Restructuring of Indebtedness Clause Samples
Restructuring of Indebtedness. Contemporaneous with the closing of the Holdings IPO and use of the proceeds therefrom in accordance with Section 3.4, the TCP Purchasers, the Mezzanine Purchasers, KSI and KGI will enter into the following agreements, pursuant to which KSI will assume certain indebtedness of Holdings in consideration for the receipt of certain common stock of Holdings, and Holdings will be released from any obligations in respect of such assumed indebtedness: (a)
Restructuring of Indebtedness. The Indebtedness due and owing to the Seller pursuant to the Notes is hereby restructured and quantified as follows:
(a) Concurrent with the execution and delivery of this Agreement, the Seller is surrendering and delivering to the Buyer the Raw Materials Promissory Note for cancellation. The Seller hereby forgives and cancels any and all liabilities, obligations, and indebtedness under the Raw Materials Promissory Note.
(b) As set forth in Section 2 above, concurrent with the execution and delivery of this Agreement, the Seller hereby forgives and cancels any and all indebtedness formerly represented by the Raw Materials Differential under the Asset Purchase Agreement.
(c) Concurrent with the execution and delivery of this Agreement, (i) HemaSure shall make and deliver to the Seller a convertible subordinated promissory note, in the form attached hereto as Exhibit A (the "New HemaSure Note"), in the original principal amount of US $11,721,989.00, and, in connection therewith, HemaSure and the Seller shall enter into a registration rights agreement, in the form attached hereto as Exhibit B.
Restructuring of Indebtedness. As consideration for the restructuring of the Indebtedness, PICK and PICKNET agree as follows:
Restructuring of Indebtedness. MFC confirms to the Participating Directors that it intends to seek to try to effect a restructuring of Cybernet's indebtedness substantially upon the terms as set forth in its draft presentation to the Board dated December 2001, provided that nothing herein shall in any way constitute a representation, warranty or guarantee by MFC or any of its officers, directors, agents or representatives that any such proposed restructuring will be successfully effected.
Restructuring of Indebtedness. 25 1.2 Assignment and Assumption; Third Closing Loans . . . . . . . . . . . . . . . . . . . . . . 26 1.3 Dating and Registration of Notes; Transfer of Third Closing Loans . . . . . . . . . . . . 27 1.4
Restructuring of Indebtedness. 2.1 Subject to and in accordance with the terms and conditions of this Agreement, MFC and Dru▇▇▇▇▇ ▇▇reby covenant and agree with each other to reduce the interest rate payable on the Indebtedness from 8.75% per annum to 5.00% per annum and MFC and Dru▇▇▇▇▇ ▇▇rther covenant and agree to secure the Indebtedness by way of a general security agreement and securities pledge agreement.
Restructuring of Indebtedness. The Prior Credit Agreement is hereby amended and restated in its entirety as hereinafter set forth effective on the date hereof (the "Third Closing Date"). Without limiting the generality of the foregoing, the provisions of this Agreement shall supersede any and all covenants, conditions or other provisions of the Loan Documents or the Intercompany Loan Documents executed and delivered on or prior to the date hereof that conflict with or are inconsistent with the provisions of this Agreement. However, nothing in this Agreement is intended or shall be deemed to waive, limit or otherwise modify or affect any representation, warranty, covenant, condition or other provision of the Prior Credit Agreement or of any other Loan Document or Intercompany Loan Document executed and delivered prior to the Third Closing Date to the extent that such representation, warranty, covenant, condition or other provision relates to a fact, circumstance or event occurring prior to the Third Closing Date.
Restructuring of Indebtedness. On or prior to the Closing Date, Rapid Link shall have obtained the reduction of the aggregate amount owing by Rapid Link under certain senior secured notes due to the Laurus Creditors to a maximum principal amount of $1,250,000 (the “Rapid Link Debt”). Following the Closing, such Rapid Link Debt shall be secured by a security interest in the assets of Rapid Link and Mr. Prepaid subordinate to the security interest related to the H▇▇▇▇▇ Notes described in Section 4.16, above.
Restructuring of Indebtedness. Rapid Link shall have obtained the reduction of the aggregate amounts outstanding under certain senior notes due to Laurus Master Fund, Ltd. and its affiliates including, without limitation, Valens U.S. SPV I, LLC, Valens Offshore SPV II Corp. and LV Administrative Services, Inc. (collectively, “Laurus”) to the amounts set forth in Section 5.8 within 45 days of the date of this Agreement on terms and conditions reasonable and customary in the industry.