Restructuring Conditions Clause Samples
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Restructuring Conditions. Subject to strict compliance with the terms and conditions set forth herein, the Lenders agree to refrain from enforcing their rights and remedies based on the Existing Defaults while the Company and its consultants implement their plan for improvement of the Company's financial condition, provided that (i) except to the extent and on the terms set forth expressly herein, the Agent and the Lenders do not waive the Existing Defaults and (ii) the agreement contained herein shall not create a waiver of the right of the Agent or the Lenders, upon the occurrence of an Event of Default hereunder or under the Loan Documents, to enforce available rights and remedies at any time, in their sole discretion, in accordance with the Credit Agreement (as modified herein) and the other Loan Documents. Absent an earlier Event of Default, the Borrowers shall be permitted to implement their restructuring efforts during the period from the Third Amendment Effective Date through September 14, 2001 (the "Restructuring Period"). The Borrowers' restructuring opportunity shall be governed by and subject to the following terms and conditions:
a. The Company shall keep the representatives of the Agent and the Lenders apprised of the Borrowers' business and financial operations and of any material discussions and negotiations pertaining to lessors, vendors, suppliers, customers, earn-out creditors, joint venture partners, acquisition targets or potential purchasers of any business segments or significant assets of any Borrower. Reports on such matters shall be provided periodically as appropriate and not less frequently than weekly.
b. Notwithstanding any prior practice, the Borrowers shall strictly comply with the financial reporting requirements under the Loan Documents, as modified herein. In addition to the reporting requirements set forth in Sections 6.1 and 6.2 of the Credit Agreement (as modified herein), (i) not later than Thursday of each week during the Restructuring Period, the Company and its financial and operational advisors will deliver to the Agent and the Lenders, in form and detail satisfactory to the Agent, weekly updates related to the detailed 13-week rolling domestic cash flow forecast as required under Section 4.3 of this Amendment; (ii) not later than the tenth (10th) Business Day of each month during the Restructuring Period, the Company and its financial and operational advisors will deliver to the Agent and the Lenders, in form and detail satisfactory to th...
Restructuring Conditions. The following conditions (the "Restructuring Conditions") shall be conditions precedent to the obligations of the parties hereunder, and all of such Restructuring Conditions will be effected as simultaneously as practical.
Restructuring Conditions. Section 1.3 of the Second Amendment set forth certain "restructuring conditions" governing the Borrowers' implementation of their business improvement and financial restructuring plan. Such "restructuring conditions" are hereby amended and restated in their entirety as set forth below in this Section 1.
Restructuring Conditions. Implementation of the Restructuring (and, if applicable, the closing of the several Private Subscriptions between the Company and each Consenting Noteholder) is subject to the satisfaction (or waiver by the Ad Hoc Committee) of the following conditions (the “Restructuring Conditions”):
(a) the Senior Bank Creditors agree to reinstate their borrowings in accordance with the terms of the Company’s Senior Bank Credit Facility and do not accelerate any claim for payment under the Senior Bank Credit Facility until the completion of the Restructuring Steps and the Senior Bank Creditors agree to an Amended Senior Credit Facility with the Company which is satisfactory to the Ad Hoc Committee;
(b) commencement and successful implementation of the Restructuring Steps, including, without limitation, the delivery of duly authorized, fully paid and non-assessable Restructuring Shares authorized and admitted to trading on the Frankfurt Stock Exchange, against delivery of Notes for cancellation;
(c) (i) the necessary resolutions having been adopted by the Current Shareholders at meetings of the Company’s shareholders to implement the Restructuring and the Restructuring Steps in accordance with the terms set forth in this Agreement and (ii) the Company’s Articles of Association having been amended as required under Dutch law to implement the Restructuring Steps in accordance with the terms set forth in this Agreement to the satisfaction of the Ad Hoc Committee;
(d) no material adverse tax consequences for the IFCO Group arising from the Restructuring, whether as a result of the issue or exercise of the Exchange Warrants or otherwise;
(e) no termination and/or acceleration of any payment obligation of any contract of any company in the IFCO Group which could reasonably be expected to have a material adverse effect on the IFCO Group taken as a whole; and
(f) except for litigation known at the time of this Agreement, no litigation is pending or threatened which if resolved in a manner adverse to any company in the IFCO Group could reasonably be expected to cause a material adverse effect on the IFCO Group taken as a whole;
Restructuring Conditions. HF LLC shall have executed and delivered a counterpart copy of the Stockholders Agreement, and all other conditions to the obligation of the Company to consummate the ICON Restructuring under the Term Sheet shall have been satisfied or waived.
Restructuring Conditions. All conditions to the obligation of CSFB to consummate the ICON Restructuring under the Term Sheet shall have been satisfied or waived.
Restructuring Conditions. Section 1.3 of the Third Amendment set forth certain "restructuring conditions" governing the Borrowers' implementation of their business improvement plan. Such "restructuring conditions" are hereby amended and restated in their entirety as set forth below in this Section 1.
Restructuring Conditions. CSFB shall have executed and delivered a counterpart copy of the Stockholders Agreement, and all other conditions to the obligation of the Company to consummate the Icon Restructuring under the Term Sheet shall have been satisfied or waived.
Restructuring Conditions. All conditions to the obligation of HF LLC to consummate the ICON Restructuring under the Term Sheet shall have been satisfied or waived.