Replacement Financing. The Company shall take commercially reasonable efforts to obtain funds sufficient to repay the Indebtedness in full upon the expiration of the Forbearance Period. On or before the 30th day of each month, the Company shall provide or cause to be provided to the Bank a report on its efforts and progress in obtaining such funds, which report must be in form an substance satisfactory to the Bank in is sole discretion. The Company shall provide or cause to be provided to the Bank copies of all loan proposals, term sheets or offers within five days of the receipt by the Company or its investment bank. On or before November 15, 2016, the Company shall provide or cause to be provided to the Bank a letter signed by a controlling majority of the Board of Directors of the Company affirming that the Board of Directors has directed the management of the Company to seek out alternatives that will enable the Company to repay the Indebtedness in full upon the expiration of the Forbearance Period, which letter must be in substance and detail satisfactory to the Bank in all respects.
Appears in 2 contracts
Sources: Fourth Forbearance Agreement and Fifth Amendment to Credit Agreement, Fourth Forbearance Agreement and Fifth Amendment to Credit Agreement (Bioanalytical Systems Inc)