Turnaround Consultant. Borrower shall retain a turnaround consultant satisfactory to the Majority Lenders, under an acceptable scope of work, such turnaround consultant to be retained by Borrower within twenty-one (21) days after the Agent shall have approved the applicable scope of work. The Agent and the Lenders will be provided access to all consultant generated information and reports and the applicable consultant shall report on a semi-monthly basis to Borrower, with a copy to the Agent and each Lender.
(d) EXHIBIT J to the Loan Agreement (Borrowing Base Certificate) is hereby amended to read in its entirety as set forth on EXHIBIT J hereto.
Turnaround Consultant. The Borrower shall continue to retain High Ridge Partners or such other third party consulting firm as is satisfactory to the Banks to assist in the conduct of the Borrower's business and the Borrower shall take reasonable steps to assure that representatives of such firm are available for discussions with the Banks regarding the Borrower's financial condition and prospects (whether or not any member of the Borrower is present).
Turnaround Consultant. On or before May 31, 2001, Borrower shall retain a consultant acceptable to Lender on terms acceptable to Lender as to matters specified by Lender, including, but not limited to, the evaluation of Borrower and the formulation of a strategy for enhancing the business performance of Borrower."
Turnaround Consultant. Borrower shall at all times retain a turnaround consultant satisfactory to the Majority Lenders, under an acceptable scope of work. The Agent and the Lenders will be provided access to all consultant generated information and reports and the applicable consultant shall report on a semi-monthly basis to Borrower, with a copy to the Agent and each Lender.
(s) SECTION 8.1 of the Loan Agreement is hereby amended to read in its entirety as follows:
Turnaround Consultant. Borrower agrees that, at Lender's option, it will either retain a turnaround consultant or company satisfactory to Lender in its sole discretion or permit access to Borrower's business, operations, and management to Lender or its representatives as requested by Lender. Conditions Precedent. Effectiveness of this Agreement is subject to satisfaction of the following conditions:
Turnaround Consultant. At the Lender’s request, Borrower shall (at its own expense) retain a turnaround consultant acceptable to the Lender in its sole discretion to assist the Borrower in its financial and/or operational restructuring.
Turnaround Consultant. On or before April 30, 2001, the Company shall engage a "turnaround" consultant to review, prepare and analyze (as applicable) the Company's financial condition, on a consolidated basis, including, without limitation, the Company's going concern and break-up values, the Company's operating, cash flow and capital budgets and the Company's management of working capital. The consultant shall also prepare "hold/merge/liquidate" recommendations for each business location concerning the Company operations. All reports prepared by the consultant for the Company shall also be simultaneously delivered by the consultant to the Administrative Agent and to each of the Banks, and the Administrative Agent and to each of the Banks shall have the right to discuss such reports directly with the consultant. The consultant shall be selected and paid by the Company; provided, however, that the Administrative Agent and each of the Banks shall have the right to approve the consultant selected by the Company and the scope and cost of the engagement. Attached hereto as SCHEDULE 4.23 is nonexclusive list of approved consultants.
Turnaround Consultant. Within 45 days after the Closing Date, the Borrower will engage, for its own account, an independent turnaround consultant with extensive experience and a good reputation in the turnaround consulting industry. The scope of such turnaround consultant's engagement shall be sufficiently broad to enable the turnaround consultant to actively assist the Borrower with the implementation and execution of its business plan.
Turnaround Consultant. Borrower agrees that, at Lender's option, it will either retain a turnaround consultant or company reasonably satisfactory to Lender or permit access to Borrower's business, operations, and management to Lender or its representatives as reasonably requested by Lender; provided, however, Lender agrees that if it should require Borrower to retain an outside turnaround consultant in respect of Borrower, the fees and expenses of such consultant shall not exceed a total of $250,000 and Lender will permit Borrower to add back to Net Income the turnaround consultant's fees and expenses for purposes of determining Borrower's compliance with Section 6.2(a) of the Credit Agreement.
Turnaround Consultant. The Credit Agreement is hereby further amended by adding the following new Section 11.24 thereto in the correct numerical location:
