Effectuating the Plan Sample Clauses
The 'Effectuating the Plan' clause defines the actions and responsibilities necessary to implement and carry out the terms of a plan, typically in the context of a legal agreement or bankruptcy proceeding. This clause outlines who is responsible for taking specific steps, such as filing documents, making payments, or transferring assets, to ensure the plan's provisions are put into effect. By clearly assigning duties and establishing procedures, the clause ensures that the plan is executed as intended and helps prevent delays or disputes over implementation.
Effectuating the Plan. To implement the First Amended Plan, the Parties have agreed, on the terms and conditions set forth herein, that Tronox shall use reasonable best efforts to confirm and take effective the First Amended Plan, and without limiting the foregoing, shall use its reasonable best efforts to take all actions necessary and appropriate to:
(a) on or prior to two Business Days after the execution of this Agreement, and in any event concurrently with the filing of the Equity Commitment Agreement Motion (as defined below), file a motion (the “PSA Motion”) with the Bankruptcy Court, seeking the entry of an order, the terms of which shall be satisfactory to the signatories hereto, approving this Agreement and authorizing the Parties entering into, and performing under, this Agreement (the “PSA Approval Order”);
(b) on or prior to two Business Days after the execution of the Equity Commitment Agreement, and in any event concurrently with the filing of the PSA Motion, file a motion (the “Equity Commitment Agreement Motion”) with the Bankruptcy Court, seeking the entry of an order, the terms of which shall be satisfactory to the Backstop Parties (as such term is defined in the Equity Commitment Agreement) approving the Equity Commitment Agreement and authorizing the parties thereto to enter into, and perform under, the Equity Commitment Agreement (the “Equity Commitment Agreement Approval Order”), it being understood that the PSA Motion and Equity Commitment Agreement Motion seek separate relief but can be combined into one pleading;
(c) obtain the entry of each of the PSA Approval Order and the Equity Commitment Agreement Approval Order no later than September 17, 2010;
(d) file an amended Disclosure Statement for the First Amended Plan and seek entry of a Bankruptcy Court Order approving the Disclosure Statement for the First Amended Plan (the “Disclosure Statement Order”) as expeditiously as practicable under the Bankruptcy Code and the Bankruptcy Court’s local rules (such federal and local rules, the “Bankruptcy Rules”) but, in any event, have the Disclosure Statement Order entered on or prior to September 30, 2010;
(e) solicit the requisite acceptances of the First Amended Plan in accordance with sections 1125 and 1126 of the Bankruptcy Code and the terms of the Disclosure Statement Order;
(f) seek confirmation of the First Amended Plan as expeditiously as practicable under the Bankruptcy Code and the Bankruptcy Rules, and, in any event, have an order confirming the Fi...
Effectuating the Plan. To implement the Plan, the Parties have agreed, on the terms and conditions set forth herein, to request that SCI and PropCo use their respective best efforts (i) to effectuate the Plan (as amended in the manner described herein), and without limiting the foregoing, (ii) to take all actions necessary and appropriate to:
(a) prepare and file the Plan and Disclosure Statement on or prior to March 25, 2010 which incorporates the PropCo Term Sheet, it being understood that (1) the forms of Plan and Disclosure Statement that have been provided to the Mortgage Lenders as of the date of this Agreement and that may initially be filed by the Debtors are not acceptable in all respects to the Mortgage Lenders and remain subject to review and comment by the Mortgage Lenders; and (2) the Plan and Disclosure Statement will be amended by April 10, 2010 in the manner described herein and must be in form and substance acceptable to the Mortgage Lenders and FG;
(b) negotiate and finalize the Definitive Restructuring Documentation, as defined below, in form and substance acceptable to each of the Parties, on or prior to May 15, 2010 (in respect of certain Definitive Restructuring Documentation indicated on Attachment 2 hereto) and otherwise by the plan supplement deadline specified in the Plan (unless extended by the Mortgage Lenders);
(c) as applicable, (1) amend the Plan prior to April 10, 2010 so that it is in form and substance acceptable to the Mortgage Lenders in all respects, including to reflect: (i) the definitive terms of the SCI Sale or any SCI restructuring, which terms must be acceptable to the Mortgage Lenders and FG; or (ii) a Sale Process acceptable to the Mortgage Lenders and FG which governs (x) the SCI Sale and (y) the sale or transfer of all assets specified in Annex 8 of the PropCo Term Sheet from SCI and/or its non-debtor subsidiaries to New PropCo free and clear of all liens, claims and encumbrances in accordance with the PropCo Term Sheet at a price or pursuant to a process acceptable to the Mortgage Lenders and FG, and (2) to prosecute and use their respective best efforts to obtain confirmation of the Plan as amended (including, if necessary, to commence chapter 11 proceedings on behalf of non-debtor subsidiaries in order to effectuate such asset transfers to New PropCo free and clear of all liens, claims and encumbrances);
(d) move the Bankruptcy Court to enter an order approving the Disclosure Statement (the “Disclosure Statement Order”) as expedi...