Restructuring Agreement Template

Business-in-a-Box's Restructuring Agreement Template

Document content

This restructuring agreement template has 7 pages and is a MS Word file type listed under our legal agreements documents.

Sample of our restructuring agreement template:

RESTRUCTURING AGREEMENT This Restructuring Agreement ("Agreement") is effective as of [DATE]; BETWEEN: [NAME OF THE LENDER] (the "Lender"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] AND: [NAME OF THE BORROWER] (the "Borrower"), an individual with their main address located at or a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, The Borrower and the Lender have entered into a loan arrangement (the "Loan Arrangement") for an amount of [LOAN AMOUNT], evidenced by, among other documents, instruments, and agreements, the following Loan Documents: [SPECIFY LOAN DOCUMENTS]; WHEREAS, The Borrower has asserted that the "Existing Default" (hereinafter, as defined in the Default Notice) did not occur and the Parties have agreed to restructure the Loan and other Secured Obligations as provided herein; WHEREAS, For the purposes of this Agreement, the Lender is willing (i) to be deemed to have accepted the Borrower's assertion that no Existing Default has occurred, (ii) to be deemed to have withdrawn the Default Notice, retroactively, as of [DATE], and (iii) to accept the Borrower's proposal so to restructure the Loan and other Secured Obligations, all on the terms and conditions provided herein; WHEREAS, both Parties affirm to understand all of the provisions contained in this Agreement, and in case either Party requires clarification as to one or more of the provisions contained herein, either Party has requested clarification or otherwise sought guidance; NOW, THEREFORE, in consideration and as a condition of the Lender and the Borrower entering into this Agreement and other valuable considerations, the receipt and sufficiency of which consideration is acknowledged, the Parties agree as follows: ACKNOWLEDGEMENT OF INDEBTNESS The Borrower hereby acknowledges and agrees that, in accordance with the terms and conditions of this Agreement, the Note, the Loan Agreement, and the other Loan Documents, the Borrower is liable to the Lender as of [DATE], and the Secured Obligations include, without limitation, each and all the following: [DETAILS OF LOAN] RATIFICATION OF LOAN DOCUMENTS The Borrower hereby ratifies, confirms, and reaffirms all and singular the terms and conditions of the Loan Documents and further acknowledges and agrees that except as expressly modified or otherwise specified in this Agreement, all terms and conditions of those documents, instruments, and agreements shall remain in full force and effect. The Borrower shall cooperate with the Lender and execute and deliver to the Lender such further instruments and documents as the Lender reasonably shall request to carry out to the Lender's satisfaction the transactions contemplated by this Agreement and the other Loan Documents. RESPECTING WARRANT The Borrower acknowledges and agrees the Lender shall be entitled to retain the Warrant and any shares of Common Stock of the Borrower heretofore provided to the Lender, notwithstanding the Borrower's making of the Required Secured Obligation Payment and the restructuring of the Loan Arrangement in accordance with the provisions of this Agreement. RESTRUCTURED REPAYMENT OF SECURED OBLIGATIONS Notwithstanding any existing provision in the Loan Agreement or in any other Loan Document to the contrary, the Borrower and the Lender hereby acknowledge and agree as follows: No Additional Advances. The Lender has no additional obligation to make any further Advance under the Loan Agreement. Modification of Maturity Date. The Loan Agreement is hereby modified and amended by striking in its entirety the existing definition of "Maturity Date" as appearing in the existing Loan Agreement and by substituting in place thereof the following: "Maturity Date" means [DATE]. The Borrower acknowledges and agrees that there shall be no extension of the Maturity Date, notwithstanding the occurrence of any Extension Event as provided in the existing Loan Agreement or otherwise. Payment of Secured Obligations. On or before [DATE AND TIME] (with time being of the essence), being the revised Maturity Date (as hereby modified), the Borrower shall pay to the Lender the entire outstanding amount of the Secured Obligations under the Loan Agreement and the other Loan Documents (with credit given for the Prepayment Discount as in good and sufficient funds immediately available to the Lender without condition. Without limiting the generality of the foregoing (and the Borrower's obligation to pay the actual amount of all Secured Obligations outstanding on the Maturity Date (as hereby modified)), the entire amount of the Secured Obligations [MATURITY DATE] shall be as follows: The amount of [AMOUNT], representing the current outstanding principal balance of the Loan as of [MATURITY DATE] (the "Principal Payment"), to be applied by the Lender in payment of the outstanding principal balance of the Loan; The amount of [AMOUNT], representing the total amount of accrued interest as of [MATURITY DATE] (the "Interest Payment"); The amount of [AMOUNT], representing the End of Term Payment, which the Lender and the Borrower have determined applicable in accordance with provisions of the Loan Agreement (the "End of Term Payment"); and Payment of all legal fees and related expenses incurred by the Lender (the "Legal Fee Payment") as provided in this Agreement and the other Loan Documents. The Principal Payment, the Interest Payment, the End of Term Payment, and the Legal Fee Payment (together with any remaining Secured Obligations, exclusive of the Prepayment Charge, which may be due and owing on or after the Maturity Date (as hereby modified)) shall be referred to herein, collectively, as the "Required Secured Obligation Payment." Payment Discount. The Lender hereby agrees that in the event that the Borrower makes the Required Secured Obligation Payment on [DATE] as and when provided in Section 4.1.3 above (with time being of the essence) (but not otherwise), then the Lender shall provide the Borrower with a payment discount of [PAYMENT DISCOUNT] (the "Payment Discount") which will be applied as a credit against the amount of the Required Secured Obligation Payment, as determined solely by the Lender. Late Payment Charge. In the event that the Borrower fails to make the Required Secured Obligation Payment in full on [DATE] as and when provided in Section 4.1.3 above (with time being of the essence) (but not otherwise), then from and after the Maturity Date (as hereby modified), the Borrower hereby agrees to pay the Lender a "Late Payment Charge" (so referred to herein) in the amount of [AMOUNT] per diem for each additional day that the Borrower fails to pay the then entire outstanding amount of the Required Secured Obligation Payment on or before on each such additional day, as determined solely by the Lender. The Borrower acknowledges and agrees that payment of the Late Payment Charge: shall be in addition to the amounts payable on account of the Required Secured Obligation Payment, shall constitute additional Secured Obligations of the Borrower due and owing to the Bank and secured by the Collateral, and represents a fair and reasonable charge, as liquidated damages that would otherwise be difficult to fairly ascertain, to compensate the Lender for the failure of the Borrower to make the Required Secured Obligation Payment in full. Any applicable Late Payment Charge shall be immediately due and payable in full and shall constitute a portion of the Secured Obligations then having matured on account of the occurrence of the Maturity Date (as hereby modified). Prepayment Charge. The Borrower and the Lender acknowledge and agree that no Prepayment Charge shall be applicable pursuant to the Loan Agreement. Release of Collateral

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Document content

This restructuring agreement template has 7 pages and is a MS Word file type listed under our legal agreements documents.

Sample of our restructuring agreement template:

RESTRUCTURING AGREEMENT This Restructuring Agreement ("Agreement") is effective as of [DATE]; BETWEEN: [NAME OF THE LENDER] (the "Lender"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] AND: [NAME OF THE BORROWER] (the "Borrower"), an individual with their main address located at or a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, The Borrower and the Lender have entered into a loan arrangement (the "Loan Arrangement") for an amount of [LOAN AMOUNT], evidenced by, among other documents, instruments, and agreements, the following Loan Documents: [SPECIFY LOAN DOCUMENTS]; WHEREAS, The Borrower has asserted that the "Existing Default" (hereinafter, as defined in the Default Notice) did not occur and the Parties have agreed to restructure the Loan and other Secured Obligations as provided herein; WHEREAS, For the purposes of this Agreement, the Lender is willing (i) to be deemed to have accepted the Borrower's assertion that no Existing Default has occurred, (ii) to be deemed to have withdrawn the Default Notice, retroactively, as of [DATE], and (iii) to accept the Borrower's proposal so to restructure the Loan and other Secured Obligations, all on the terms and conditions provided herein; WHEREAS, both Parties affirm to understand all of the provisions contained in this Agreement, and in case either Party requires clarification as to one or more of the provisions contained herein, either Party has requested clarification or otherwise sought guidance; NOW, THEREFORE, in consideration and as a condition of the Lender and the Borrower entering into this Agreement and other valuable considerations, the receipt and sufficiency of which consideration is acknowledged, the Parties agree as follows: ACKNOWLEDGEMENT OF INDEBTNESS The Borrower hereby acknowledges and agrees that, in accordance with the terms and conditions of this Agreement, the Note, the Loan Agreement, and the other Loan Documents, the Borrower is liable to the Lender as of [DATE], and the Secured Obligations include, without limitation, each and all the following: [DETAILS OF LOAN] RATIFICATION OF LOAN DOCUMENTS The Borrower hereby ratifies, confirms, and reaffirms all and singular the terms and conditions of the Loan Documents and further acknowledges and agrees that except as expressly modified or otherwise specified in this Agreement, all terms and conditions of those documents, instruments, and agreements shall remain in full force and effect. The Borrower shall cooperate with the Lender and execute and deliver to the Lender such further instruments and documents as the Lender reasonably shall request to carry out to the Lender's satisfaction the transactions contemplated by this Agreement and the other Loan Documents. RESPECTING WARRANT The Borrower acknowledges and agrees the Lender shall be entitled to retain the Warrant and any shares of Common Stock of the Borrower heretofore provided to the Lender, notwithstanding the Borrower's making of the Required Secured Obligation Payment and the restructuring of the Loan Arrangement in accordance with the provisions of this Agreement. RESTRUCTURED REPAYMENT OF SECURED OBLIGATIONS Notwithstanding any existing provision in the Loan Agreement or in any other Loan Document to the contrary, the Borrower and the Lender hereby acknowledge and agree as follows: No Additional Advances. The Lender has no additional obligation to make any further Advance under the Loan Agreement. Modification of Maturity Date. The Loan Agreement is hereby modified and amended by striking in its entirety the existing definition of "Maturity Date" as appearing in the existing Loan Agreement and by substituting in place thereof the following: "Maturity Date" means [DATE]. The Borrower acknowledges and agrees that there shall be no extension of the Maturity Date, notwithstanding the occurrence of any Extension Event as provided in the existing Loan Agreement or otherwise. Payment of Secured Obligations. On or before [DATE AND TIME] (with time being of the essence), being the revised Maturity Date (as hereby modified), the Borrower shall pay to the Lender the entire outstanding amount of the Secured Obligations under the Loan Agreement and the other Loan Documents (with credit given for the Prepayment Discount as in good and sufficient funds immediately available to the Lender without condition. Without limiting the generality of the foregoing (and the Borrower's obligation to pay the actual amount of all Secured Obligations outstanding on the Maturity Date (as hereby modified)), the entire amount of the Secured Obligations [MATURITY DATE] shall be as follows: The amount of [AMOUNT], representing the current outstanding principal balance of the Loan as of [MATURITY DATE] (the "Principal Payment"), to be applied by the Lender in payment of the outstanding principal balance of the Loan; The amount of [AMOUNT], representing the total amount of accrued interest as of [MATURITY DATE] (the "Interest Payment"); The amount of [AMOUNT], representing the End of Term Payment, which the Lender and the Borrower have determined applicable in accordance with provisions of the Loan Agreement (the "End of Term Payment"); and Payment of all legal fees and related expenses incurred by the Lender (the "Legal Fee Payment") as provided in this Agreement and the other Loan Documents. The Principal Payment, the Interest Payment, the End of Term Payment, and the Legal Fee Payment (together with any remaining Secured Obligations, exclusive of the Prepayment Charge, which may be due and owing on or after the Maturity Date (as hereby modified)) shall be referred to herein, collectively, as the "Required Secured Obligation Payment." Payment Discount. The Lender hereby agrees that in the event that the Borrower makes the Required Secured Obligation Payment on [DATE] as and when provided in Section 4.1.3 above (with time being of the essence) (but not otherwise), then the Lender shall provide the Borrower with a payment discount of [PAYMENT DISCOUNT] (the "Payment Discount") which will be applied as a credit against the amount of the Required Secured Obligation Payment, as determined solely by the Lender. Late Payment Charge. In the event that the Borrower fails to make the Required Secured Obligation Payment in full on [DATE] as and when provided in Section 4.1.3 above (with time being of the essence) (but not otherwise), then from and after the Maturity Date (as hereby modified), the Borrower hereby agrees to pay the Lender a "Late Payment Charge" (so referred to herein) in the amount of [AMOUNT] per diem for each additional day that the Borrower fails to pay the then entire outstanding amount of the Required Secured Obligation Payment on or before on each such additional day, as determined solely by the Lender. The Borrower acknowledges and agrees that payment of the Late Payment Charge: shall be in addition to the amounts payable on account of the Required Secured Obligation Payment, shall constitute additional Secured Obligations of the Borrower due and owing to the Bank and secured by the Collateral, and represents a fair and reasonable charge, as liquidated damages that would otherwise be difficult to fairly ascertain, to compensate the Lender for the failure of the Borrower to make the Required Secured Obligation Payment in full. Any applicable Late Payment Charge shall be immediately due and payable in full and shall constitute a portion of the Secured Obligations then having matured on account of the occurrence of the Maturity Date (as hereby modified). Prepayment Charge. The Borrower and the Lender acknowledge and agree that no Prepayment Charge shall be applicable pursuant to the Loan Agreement. Release of Collateral

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