Chief Implementation Officer. The Borrower shall continue to retain, on terms and having a scope of engagement satisfactory to the Administrative Agent and the Required Lenders (which appointment shall not be modified or terminated without the consent of the Administrative Agent and the Required Lenders), a chief implementation officer acceptable to the Administrative Agent and the Required Lenders (the “CIO”), which CIO shall (a) report to and be supervised by the board of directors of the Borrower, (b) be responsible, in consultation with the Chief Executive Officer, for directly managing and implementing the obligations and activities specified in Section 6.28 of this Agreement, (c) be vested with the power and authority to manage and direct, (i) all restructuring activities of the Borrower and its Subsidiaries, (ii) the Borrower’s and its Subsidiaries’ liquidity management, (iii) the Borrower and its Subsidiaries’ vendor relationships, (iv) strategic alternatives and refinancing initiatives for the Borrower and its Subsidiaries, and (v) such other activities and such additional duties as the board of directors may from time to time determine, and (d) be authorized by the Borrower to communicate directly with the Administrative Agent and the Lenders as to its duties described above. The CIO and the senior management of the Borrower shall undertake to work cooperatively with each other.
Chief Implementation Officer. As soon as commercially reasonable and in no event later than 30 days after Amendment No. 5 Effective Date, theThe Borrower shall appointcontinue to retain, on terms and having a scope of engagement satisfactory to the Administrative Agent and the Required Lenders (which appointment shall not be modified or terminated without the consent of the Administrative Agent and the Required Lenders), a chief implementation officer acceptable to the Administrative Agent and the Required Lenders (the “CIO”), which CIO shall (a) report to and be supervised by the board of directors of the Borrower and, (b) be responsible, in consultation with the Chief Executive Officer, for directly managing and implementing the obligations and activities specified in Section 6.28 of this Agreement, (c) be vested with the power and authority to manage, and direct and control the business, affairs and property, (i) all restructuring activities of the Borrower and its Subsidiaries, (including sales of the Selected Assets) and to perform any and all acts and activities customary or incident to theii) the Borrower’s and its Subsidiaries’ liquidity management of, (iii) the Borrower and its Subsidiaries’ vendor relationships, (iv) strategic alternatives and refinancing initiatives for the Borrower and its Subsidiaries, and (v) such other activities and such additional duties as the board of directors may from time to time determine, (b) develop in conjunction with the board of directors and the chief executive officer and present to the Administrative Agent and the Lenders (i) prior to July 25, 2018, an updated financial forecast for 2018, which addresses near-term (x) project risks for the Vølund Projects, including risks related to critical milestone and turnover dates, (y) cost savings measures and (z) asset divestitures, and (ii) prior to September 30, 2018, (x) the Plan, which shall also cover related timing of deleveraging and increasing profitability of the Borrower and its Subsidiaries, and (y) a strategic plan with detailed descriptions of performance improvement initiatives and cost reduction and cost saving measures, (c) [Reserved], (d) present the Orion Plan to the Administrative Agent and the Lenders within 60 days of the CIO’s date of retention and (e)and (d) be authorized by the Borrower to communicate directly with the Administrative Agent and the Lenders as to its duties described above. The CIO and the senior management of the Borrower shall undertake to work cooperativel...
Chief Implementation Officer. As soon as commercially reasonable and in no event later than 30 days after Amendment No. 5 Effective Date, the Borrower shall appoint on terms and having a scope of engagement reasonably satisfactory to the Administrative Agent and the Required Lenders (which appointment shall not be modified or terminated without the consent of the Administrative Agent and the Required Lenders) a chief implementation officer acceptable to the Administrative Agent and the Required Lenders (the “CIO”), which CIO shall (a) report to and be supervised by the board of directors of the Borrower and be vested with the power and authority to manage, direct and control the business, affairs and property of the Borrower and its Subsidiaries (including sales of the Selected Assets) and to perform any and all acts and activities customary or incident to the management of the Borrower and its Subsidiaries’ activities and such additional duties as the board of directors may from time to time determine, (b) develop in conjunction with the board of directors and the chief executive officer and present to the Administrative Agent and the Lenders within 90 days of the CIO’s date of retention, a strategic plan, including performance improvement initiatives, cost reduction and cost savings measures, and specific asset sales and related timing to deleverage the Borrower and its business and increase profitability, (c) present the Plan to the Administrative Agent and the Lenders within 90 days of the CIO’s date of retention, (d) present the Orion Plan to the Administrative Agent and the Lenders within 60 days of the CIO’s date of retention and (e) be authorized by the Borrower to communicate directly with the Administrative Agent and the Lenders as to its duties described above.
