Common use of Restructuring Steps Clause in Contracts

Restructuring Steps. 5.1 Order of the Restructuring Steps (a) Each Party hereby agrees that: (i) subject to the Restructuring Conditions Satisfaction Notice being issued and the completion of the steps set out in Clauses 4.1 (Pre-Steps - Holdco Finance Documents) and 4.2 (Pre-Steps - Opco Facility Pre- Funding) above, the Restructuring Steps shall be completed in the order set out in this Clause 5; (ii) each Restructuring Step shall be completed as soon as reasonably practicable following the completion of each action, transaction or other step to be taken under or pursuant to the previous Restructuring Step; (iii) the effectiveness of each Restructuring Step shall be conditional upon each other Restructuring Step becoming effective so that, if any one of the Restructuring Steps does not become effective, none of the other Restructuring Steps shall become effective; and (iv) in the event that any Restructuring Step (a “Relevant Restructuring Step”) is not completed on the Business Day on which the Restructuring Steps are commenced pursuant to this Clause 5, then: (A) the process of the closing of the Restructuring shall be paused until the date on which the Relevant Restructuring Step and all remaining Restructuring Steps can be completed (on which date all such Restructuring Steps shall be completed); (B) to the fullest extent permitted by law, any Restructuring Step completed before the day on which the Restructuring Effective Time occurs shall be deemed to have occurred on the date of the Restructuring Effective Time; (C) no Party shall be permitted to raise any objection for the purposes of this Deed in connection with the fact that a Restructuring Step has not been completed on the date of the Restructuring Effective Time by reason of the operation of the provisions of this Clause 5.1(a)(iv); and (D) in the event that any Restructuring Step is completed before the date on which the Restructuring Effective Time has occurred and it cannot be treated as having occurred on a subsequent date under the provisions of this Clause 5.1(a)(iv), then the fact of its occurrence on a date prior to the date of the Restructuring Effective Time shall not prevent it from being regarded for the purposes of this Deed as having occurred on the date the Restructuring Effective Time occurs. 5.2 Restructuring Step 1: AFF documents and Holding Period Trust Deed (a) the AFF Deed of Release and the AFF Payoff Letter shall be dated; and (b) the Holding Period Trust Deed and the Holding Period Trust Fee Letter shall be dated and become effective and the Holding Period Trustee hereby confirms it shall hold any Holdco Facilities Commitments which it receives in accordance with Restructuring Step 5 in accordance with the terms of the Holding Period Trust Deed; and (c) the Holding Period Trust Opco Accession Letter shall be dated and become effective.

Restructuring Steps. 5.1 Order General 4.5.1 Each CVA Party unconditionally and irrevocably hereby agrees that (subject to (i) any of the Restructuring Steps being waived in accordance with Clause 20.3 (Waiver of the Restructuring Steps ), (aii) Each Party hereby agrees that:the Company, SFHG and the Attorney (on the instructions of the Majority CVA Creditors) agreeing to amend the order in which the Restructuring Steps occur (or the order in which the transactions within a Restructuring Step occur) and (iii) Clause 5 (Additional Structuring Steps and Permitted Settlement Principles) and obtaining the requisite consents): (i) subject to the Restructuring Conditions Satisfaction Notice being issued and the completion of the steps set out in Clauses 4.1 (Pre-Steps - Holdco Finance Documents) and 4.2 (Pre-Steps - Opco Facility Pre- Funding) above, the Restructuring Steps shall be completed in the order set out in this Clause 54.6 (Restructuring Steps: Implementation); (ii) each Restructuring Step shall be completed as soon as reasonably practicable following the completion of each action, transaction or other step to be taken under or pursuant to the previous Restructuring Step; (iii) no Restructuring Step shall take place unless the effectiveness previous Restructuring Step (if any) has been completed in full and all transactions contemplated within that Restructuring Step and each other Restructuring Step are capable of being completed in full; (iv) all transactions within each Restructuring Step shall be conditional upon each other take place simultaneously or, if applicable, in the order specified within the relevant Restructuring Step becoming effective so that, if any one of or the relevant Restructuring Steps does not become effective, none of the other Document referred to in a Restructuring Steps shall become effectiveStep; and (ivv) if the Termination Date occurs prior to completion of the last Restructuring Step, notwithstanding anything to the contrary expressed in the event that this CVA Proposal, any Restructuring Document and any Restructuring Step (a “Relevant Restructuring Step”including the execution of any document) is not completed on the Business Day on which the Restructuring Steps are commenced pursuant to this Clause 5, then: (A) the process of the closing of the Restructuring shall be paused until the date on which the Relevant Restructuring Step and all remaining Restructuring Steps can be completed (on which date all such Restructuring Steps shall be completed); (B) to the fullest extent permitted by law, any Restructuring Step completed before the day on which the Restructuring Effective Time occurs shall be deemed to event or transaction described therein that may have occurred on or before the date of the Restructuring Effective Time; (C) no Party Termination Date shall be permitted to raise any objection for the purposes null, void and of this Deed in connection with the fact that a Restructuring Step has not been completed on the date of the Restructuring Effective Time by reason of the operation of the provisions of this Clause 5.1(a)(iv); and (D) in the event that any Restructuring Step is completed before the date on which the Restructuring Effective Time has occurred and it cannot be treated as having occurred on a subsequent date under the provisions of this Clause 5.1(a)(iv), then the fact of its occurrence on a date prior to the date of the Restructuring Effective Time shall not prevent it from being regarded for the purposes of this Deed as having occurred on the date the Restructuring Effective Time occursno legal effect. 5.2 Restructuring Step 1: AFF documents and Holding Period Trust Deed (a) the AFF Deed of Release and the AFF Payoff Letter shall be dated; and (b) the Holding Period Trust Deed and the Holding Period Trust Fee Letter shall be dated and become effective and the Holding Period Trustee hereby confirms it shall hold any Holdco Facilities Commitments which it receives in accordance with Restructuring Step 5 in accordance with the terms of the Holding Period Trust Deed; and (c) the Holding Period Trust Opco Accession Letter shall be dated and become effective.