Common use of Renegotiation Conditions Clause in Contracts

Renegotiation Conditions. The International Bonds shall be renegotiated by means of their exchange for the New International Bonds, in the event of fulfillment of the following contingent and supplementary conditions, as established to the benefit of the International Bondholders (the “Renegotiation Conditions”): (i) That this Reorganization Agreement is understood as approved and begins to apply pursuant to Art. 89 of Law No. 20,720; (ii) That the New York Southern District Bankruptcy Court (New York State, United States of America) recognizes the Agreement in the Chapter 15 proceeding the Company is filing with said court by reason of its Reorganization Proceeding, Case No. 20-11411 (MG); (iii) That the promissory notes to which Section 7 below refers, and the documents for the reserve and ratification of guarantees to which Chapter XVIII below refers, are granted simultaneously, in both cases to the satisfaction of the International Bonds’ Trustee; (iv) That collection expenses, fees and reimbursements owed to the Trustee under the Indenture have been paid to its satisfaction, including the Trustee’s advisors fees, applicable under the rules of the Indenture; (v) That the other terms of the Financing Condition (as this term is defined further below in Chapter VIII of this Agreement) and the release of the funds from the Bridge Loan to the Company have been met. Having certified the fulfillment of the Renegotiation Conditions by the Bankruptcy Administrator [Interventor Concursal] or, absent the latter, by the Creditors Commission with the favorable vote of four of its members, the loans shall be renegotiated in the form set forth in Number 3 below. In the event that the Bankruptcy Administrator determines that the Renegotiation Conditions have failed due to expiration of the International Bonds Extension without the latter’s having been verified, or because it has become certain before expiration of the term of the Extension that none of the events comprising them will occur: (i) International Bondholders may exercise all their rights under the Indenture to obtain payment of their receivables, with no restrictions whatsoever and without being subject to this Agreement; (ii) non-fulfillment of the Renegotiation Conditions or expiration of the term without their verification shall be a Bankruptcy Law Event of Default under the Indenture; and (iii) International Bondholders may judicially enforce and collect their loans individually under the rules of the Indenture, with all their real or personal guarantees and in any jurisdiction, without need to obtain a declaration of breach of this Agreement and without its serving as defense for that enforcement. To remove all doubt, in all aspects not modified by this Reorganization Agreement, the obligations contained in the Indenture and in the International Bonds are ratified, and therefore all International Bondholder rights under said agreement shall be maintained, as well as all real and personal guarantees established in the Indenture, the International Bonds and their related documents. Nothing in this Agreement may be interpreted as restricting or impeding the International Bondholders from exercising their rights and actions under the Indenture in the face of a breach of the Debtor Company’s obligations under said agreement, as it is understood that all those rights and actions are expressly reserved. All the above is without prejudice to the Creditors Commission’s resolving to extend the Extension of the International Bonds in the event that the Renegotiation Conditions fail as set forth in Chapter XV below. As long as the International Bond Extension is current, International Bondholders undertake to not individually or jointly take any enforcement action whatsoever against Enjoy and its Guarantors (as this term is defined further below).