Chief Restructuring Officer. Use commercially reasonable efforts to cause Xxxxx Mesterham to continue (x) to be employed as Chief Restructuring Officer and (y) to have the structure, scope and duties existing on the date hereof. In the event of the death, disability, incapacity, removal (for cause) or resignation of such Chief Restructuring Officer, employ a replacement Chief Restructuring Officer, reasonably satisfactory to the Lead Lenders, within 30 days.
Chief Restructuring Officer. Maintain at all times (other than as a result of not being approved by the Bankruptcy Court), a chief restructuring officer acceptable to the Required Lenders (it being understood that Xxxxx Xxxx of Mackinac Partners is acceptable to Required Lenders) with responsibilities reasonably satisfactory to the Required Lenders.
Chief Restructuring Officer. (a) Borrower has appointed and engaged Mr. Xxxxxxx Xxxx of Xxxx & Co. as the full-time chief restructuring officer of Borrower (the "CRO"), pursuant to the terms of an engagement agreement dated as of September 23, 2015 (as amended or otherwise modified from time to time in form and substance satisfactory to Agent in writing, the "CRO Engagement Agreement"). Borrower covenants and agrees to keep the CRO Engagement Agreement in place and to modify or replace such agreement only upon terms satisfactory in form and substance to Agent in its Permitted Discretion.
(b) Borrower shall cause the CRO to provide Agent, Lenders, and the Agent-Related Persons with such information and reports, and, upon reasonable prior notice to both Borrower and the CRO, to make itself available for discussions with Agent and Lenders during normal business hours regarding Borrower and its financial condition, businesses, assets, liabilities, prospects (including, without limitation, as to repayment of the Obligations), restructuring efforts, and strategic transactions, all as Agent and Lenders may reasonably request from time to time. Borrower may participate in such discussions at the times designated by Agent, Lenders, and Agent-Related Persons pursuant to the immediately preceding sentence, provided that Borrower’s failure to elect to do so shall not prevent Agent, Lenders and Agent-Related Persons from proceeding with such discussions.
(c) All fees and expenses of the CRO shall be solely the responsibility of Borrower, and in no event shall Agent or Lenders have any liability or responsibility with respect to the CRO (including, without limitation, as to the payment of the CRO's fees or expenses), and Agent and Lenders shall not have any obligation or liability to Borrower, the CRO, or any other Person by reason of any acts or omissions of the CRO.
(d) It will constitute an immediate Event of Default under this Agreement, and an Event of Default under the Credit Agreement and the other Loan Documents, if, at any time, and for any reason, (i) the terms of the CRO Engagement Agreement are modified in a manner not acceptable to Agent in its Permitted Discretion, or (ii) the CRO resigns, is suspended, or has his services materially modified, or is terminated at any time during the Forbearance Period and is not replaced by another CRO acceptable to Agent in its Permitted Discretion on terms acceptable to Agent in its Permitted Discretion, within three (3) Business Days after the date...
Chief Restructuring Officer. At all times during the Fourth Forbearance Period, Borrowers shall continue to retain the Chief Restructuring Officer pursuant to that certain engagement letter dated November 8, 2012, by and between Borrowers and Xxxxx Xxxxxx.
Chief Restructuring Officer. Within 14 days after the Amendment No. 2 Effective Date, the Borrower shall appoint a chief restructuring officer reasonably satisfactory to the Administrative Agent and the Required Lenders, having authority reasonably satisfactory to the Administrative Agent and the Required Lenders and reporting directly to the board of directors of the Borrower.”
(g) Section 6.01 of the Credit Agreement is hereby amended by deleting “and” at the end of clause (v), replacing the “.” at the end of clause (w) with “;” and adding the following clause (x) and clause (y)”:
Chief Restructuring Officer. The failure of an Acceptable Chief Restructuring Officer to be employed by the Parent at any time to assist the Loan Parties with preparation of the Budget (and updates thereto) and the other financial and collateral reporting required to be delivered to the Administrative Agent pursuant to this Agreement; provided that the Parent shall have five (5) Business Days to engage a replacement Acceptable Chief Restructuring Officer following the resignation of any Acceptable Chief Restructuring Officer; or
Chief Restructuring Officer. Borrower will continue to retain and engage the Chief Restructuring Officer and such Chief Restructuring Officer will (a) report to the Board of Directors of the Borrower and (b) will have those powers and duties set forth on Schedule 5.13. Upon the resignation or termination of the Chief Restructuring Officer or other occurrence rendering the Chief Restructuring Officer incapacitated or unavailable, subject to the approvals required under the Bankruptcy Court, the Borrower shall promptly (and no later than five (5) Business Days after such resignation, termination or such other occurrence) retain a replacement Chief Restructuring Officer acceptable to the Required Lenders and the Borrower (it being understood that any director or managing director (or a Person with a similar title) with previous experience as a chief restructuring officer (or similar experience) at Debtors’ Financial Advisor shall be deemed acceptable to the Required Lenders) and the scope of the engagement of such replacement Chief Restructuring Officer and fees shall be reasonably acceptable to the Required Lenders and the Borrower.
Chief Restructuring Officer. On or prior to the date that is one hundred eighty (180) days following the Closing Date, the Administrative Agent shall have the option to request that the Borrower appoint a chief restructuring officer (a “Chief Restructuring Officer”). Upon such request, the Borrower shall engage a Chief Restructuring Office that is reasonably satisfactory to the Administrative Agent.
Chief Restructuring Officer. On or before the date that is 14 days from date of delivery of a written request from the Co-Agent, Salton Inc. shall have appointed a chief restructuring officer reasonably acceptable, and on terms reasonably acceptable, to the Co-Agent.
Chief Restructuring Officer. No later than fourteen (14) calendar days after the Petition Date, the Company shall have selected and retained, subject to Bankruptcy Court approval, a chief restructuring officer reasonably acceptable to the Required Holders and the DIP ABL Agent (as defined in the Interim DIP Order).
