Common use of PSC COVENANTS Clause in Contracts

PSC COVENANTS. PSC agrees on behalf of itself and its Affiliates that: (a) it will use its best efforts to (i) comply with the Plan Timetable set out in the Term Sheet (ii) obtain written agreements, to the extent legally permissible, from holders (or representatives of such holders) of claims of all classes of impaired claims in terms of amount of claims and number of holders as required for the approval of the Plan by the relevant classes of claims under the Bankruptcy Code and the CCAA; and (iii) to identify to the satisfaction of the Consenting Lenders, JUNE 21 AMENDMENT TO LOCKUP AGREEMENT prior to commencing the Cases, those unsecured creditors whose claims will be reinstated under or unaffected by the Plan and those executory contracts that will be assumed; (b) PSC and its Affiliates will cooperate fully with the Lenders' advisors and permit them complete access to PSC, its subsidiaries and their books and records, officers and personnel throughout the restructuring process; and (c) subject to the provisions of the Bankruptcy Code, at least 90% of the cash balances and other near-cash financial instruments of the Restricted Parties including term deposits and marketable securities will be maintained with one or more Lenders (subject to exclusions acceptable to the Majority Lenders (as defined below)).

Appears in 2 contracts

Samples: Credit Agreement (Philip Services Corp), Lockup Agreement (Philip Services Corp)

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PSC COVENANTS. PSC agrees on behalf of itself and its Affiliates that: (a) it will use its best efforts to (i) comply with the Plan Timetable set out in the Term Sheet (ii) obtain written agreements, to the extent legally permissible, from holders (or representatives of such holders) of claims of all classes of impaired claims in terms of amount of claims and number of holders as required for the approval of the Plan by the relevant classes of claims under the Bankruptcy Code and the CCAA; and (iii) to identify to the satisfaction of the Consenting Lenders, JUNE 21 AMENDMENT TO LOCKUP AGREEMENT prior to commencing the Cases, those unsecured creditors whose claims will be reinstated under or unaffected by the Plan and those executory contracts that will be assumed; (b) PSC and its Affiliates will cooperate fully with the Lenders' advisors and permit them complete access to PSC, its subsidiaries and their books and records, officers and personnel throughout the restructuring process; and (c) subject to the provisions of the Bankruptcy Code, at least 90% of the cash balances and other near-cash financial instruments of the Restricted Parties including term deposits and marketable securities will be maintained with one or more Lenders (subject to exclusions acceptable to the Majority Lenders (as defined below)).

Appears in 1 contract

Samples: Credit Agreement (Philip Services Corp)

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PSC COVENANTS. PSC agrees on behalf of itself and its Affiliates that: (a) it will use its best efforts to (i) comply with the Plan Timetable set out in the Term Sheet (ii) obtain written agreementsagreements prior to commencing the Cases, to the extent legally permissible, from holders (or representatives of such holders) of claims of all classes of impaired claims in terms of amount of claims and number of holders as required for the approval of the Plan by the relevant classes of claims under the Bankruptcy Code and the CCAA; and (iii) to identify to the satisfaction of the Consenting Lenders, JUNE 21 AMENDMENT TO LOCKUP AGREEMENT prior to commencing the Cases, those unsecured creditors whose claims will be reinstated under or unaffected by the Plan and those executory contracts that will be assumed; (b) PSC and its Affiliates will cooperate fully with the Lenders' advisors and permit them complete access to PSC, its subsidiaries and their books and records, officers and personnel throughout the restructuring process. The Consenting Lenders will work together with PSC and its Affiliates to coordinate cost-effective performance of the advisors' work; and (c) subject to the provisions of the Bankruptcy Codefrom February 28, 1999, at least 90% of the cash balances and other near-cash financial instruments of the Restricted Parties including term deposits and marketable securities will be maintained with one or more Lenders (subject to exclusions acceptable to the Majority Lenders (as defined below)).

Appears in 1 contract

Samples: Credit Agreement (Philip Services Corp)

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