Borrower Management Clause Samples

Borrower Management. Borrower has advised the Bank that it has appointed a “Crisis Manager” for the Borrower. The Borrower agrees that it will maintain the engagement of a Crisis Manager during the Forbearance Period, which Crisis Manager shall provide and maintain direct responsibility for the following: The Crisis Manager shall submit to the Bank by 10:00 a.m. each Thursday during the Forbearance Period, a verbal report on the status, progress and terms of refinancing the indebtedness owed to the Lender and the condition of Borrower. The Borrower shall permit the Crisis Manager access at all times to all information of the Borrower, whether financial in nature or otherwise, necessary for the Crisis Manager to perform its duties hereunder and under its terms of engagement by the Borrower.

Borrower Management. Borrower may manage the Project itself only with the City's prior written approval. The City will provide written notice to Borrower of any determination that ▇▇▇▇▇▇▇▇ has failed to operate and manage the Project in accordance with this Agreement, in which case, the City may require Borrower to contract or cause contracting with a management agent to operate the Project, or to make other arrangements the City deems necessary to ensure performance of the functions required in Section 8.1(a).

Borrower Management. No later than September 15, 2000, the Borrower shall duly appoint a "Crisis Manager" for the Borrower, reasonably acceptable in all respects to the Bank, under terms of engagement reasonably acceptable to the Bank, which Crisis Manager shall provide and maintain direct responsibility for the following: (a) The Crisis Manager shall develop a plan of orderly liquidation for the Borrower (the "Orderly Plan") which shall be acceptable to the Bank in all respects and which shall be duly approved by majority consent of the Board of Directors of the Borrower no later than October 13, 2000. The Orderly Plan shall be provided to the Bank no later than October 13, 2000, and shall include, but not be limited to (i) a plan for the orderly sale and liquidation of the Borrower's assets, including, but not limited to, parts and raw materials inventory, finished goods inventory, accounts receivable, equipment and real estate, (ii) the marketing and sale of all Borrower patents and technology, (iii) the cessation of the Borrower's business and affairs and the winding up thereof, and (iv) the payment o f the Borrower's indebtedness. (b) The Crisis Manager shall submit to the Bank by 10:00 a.m. each Tuesday during the term hereof, a written compliance certificate (acceptable in form to Crisis Manager and Bank) (i) confirming that the weekly Borrowing Base Certificate for the Borrower is true and correct, that the Borrowing Base Shortfall is no greater than as provided in Section 4 herein during the time periods described in Section 4, and that the Borrower has not exceeded the expenditures set forth in the Budget, all to the best of the Crisis Manager's knowledge and belief (ii) the status, progress and terms of the recapitalization of the Borrower by Taglich Brothers, Inc. ("Taglich") as described in Section 12 below, and (iii) providing that, to the best of the Crisis Manager's knowledge and belief, Borrower is not in default hereunder. (c) The Crisis Manager shall review and monitor all cash expenditures necessary to implement and carry out the Orderly Plan during the Forbearance Period; provided, however, if the Forbearance Period is terminated by the Bank hereunder and the Orderly Plan is implemented, the Crisis Manager shall review and approve all cash expenditures. The Crisis Manager's terms, conditions and compensation shall be subject to reasonable modification at the request of Crisis Manager if and when the Orderly Plan is implemented. (d) The Crisis Manager shall...