Financial Restructuring Clause Samples

The Financial Restructuring clause outlines the procedures and conditions under which a party may reorganize its financial obligations, assets, or corporate structure. Typically, this clause details the steps required for restructuring, such as obtaining creditor approval, providing notice to stakeholders, or adhering to specific legal requirements. Its core function is to provide a clear framework for managing significant financial changes, thereby reducing uncertainty and protecting the interests of all parties involved during periods of financial distress or transition.
Financial Restructuring. On September 30, 2002 we announced that we had reached a non-binding preliminary agreement relating to a restructuring of our balance sheet with an ad hoc committee of our bondholders (the `Bondholder Committee'). That agreement provided for the cancellation of all outstanding notes and debentures (the `Notes') (approximately (pound)3.5 billion) and certain other unsecured foreign exchange hedge contracts (the `Hedge Contracts') (approximately (pound)33 million) in exchange for new ordinary shares (the `New Shares') representing 97% of our issued share capital immediately after the Financial Restructuring. Under that agreement our current ordinary shareholders would have received the remaining 3% of our issued ordinary share capital. -------------------------------------------------------------------------------- TELEWEST COMMUNICATIONS PLC US GAAP UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -------------------------------------------------------------------------------- NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS We also announced on September 30, 2002 that we were deferring payment of interest under certain of our Notes and the amounts due as a result of the settlement of the Hedge Contracts. Such non-payment continues and has resulted in defaults under our Existing Facility and a number of other financing arrangements. Based on one such default, in respect of non-payment of approximately (pound)10.5 million to a Hedge Contract counter-party, that counter-party has filed a petition with a UK Court to wind us up. We intend to deal with this claim as part of the overall restructuring of our unsecured debt obligations and do not believe that the legal action will significantly delay or impede the Financial Restructuring process. We expect to meet our obligations to our suppliers and trade creditors and this legal action is expected to have no impact on customer service. On January 15, 2003, we announced that we had reached a non-binding agreement with respect to the terms of amended and restated credit facilities with both the steering committee of our Senior Lenders and the Bondholder Committee. In addition, the terms of these facilities had received credit committee approval, subject to documentation and certain other issues, from all of our senior lenders (the `Senior Lenders'), save for those banks which are also creditors by virtue of the unsecured Hedge Contracts with which we will deal in the overall Financial Restruc...
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Financial Restructuring. On or before the following dates, Borrower shall deliver the following to Agent: (a) September 30, 2003: a certified copy of the resolution or unanimous consent of Borrower's board of directors detailing Borrower's refinancing strategy for the Obligations hereunder; (b) October 31, 2003: list of qualified financial institutions chosen by Borrower for such refinancing; and (c) November 30, 2003: memorandum concerning Borrower's long term business plan and proposed terms for refinancing.
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Financial Restructuring. On September 30, 2002, we announced that we had reached a preliminary agreement relating to a financial restructuring (the "Financial Restructuring") with an ad hoc committee of our bondholders (the "Bondholder Committee"). That agreement provides for the cancellation of all outstanding notes and debentures ("the Notes"), representing approximately (pound)3.5 billion of indebtedness, issued by the Company and Telewest Finance (Jersey) Limited and certain other unsecured foreign exchange hedge contracts ("the Hedge Contracts") of the Company in exchange for New Ordinary Shares ("New Shares") representing 97% of the issued share capital of the Company immediately after the Financial Restructuring. The Company's current ordinary shareholders will receive the remaining 3% of the Company's issued ordinary share capital.
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Financial Restructuring. SECTION 3.01.
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Financial Restructuring. Financial restructuring undertaken Final transfer and absorption of the employees in the new companies immediately after the division of MPEB staff is completed. Further reduction in transmission / distribution system and enhancement of collection needed
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Financial Restructuring. Agent and Lenders acknowledge that Borrowers have indicated their intention to pursue a financial restructuring, which may be effected through, among other things, raising additional equity, the conversion of existing non-senior debt to equity, and/or obtaining replacement debt financing which, when taken together, will be sufficient to repay and satisfy the Debt in full (a "Restructuring"). Agent and Lenders acknowledge and agree that Borrowers, at their option and with the assistance of the Lead Investment Banker, concurrently with the Sale Transaction process set forth herein in Section 2(g) as a condition to forbearance, may pursue a Restructuring. Notwithstanding the foregoing, in no event shall the process of attempting to complete a Restructuring replace, mitigate or diminish in any way the conditions to forbearance relating to the completion of a Sale Transaction and the Sale Transaction process contained in Section 2(g) hereof absent the full repayment and satisfaction of the Debt.
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Financial Restructuring. The financial restructuring of [credit institutions and investment firms]1) is to be understood as measures intended to maintain the financial position of a credit institution [and investment firm]1) or to restore it to normal and which could affect prior rights of third parties, including measures which could conceivably involve a moratorium, postponement of enforcement measures or reduction of claims. If a credit institution [and investment firm]1) has its head office in Iceland, financial restructuring shall mean granting a moratorium and authorisation to seek composition as provided for in the Act on Bankruptcy etc., No. 21/1991. [Financial restructuring also includes liquidation actions taken on the basis of the Act on Recovery and Resolution of Credit Undertakings and Investment Firms.]1) Act no. 21/1991 on Bankruptcy etc. shall apply with regard to a credit institution [and investment firm]1)’s moratorium and authorisation to seek composition and to the implementation of such measures, unless otherwise provided for by this Act. [If a financial undertaking has been granted a moratorium, it is sufficient to publish the announcement of a meeting, as provided for in the second paragraph of Art.13 and the fifth paragraph of Art.17 of the Act on Bankruptcy etc., with an advertisement published in at least two daily newspapers in Iceland and in each of those states where branches were operated.]2) . 3) When a credit institution or investment firm undergoes financial restructuring or liquidation proceedings as part of resolution proceedings based on the Act on Recovery and Resolution of Credit Undertakings and Investment Firms, the provisions of that law shall apply to confidentiality regarding consultation with competent authorities in other Member States.]1)]4) 1) Act no. 70/2020, Art.103. 2)Act no. 44/2009, Art.
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Financial Restructuring. On or before the following dates, the Company shall deliver the following to the Noteholders: (a) September 30, 2003: a certified copy of the resolution or unanimous consent of the Company's board of directors detailing the Company's refinancing or restructuring strategy for the obligations outstanding under the Senior Credit Agreement, the Notes and the other Note Documents; (b) October 31, 2003: list of qualified financial institutions chosen by the Company for such refinancing or restructuring; and (c) November 30, 2003: memorandum concerning the Company's long term business plan and proposed terms for such refinancing or restructuring.
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Financial Restructuring 
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Related to Financial Restructuring

  • Restructuring 24.1 In the event that all or part of the work undertaken by the employee will be affected by the employer entering into an arrangement whereby a new employer will undertake the work currently undertaken by the employee, the employer will meet with the employee, providing information about the proposed arrangement and an opportunity for the employee to comment on the proposal, and will consider and respond to their comments. The employee has the right to seek the advice of their union or to have the union act on their behalf. 24.2 The employer will negotiate with the new employer, including whether the affected employees will transfer to the new employer on the same terms and conditions, and will include in the agreement reached with the new employer a requirement that the employee be offered a position with the new employer at the same or similar terms of employment. 24.3 Where the employee either chooses not to transfer to the new employer, or is not offered employment by the new employer, the employer will activate the staff surplus provisions of this agreement.

  • Restructuring Transactions On the Effective Date, the Debtor, Newco, GP, Finance Co and Merger Co shall enter into the Consensual Transaction described in Section 3 of the Implementation Plan attached to the Transaction Support Agreement as Exhibit B. On the later of the Effective Date and the Merger Date, the Debtor and Merger Co will enter into a merger agreement under which the Debtor will merge with Merger Co, and following the merger, the Debtor will be the surviving and successor entity. The actions to implement this Plan and the Implementation Plan may include, in accordance with the consent rights in the Transaction Support Agreement: (a) the execution and delivery of appropriate agreements or other documents of merger, amalgamation, consolidation, restructuring, conversion, disposition, transfer, arrangement, continuance, dissolution, sale, purchase, or liquidation containing terms that are consistent with the terms of the Plan and the Transaction Support Agreement and that satisfy the applicable requirements of applicable law and any other terms to which the applicable Entities may agree; (b) the execution and delivery of appropriate instruments of transfer, assignment, assumption, or delegation of any asset, property, right, liability, debt, or obligation on terms consistent with the terms of the Plan and the Transaction Support Agreement and having other terms for which the applicable parties agree; (c) the filing of appropriate certificates or articles of incorporation, reincorporation, merger, consolidation, conversion, amalgamation, arrangement, continuance, or dissolution pursuant to applicable state or provincial law; (d) the execution and delivery of contracts or agreements, including, without limitation, transition services agreements, employment agreements, or such other agreements as may be deemed reasonably necessary to effectuate the Plan in accordance with the Transaction Support Agreement; and (e) all other actions that the applicable Entities determine to be necessary, including making filings or recordings that may be required by applicable law in connection with the Plan.

  • Pre-Closing Restructuring (a) Prior to the Principal Closing (in respect of the Principal Business Equity Interests and the Principal Business Transferred Assets) and prior to the applicable Deferred Closing (in respect of the Deferred Business Equity Interests and the Deferred Business Transferred Assets), Sapphire (i) shall use reasonable best efforts to effect, or cause the other Sellers or the Transferred Entities, at all times in accordance with applicable Law (including notifying clients and customers), to effect, all transfers and take all such actions as are necessary so that as of the Relevant Closing (A) the internal restructuring transactions set forth on Schedule 2.06(a)(i)(A), shall be consummated in the manner described on such Schedule, (B) assets, properties and businesses of the Transferred Entities that, if held by the Retained Entities, would constitute Excluded Assets (applying Section 2.03 mutatis mutandis) (collectively, the “Non-Business Assets”) shall be transferred to any of the Retained Entities and (C) except as otherwise set forth in this Agreement, any Liability of the Transferred Entities that, if a Liability of a Retained Entity, would constitute an Excluded Liability applying Section 2.05 mutatis mutandis (collectively, the “Non-Business Liabilities”) shall be assigned to any of the Retained Entities and (ii) may effect, or cause the Transferred Entities to effect, any transfer or other action as necessary to undertake any other restructurings that would not reasonably be expected, individually or in the aggregate (A) to materially interfere with, prevent or materially delay the ability of Sellers to perform their obligations under the Transaction Documents or consummate the transactions contemplated thereby, (B) to change the overall scope of the Businesses being sold to Buyer under this Agreement or the allocation of assets and Liabilities otherwise contemplated by this Agreement or (C) to result in material adverse Tax consequences to Buyer, its Affiliates or any Transferred Entities (taking into account Sapphire’s obligations pursuant to Article VI and Section 9.02) (collectively referred to as the “Restructurings”); provided, however, that (1) Restructurings that would not otherwise be permitted under the foregoing clause (ii) may be completed with the prior written consent of Buyer (not to be unreasonably withheld, conditioned, or delayed), (2) the completion of any or all such Restructurings shall not be a condition to any Closing, (3) no Restructurings (other than in a manner consistent in all material respects with that set forth on Schedules 2.06(a)(i)(A) in respect of any Brexit Assets shall be completed without the prior written consent of Buyer (not to be unreasonably withheld, conditioned or delayed) and (4) with respect to UK Newco, Sapphire shall consult in good faith with Buyer regarding such Restructurings and shall consider in good faith Buyer’s reasonable comments in respect of such implementation. At Buyer’s reasonable request, Sapphire shall provide Buyer with reasonable updates from time to time on the status of the Restructurings.

  • Local Health Integration Networks and Restructuring In the event of a health service integration with another service provider the Employer and the Union agree to meet. (a) The Employer shall notify affected employees and the Union as soon as a formal decision to integrate is taken. (b) The Employer and the Union shall begin discussions concerning the specifics of the integration forthwith after a decision to integrate is taken. (c) As soon as possible in the course of developing a plan for the implementation of the integration the Employer shall notify affected employees and the Union of the projected staffing needs, and their location.

  • Financial Resources The Adviser has the financial resources available to it necessary for the performance of its services and obligations contemplated in the Pricing Disclosure Package, the Prospectus, and under this Agreement, the Investment Management Agreement and the Administration Agreement.