Letter to lenders governing appointment of creditors’ committee
Letter to lenders governing appointment of creditors’ committee

The following Restructuring & Insolvency precedent provides comprehensive and up to date legal information covering:

  • Letter to lenders governing appointment of creditors’ committee
  • 1 Definitions and interpretation
  • 2 Appointment of creditor's committee
  • 3 Other lenders
  • 4 Transfers by lenders
  • 5 Own responsibility and non-reliance
  • 6 Meetings of lenders
  • 7 Exclusion of liability and protections
  • 8 Indemnity from lenders
  • 9 Confidential information
  • More...

To: The persons listed in Schedule 1 to this letter [insert names of Lenders]

From: [insert name of solicitors for the Creditors' Committee or the name of the Chair]

Date: [insert date]

Appointment of Creditors' Committee

We refer to the discussions at the meeting of creditors convened by [insert name of debtor company] (the Company) to discuss the proposed restructuring.

    1. 1

      Definitions and interpretation

      1. 1.1

        Definitions

        In this letter, unless otherwise provided:

        Business Day

        1. means a day other than Saturday, Sunday and public holidays when clearing banks generally are open for business in London;

        Chair

        1. means the Lender appointed to chair the Creditors' Committee under the Creditor's Committee Agreement;

        Commitment

        1. means

          1. (a)

            any undrawn amount which a Lender has committed to make available to the Company (but excluding any undrawn uncommitted amounts);

          2. (b)

            the principal amount of a Lender's participation in any utilisation by the Company, in each case under the Finance Documents;

        Committee Member

        1. means those Lenders which have agreed to become Committee Members under the Creditors' Committee Agreement including the Chair as listed in Schedule 2;

        Creditor

        1. means any actual, contingent or prospective creditor of the Company;

        Creditors' Committee

        1. means the committee formed to represent the interests of the [Senior OR Unsecured OR Second Lien] Lenders;

        Creditors' Committee Agreement

        1. means the agreement between the Company and the Committee Members dated [insert date] setting out the terms of their appointment appearing at Schedule [3];

        Finance Documents

        1. means the finance and

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