Avoidance Actions, Commercial Tort Claims    Avoidance Sample Clauses

Avoidance Actions, Commercial Tort Claims    Avoidance actions arising under Chapter 5 of the Bankruptcy Code and commercial tort claims against any and all vendors with which the Quiksilver Entities will have an ongoing relationship following emergence from chapter 11 shall vest in the applicable Reorganized Debtor. Releases, Exculpations, and Injunctions The Agreed Plan shall provide for customary release, exculpation, and injunction provisions, which shall be acceptable to Oaktree. Tax Issues The Restructuring shall be structured to preserve favorable tax attributes to the extent practicable, which structure shall be acceptable to Oaktree. Fees and Expenses The Agreed Plan will provide for payment of all accrued and unpaid professional fees and expenses for the legal and financial advisors of Oaktree in cash on the Effective Date. Other Plan Terms The Agreed Plan shall contain all other customary terms otherwise reasonably acceptable to Oaktree. This term sheet (this “Backstop Term Sheet”) summarizes certain material terms and conditions of certain transactions to take place in connection with the proposed restructuring of the capital structure and financial obligations of Quiksilver, Inc. and certain of its U.S. subsidiaries (collectively, the “Debtors”)1 pursuant and subject to, among other things, the terms and conditions described in this Backstop Term Sheet, the Plan Sponsor Term Sheet, the DIP Term Sheet, and the Plan Sponsor Support Agreement. This Backstop Term Sheet is intended solely as a basis for further discussion and is not intended to be and does not constitute a commitment, offer to purchase, or any legally binding obligation. This Backstop Term Sheet does not include all of the conditions, covenants, closing conditions, representations, warranties, or other terms that would be contained in a definitive backstop commitment letter or agreement or the Agreed Plan (as defined below). Restructuring Summary Prior to the commencement date of the chapter 11 cases (the “Petition Date”), certain funds managed by affiliates of Oaktree Capital Management, L.P. (collectively, “Oaktree”) and the Quiksilver Entities shall have executed the plan sponsor agreement to which this Backstop Term Sheet is attached (the “PSA”) pursuant to which the Debtors will agree to pursue and implement a restructuring process consistent with this Term Sheet in order to consummate a chapter 11 plan of reorganization (the “Agreed Plan”). 1 The “Debtors” are Quiksilver, Inc. (“Quiksilver Parent”), and each of its domestic direc...