Husky Division Sample Clauses

Husky Division. (a) On or before: (i) February 29, 2000; or (ii) in the event that governmental regulations require stockholder approval of such transaction, March 31, 2000, the Borrowers shall consummate the sale of the Borrowers' Husky division on terms satisfactory to the Lenders, with a simultaneous distribution of the Net Transfer Payments (as defined below) of such sale to the Agent, for application to the Obligations in such order and in such amounts as the Lenders may determine in their discretion. (b) In the event that the Borrowers' Husky division has not been sold prior to February 29, 2000, then, on February 29, 2000: (i) the Borrowers must cause the potential purchaser to deposit $2,000,000 with an independent third party which will be subject to the Agent's security interest, and released to the Agent if the sale does not occur by March 31, 2000; and (ii) the Borrowers must deliver evidence satisfactory to the Agent and the Lenders that the Borrowers are: (A) using their best efforts to proceed towards a debt financing of the Borrowers' foreign operations or a sale of the Borrowers' foreign operations, on terms and conditions satisfactory to the Agent and the Lenders; and (B) likely to execute, on or before March 31, 2000, a commitment letter providing for such financing or sale.
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