Restructuring of Debt. The outstanding principal and accrued interest on the Original Notes as of March 31, 2003 of $784,904 is hereby restated and exchanged with Borrower effective April 1, 2003 as a single term loan that accrues interest at the rate of five percent (5%) per annum with all principal and accrued interest due and payable on March 31, 2008 (the "Term Loan"). The Term Loan shall be represented by the "Term Note" in the form attached hereto as Exhibit A. Each payment of principal (including any prepayment) and payment of interest and fees, and any other amount required to be paid to the Lender with respect to the Term Note, shall be made to the Lender at it address set forth below on the date such payment is due. Upon execution of this Agreement, Lender is delivering to Borrower the Original Notes.
Restructuring of Debt. The Administrative Agent shall have received evidence satisfactory to it that substantially all of the existing Debt of the Borrower and its Subsidiaries (other than Permitted Debt) shall have been repaid or restructured as expressly contemplated in the Plan of Reorganization or otherwise on terms satisfactory to the Administrative Agent.
Restructuring of Debt. (i) All amounts due or outstanding in respect of the Debt outstanding under the Existing Credit Agreements, the Existing RRI Secured Notes and the Existing MNA Senior Notes shall have been (or substantially simultaneously with the initial funding hereunder shall be) paid in full or, in the case of the Existing RRI Secured Notes or the Existing MNA Senior Notes discharged in accordance with Section 8.02 and Section 8.1, respectively, of the indenture relating thereto, all commitments (if any) in respect thereof terminated and all guarantees (if any) therefor and security (if any) thereof discharged and released; provided, however, that this condition shall not apply with respect to the Existing RRI Secured Notes if RRI obtains consent for the Transaction from the holders of a majority in aggregate principal amount of such notes outstanding in form and substance reasonably satisfactory to the Arrangers, and (ii) the defeasance of the Existing PEDFA Bonds shall have been (or substantially simultaneously with the initial funding hereunder shall be) effective and RRI’s and its Subsidiaries’ obligations under the guarantees in respect of the Existing PEDFA Bonds and the Liens securing such guarantees shall have been, in each case, discharged and released; provided, however, that this condition shall not apply with respect to any series of Existing PEDFA Bonds as to which RRI obtains consent for the Transaction from the holders of a majority in aggregate principal amount of such series of Existing PEDFA Bonds outstanding in form and substance reasonably satisfactory to the Arrangers.
Restructuring of Debt. 2.1.1 The Parties confirm that the following sums constitute the Prior Outstanding Debt as of the Closing Date (including principal and interest) pursuant to all of the Prior Loan Agreements and all ancillary documents related thereto: Holdings Loan Agreement $89,254,000 Lumenis Ltd. Loan Agreement $68,047,000 Short Term Credit Line $47,309,000** Guarantee No. 11145/2 issued to Mx. Xxxxx Xxx $733,334 Standby Letter of Credit No. 700-00-000000/8 issued to UPS Supply Chain Solutions Inc. $1,000,000 Guarantee No. 11145/03 to Netanya Magistrate Court $6,000 Guarantee Nx. 00000/00 xx Xxx Xxxx-Xxxxx Xxxxxxxx Court $3,000 Guarantee in respect of Yokneam facility lease NIS 100,000 Total US $206,375,228, as of September 15, 2006 and as shall be amended and updated to reflect accrued interest and any additional loans provided by the Bank under the Short Term Credit Line (if any)**, up to a maximum of $220 million as of the Closing Date. ** If requested by the Borrower, the Bank will grant additional loans under the Short Term Credit Line if (i) the Bank is satisfied that the additional loans are required by the Borrower to continue conducting its business and meeting expenses in the ordinary course and consistent with past practice, and (ii) the Investors agree to such additional loans being granted and provided that in no event will the Prior Outstanding Debt at the Closing Date exceed $220 million.
2.1.2 Upon the Closing Date, the following actions shall occur or be deemed to have occurred:
(a) the Bank shall have advanced the Borrower the amount of the Loan (in accordance with the terms hereof);
(b) the Borrower shall pay the Bank a sum of $40 million Dollars (the “First Repayment Amount”) deposited in the Account in repayment of the Prior Outstanding Debt;
(c) the Bank shall forgive $25 million Dollars of the Prior Outstanding Debt (the “First Write Off”);
(d) the Borrower shall use the Loan to prepay all of the amounts outstanding under the Prior Loan Agreements;
(e) all of the Prior Loan Agreements, (whether referred to in Clause 2.1.1 or not) including the Schedules attached thereto and all rights thereunder, other than the following:
(i) the Cash Fee – Ltd. Stock Side Letter, dated November 19, 2003 issued by the Borrower in favour of the Bank, which shall be restated to incorporate the provisions as set out in Clause 2.1.4 below;
(ii) the Option Agreements dated April 30, 2001, February 6, 2003 and November 19, 2003, respectively (“the Option Agreements”) w...
Restructuring of Debt. 1.1 IMARK hereby acknowledges that it is currently indebted to Advance in the principal amount of $400,000 plus interest.
1.2 From the date hereof through October 10, 1998, Advance may, at Advance's sole and unfettered discretion, and provided that no default or Event of Default shall have occurred hereunder, lend to IMARK up to the principal amount of $600,000. IMARK shall request such additional loans not more than once every two weeks, by delivering to Advance a borrowing request accompanied by a detailed description of the uses of all credit provided by Advance to IMARK through the date of the request and the proposed uses of the additional funds requested on the date of the borrowing request. Advance shall not be obligated to provide such additional funds, but this agreement shall govern the repayment of and security for IMARK's obligation to repay any funds lent hereunder.
1.3 To evidence the Loan, contemporaneously with the execution of this Agreement, IMARK is issuing to Advance a convertible promissory note in the principal face amount of $100,000 in the form of Exhibit A-1 attached hereto (the "Convertible Note") and a promissory note in the principal face amount of up to $900,000 in the Form of Exhibit A-2 attached hereto (together, the "Restructured Notes" or the "Notes").
Restructuring of Debt. At the election of the Board of Directors of the Company, the Purchaser shall (a) prior to the Closing Date, use its reasonable efforts to; and (b) after the Closing Date, provide alternative financing facilities to the Company's financing facilities that are in effect at the time of such election by the Board of Directors.
Restructuring of Debt. The Notes are hereby tendered in exchange for and the Loan Obligation is hereby restated as the “Secured Revolving Credit Note” and is exchanged with Borrower effective March 5, 2008 as represented by the “Secured Revolving Credit Note” in the form attached hereto as Exhibit A. Upon execution of this Agreement, Lender is delivering to Borrower the Notes.
Restructuring of Debt. Effective upon the Closing under the Asset Purchase Agreement, the Seller shall have restructured its long and short term obligations, including but not limited to those obligations to Xxxx Food Company, Inc. and Global Walk, Inc. (Takanashi)) on terms and conditions acceptable to the Purchaser in its sole discretion.
Restructuring of Debt. In connection with the restructuring of the Laurus indebtedness as provided herein, Rapid Link will use its commercially reasonable efforts to obtain Laurus’ agreement that the restructured indebtedness will not be subject to any lock box arrangement.
Restructuring of Debt
