Common use of Restructuring Plan Clause in Contracts

Restructuring Plan. The Borrowers shall have developed, completed and commenced to implement a written plan (the "Restructuring Plan"), the content of which shall be satisfactory to and approved and authorized by both the Board of Directors of the Company and the Lender (which shall not be unreasonably withheld or delayed). The Restructuring Plan shall include, without limitation, matters involving (a) the consent and renegotiating of the existing loan with the Borrowers' Senior Lender, (b) the hiring and retaining of outside consultants, (c) procedures for dealing with significant vendors and payment of any significant outstanding payables, (d) procedures for dealing with the collection of accounts receivable, (e) the hiring of any new executive level employees and (f) a detailed annual operating and capital budget approved by Lender (which approval shall not be unreasonably withheld).