability of Parent or Merger Sub to consummate the TDC Agreement; Transactions and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition (C) does not preventinvolve any change, materially impede terms or materially delay conditions that would adversely impact the consummation ability of Parent or Merger Sub to enforce their rights against the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification providers of the Financing Commitments or Alternative Financing. If Parent becomes aware of the existence of any fact or event that would reasonably be expected to cause any portion of the Financing to become unavailable on the terms and conditions contemplated by the Equity Commitment Letters in effect on the date hereof, Parent and Merger Sub shall use their reasonable best efforts to either cure or eliminate such fact or event, or to arrange and obtain Alternative Financing. Parent shall deliver to the Company as promptly as practicable (and no later than three (3) Business Days) after such execution, true and complete copies of all Contracts or other arrangements pursuant to which any such alternative sources have committed to provide such Alternative Financing. (b) Without limiting the generality of Section 6.07(a), Parent and Merger Sub shall give the Company prompt notice in writing: (i) of any material breach or default (or any event or circumstance that, with or without notice, lapse of time or both, could reasonably be expected to give rise to any breach or default) by any party to any Equity Commitment Letter, which would be reasonably likely to result in any condition of such Equity Commitment Letter not to be satisfied or the termination of any Equity Commitment Letter, of which Parent or Merger Sub becomes aware; (ii) of the receipt of any written notice or other written communication from any party to any Equity Commitment Letter with respect to any alleged or potential breach, default, termination or repudiation by any party to such Equity Commitment Letter or any provisions of such Equity Commitment Letter which could result in any condition of such Equity Commitment Letter not to be satisfied or the termination of such Equity Commitment Letter; (iii) of any material dispute or disagreement between or among any parties to any Equity Commitment Letter; and (iv) if Parent or Merger Sub at any time believes that it will not be able to obtain all or any portion of the Financing on the terms, in the manner or from the sources contemplated by each of the Equity Commitment Letters. As soon as reasonably practicable after the date the Company delivers to Parent or Merger Sub a written request therefor, Parent and Merger Sub shall provide written notice of the circumstance referred to in clause (i), (ii), (iii) or (iv) of the immediately preceding sentence. (c) Parent and Merger Sub shall on a joint and several basis (i) indemnify and hold harmless the Company, its Subsidiaries and their respective 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 the Financing and/or Alternative Financing (including any action taken in accordance with this Section 5.106.07(c)) and any information utilized in connection therewith and (ii) promptly upon request by the Company, reimburse the term “Financing Commitments” Company for all documented and reasonable out-of-pocket costs incurred by the Company or its Subsidiaries in connection with this Section 6.07(c); provided that Parent and Merger Sub shall mean not be liable to the Financing Commitments as so amendedCompany, replacedits Subsidiaries or their respective Representatives for any such liabilities, supplemented losses, damages, claims, costs, expenses, interest, awards, judgments or modifiedpenalties to the extent resulting from the fraud of such indemnifiable persons.

Appears in 1 contract

Sources: Merger Agreement (iKang Healthcare Group, Inc.)

Financing. (a) The Debt Purchaser shall use its commercially reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitments, including commercially reasonable efforts to (Ai) maintain in effect the Financing Commitments, (Bii) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing)Financing, (Ciii) to the extent not previously entered into, enter into negotiate definitive agreements with respect thereto on terms and conditions described contained in or contemplated by the Financing Commitments or other terms that would not materially and adversely impact the ability of Purchaser to timely consummate the transactions contemplated hereby and (Div) consummate the Financing at or prior to the Closing (including by seeking to enforce enforcing all of its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Financing Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s Sellers’ prior written consent (which consent shall not be unreasonably withheld or delayed), provided that except any such amendment, replacement, supplement or other modification to the Roll-Over Financing Commitments that would not (iA) does not involve materially reduce the aggregate amount of the Financing below that amount required to consummate the purchase of the Shares and the other transactions contemplated by this Agreement, (B) materially adversely amend or expand any conditions to funding the Roll-Over Financing that are not contained inin the Financing Commitments, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification (C) reasonably be expected to the same extent as, the Roll-Over Commitments and (ii) does not prevent, prevent or materially impede or materially delay the consummation of the Roll-Over Financing or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.106.17, Purchaser shall provide a copy thereof to the Sellers and the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified. (b) In the event all or any portion of the Financing becomes unavailable on the terms and conditions described in or contemplated by the Financing Commitments for any reason, Purchaser shall use its commercially reasonable efforts to arrange to obtain, as promptly as practicable following the occurrence of such event alternative financing from alternative sources (the “Alternative Financing”) in an amount sufficient to consummate the transactions contemplated by this Agreement which in Purchaser’s reasonable judgment would not involve financial terms that are less beneficial, and other terms that are less beneficial in the aggregate, to Purchaser, would not involve any conditions to funding the Financing that are not expressly contained in the Financing Commitments and would not reasonably be expected to prevent or materially impede the consummation of the Financing or the transactions contemplated by this Agreement. (c) Purchaser shall give the Sellers prompt written notice of any breach by any party of the Financing Commitments (or commitments for any Alternative Financing) of which Purchaser becomes aware or any termination of the Financing Commitments (or commitments for any Alternative Financing). Purchaser shall keep the Sellers informed on a reasonably current basis in reasonable detail of the status of its efforts to arrange the Financing (or Alternative Financing) and, to the extent permitted, provide to the Sellers copies of all documents related to the Financing (or Alternative Financing).

Appears in 1 contract

Sources: Stock Purchase Agreement (Xata Corp /Mn/)

Financing. (a) The Debt Purchaser Parent shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Debt Financing on the terms and conditions described in the Debt Financing Commitments and shall not permit any amendment or modification to be made to, or any waiver of any provision or remedy under the Financing Commitments if such amendment, modification or waiver would (x) reduce the aggregate amount of the Debt Financing (including by changing the amount of fees to be paid or original issue discount of the Debt Financing or similar fee) unless the Equity Financing is increased by a corresponding amount, or (y) impose new or additional conditions, or otherwise amend, modify or expand any conditions, to the receipt of the Debt Financing in a manner that would reasonably be expected to (I) delay (taking into account the Marketing Period) or prevent the Closing, (II) make the funding of the Debt Financing (or satisfaction of the conditions to obtaining the Debt Financing) less likely to occur or (III) adversely impact the ability of Parent to enforce its rights against the other parties to the Debt Financing Commitments or the definitive agreements with respect thereto, the ability of Parent to consummate the transactions contemplated hereby or the likelihood of consummation of the transactions contemplated hereby. Subject to the limitations set forth in this Section 6.14 and provided that the representations set forth in Section 5.2(e) shall be true and correct giving effect to such replacement or amendment, Parent and Merger Sub may replace or amend the Debt Financing Commitments to add lenders, lead arrangers, bookrunners, syndication agents or similar entities that have not executed the Debt Financing Commitments as of the date hereof, if the addition of such additional parties, individually or in the aggregate, would not be reasonably likely to (I) delay (taking into account the Marketing Period) or prevent the Closing, (II) make the funding of the Debt Financing (or satisfaction of the conditions to obtaining the Debt Financing) less likely to occur or (III) adversely impact the ability of Parent to enforce its rights against the other parties to the Debt Financing Commitments or the definitive agreements with respect thereto, the ability of Parent to consummate the transactions contemplated hereby or the likelihood of consummation of the transactions contemplated hereby. For purposes of this Section 6.14, references to “Financing” shall include the financing contemplated by the Financing Commitments as permitted to be amended or modified by this Section 6.14(a) and references to “Financing Commitments” or “Debt Financing Commitments” shall include such documents as permitted to be amended or modified by this Section 6.14(a). Without limiting the foregoing, including Parent and Merger Sub shall use their reasonable best efforts to (Ai) maintain in full force and effect the Debt Financing CommitmentsCommitments in accordance with their terms, (Bii) satisfy on a timely basis all conditions and covenants applicable to Parent and Merger Sub in the Debt Purchaser to obtaining the Financing that is within its control Commitments (including by consummating the financing pursuant to the terms of the Equity Financing at Commitments) and otherwise comply with its obligations thereunder, in each case, that are within Parent’s or prior to the Closing)any of its Affiliates’ control, (Ciii) to the extent not previously entered into, enter into definitive agreements with respect thereto on the terms and conditions described in or (including the flex provisions) contemplated by the Debt Financing Commitments or on such terms acceptable to Parent and the Financing Sources, (Div) consummate the Financing at or prior to the Closing Closing, (including by seeking to v) enforce its rights under the Roll-Over Debt Financing Commitments against and (vi) subject to the satisfaction or waiver of the conditions set forth in the Debt Financing Commitments, cause the lenders and other persons Persons providing Financing to fund on the Roll-Over CommitmentsClosing Date the Financing contemplated to be funded on the Closing Date by the Debt Financing Commitments (or such lesser amount as may be required to consummate the Merger and the other transactions contemplated hereby). The Debt Purchaser Without limiting the generality of the foregoing, Parent and Merger Sub shall not agree give the Company prompt notice: (A) of any material breach or default (or any event or circumstance that, with or without notice, lapse of time or both, would reasonably be expected to give rise to any material breach or permit default) by any amendment, replacement, supplement party to any Financing Commitment or definitive document related to the Financing of which Parent or its Affiliates becomes aware; (B) of the receipt of any written notice or other modification ofwritten communication from any Person with respect to any actual or potential breach, default, termination or waive repudiation by any of its rights under, party to any Financing Commitment or any definitive agreements document related to the Financing or any provisions of the Financing Commitments or any definitive document related to the Financing; and (C) if for any reason Parent or Merger Sub believes in good faith it will not be able to obtain all or any portion of the Financing on the terms or in the manner contemplated by the Financing Commitments or the definitive documents related to the Financing; provided, that in no event will Parent or Merger Sub be under any obligation to disclose any information that is subject to attorney-client or similar privilege if Parent and Merger Sub shall have used their reasonable best efforts to disclose such information in a way that would not waive such privilege. As soon as reasonably practicable, but in any event within three business days after the date the Company delivers Parent or Merger Sub a written request, Parent and Merger Sub shall provide any information reasonably requested by the Company relating to any circumstance referred to in clause (A), (B) or (C) of the immediately preceding sentence. If any portion of the Debt Financing becomes unavailable on substantially the terms and conditions (including the flex conditions) contemplated in the Debt Financing Commitments, Parent shall use its reasonable best efforts to arrange and obtain alternative financing from alternative sources on terms and conditions that are no less favorable to Parent (taking into account any flex provisions) than those set forth in the Debt Financing Commitment, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification an amount sufficient to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or consummate the transactions contemplated by this Agreement or as promptly as practicable following the TDC Agreement; and provided that occurrence of such event but no later than the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as last business day of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedMarketing Period.

Appears in 1 contract

Sources: Merger Agreement (Pharmaceutical Product Development Inc)

Financing. (a) The Debt Each of the Purchaser and the Guarantor shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange the Financing, including using its best efforts to (i) satisfy on a timely basis (or obtain a waiver of) all conditions and covenants applicable to the proceeds of Purchaser, the Guarantor or its Affiliates, as the case may be, to obtaining the Financing required for each Closing at or prior to such Closing as set forth therein, (ii) negotiate, execute and deliver (or cause its Affiliates to execute and deliver) definitive agreements with respect to such Financing on the terms and conditions described contemplated by the Debt Financing Letters (and provide copies thereof to the Seller), (iii) fully pay any and all commitment fees, origination fees or other fees required by the Debt Financing Letters and (iv) upon satisfaction of the conditions set forth in the Debt Financing CommitmentsLetters, including to (A) maintain in effect consummate the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing necessary for each Closing at or prior to such Closing. (b) In the Closing)event any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Debt Financing Letters, the Purchaser shall promptly notify the Seller and each of the Purchaser and the Guarantor shall use its best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to arrange to obtain alternative financing from alternative sources on (i) terms and conditions not materially less favorable to the Purchaser than the Debt Financing Letters, (Cii) with conditions to the extent funding of the Financing not previously entered intomaterially less favorable to the interests of the Seller than those included in the Debt Financing Letters and (z) in an amount sufficient to consummate the transactions contemplated hereby, enter into including the payment of the Purchase Price, the amounts to be paid pursuant to Section 8.2 (if any) and all related fees and expenses promptly following the occurrence of such event, and in any event prior to or on the Initial Closing Date. (c) The Purchaser and the Guarantor shall keep the Seller reasonably informed and in reasonable detail with respect to all material developments concerning the Financing, including the alternative financing. Without limiting the generality of the foregoing, the Purchaser and the Guarantor shall promptly (and, in any event, within two (2) Business Days) notify the Seller in writing (i) of any material breach or default (or any event or circumstance that, with or without notice, lapse of time or both could reasonably be expected to give rise to any material breach or default) by any party to the Debt Financing Letters or the definitive agreements with respect thereto, (ii) of the receipt by the Purchaser or any of its Affiliates or their respective employees, agents or representatives of any notice or other communication from any Person with respect to any (A) actual or potential material breach, default, termination or repudiation by any party to the Debt Financing Letters or any definitive agreement related thereto or any provision of the Financing contemplated pursuant to the Debt Financing Letters or any definitive agreement related thereto (including any proposal by any lender named in the Debt Financing Letters or any definitive agreement related thereto to withdraw, terminate or make a material change in the terms of (including the amount of financing contemplated by) the Debt Financing Letters) or (B) material dispute or disagreement between or among any parties to Debt Financing Letters or any definitive agreement related thereto, and (iii) if for any reason the Purchaser believes in good faith that (A) there is (or there is reasonably likely to be) a dispute or disagreement between or among any parties to the Debt Financing Letters or any definitive agreement related thereto or (B) there is a material possibility that it will not be able to obtain all or any portion of the financing contemplated in the Debt Financing Letters on terms and conditions described the terms, in the manner or from the sources contemplated by the Debt Financing Commitments and (D) consummate Letters or the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related thereto. Each of the Purchaser and the Guarantor shall use its reasonable best efforts to cause the Financing, in each case, without Financing Sources providing the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification Financing to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied fund on the date of entry into, such amendment, replacement, supplement or Closing Date the Financing required to consummate the Closing and the other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that if all conditions set forth in the Debt Purchaser may replace Financing Letters have been satisfied or waived (other than those conditions that by their nature are to be satisfied at Closing, but subject to the fulfillment or waiver of those conditions), including by taking enforcement action to cause such Financing Sources providing the Financing to comply with their obligations under the Debt Financing Letters and, subject to the terms and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as conditions of the date of Debt Financing Letters, to fund such Financing. References in this Agreement so long as such addition does not prevent, materially impede or materially delay to “Financing” shall include the consummation of the Roll-Over or the transactions financing contemplated by the Debt Financing Letters as permitted by this Agreement Section 6.4 to be amended, modified or the TDC Agreement. Upon any replaced (including, replacement with alternative financing and alternative financing letters pursuant to this Section 6.4) and references to “Debt Financing Letters” shall include such documents as permitted by this Section 6.4 to be amended, modified or replaced (including replacement with alternative financing letters pursuant to this Section 6.4), in each case from and after such amendment, modification or replacement. (d) Prior to Closing, supplement or modification the Seller shall use its reasonable best efforts to provide to the Purchaser, and shall use its reasonable best efforts to cause its employees, advisors and representatives to provide to the Purchaser, all cooperation that is reasonably requested by the Purchaser in connection with the Financing, including: (i) participating in a reasonable number of meetings, due diligence sessions and sessions with prospective Financing Sources in connection with the Financing, (ii) assisting with the preparation of materials for bank information memoranda and similar documents required in connection with the Financing, and (iii) using reasonable best efforts to obtain accountants’ comfort letters, legal opinions, surveys and title insurance at the expense of and as reasonably requested by the Purchaser on behalf of the Financing Commitments Sources; provided, however, that nothing herein shall require such cooperation either to support any bond offering or to the extent it would interfere unreasonably with the Business or operations of the Seller and its Affiliates; and provided, further, that the Seller, its Affiliates and its and their respective officers, directors or employees shall not be required to authorize, execute, deliver or perform under any agreement with respect to the Financing that is not contingent upon the Closing for the Facility or the related Purchased Assets or that would be effective prior to or simultaneous with the Closing for such Facility, and then only with respect to such Facility or the related Purchased Assets. (e) None of the Seller, its Affiliates and its and their employees, agents or 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, origination or other similar fee or make any other payment or incur any other liability or provide or agree to provide any indemnity in accordance connection with the Financing or their performance of their respective obligations under this Section 5.106.4 and any information utilized in connection therewith. The Purchaser shall indemnify and hold harmless the Seller, its Affiliates and its and their employees, agents and representatives from and against any and all Losses suffered or incurred by them in connection with the term “Financing Commitments” shall mean arrangement of the Financing Commitments and the performance of their respective obligations under this Section 6.4 or any information utilized in connection therewith. The Purchaser shall, promptly upon request of the Seller, advance or reimburse (as so amendedrequested) the Seller and its Affiliates for all out-of-pocket costs to be incurred or that have been incurred by the Seller and its Affiliates (including those of its and their employees, replacedaccountants, supplemented consultants, legal counsel, agents and other representatives) in connection with their performance of this Section 6.4 or modifiedotherwise to support or cooperate with the Financing.

Appears in 1 contract

Sources: Asset Purchase Agreement (Kindred Healthcare, Inc)

Financing. (a) The Debt Parent and the Purchaser shall use its their commercially reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Debt Financing on the terms and conditions described in the Financing CommitmentsDebt Commitment Letters, including using commercially reasonable efforts to (Ai) maintain in effect the Debt Commitment Letters and negotiate and enter into definitive agreements with respect to the Debt Financing Commitmentson the terms and conditions reflected in the Debt Commitment Letters or on other terms reasonably acceptable to Parent and the Purchaser, (Bii) satisfy on a timely basis all material conditions applicable to Parent and the Debt Purchaser to obtaining the Financing in such definitive agreements that is are within its control (including by consummating the Equity Financing at or prior to the Closing)their control, (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (Diii) consummate the Debt Financing at such time or prior from time to the Closing time as is necessary for Purchaser to satisfy its obligations under this Agreement, and (including by seeking to iv) enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Commitment Letters; provided, however, that Parent or Purchaser shall not agree have the right to substitute alternative financing for the Debt Commitment Letters with a different letter or permit a letter from alternative lenders so long as such substitute letter is subject to financing conditions that are at least as favorable to Parent and Purchaser as the financing conditions set forth in the Debt Commitment Letters. In the event any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Commitment Letters for any reason, Parent and the Purchaser shall use their commercially reasonable efforts to obtain alternative financing on terms no less favorable to Parent and Purchaser than the Debt Financing from alternative sources (“Alternative Financing”) as promptly as practicable following the occurrence of such event. Parent shall promptly notify the Company in writing of: (A) the occurrence or existence of any event, condition, fact or circumstance that could adversely impact the availability to Parent or Purchaser of the cash resources and/or financing sufficient to enable Purchaser to acquire the Company Shares pursuant to the Offer, and otherwise perform its obligations under this Agreement; (B) any amendment, replacementwithdrawal, supplement rescission, breach, violation or non-satisfaction of any of the covenants, conditions or other modification of, terms contained in the Debt Commitment Letters or waive any documents incorporated by reference therein; or (C) any allegation with respect to any of its rights under, any Financing Commitment or any definitive agreements related the matters described in clause “(B)” of this sentence. No notification given to the FinancingCompany pursuant to this Section 5.16(a) shall limit or otherwise affect the covenants or obligations of Parent or Purchaser contained in this Section 5.16(a). For the avoidance of doubt, in each case, without Parent’s and the CompanyPurchaser’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification obligation to consummate the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent asOffer, the Roll-Over Commitments Merger and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the other transactions contemplated by this Agreement or are not (and shall not be) subject to any financing condition. (b) In the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of period between the date of this Agreement so long as such addition does not preventand the Effective Time, materially impede or materially delay upon request of Parent, the consummation Company shall, and shall use commercially reasonable efforts to cause its Subsidiaries, and its and their Affiliates and Representatives to, reasonably cooperate with Parent in connection with its financing of the Roll-Over or the transactions contemplated in this Agreement, including using commercially reasonable efforts to (i) participate in meetings and road shows, if any; (ii) provide information reasonably requested by this Agreement Parent relating to such financing; (iii) assist in the preparation of offering memoranda, private placement memoranda, prospectuses and similar documents of Parent; and (iv) obtain the consent of, and customary comfort letters from, Ernst & Young, LLP (including by providing customary management letters and requesting legal letters to obtain such consent) if necessary or the TDC Agreement. Upon any such amendment, replacement, supplement or modification desirable for Parent’s use of the Financing Commitments Company’s financial statements. Parent shall promptly, upon request by the Company, reimburse the Company for all documented out-of-pocket expenses incurred by the Company or its Affiliates or Representatives in accordance connection with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedsuch cooperation.

Appears in 1 contract

Sources: Merger Agreement (Biosite Inc)

Financing. (a) The Debt Purchaser Parent shall use its commercially reasonable best efforts to take, or cause to be taken, all actions arrange and to do, or cause to be done, all things necessary to obtain consummate the proceeds of the Debt Financing on the terms and conditions described in the Financing CommitmentsDebt Commitment Letter as promptly as reasonably practicable, including using its commercially reasonable efforts to (Ai) maintain in effect the Financing CommitmentsDebt Commitment Letter on the terms and conditions contained therein, (ii) negotiate definitive agreements with respect thereto on the terms and conditions contained therein or on other terms that would not (A) by virtue of any amendment or modification of the Debt Commitment Letter, reduce the aggregate amount of the Debt Financing below the amount contemplated therein to be provided (after taking into account the flex provisions set forth in the Debt Commitment Letter or the associated fee letter) unless the Equity Financing or other Debt Financing are increased by, or additional debt commitments are obtained for, a corresponding amount or (B) impose new or additional conditions, or otherwise amend, modify or expand any conditions, to the receipt of the Debt Financing in a manner that would reasonably be expected to (1) materially delay or prevent the Closing, (2) make the funding of the Debt Financing (or satisfaction of the conditions to obtaining the Debt Financing) less likely to occur or (3) adversely affect the ability of Parent to enforce its rights against the other parties to the Debt Commitment Letter or the definitive agreements with respect thereto, the ability of Parent to consummate the Merger or the likelihood of consummation of the Merger, (iii) satisfy on a timely basis all conditions applicable to Parent or any of its Affiliates in such definitive agreements that are within its or its Affiliates’ control, (iv) comply with (or obtain the waiver thereof) its obligations under the Debt Purchaser to obtaining Commitment Letter and the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (Dv) upon satisfaction of the conditions set forth in the Debt Commitment Letter, consummate the Debt Financing at or prior on the Closing Date. Notwithstanding the foregoing, assignments consummated pursuant to the Closing terms of the Debt Commitment Letter are permitted. (including by seeking b) Parent shall use its commercially reasonable efforts to enforce its rights under cause the Roll-Over Commitments against Lenders and the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser Financing to fund the Debt Financing on the Closing Date if all conditions in the Debt Commitment Letter have been satisfied or, upon funding, will be satisfied, provided that in no event shall not agree to Parent or permit any amendment, replacement, supplement or other modification of, or waive any of its rights underAffiliates be required to commence any litigation or other legal proceeding against any of its financing sources in connection with the Debt Commitment Letter, the Financing, this Agreement or the transactions contemplated hereby. (c) If any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Commitment Letter, Parent shall use its commercially reasonable efforts to obtain any such portion from alternative sources as promptly as practicable following the occurrence of such event on terms that, in Parent’s reasonable judgment, are not less favorable, either taken as a whole or with respect to the aggregate fees payable by Parent or its Affiliates thereunder (after taking into account the flex provisions set forth in the Debt Financing Commitment or the associated fee letter), to Parent and the Surviving Corporation (“Alternative Financing”). It is understood and agreed that “commercially reasonable efforts” as used in this Section 6.14 shall not require Parent to obtain Alternative Financing if such financing, in Parent’s reasonable judgment, is materially less favorable, either taken as a whole or with respect to the aggregate fees payable by Parent or its Affiliates thereunder (after taking into account the flex provisions set forth in the Debt Commitment Letter or the associated fee letter), to Parent and the Surviving Corporation. (d) Parent shall keep the Company reasonably informed of the status of its efforts to arrange and consummate the Debt Financing, and shall provide to the Company copies of all executed final definitive documents relating to the Debt Financing (excluding any provisions related solely to fees and economic terms agreed to by the parties thereto). Parent shall give the Company prompt notice: (i) if Parent becomes aware of any material breach or material default (or any event or circumstance that, with or without notice, lapse of time or both, would reasonably be expected to give rise to any material breach or material default) by any party to the Debt Commitment Letter or any definitive agreements document related to the Debt Financing; (ii) of the receipt by it or any notice or other written communication from any Person with respect to any actual or alleged breach, default, termination or repudiation by any party to the Debt Commitment Letter or any definitive document related to the Debt Financing or any provisions of the Debt Commitment Letter or any definitive document related to the Debt Financing; (iii) if Parent becomes aware of any event or circumstances that would reasonably be expected to cause Parent to be unable to obtain all or any portion of the Debt Financing on the terms (including the flex portions thereof), in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld manner or delayed), provided that from the sources contemplated by the Debt Commitment Letter or any such amendment, replacement, supplement or other modification definitive documents related to the Roll-Over Commitments Debt Financing; and (iv) upon receiving the Debt Financing. (e) Parent shall use its commercially reasonable efforts to obtain the Equity Financing upon satisfaction or waiver of (i) does not involve any the conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments Closing set forth in Article VII and (ii) does not prevent, materially impede or materially delay the consummation conditions to the funding of the Roll-Over Debt Financing (or any Alternative Financing) (in the transactions contemplated case of clauses (i) and (ii), other than those conditions that by this Agreement their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions). Parent shall not permit the TDC Agreement; Equity Commitment Letter to be amended or modified (except to increase the cash investment to be made thereunder), and provided that Parent shall not permit any provision thereof to be waived, without the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as prior written consent of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedCompany.

Appears in 1 contract

Sources: Merger Agreement (Barry R G Corp /Oh/)

Financing. (a) The Debt Purchaser Buyer shall use its reasonable best efforts to takeobtain, or cause to be takenobtained, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsCommitment Letters, including to (Ai) maintain maintaining in effect the Commitment Letters; (ii) negotiating definitive agreements with respect to the Debt Financing Commitments(the “Definitive Financing Agreements”) consistent with the terms and conditions contained therein (including, as necessary, the “flex” provisions contained in any related fee letter); and (Biii) satisfy satisfying on a timely basis all conditions applicable within its reasonable control in the Commitment Letters and the Definitive Financing Agreements and complying with its obligations thereunder (provided that this clause (iii) shall not impair the rights of Buyer pursuant to Sections 6.1 and 6.3 of this Agreement). In the event that all conditions contained in Sections 6.1 and 6.3 of this Agreement and in the Commitment Letters (other than, with respect to the Debt Purchaser Financing, the availability of the Cash Equity) have been satisfied, Buyer shall use its reasonable best efforts to obtaining cause the Buyer Lenders and Equity Investors to fund the Financing that is within its control required to consummate the transactions contemplated by this Agreement and the APA and to pay related fees and expenses on the Closing Date (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking using its reasonable best efforts to enforce its rights under the Roll-Over Financing Commitments against and the lenders and other persons providing the Roll-Over CommitmentsDefinitive Financing Agreements). The Debt Purchaser Buyer shall not agree to or permit any amendmentcomply with its obligations, replacementand enforce its rights, supplement or other modification of, or waive any of its rights under, any Financing under the Commitment or any definitive agreements related to the Financing, Letters in each casea timely and diligent manner. Buyer shall not, without the Company’s prior written consent of the Company: (which consent shall not be unreasonably withheld A) permit any amendment or delayedmodification to, or any waiver of any material provision or remedy under, or replace (including any replacement for any portion of the Financing that becomes unavailable), provided that any the Commitment Letters if such amendment, replacementmodification, supplement waiver or other modification to the Roll-Over Commitments replacement (i1) does not involve adds new (or adversely modifies any existing) conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over Financing; (2) reduces the amount of the Financing; (3) adversely affects the ability of Buyer to enforce its rights against other parties to the Commitment Letters or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Definitive Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments Agreements as so amended, replaced, supplemented or otherwise modified, relative to the ability of Buyer to enforce its rights against such other parties to the Commitment Letters as in effect on the date hereof or in the Definitive Financing Agreements; or (4) would reasonably be expected to prevent, impede or delay the consummation of the transactions contemplated by this Agreement and the APA or otherwise adversely affect the ability or likelihood of Buyer to timely consummate the transactions contemplated by this Agreement and the APA or make the satisfaction of the conditions to obtaining the Financing less likely to occur; or (B) terminate any Commitment Letter; provided that Buyer shall have the right to consent to assignments and replacements of an individual lender under the terms of or in connection with the syndication of the Debt Financing as expressly contemplated by the Debt Commitment Letters. Upon any such amendment, supplement or modification of the Debt Financing Commitments or Equity Financing Commitment, as applicable, in accordance with this Section 5.8(a), the term “Debt Financing Commitments” shall mean the Debt Financing Commitments and the term “Equity Financing Commitment” shall mean the Equity Financing Commitment, in each case, as so amended, supplemented or modified. In the event that any portion of the Debt Financing becomes unavailable, regardless of the reason therefor, Buyer will use its reasonable best efforts to obtain as promptly as practicable following the occurrence of such event, and in any event prior to the End Date, alternative debt financing (in an amount sufficient, when taken together with remaining portion of the Debt Financing (if any) and the Cash Equity, to consummate the transactions contemplated by this Agreement and the APA and to pay related fees and expenses) on terms not materially less favorable to Buyer and the Company taken as a whole than those set forth in the Debt Commitment Letters and any fee letter entered into by Buyer in connection therewith (including after giving effect to any increase in interest rate, fees or otherwise resulting from any lender flex provisions contained in such fee letter), and which do not include any conditions to the consummation of such alternative debt financing that are more onerous than those in the Debt Commitment Letters and which do not contain any conditions that, when considered with the other conditions taken as a whole, would reasonably be expected to prevent, impede or delay the availability of the Financing or otherwise adversely affect the ability or likelihood of Buyer to timely consummate the transactions contemplated by the this Agreement and the APA or make the satisfaction of the conditions to obtaining the Financing less likely to occur. In furtherance of and not in limitation of the foregoing, in the event that any portion of the Debt Financing becomes unavailable, regardless of the reason therefor, but alternative facilities obtained in accordance with this Section 5.8(a) are available on the terms and conditions described in the Debt Commitment Letters (or replacements thereof), then Buyer shall cause the proceeds of such alternative financing to be used in lieu of such contemplated Debt Financing as promptly as practicable. For the purposes of this Agreement, the terms “Debt Commitment Letters” and “Debt Financing Commitments” shall be deemed to include any commitment letter (or similar agreement) or commitment with respect to any alternative financing arranged in compliance herewith (and any Debt Commitment Letter and Debt Financing Commitment remaining in effect at the time in question). Buyer shall provide Seller with prompt oral and written notice of (1) any material breach or default by any party to any Commitment Letters or the Definitive Financing Agreements of which Buyer becomes aware and (2) the receipt of any written notice or other written communication from any Lender, Equity Investor, or other financing source with respect to any breach, default, termination or repudiation by any party to any Commitment Letters or the Definitive Financing Agreements of any provision thereof. Buyer shall keep Seller reasonably informed on a reasonably current basis of the status of its efforts to consummate the Financing. Notwithstanding the foregoing, in no event shall the receipt or availability of any funds or financing (including, for the avoidance of doubt, the Financing) by Buyer or any Affiliate or any other financing or other transactions be a condition to any of Buyer’s obligations hereunder or affect Seller’s termination rights under Section 7.1(g); provided that it is understood and agreed by Seller that Seller shall not have the right to obtain specific performance to cause Buyer to consummate the Closing except to the extent expressly permitted by Section 8.5.

Appears in 1 contract

Sources: Stock Purchase Agreement (Supervalu Inc)

Financing. (a) The Debt Purchaser Parent shall use its reasonable best efforts to take, or cause to be taken, all actions consummate and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and subject only to the conditions described set forth in the Financing CommitmentsDocuments, including using reasonable best efforts to (Ai) maintain in effect and comply with the Financing CommitmentsDocuments, (Bii) satisfy (and cause its Affiliates to satisfy) on a timely basis all conditions applicable to Parent and its Affiliates in the Financing Documents (or, if necessary or deemed advisable by Parent, seek consents or waivers of conditions applicable to Parent or its applicable Subsidiary contained in such Financing Document), (iii) consummate the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing)time the Closing is required to occur pursuant to Section 1.3, including using reasonable best efforts to cause the lenders and other Persons party to the Debt Financing Documents to fund the Debt Financing, (Civ) to conduct the extent not previously entered into, enter into definitive agreements Share Issue in accordance with respect thereto on terms the Parent Announcements (or any amendment or supplement thereto) and conditions described in or contemplated by the Financing Commitments and (D) otherwise consummate the Financing at Equity Financing, including to cause the joint bookrunners and lead managers to procure subscribers for, and if such subscribers cannot be procured or prior to default in their subscription, subscribe as principal, for any ordinary shares in the Closing capital of Parent not properly subscribed and paid for in connection with the Share Issue in accordance with the terms of the Placing Agreement, (including by seeking to v) enforce its rights under the Roll-Over Commitments against the lenders Financing Documents, and (vi) comply with its covenants and other persons providing obligations under the Roll-Over CommitmentsFinancing Documents. Parent shall not, without the prior written consent of the Company, (A) terminate or agree or otherwise assent to any termination of (or fail to exercise any right available to it under the Financing Documents to prevent the termination of). The Debt Purchaser shall not , (B) agree to or permit any amendment, replacement, supplement or other modification ofto be made to, or waive (C) grant any waiver of its rights any provision under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the CompanyFinancing Documents if such termination, amendment, supplement, modification or waiver would (x) reduce (or would have the effect of reducing) the aggregate amount of any portion of the Financing (including by increasing the amount of fees to be paid or original issue discount other than as effected pursuant to any market flex provisions expressly set forth in the Fee Letters) if such reduction would reduce the aggregate amount of the Financing (together with Parent’s prior written consent existing cash resources) below the amount needed to fund the Payment Obligations on the Closing Date, (which consent shall not be unreasonably withheld y) impose new or delayedadditional conditions precedent to the availability of the Financing or otherwise expand, amend or modify any of the conditions precedent to the Financing (or otherwise expand, amend or modify any other provision of the Financing Documents), provided in a manner that any such amendment, replacement, supplement could reasonably be expected to delay or other modification prevent or make less likely to occur the funding of the Financing (or satisfaction of the conditions to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained inFinancing), and satisfied on the date of entry into, such amendment, replacement, supplement or other modification with respect to the same extent asEquity Financing, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of promptly after the date of this Agreement so long and, with respect to the Debt Financing, on the Closing Date or (z) adversely impact the ability of Parent (or any Affiliate thereof) to enforce its rights against other parties to the Financing Documents. Parent shall deliver to the Company true and complete copies of any amendment, modification, supplement, consent or waiver to or under any Financing Document as such addition does not preventsoon as reasonably practicable following the execution thereof. (b) Parent shall keep the Company informed on a current basis and in reasonable detail, materially impede or materially delay upon reasonable request by the consummation Company, of the Roll-Over status of the Financing. Parent shall inform the Company promptly of (i) any actual or the transactions contemplated alleged breach or event of default (or event, development, circumstance or change that, with or without notice, lapse of time or both, would reasonably be expected to give rise to any breach or event of default), termination, cancellation or repudiation by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification party to any of the Financing Commitments Documents of which Parent becomes aware, (ii) the receipt of any written notice or other written communication from any Financing Source with respect to any (A) actual or alleged breach, default, termination, cancellation or repudiation by any party to any of the Financing Documents of any provisions of the Financing Documents or (B) material dispute or disagreement between or among any parties to any of the Financing Documents with respect to the conditionality or amount of the Financing or the obligation to fund the Financing or the amount of the Financing to be funded, with respect to the Equity Financing, promptly after the date of this Agreement and, with respect to the Debt Financing, at the Closing, and (iii) the occurrence of an event, development, circumstance or change that could reasonably be expected to adversely impact the ability of Parent or its Subsidiaries to, or any other reason Parent believes that it will not be able to, obtain all or any portion of the Financing contemplated by the Financing Documents on the terms and conditions, in the manner and from the Financing Sources contemplated by any of the Financing Documents. As soon as reasonably practicable, Parent shall provide any additional information reasonably requested by the Company relating to any circumstance referred to in the immediately preceding sentence; provided that Parent shall not be required to provide any such additional information to the extent disclosure would be prohibited under Applicable Law or such disclosure could reasonably be expected to result in a waiver of attorney-client privilege (it being understood that (x) this proviso does not limit Parent’s obligations under the immediately preceding sentence and (y) Parent shall use commercially reasonable efforts to provide such information in a manner that does not result in a loss of attorney-client privilege). If any portion of the Financing becomes unavailable on the terms and conditions (including any applicable market flex provisions) contemplated by the Financing Documents, and such portion is required to fund the Payment Obligations, Parent shall promptly notify the Company in writing and Parent shall use reasonable best efforts to, as promptly as practicable after such portion of the Financing becomes so unavailable, arrange and obtain in replacement thereof, and negotiate and enter into definitive agreements with respect to, alternative financing from the same or alternative financing sources in an amount sufficient to fund the Payment Obligations on the Closing Date and with terms and conditions (including market flex provisions) not materially less favorable, taken as a whole, to Parent (or its Affiliates) than the terms and conditions set forth in the Financing Documents. Parent shall deliver to the Company true and complete copies of all contracts, agreements or other arrangements, including Fee Letters (which contracts, agreements or other arrangements may be redacted with respect to fee amounts, original issue discount, “market flex” provisions and other economic or commercially sensitive terms; provided, that such redactions do not relate to any terms that could adversely affect the conditionality, enforceability, availability, termination or aggregate principal amount (other than with respect to original issue discount) of the Debt Financing or other funding being made available by such Debt Financing Source), pursuant to which any such alternative Financing source shall have committed to provide any portion of the Financing. For purposes of this Agreement, (I) references to the “Financing” shall include the financing contemplated by the Financing Documents as permitted to be amended, modified, supplemented or replaced in accordance with this Section 5.106.9, (II) references to the “Financing Documents,” the “Debt Financing Documents”, the term Financing CommitmentsFacility Agreement”, and the “Placing Agreement” shall mean the Financing Commitments include such documents as so permitted to be amended, replacedmodified, supplemented or replaced by this Section 6.9, (III) references to “Debt Financing” shall include the debt financing contemplated by the Debt Financing Documents as permitted to be amended, modified, supplemented or replaced in accordance with this Section 6.9, and (IV) references to “Equity Financing” shall include the underwriting of the Share Issue contemplated by the Placing Agreement as permitted to be amended, modified, supplemented or replaced in accordance with this Section 6.9. (c) Prior to the Closing Date, the Company shall use its reasonable best efforts to provide, and to cause its Subsidiaries to provide (and shall use its commercially reasonable efforts to cause its Representatives to provide), to Parent, in each case at Parent’s sole cost and expense, such reasonable cooperation as is customary and reasonably requested by Parent in connection with the Financing, including (i) upon reasonable request, the participation of senior officers in a reasonable number of meetings, presentations, conference calls, drafting sessions, due diligence sessions and sessions with rating agencies in connection with the Financing (in each case, at reasonably convenient times and locations) and (ii) using its reasonable best efforts to make available to Parent, its Subsidiaries, their advisors and their Debt Financing Sources such historical financial information and other information as Parent shall reasonably request of a type and form customarily included or required in connection with (x) marketing materials for a senior secured bank financing or (y) either a financing comparable to the Share Issue conducted in accordance with Applicable Law, including using its reasonable best efforts (except with respect to clause (v) below, in which case the Company will use its commercially reasonable efforts) to: (i) provide any financial information and data derived from the historical books and records of the Company and its Subsidiaries that is required to permit Parent, its Subsidiaries and their advisors to prepare the pro forma financial statements or other projections or forecasts required for the Parent Announcements (or any amendment or supplement thereto) (provided that Parent shall be responsible for the preparation of any pro forma financial statements and pro forma adjustments giving effect to the Merger and the Share Issue for use in connection with the offering of the Financing; provided, further, that in no event shall the Company be required to provide (A) any information regarding any post-Closing financial statements, or pro forma financial statements including post-Closing financial statements or adjustments, or any post-Closing pro forma adjustments desired to be incorporated into any information used in connection with the Financing, including any synergies or cost savings, projections, ownership or an as-adjusted capitalization table or any financial statements or information not available to the Company or not prepared in the ordinary course of its financial reporting practice or (B) any description of all or any component of the Financing, including any such description to be included in liquidity and capital resources disclosure, or other information customarily provided by the Financing Sources or their counsel); (ii) correct as promptly as reasonably practicable any information provided by or on behalf of it expressly for use in the Parent Announcements (or any amendment or supplement thereto), or which relates to the Company and is set forth in a disclosure the text of which is specifically approved in writing by the Company (including via email) expressly for use in the Parent Announcements (or any amendment or supplement thereto), in each case if and to the extent that, to the Company’s Knowledge, such information shall have become false or misleading in any material respect (or includes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading) or as otherwise required by Applicable Law, and Parent agrees to cause a supplemental announcement to the applicable Parent Announcement to be published or posted (as applicable) to correct such false or misleading statement (or such untrue statement or omission), in each case solely as and to the extent required by all Applicable Laws; (iii) assist with the preparation of materials for rating agency presentations, bank information memoranda and similar marketing documents for a syndicated bank financing; provided, however, that no bank information memoranda or other marketing materials, private placement memoranda or prospectuses in relation to debt or equity securities (including the Parent Announcements) shall in any event be issued by the Company or any of its Subsidiaries and all such materials prepared by or on behalf of or utilized by Parent, or any of their Financing Sources, in connection with the Financing shall include a disclaimer to the effect that none of the Company, its Subsidiaries or their respective Representatives have any liability for the use or misuse of the contents of such materials by the recipients thereof; (iv) cooperate in any process required for due diligence and verification in compliance with applicable requirements or customary practice; (v) obtain its accountants’ participation in the due diligence process, obtain from its accountants customary accountants’ comfort letters reasonably requested by Parent, and cause the Company’s accountants to consent to the use of their reports (and provide customary representation letters and cooperation to such accountants in connection with such comfort letters and auditor consents) in the Share Issue and the related Parent Announcements (or any amendment or supplement thereto); (vi) facilitate the entrance into definitive documents and instruments relating to guarantees, the pledge of collateral and other matters ancillary to the Financing and the Parent Announcements, including any offering of Parent ordinary shares in the Share Issue; provided, that any obligations of the Company or any of its Subsidiaries contained in all such agreements and documents shall be subject to the occurrence of the Closing and effective no earlier than the Closing; (vii) if requested by Parent, assist in obtaining a customary debt pay-off letter and customary lien terminations or releases with respect to the Columbus Credit Facility and all security interests and guarantees granted in connection therewith (and delivering to Parent a draft of such pay-off letter and such lien terminations or releases at least five Business Days in advance of the Closing Date); and (viii) furnish to Parent and its Debt Financing Sources as promptly as reasonably practicable, and in any event no later than 10 Business Days prior to the Closing, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA PATRIOT Act, to the extent requested in writing by Parent at least 15 Business Days prior to the Closing. (d) Such requested cooperation shall not, in the Company’s reasonable judgment, unreasonably interfere with the ongoing business or operations of the Company or any of its Subsidiaries (and in no event shall the Company be obligated to provide, or to cause its Subsidiaries or Representatives to provide, any such requested cooperation if, in the Company’s reasonable judgment, such cooperation would so interfere with such business or operations or would otherwise violate any legal requirement or contractual obligation of the Company (including providing information that the Company reasonably deems to be competitively sensitive information or the provision of which could reasonably be expected to be materially damaging to the Company’s or its Subsidiaries’ relationships with their customers or employees)). In no event shall the Company or any of its Subsidiaries be required to bear any cost or expense, pay any commitment, underwriting or other fee, enter into any definitive agreement, incur any other liability or obligation, make any other payment or agree to provide any indemnity in connection with the Financing or any of the foregoing prior to the Effective Time. In addition, nothing in this Section 6.9 shall requi

Appears in 1 contract

Sources: Merger Agreement (Gp Strategies Corp)

Financing. (a) The Debt Purchaser Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions arrange and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing Financing, on the terms and conditions described in the Financing CommitmentsDebt Commitment Letter, including using reasonable best efforts to (Aa) maintain in effect the Financing CommitmentsDebt Commitment Letter and any definitive document related to the Financing, (Bb) timely negotiate and enter into definitive agreements with respect to the Debt Commitment Letter (collectively, the “Debt Financing Agreements”) on the terms and conditions contained in the Debt Commitment Letter or, if available, on other terms that are acceptable to the Buyer and would not adversely affect the ability of the Buyer to consummate the transactions contemplated herein, (c) satisfy on a timely basis all conditions applicable to funding in the Debt Purchaser to obtaining Commitment Letter and Debt Financing Agreements, and (d) consummate the Financing that is within its control (including by consummating the Equity Debt Financing at or prior to the Closing). Without limiting the generality of the foregoing, Buyer shall give Seller prompt notice: (Ca) of any breach or default (or any event or circumstance that, with or without notice, lapse of time or both, could reasonably be expected to give rise to any breach of default) by any party to the extent not previously entered into, enter into definitive agreements Debt Commitment Letter or any Debt Financing Agreement; and (b) of the receipt of any written notice or other written communication from any Person with respect thereto to any (i) actual or potential breach, default, termination, or repudiation by any party to the Debt Commitment Letter or any Debt Financing Agreement or any provisions of the Debt Commitment Letter or Debt Financing Agreement or (ii) material dispute or disagreement between or among any parties to the Debt Commitment Letter or any Debt Financing Agreement. If any portion of the Financing becomes unavailable on terms and conditions described in or (including flex provisions) contemplated by the Financing Commitments Debt Commitment Letter, Buyer shall use reasonable best efforts to arrange and (D) obtain financing from alternative sources in an amount sufficient to consummate the Financing at or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement as promptly as practicable following the occurrence of such event. The Buyer shall keep the Seller informed on a reasonably current basis in reasonable detail of the status of its efforts to arrange the Financing. Buyer agrees and acknowledges that the obtaining of the Financing, or any alternative financing, is not a condition to the Base Closing or the TDC Agreement; China Closing and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or reaffirms its obligation to consummate the transactions contemplated by this Agreement or irrespective and independently of the TDC Agreement. Upon any such amendment, replacement, supplement or modification availability of the Financing Commitments or any alternative financing, subject to the fulfillment or waiver of the conditions to the Base Closing set forth in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedARTICLE VII.

Appears in 1 contract

Sources: Stock Purchase Agreement (Bel Fuse Inc /Nj)

Financing. (a) The Debt Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions arrange and to do, or cause to be done, all things necessary to obtain the proceeds as of the Financing Closing the debt financing under, and on the terms and conditions described in in, the Financing CommitmentsDebt Commitment Letter (the "DEBT FINANCING"), including using reasonable best efforts to (Ai) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into negotiate definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments contained therein and (Dii) consummate the Financing at to satisfy or prior cause to be waived all conditions in such definitive agreements. Prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Closing, Purchaser shall not agree to any amendment or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing the Debt Commitment or any definitive agreements related Letter that would adversely affect Purchaser's ability to consummate the Financing, in each case, transactions contemplated hereby without the Company’s prior written consent of Honeywell. To the extent that the Debt Commitment Letter is terminated or any or all of the borrowings or amounts under the Debt Commitment Letter are otherwise unavailable for any reason, Purchaser shall give Honeywell prompt notice thereof and use its reasonable best efforts (which consent shall not be unreasonably withheld or delayed)with the reasonable cooperation of Honeywell) to arrange for alternative financing in an amount at least equal to that contemplated by the Debt Commitment Letter, provided that nothing shall obligate Purchaser to enter into any replacement financing if the terms and conditions of such amendmentreplacement financing are materially less favorable to Purchaser than the terms and conditions of the Debt Commitment Letter; (b) As soon as reasonably practicable, replacementHoneywell shall provide, supplement and shall cause its Subsidiaries (including the Company) and its and their representatives to provide, including through the employees of the Company and its Subsidiaries or other modification to any employees of Honeywell and its Affiliates who are actively involved in the Roll-Over Commitments SPS Business, 44 reasonable and customary cooperation in connection with the arrangement of the Debt Financing as may be requested by Purchaser (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company and its Subsidiaries), including: (i) does not involve any conditions participation in meetings, drafting sessions, road show presentations, bank presentations, rating agency presentations and due diligence sessions at times to funding the Roll-Over that are not contained in, be mutually agreed and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and after reasonable notice; (ii) does not preventfurnishing Purchaser and its financing sources with financial and other pertinent information regarding the Company and its Subsidiaries as may be reasonably requested by Purchaser and to the extent reasonably available; (iii) assisting Purchaser and its financing sources in the preparation of (A) an offering document for any debt raised to complete the transactions contemplated hereby, materially impede or materially delay the consummation (B) materials for rating agency presentations, and (C) business projections; (iv) preparation, review and provision of the Rollfollowing historical financial statements required for the offering documents for the Debt Financing (A) audited annual financial statements (statements of income, cash flow statements, statements of stockholder equity for the 2002, 2003 and 2004 fiscal years and balance sheets as of December 31, 2003 and 2004) and notes thereto of the Company and its Subsidiaries (the "NOVAR GROUP"), (B) unaudited interim financial statements (statements of income and cash flow statements for the nine months ended September 30, 2005 and the nine months ended September 30, 2004 and an unaudited balance sheet as of September 30, 2005) of the Novar Group, (C) audited financial statements of the SPI Group, for the 2001 and 2000 fiscal years, sufficient for the preparation of selected financial statements for those fiscal years complying with Item 301 of Regulation S-Over K, (D) a "Management's Discussion and Analysis of Financial Condition and Results of Operations," relating to the Novar Group, for the periods described in (A) and (B), above, complying with Item 303 of Regulation S-K and (E) a section relating to "Quantitative and Qualitative Disclosures About Market Risk" for the Novar Group, complying with Item 305 of Regulation S-K. The periods presented in the financial statements described in (A) and (B) above shall be updated by Honeywell (or its accountants) for the periods required in order for such information to comply with applicable requirements of Regulation S-X with respect to the staleness of such information, and the information described in (D) and (E) above shall be updated by Honeywell (or its accountants) to reflect any such update in the financial statements described in (A) and (B). Collectively, all of the items described above in this clause (iv) are referred to in this Agreement as the "DEBT FINANCING HISTORICAL FINANCIAL INFORMATION." Collectively, all of the items described in (A) and (B) of this clause (iv) are referred to in this Agreement as the "RECENT FINANCIAL STATEMENTS." If the 45 Closing Date occurs after December 31, 2005, then, to the extent preliminary financial information for the year ending December 31, 2005 with respect to the SPI Group is available, Honeywell shall use its commercially reasonable efforts to provide such available information to Purchaser prior to the Closing Date. All of the financial statements described in (A), (B) and (C) above shall be prepared in accordance with GAAP and shall comply in all material respects with Regulation S-X as in effect from time to time for such financial statements if they were to be included in a Registration Statement on Form S-1 of the Novar Group (in the case of the financial statements described in (A) and (B) above) or the SPI Group (in the case of the financial statements described in (C) above), relating to debt securities and related guarantees issued by the Novar Group or SPI Group, as applicable. The 2005 financial statements described in (B) above shall reflect specific allocations of the purchase price paid by Honeywell for the Novar Group, in accordance with Statements of Financial Accounting Standards No. 141, "Business Combinations." It is acknowledged and understood by Purchaser and Honeywell and its Subsidiaries that the periods to be presented in the financial statements described in (B) above will include financial statements prepared on a predecessor basis with respect to the period from January 1, 2005 to March 31, 2005; (v) fully cooperating in the preparation of pro forma financial information (and notes thereto) for the Novar Group (including by providing supplemental historical information and assisting and advising in the calculation of all necessary allocations), prepared (except in the case of clause (D) below) in accordance with Article 11 of Regulation S-X, giving pro forma effect to the transactions contemplated by this Agreement or and the TDC Agreement; financing and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely other transactions related thereto, including (A) a pro forma balance sheet as of September 30, 2005, (B) a pro forma income statement for the purpose nine months ended September 30, 2005, (C) a pro forma income statement for the fiscal year ended December 31, 2004 and (D) a pro forma income statement for the 12 months ended September 30, 2005. The Debt Financing Pro Forma Financial Information shall be updated for the periods required in order for such information to comply with applicable requirements of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed Regulation S-X with respect to the Roll-Over Commitments as staleness of the date of such information. The financial information described above in this clause (v) is referred to in this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation "DEBT FINANCING PRO FORMA FINANCIAL INFORMATION"; (vi) reasonably cooperating with the marketing efforts of the Roll-Over or Purchaser and its financing sources for any debt raised by Purchaser to complete the transactions contemplated by this Agreement or hereby; (vii) reasonably facilitating the TDC Agreement. Upon any such amendment, replacement, supplement or modification pledge of collateral; (viii) providing reasonable assistance to Purchaser in the negotiation of the specific terms of the Debt Financing, including participating in meeting and drafting sessions with respect to the terms of any indenture, credit agreement or facility (and schedules thereto), the terms of any related security documents (and schedules thereto) and the terms of purchase agreements relating to debt securities (including representations and warranties); (ix) using reasonable efforts to cause in-house legal counsel of the Company or its Subsidiaries to provide legal opinions on customary matters; and (x) using reasonable efforts to cause the independent auditor of the Novar Group to cooperate in the arrangement of the Debt Financing, including by participating in meetings, drafting sessions and due diligence sessions and to provide any opinions, consents or comfort letters with respect to the Debt Financing Commitments Historical Financial Information that are, in each case, reasonably customary for offerings conducted under Rule 144A of the Securities Act of 1933, as amended (in the case of a Debt Financing that takes the form of an offering conducted under Rule 144A); (c) Honeywell shall provide (or cause to be provided) unaudited financial information of the Novar Group, for the 2001 and 2000 fiscal years, sufficient for the preparation of selected financial data for those fiscal years complying with Item 301 of Regulation S-K (the "SELECTED FINANCIAL INFORMATION"). The Selected Financial Information shall be prepared in accordance with GAAP and shall comply in all material respects with Regulation S-X as in effect from time to time for such financial information if they were to be included in a Registration Statement on Form S-1 of the Novar Group, relating to debt securities and related guarantees issued by the Novar Group; PROVIDED, that none of Honeywell or its Subsidiaries shall be required to pay any commitment or other similar fee or incur any other Liability or cost or expense, and Purchaser shall indemnify and hold harmless Honeywell for any Liabilities that it may incur, solely in connection with any such financing or the actions contemplated by this Section 5.105.17, including the term “Financing Commitments” Selected Financial Information (other than the fees and expenses associated with the preparation, review and provision of the audited financial statements and unaudited financial statements of the Novar Group, which shall mean be borne by Honeywell or fully reflected as current liabilities in Final Net Working Capital) (it being understood that nothing shall be deemed to limit Purchaser's rights with respect to the Financing Commitments as so amendedrepresentations, replacedwarranties and covenants set forth in this Agreement (including the Disclosure Schedule) or to the rights set forth in this Agreement, supplemented including Article VII or modifiedArticle IX).

Appears in 1 contract

Sources: Stock Purchase Agreement (M & F Worldwide Corp)

Financing. (a) The Debt Purchaser Each of Parent and Sub shall use use, and cause its Affiliates to use, its reasonable best efforts (unless, with respect to any action, another standard for performance is expressly provided for herein) to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to consummate and obtain the proceeds of the Financing on the terms and conditions described (including the flex provisions) set forth in the Financing CommitmentsAgreements and any related Fee Letter (taking into account the anticipated timing of the Marketing Period), including using reasonable best efforts to seek to enforce (including through litigation) its rights under the Debt Commitment Letter in the event of a material breach thereof by the Financing sources thereunder, and shall not permit any amendment or modification to be made to, or consent to any waiver of any provision or remedy under, the Financing Agreements or any related Fee Letter, if such amendment, modification or waiver (i) reduces the aggregate amount of the Financing (including by changing the amount of fees to be paid or original issue discount) from that contemplated in the Financing Agreements, (ii) imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the receipt of the Financing in a manner adverse to Parent or the Company, (iii) decreases the aggregate Equity Financing as set forth in the Equity Financing Commitment delivered on the date hereof, (iv) amends or modifies any other terms in a manner that would reasonably be expected to (x) delay or prevent the Offer Closing or the Merger Closing Date or (y) make the timely funding of the Financing or satisfaction of the conditions to obtaining the Financing less likely to occur or (v) adversely impact the ability of Parent or Sub to enforce its rights against the other parties to the Financing Agreements. For purposes of clarification, the foregoing shall not prohibit Parent from amending the Debt Commitment Letter and any related Fee Letter to add additional lender(s) (and Affiliates of such additional lender(s)) as a party thereto. Any reference in this Agreement to (A) maintain in effect ‘‘Financing” shall include the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or financing contemplated by the Financing Commitments and (D) consummate the Financing at Agreements as amended or prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, modified in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance compliance with this Section 5.107.08(a), the term and (B) “Financing CommitmentsAgreements” or “Debt Commitment Letter” shall mean the Financing Commitments include such documents as so amended, replaced, supplemented amended or modifiedmodified in compliance with this Section 7.08(a).

Appears in 1 contract

Sources: Merger Agreement (Burger King Holdings Inc)

Financing. (ai) The Debt Ram Max Purchaser shall use its reasonable best efforts to take, take (or cause to be taken) all actions, all actions and to do, do (or cause to be done) all things, all things necessary necessary, proper or advisable to obtain the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsFinancing, including to (Ai) maintain in effect the Financing Commitments, (B) satisfy satisfying on a timely basis all conditions applicable to Ram Max Purchaser in the Debt Purchaser to obtaining the Financing Commitment Letter that is are within its control control, (including by ii) consummating the Equity Financing at or prior to the Closing), and (Ciii) subject to the extent not previously entered intoimmediately following sentence, enter into definitive agreements fully enforcing Ram Max Parent’s obligations (and the rights of Ram Max Purchaser) under the Commitment Letter, including (at the request of the Company) by filing one or more lawsuits against Ram Max Parent to fully enforce Ram Max Parent’s obligations (and the rights of Ram Max Purchaser) thereunder. In the event that the Company shall file one or more lawsuits or take any other actions against Ram Max Parent in order to fully enforce Ram Max Parent’s obligations (and the rights of Ram Max Purchaser) under the Commitment Letter, then at all times thereafter during the pendency of any such lawsuits or other actions, Ram Max Parent shall consult, cooperate and coordinate with respect thereto on terms the Company (and conditions described in or contemplated take any action reasonably requested by the Financing Commitments Company in respect thereof) regarding any lawsuits or other actions that the Company may file or take against Ram Max Parent arising out of this Agreement, the Commitment Letter, the transactions contemplated hereby or thereby and/or any related matter, and shall not take any action (Dor fail to take any action) consummate that is intended to or has (or would reasonably be expected to have) the Financing at effect of either (A) preventing, impairing or prior otherwise adversely affecting any Company lawsuit or other action against Ram Max Parent arising out of this Agreement, the Commitment Letter, the transactions contemplated hereby or thereby and/or any related matter, or any other efforts by the Company to fully enforce Ram Max Parent’s obligations (and the Closing (including by seeking to enforce its rights of Ram Max Purchaser) under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification ofCommitment Letter, or waive any of its rights under(B) preventing, any Financing Commitment impairing or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay adversely affecting the consummation of the Roll-Over or the transactions contemplated hereby. (ii) Ram Max Purchaser shall not amend, alter, or waive, or agree to amend, alter or waive (in any case whether by this Agreement action or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lendersinaction), lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as any term of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay Commitment Letter without the consummation prior written consent of the Roll-Over Company. Ram Max Purchaser shall promptly (and in any event within one business day) notify the Company of (i) the expiration or termination (or attempted or purported termination, whether or not valid) of the transactions Commitment Letter, or (ii) any refusal by Ram Max Parent to provide, any stated intent by Ram Max Parent to refuse to provide, or any expression of concern or reservation by Ram Max Parent regarding its obligation and/or ability to provide, the full financing contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedCommitment Letter.

Appears in 1 contract

Sources: Common Stock Purchase Agreement (Utstarcom Inc)

Financing. (aa)(i) The Debt Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Purchaser Financing on the terms and conditions described in the Debt Financing Commitments, to the extent required taking into account the Equity Financing Commitment, including reasonable best efforts to (A) maintain in effect the Debt Financing Commitments, (B) satisfy on a timely basis all conditions applicable to Purchaser obtaining the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto as contemplated therein on terms and conditions described in or contemplated by the Debt Financing Commitments and (D) consummate the Debt Financing at or prior to the Closing (including by seeking taking enforcement actions, subject to enforce its rights under the Roll-Over Commitments any applicable Law, against the lenders and other persons Persons providing the Roll-Over CommitmentsPurchaser Financing to fund such Purchaser Financing). The Debt Purchaser shall obtain the Equity Financing contemplated by the Equity Financing Commitments upon satisfaction or waiver of the conditions to Closing in Section 6.2 (other than those conditions that by their nature will not be satisfied until the Closing). Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Purchaser Financing, in each case, without the CompanySeller’s prior written consent (which consent shall not be unreasonably withheld withheld, delayed or delayedconditioned), provided that except to correct typographical errors, provide for the assignment of a portion of the Debt Financing Commitment to additional agents or arrangers or to reallocate commitments or assign or reassign titles or roles to, or between or among, any entities party thereto or where such amendment, replacementsupplement, supplement modification or other modification waiver is not materially adverse to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, interests of Seller and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over any Financing Commitment or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.104.11, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.

Appears in 1 contract

Sources: Stock Purchase Agreement (Tyco International LTD)

Financing. (a) The Debt Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions arrange and to do, or cause to be done, all things necessary to obtain the proceeds as of the Financing Closing the debt financing under, and on the terms and conditions described in in, the Financing CommitmentsDebt Commitment Letter (the "Debt Financing"), including using reasonable best efforts to (Ai) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into negotiate definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments contained therein and (Dii) consummate the Financing at to satisfy or prior cause to be waived all conditions in such definitive agreements. Prior to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Closing, Purchaser shall not agree to any amendment or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing the Debt Commitment or any definitive agreements related Letter that would adversely affect Purchaser's ability to consummate the Financing, in each case, transactions contemplated hereby without the Company’s prior written consent of Honeywell. To the extent that the Debt Commitment Letter is terminated or any or all of the borrowings or amounts under the Debt Commitment Letter are otherwise unavailable for any reason, Purchaser shall give Honeywell prompt notice thereof and use its reasonable best efforts (which consent shall not be unreasonably withheld or delayed)with the reasonable cooperation of Honeywell) to arrange for alternative financing in an amount at least equal to that contemplated by the Debt Commitment Letter, provided that nothing shall obligate Purchaser to enter into any replacement financing if the terms and conditions of such amendmentreplacement financing are materially less favorable to Purchaser than the terms and conditions of the Debt Commitment Letter; (b) As soon as reasonably practicable, replacementHoneywell shall provide, supplement and shall cause its Subsidiaries (including the Company) and its and their representatives to provide, including through the employees of the Company and its Subsidiaries or other modification to any employees of Honeywell and its Affiliates who are actively involved in the Roll-Over Commitments SPS Business, reasonable and customary cooperation in connection with the arrangement of the Debt Financing as may be requested by Purchaser (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of the Company and its Subsidiaries), including: (i) does not involve any conditions participation in meetings, drafting sessions, road show presentations, bank presentations, rating agency presentations and due diligence sessions at times to funding the Roll-Over that are not contained in, be mutually agreed and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and after reasonable notice; (ii) does not preventfurnishing Purchaser and its financing sources with financial and other pertinent information regarding the Company and its Subsidiaries as may be reasonably requested by Purchaser and to the extent reasonably available; (iii) assisting Purchaser and its financing sources in the preparation of (A) an offering document for any debt raised to complete the transactions contemplated hereby, materially impede or materially delay the consummation (B) materials for rating agency presentations, and (C) business projections; (iv) preparation, review and provision of the Rollfollowing historical financial statements required for the offering documents for the Debt Financing (A) audited annual financial statements (statements of income, cash flow statements, statements of stockholder equity for the 2002, 2003 and 2004 fiscal years and balance sheets as of December 31, 2003 and 2004) and notes thereto of the Company and its Subsidiaries (the "Novar Group"), (B) unaudited interim financial statements (statements of income and cash flow statements for the nine months ended September 30, 2005 and the nine months ended September 30, 2004 and an unaudited balance sheet as of September 30, 2005) of the Novar Group, (C) audited financial statements of the SPI Group, for the 2001 and 2000 fiscal years, sufficient for the preparation of selected financial statements for those fiscal years complying with Item 301 of Regulation S-Over K, (D) a “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” relating to the Novar Group, for the periods described in (A) and (B), above, complying with Item 303 of Regulation S-K and (E) a section relating to “Quantitative and Qualitative Disclosures About Market Risk” for the Novar Group, complying with Item 305 of Regulation S-K. The periods presented in the financial statements described in (A) and (B) above shall be updated by Honeywell (or its accountants) for the periods required in order for such information to comply with applicable requirements of Regulation S-X with respect to the staleness of such information, and the information described in (D) and (E) above shall be updated by Honeywell (or its accountants) to reflect any such update in the financial statements described in (A) and (B). Collectively, all of the items described above in this clause (iv) are referred to in this Agreement as the “Debt Financing Historical Financial Information.” Collectively, all of the items described in (A) and (B) of this clause (iv) are referred to in this Agreement as the "Recent Financial Statements." If the Closing Date occurs after December 31, 2005, then, to the extent preliminary financial information for the year ending December 31, 2005 with respect to the SPI Group is available, Honeywell shall use its commercially reasonable efforts to provide such available information to Purchaser prior to the Closing Date. All of the financial statements described in (A), (B) and (C) above shall be prepared in accordance with GAAP and shall comply in all material respects with Regulation S-X as in effect from time to time for such financial statements if they were to be included in a Registration Statement on Form S-1 of the Novar Group (in the case of the financial statements described in (A) and (B) above) or the SPI Group (in the case of the financial statements described in (C) above), relating to debt securities and related guarantees issued by the Novar Group or SPI Group, as applicable. The 2005 financial statements described in (B) above shall reflect specific allocations of the purchase price paid by Honeywell for the Novar Group, in accordance with Statements of Financial Accounting Standards No. 141, “Business Combinations.” It is acknowledged and understood by Purchaser and Honeywell and its Subsidiaries that the periods to be presented in the financial statements described in (B) above will include financial statements prepared on a predecessor basis with respect to the period from January 1, 2005 to March 31, 2005; (v) fully cooperating in the preparation of pro forma financial information (and notes thereto) for the Novar Group (including by providing supplemental historical information and assisting and advising in the calculation of all necessary allocations), prepared (except in the case of clause (D) below) in accordance with Article 11 of Regulation S-X, giving pro forma effect to the transactions contemplated by this Agreement or and the TDC Agreement; financing and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely other transactions related thereto, including (A) a pro forma balance sheet as of September 30, 2005, (B) a pro forma income statement for the purpose nine months ended September 30, 2005, (C) a pro forma income statement for the fiscal year ended December 31, 2004 and (D) a pro forma income statement for the 12 months ended September 30, 2005. The Debt Financing Pro Forma Financial Information shall be updated for the periods required in order for such information to comply with applicable requirements of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed Regulation S-X with respect to the Roll-Over Commitments as staleness of the date of such information. The financial information described above in this clause (v) is referred to in this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation "Debt Financing Pro Forma Financial Information"; (vi) reasonably cooperating with the marketing efforts of the Roll-Over or Purchaser and its financing sources for any debt raised by Purchaser to complete the transactions contemplated by this Agreement or hereby; (vii) reasonably facilitating the TDC Agreement. Upon any such amendment, replacement, supplement or modification pledge of collateral; (viii) providing reasonable assistance to Purchaser in the negotiation of the specific terms of the Debt Financing, including participating in meeting and drafting sessions with respect to the terms of any indenture, credit agreement or facility (and schedules thereto), the terms of any related security documents (and schedules thereto) and the terms of purchase agreements relating to debt securities (including representations and warranties); (ix) using reasonable efforts to cause in-house legal counsel of the Company or its Subsidiaries to provide legal opinions on customary matters; and (x) using reasonable efforts to cause the independent auditor of the Novar Group to cooperate in the arrangement of the Debt Financing, including by participating in meetings, drafting sessions and due diligence sessions and to provide any opinions, consents or comfort letters with respect to the Debt Financing Commitments Historical Financial Information that are, in each case, reasonably customary for offerings conducted under Rule 144A of the Securities Act of 1933, as amended (in the case of a Debt Financing that takes the form of an offering conducted under Rule 144A); (c) Honeywell shall provide (or cause to be provided) unaudited financial information of the Novar Group, for the 2001 and 2000 fiscal years, sufficient for the preparation of selected financial data for those fiscal years complying with Item 301 of Regulation S-K (the "Selected Financial Information"). The Selected Financial Information shall be prepared in accordance with GAAP and shall comply in all material respects with Regulation S-X as in effect from time to time for such financial information if they were to be included in a Registration Statement on Form S-1 of the Novar Group, relating to debt securities and related guarantees issued by the Novar Group; provided, that none of Honeywell or its Subsidiaries shall be required to pay any commitment or other similar fee or incur any other Liability or cost or expense, and Purchaser shall indemnify and hold harmless Honeywell for any Liabilities that it may incur, solely in connection with any such financing or the actions contemplated by this Section 5.105.17, including the term “Financing Commitments” Selected Financial Information (other than the fees and expenses associated with the preparation, review and provision of the audited financial statements and unaudited financial statements of the Novar Group, which shall mean be borne by Honeywell or fully reflected as current liabilities in Final Net Working Capital) (it being understood that nothing shall be deemed to limit Purchaser's rights with respect to the Financing Commitments as so amendedrepresentations, replacedwarranties and covenants set forth in this Agreement (including the Disclosure Schedule) or to the rights set forth in this Agreement, supplemented including Article VII or modifiedArticle IX).

Appears in 1 contract

Sources: Stock Purchase Agreement (Honeywell International Inc)

Financing. (a) The Debt Purchaser Parent shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or advisable to obtain arrange the proceeds of the Financing on the terms and conditions described in the Financing CommitmentsDebt Financing, including to using reasonable best efforts to: (Ai) maintain in effect the Debt Commitment Letter and not permit any amendment or modification to be made to, not consent to any waiver of any provision or remedy under, and not replacing, the Debt Commitment Letter, if such amendment, modification, waiver or replacement: (A) reduces the aggregate amount of the Debt Financing Commitments, (including by changing the amount of fees to be paid or original issue discount of the Debt Financing) to an amount less than the amount necessary to consummate the Merger (unless the Equity Financing is increased by a corresponding amount) or (B) satisfy on imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the receipt of the Debt Financing in a timely basis all manner that would reasonably be expected to (1) materially delay or prevent the Closing, (2) make the funding of the Debt Financing (or satisfaction of the conditions applicable to obtaining the Debt Financing) less likely to occur or (3) adversely impact the ability of Parent to enforce its rights against other parties to the Debt Purchaser to obtaining Commitment Letter or the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior when required pursuant to the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided (provided, that (x) Parent may amend the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding Commitment Letter to add lenders, lead arrangers, book runnersbookrunners, syndication agents or similar entities who had not executed the Roll-Over Commitments Debt Commitment Letter as of the date hereof; (y) Parent may amend the Debt Commitment Letter in connection with an escrow arrangement to include conditions customary for escrow arrangements of this Agreement so long as such addition does not preventnature and (z) at the Company’s request, materially impede or materially delay Parent shall keep the consummation Company reasonably apprised of the Roll-Over status and terms and conditions of any amendments, modifications, waivers or replacements, and shall promptly furnish to the transactions contemplated Company copies of any agreements or other documentation with respect to such amendment, modification, waiver or replacement); (ii) cause the Equity Financing to be consummated upon satisfaction of the conditions contained in the Equity Commitment Letter that are within its control; (iii) satisfy on a timely basis all conditions to the Debt Financing and the Equity Financing that are within its control; (iv) negotiate, execute and deliver Debt Financing Documents that reflect the terms contained in the Debt Commitment Letter (including any “market flex” provisions related thereto), subject to any amendments or modifications thereto permitted by this Agreement and any changes in terms that would not violate the standards set forth in Agreement; (v) in the event that the conditions set forth in Sections 6.1 and 6.3 have been satisfied or, upon funding would be satisfied, cause the Financing Sources to fund the full amount of the Debt Financing at or prior to the TDC AgreementClosing; and (vi) enforce its rights under the Commitment Letters in the event of a Financing Failure Event. (b) (i) Parent shall consult with and keep the Company informed in reasonable detail of the status of its efforts to arrange the Financing and (ii) promptly provide the Company with copies of all executed material amendments, modifications or replacements of any Debt Commitment Letter or executed material definitive agreements related to any of the Financing at the reasonable request of the Company. Parent shall give the Company prompt notice of any breach or repudiation, or any threatened breach or repudiation, by any party to the Commitment Letters of which Parent or its affiliates becomes aware. Without limiting Parent’s other obligations under this Section 5.10, if a Financing Failure Event occurs, Parent shall (i) promptly notify the Company of such Financing Failure Event and the reasons therefor, (ii) use its reasonable best efforts to obtain (on terms not less favorable in the aggregate to Parent as those set forth in the Debt Commitment Letter) alternative financing from alternative debt financing sources, in an amount sufficient, when taken together with the Equity Financing, and the available portion of the Debt Financing, to pay the Merger Consideration and consummate the Transactions, as promptly as practicable following the occurrence of such event, and (iii) use its reasonable best efforts to obtain, and when obtained, provide the Company with a copy of, a replacement debt financing commitment that provides for such alternative financing (with only the fee amounts, interest rates, original issue discount, and economic and other “market flex” terms redacted (none of which redacted provisions would be reasonably expected to adversely affect the amount or availability of the Debt Financing on the Closing Date). Parent shall give the Company prompt notice (and in any event within 24 hours) of Parent’s receipt of a Notes Flex Notice. (c) Upon any such amendment, replacement, supplement or modification of the Financing Commitments Commitment Letters in accordance with this Section 5.105.10 all references herein to “Commitment Letter” or “Debt Commitment Letter”, the term “Financing Commitments” as applicable, shall include and mean the Financing Commitments such documents as so amended, replaced, supplemented or modifiedmodified in accordance with this Section 5.10 and references to “Financing”, or “Debt Financing”, as applicable, shall include and mean the financing contemplated by such Commitment Letter as so amended, replaced, supplemented or modified in accordance with this Section 5.10.

Appears in 1 contract

Sources: Merger Agreement (LogMeIn, Inc.)

Financing. (a) The Debt Purchaser Each of Parent and Acquisition Sub shall use its their respective reasonable best efforts to take, take or cause to be taken, all actions and to do, or cause to be done, do all things necessary necessary, proper or advisable to consummate and obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitments, including using (and causing their Affiliates to use) their respective reasonable best efforts to: (Ai) maintain in effect the Financing Commitments, (Bii) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on the terms and conditions described (including any flex provisions) contained in the Financing Commitments, (iii) satisfy, or cause the satisfaction of, on a timely basis all conditions and covenants applicable to Parent, Acquisition Sub or their respective Representatives in such definitive agreements and otherwise comply with their obligations thereunder, (iv) comply with any flex contemplated by the Debt Commitment Letter (including any fee letters relating thereto), (v) in the event that all conditions in the Debt Commitment Letter (other than the availability or funding of the Equity Financing) have been satisfied, consummate the Debt Financing Commitments at the Closing, (vi) cause the lenders and (D) consummate any other Persons providing Financing to fund the Financing at or prior to the Closing and (including by seeking to vii) enforce its rights under the Roll-Over Financing Commitments against if all of the lenders and other persons providing conditions precedent to the Roll-Over Commitments). The Debt Purchaser Financing Sources’ obligation to fund the Financing under the Financing Commitments have been met, by seeking specific performance of the funding obligations of the parties thereunder. (b) Parent shall not agree to any amendments or permit modifications to, or grant any amendmentwaivers of, replacementany condition, supplement remedy or other modification of, or waive any of its rights under, any provision under the Financing Commitment or any definitive agreements related to the Financing, in each case, Commitments without the Company’s prior written consent of the Company if such amendments, modifications or waivers would reduce the aggregate amount of the Financing (which consent shall not including by changing the amount of fees to be unreasonably withheld paid or delayed)(if applicable) original issue discount of the Debt Financing) to an amount below the amount required to satisfy all of Parent’s and Acquisition Sub’s obligations under this Agreement, provided that any such amendment, replacement, supplement impose new or other modification to the Roll-Over Commitments additional conditions or otherwise (i) does not involve expand in any respect the conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement precedent or other modification contingencies to the same extent as, funding at Closing or prevent or delay or impair the Roll-Over Commitments ability of Parent and (ii) does not prevent, materially impede or materially delay Acquisition Sub to consummate the consummation of Merger and the Roll-Over or the other transactions contemplated by this Agreement Agreement, (ii) adversely impact the ability of Parent or Acquisition Sub to enforce its rights against the TDC Agreementother parties to the Financing Commitments or (iii) adversely impact the ability of Parent or Acquisition Sub to consummate the transactions contemplated hereby; and provided provided, that Parent may replace, amend, supplement or modify the Debt Purchaser may replace and amend the Roll-Over Commitments solely Commitment Letters for the purpose of adding agents, co-agents, lenders, lead arrangers, book runners, syndication agents joint bookrunners or similar entities who had other Persons that have not executed the Roll-Over Commitments Debt Commitment Letter as of the date of this Agreement so long as such addition does not preventhereof, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in each case in accordance with this Section 5.10, the term “Financing Commitments” Debt Commitment Letter as of the date hereof. Parent shall mean not release or consent to the Financing Commitments as so amended, replaced, supplemented or modified.termination of the obligations of the lenders under the Debt

Appears in 1 contract

Sources: Merger Agreement (Digital River Inc /De)

Financing. (a) The Purchasers shall not replace nor permit any amendment or modification to be made to, or any waiver of any provision or remedy under, any Commitment Letter if such replacement, amendment, modification or waiver (x) reduces the aggregate amount of the Debt Purchaser Financing or Equity Financing, (y) imposes new or additional conditions or otherwise expands, amends or modifies any of the conditions to the Debt Financing or Equity Financing in a manner that would reasonably be expected to have an adverse impact on the obtaining or funding of all or any portion of the Debt Financing (or satisfaction of the conditions to obtaining or funding the Debt Financing or Equity Financing) at the Closing or (z) would reasonably be expected to (A) materially delay or prevent the Closing Date or (B) materially delay, prevent or otherwise make less likely to occur the funding of the Debt Financing or Equity Financing (or satisfaction of the conditions to obtaining the Debt Financing or Equity Financing) and shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, proper or advisable to arrange and obtain the proceeds of the Debt Financing and Equity Financing on the terms and conditions described in the Financing CommitmentsCommitment Letters (provided that Purchasers may amend or replace the Debt Commitment Letters to add lenders, lead arrangers, bookrunners, syndication agents or similar entities who are not party to a Debt Commitment Letter as of the date hereof; provided further that the applicable Purchaser shall promptly provide to the Seller an executed copy of any amendment to any Debt Commitment Letter), including using reasonable best efforts to (A1) maintain in effect the Financing CommitmentsCommitment Letters and comply with such Purchaser’s obligations under the applicable Commitment Letters, (B2) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Debt Financing that is within its control (including by consummating the and Equity Financing at or prior to the Closing)Closing as set forth therein, (C3) to the extent not previously entered into, enter into definitive agreements with respect thereto on the terms and conditions described in or (including the market flex provisions) contemplated by the Financing Commitments Commitment Letters and (D4) consummate the Debt Financing and Equity Financing in accordance with the terms and conditions of the Commitment Letters at or prior to the Closing Closing. Each Purchaser shall keep the Seller informed on a current basis and in reasonable detail of the status of its efforts to arrange the Debt Financing (including promptly informing the Seller of material developments concerning the timing of the closing of the Debt Financing). Each Purchaser shall give the Seller prompt written notice (A) upon having knowledge of any material, violation, breach or default (or any event or circumstance that, with or without notice, lapse of time or both, would reasonably be expected to give rise to any material, violation, breach or default) by seeking any party to enforce its rights any of the Commitment Letters or any termination of any of the Commitments Letters, (B) of the occurrence of an event or development that would reasonably be expected to have an adverse impact on the ability of any Purchaser to obtain all or any portion of the Debt Financing contemplated by the Debt Commitment Letters on the terms contemplated by the Debt Commitment Letter, (C) if for any reason any Purchaser has determined in good faith that it will not be able to obtain all or any portion of the Debt Financing on the terms contemplated by the Debt Commitment Letters or (D) of any material dispute or disagreement between or among the parties to any Commitment Letter with respect to the contents thereof. As soon as reasonably practicable, but in any event within two Business Days following delivery by the Seller to any Purchaser of written request therefor, such Purchaser shall provide any information reasonably requested by the Seller relating to any circumstance referred to in clauses (A) through (D) of the immediately preceding sentence. No Purchaser shall release or consent to the termination of obligations of the applicable Debt Financing Sources under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The applicable Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of the Roll-Over Letter or the transactions contemplated by this Agreement or definitive financing agreements except in connection with the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose addition of adding lendersbanks, lead arrangers, book runnersbookrunners, syndication agents or other similar entities who had are not executed the Roll-Over Commitments party to such Debt Commitment Letters as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation Agreement. (b) If any portion of the Roll-Over or Debt Financing becomes unavailable on the terms and conditions (including any market flex provisions applicable thereto) contemplated in the Debt Commitment Letters, Purchaser shall promptly notify the Seller thereof and provide the reasons giving rise to such event, as promptly as practicable following the occurrence of such event and shall use reasonable best efforts to arrange to obtain alternative debt financing (the “Alternative Financing”) from alternative debt sources (A) on terms not less favorable to Purchaser and in an amount sufficient to consummate the transactions contemplated hereby and (B) containing conditions to draw, and other terms that would not reasonably be expected to negatively affect the availability thereof, that (x) are not more onerous to the Purchasers than those conditions and terms contained in the applicable Commitment Letter as of the date hereof, (y) would not reasonably be expected to delay the Closing and (z) do not adversely affect the ability of any Purchaser to enforce its rights against the other parties to the Alternative Financing (including all definitive documentation related thereto) relative to the ability of such Purchaser to enforce its respective rights against the other parties to the Debt Financing as in effect on the date hereof or in the related definitive agreements. Purchaser shall promptly deliver to the Seller true and complete copies of all agreements pursuant to which any such alternative source shall have committed to provide Purchaser with all or any portion of the Debt Financing (the “Alternative Financing Commitment Letter”). For purposes of this Section 6.14, references to “Debt Financing” shall include the financing contemplated by the Debt Commitment Letters as permitted by this Agreement Section 6.14 to be amended, modified or the TDC Agreement. Upon any replaced and references to “Commitment Letters” shall include such documents as permitted by this Section 6.14 to be amended, modified or replaced, in each case from and after such amendment, modification or replacement. (c) Each Purchaser expressly acknowledges and agrees that (i) obtaining the Debt Financing is not a condition to the Closing and (ii) notwithstanding anything contained in this Agreement to the contrary, supplement or modification of such Purchaser’s obligations hereunder are not conditioned in any manner upon any Purchaser obtaining the Financing Commitments in accordance with this Section 5.10Debt Financing, the term “Alternative Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modifiedany other financing.

Appears in 1 contract

Sources: Equity Purchase Agreement (Adtalem Global Education Inc.)

Financing. Tenant agrees that this Lease and all of Tenant's right, title, and interest in and to this Lease and the Premises is subject and subordinate to any mortgage, deed of trust, or other security instrument which Landlord may now or hereafter place upon all or any portion of the Premises (each, a “Mortgage”) and to all renewals, modifications, amendments, and extensions thereof and to all the terms and provisions thereof. This provision is self-operative. Tenant agrees, however, to promptly execute any document or instrument which may be requested by Landlord or any mortgagee or lender holding a Mortgage (each, a “Mortgagee”) evidencing such subordination. If any Mortgage is foreclosed (or in the event of a deed in lieu of foreclosure), then (a) The Debt Tenant shall, at any purchaser's (including any Mortgagee) at such foreclosure sale (or deed in lieu thereof) (the “Purchaser”) election, attorn to such Purchaser shall use its reasonable best efforts and recognize such Purchaser as the “landlord” under this Lease pursuant to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to obtain the proceeds of the Financing on the terms and conditions described in the Financing Commitmentsprovisions of this Lease, including and Tenant will promptly execute any such documents and instruments as may be necessary or appropriate to (A) maintain in effect the Financing Commitments, (B) satisfy on a timely basis all conditions applicable to the Debt Purchaser to obtaining the Financing that is within its control (including by consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments evidence such attornment; and (Db) consummate Tenant waives the Financing at provisions of any statute or prior rule of law, now or hereafter in effect, that provides Tenant any right to terminate this Lease or to otherwise adversely affect Landlord's interest in this Lease upon any such foreclosure proceeding. Any Mortgagee shall also have the Closing (including by seeking to enforce its rights under the Roll-Over Commitments against the lenders and other persons providing the Roll-Over Commitments). The Debt Purchaser shall not agree to or permit any amendment, replacement, supplement or other modification of, or waive any of its rights under, any Financing Commitment or any definitive agreements related to the Financingright, in each casesuch Mortgagee's discretion, without to subordinate its Mortgage to this Lease. If Tenant, within fifteen (15) days after Landlord's demand, fails to execute and deliver any instrument or document required to be executed by Tenant pursuant to this Section 18, then Landlord is hereby authorized to execute same as attorney-in-fact for the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any such amendment, replacement, supplement or other modification to the Roll-Over Commitments (i) does not involve any conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry intoTenant, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation power being coupled with an interest. 9 [initials of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose signatories] [initials of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments as so amended, replaced, supplemented or modified.signatories]

Appears in 1 contract

Sources: Lease (Arotech Corp)

Financing. (a) The Debt Purchaser shall, and shall cause each of its Subsidiaries to, take, or cause to be taken, all actions, and do, or cause to be done, all things necessary, proper or advisable to obtain funds sufficient to fund the Financing Amounts on or prior to the date upon which the Sale is required to be consummated pursuant to the terms hereof. In furtherance and not in limitation of the foregoing, Purchaser shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary necessary, advisable or proper to obtain the proceeds of the Financing on the terms and subject only to the conditions described in the Financing CommitmentsCommitment Letters as promptly as possible but in any event prior to the date upon which the Sale is required to be consummated pursuant to the terms hereof, including to by (Ai) maintain maintaining in effect the Financing CommitmentsCommitment Letters, (Bii) satisfy negotiating and entering into definitive agreements with respect to the Debt Financing (the “Definitive Agreements”) consistent with the terms and conditions contained therein and without any Prohibited Modification, (iii) satisfying on a timely basis all conditions applicable in the Commitment Letters and the Definitive Agreements and complying with its obligations thereunder, (iv) enforcing its rights under the Commitment Letters and (v) if the conditions to the Debt Purchaser to obtaining the Financing that is within its control (including by have been satisfied, drawing upon and consummating the Equity Financing at or prior to the Closing), (C) to the extent not previously entered into, enter into definitive agreements with respect thereto on terms and conditions described in or contemplated by the Financing Commitments and (D) consummate the Financing at or prior to the Closing (including by seeking time at which the Sale is required to be consummated. Purchaser shall comply with its obligations, and enforce its rights rights, under the Roll-Over Commitments against Commitment Letters and the lenders Definitive Agreements in a timely and other persons providing diligent manner. (b) Neither Purchaser nor any of its Subsidiaries shall, without the Roll-Over Commitments). The Debt Purchaser shall not prior written consent of Parent: (i) permit, consent to or agree to or permit any amendment, replacement, supplement or other modification to, or waiver of any provision or remedy under the Equity Commitment Letter; (ii) permit, consent to or agree to any amendment, replacement, supplement, termination or modification to, or any waiver of, any provision or waive any of its rights remedy under, any Financing the Debt Commitment Letter or any definitive agreements related to the Financing, in each case, without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed), provided that any Definitive Agreements if such amendment, replacement, supplement supplement, modification, waiver or other modification to the Roll-Over Commitments remedy (iA) does not involve adds new (or adversely modifies any existing) conditions to funding the Roll-Over that are not contained in, and satisfied on the date of entry into, such amendment, replacement, supplement or other modification to the same extent as, the Roll-Over Commitments and (ii) does not prevent, materially impede or materially delay the consummation of all or any portion of the Roll-Over Financing, (B) reduces the aggregate principal amount of the Debt Financing, (C) adversely affects the ability of Purchaser to enforce its rights against other parties to the Debt Commitment Letter or the transactions contemplated by this Agreement or the TDC Agreement; and provided that the Debt Purchaser may replace and amend the Roll-Over Commitments solely for the purpose of adding lenders, lead arrangers, book runners, syndication agents or similar entities who had not executed the Roll-Over Commitments as of the date of this Agreement so long as such addition does not prevent, materially impede or materially delay the consummation of the Roll-Over or the transactions contemplated by this Agreement or the TDC Agreement. Upon any such amendment, replacement, supplement or modification of the Financing Commitments in accordance with this Section 5.10, the term “Financing Commitments” shall mean the Financing Commitments Definitive Agreements as so amended, replaced, supplemented or otherwise modified, (D) could otherwise reasonably be expected to prevent, impede or delay the consummation of the Sale and the other transactions contemplated by this Agreement or (E) adds lenders, lead arrangers, syndication agents or similar entities, unless such entities are of similar creditworthiness as the Financing Parties that have executed the Debt Commitment Letter as of the date hereof (the effects described in clauses (A) through (E), collectively, the “Prohibited Modifications”); or (iii) terminate or cause the termination of the Commitment Letters or any Definitive Agreement. Purchaser shall promptly deliver to Parent copies of any amendment, replacement, supplement, termination, modification or waiver to the Commitment Letters or Definitive Agreements. (c) In the event that any portion of the Financing becomes unavailable (other than as a result of a replacement thereof permitted as set forth below), regardless of the reason therefor, Purchaser shall (i) promptly notify Parent in writing of such unavailability and the reason therefor and (ii) use reasonable best efforts, and cause each of its Subsidiaries to use their reasonable best efforts, to arrange and obtain, as promptly as practicable following the occurrence of such event, alternative financing for any such unavailable portion from the same or alternative sources (the “Alternative Financing”) in an amount sufficient, when taken together with the available portion of the Financing, to consummate the transactions contemplated by this Agreement and to pay the Financing Amounts and, without limiting the foregoing, shall use reasonable best efforts to cause such Alternative Financing to not include any Prohibited Modifications or conditions to the consummation thereof that are more onerous than those set forth in Debt Commitment Letter as of the date hereof; provided that, notwithstanding the foregoing, it is agreed that Purchaser shall not have any obligation to pay any fees or economics (including in respect of rate, call premium, fees or similar amounts) in excess of what it was obligated to pay under the original Debt Commitment Letter as in effect on the date of this Agreement. Purchaser shall provide Parent with prompt oral and written notice of any actual or threatened breach, default, termination or repudiation by any party to the Commitment Letters or any Definitive Agreement and a copy of any written notice or other written communication from any Lender, Equity Investor or other financing source with respect to any actual or threatened breach, default, cancellation, termination or repudiation by any party to the Commitment Letters or any Definitive Agreement of any provision thereof. Purchaser shall inform Parent in reasonable detail on a current basis of the status of its efforts to consummate the Financing, including any Alternative Financing. The foregoing notwithstanding, compliance by Purchaser with this Section 6.10 shall not relieve Purchaser of its obligations to consummate the transactions contemplated by this Agreement whether or not the Financing or any Alternative Financing is available. To the extent Purchaser obtains Alternative Financing or amends, replaces, supplements, terminates, modifies or waives any of the Financing, in each case pursuant to this Section 6.10 and without any Prohibited Modification, references to the “Financing,” “Financing Parties,” “Commitment Letters” and “Definitive Agreements” (and other like terms in this Agreement) shall be deemed to refer to such Alternative Financing, the commitments thereunder and the agreements with respect thereto, or the Financing as so amended, replaced, supplemented, terminated, modified or waived. (d) From the date of this Agreement until the Closing or the earlier termination of this Agreement in accordance with Section 10.1, Parent shall use its reasonable best efforts to provide, and shall cause the Transferred Entities to use reasonable best efforts to provide, customary cooperation to the extent reasonably requested by Purchaser in writing and necessary for the arrangement of the Debt Financing (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of Parent or any of its Affiliates and that neither Parent nor any of its Affiliates will have any obligation to prepare pro forma financial information or post-closing financial information); it being understood that Parent shall have satisfied the obligations set forth in this sentence if Parent shall have used its reasonable best efforts to comply with such obligations whether or not any applicable deliverables are actually obtained or provided and it being understood that such reasonable best efforts shall include (i) furnishing Purchaser with Business Financial Information; (ii) promptly executing and delivering to Purchaser, at least four (4) Business Days prior to the Closing Date, all documentation and other information with respect to the Parent and the Transferred Entities that is required in connection with the Debt Financing under applicable “know-your-customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, and the requirements of 31 C.F.R. §1010.230 in each case as reasonably requested by Purchaser at least nine (9) Business Days prior to the Closing Date; (iii) facilitating the preparation, execution and delivery of any guarantee, pledge and security documents, other definitive financing documents, or other certificates or documents as may be reasonably requested by Purchaser (it being understood that such documents shall only be effective at Closing), and otherwise reasonably facilitating the pledging of collateral and the granting of security interests in respect of the financing contemplated by any Debt Commitment Letter and (iv) arranging for customary payoff letters and related lien terminations and instruments of discharge to be delivered at Closing. The foregoing notwithstanding, none of Parent nor any of its Affiliates shall be required to take or permit the taking of any action pursuant to this Section 6.10 that could: (i) require Parent, the Transferred Entities 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 Debt Financing or enter into, execute or deliver any certificate, document, opinion, instrument or agreement or agree to any change or modification of any existing certificate, document, instrument or agreement; (ii) cause any representation or warranty in this Agreement to be breached by Parent or any of its Affiliates; (iii) require Parent or any of its Affiliates to pay any commitment or other similar fee or incur any other expense, liability or obligation (including any obligation under any agreement, certificate, document or instrument) in connection with the Debt Financing; (iv) cause any director, officer, employee or stockholder of Parent or any of its Affiliates to incur any personal liability; (v) conflict with the organizational documents of Parent or any of its Affiliates or 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 Contract to which Parent or any of its Affiliates is a party; (vii) require Parent or any of its Affiliates to provide access to or disclose information that Parent or any of its Affiliates determines would jeopardize any attorney-client privilege or other applicable privilege or protection of Parent or any of its Affiliates; (viii) require the delivery of any opinion of counsel or (ix) require Parent or any of its Affiliates to prepare any financial statements or information that are not available to it and prepared in the ordinary course of its financial reporting practice. Nothing contained in this Section 6.10 or otherwise shall require Parent or any of its Affiliates at any time or any Transferred Entity prior to the Closing to be an issuer or other obligor with respect to the Debt Financing. Purchaser shall (x) promptly upon request by ▇▇▇▇▇▇, reimburse Parent or any of its Affiliates for all reasonable and documented out-of-pocket costs incurred by them or their respective representatives in connection with such cooperation; provided that, without Purchaser’s prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), Purchaser shall not be required to reimburse Parent or any of its Affiliates for any amounts in excess of $50,000 in the aggregate, and (y) indemnify, reimburse and hold harmless Parent and its Affiliates and their respective representatives from and against any and all losses suffered or incurred by them in connection with the arrangement of the Financing, any action taken by them at the request of Purchaser or its representatives pursuant to this Section 6.10 and any information used in connection therewith (other than information provided in writing by Parent or any of its Affiliates specifically in connection with Parent’s obligations pursuant to this Section 6.10). (e) For the avoidance of doubt, the parties hereto acknowledge and agree that the provisions contained in this Section 6.10 represent the sole obligation of Parent and its Affiliates with respect to cooperation in connection with the arrangement of any financing (including the Financing) to be obtained by Purchaser or its Affiliates with respect to the Sale, 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, for the avoidance of doubt, the Financing) by Purchaser, any of its Affiliates or any other financing or other transactions be a condition to any of Purchaser’s obligations under this Agreement. (f) All non-public or otherwise confidential information regarding Parent or any of its Affiliates obtained by Purchaser or its representatives pursuant to this Section 6.10 shall be kept confidential in accordance with the Confidentiality Agreements. (g) Notwithstanding anything to the contrary in this Agreement, Parent or any Transferred Entity’s breach of any of the covenants required to be performed by it under this Section 6.10 will not be considered in determining the satisfaction of the condition set forth in Section 9.2(b) unless such breach is a willful breach and is the direct cause of Purchaser being unable to obtain the proceeds of the Debt Financing at Closing.

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Sources: Separation Agreement (Green Dot Corp)