PSA Effective Date Clause Samples

PSA Effective Date. This Agreement shall become effective, and the obligations contained herein shall become binding upon the Parties, upon the first date (such date, the “PSA Effective Date”) that this Agreement has been executed by all of the following: (a) each Debtor; (b) the Creditors’ Committee; (c) the Second Lien Plan Support Parties, holding, in the aggregate, at least 66.6% in principal amount outstanding of the Second Lien Notes Claims; (d) the EGC Plan Support Parties holding, in the aggregate, at least 26% in principal amount outstanding of the EGC Unsecured Notes Claims (excluding the EGC Repurchased Bonds); (e) the EPL Plan Support Parties holding, in the aggregate, at least 55.7% in principal amount outstanding of the EPL Unsecured Notes Claims (excluding the EPL Repurchased Bonds).

PSA Effective Date. (a) This Agreement shall become effective, and the obligations contained herein shall become binding upon the Company and the Plan Sponsor upon the first date that this Agreement and the Backstop Commitment Letter each has been executed and delivered by (x) the Company and (y) the Plan Sponsor (such date, the “PSA Effective Date”); provided, however, that until the Authorization Order is granted, the Company’s sole obligations under this Agreement are those set forth in Sections 6(a), (b), (c), (d), (g), (h), (i), and (j) and 11, and in the event the Authorization Order is not granted on or before the applicable Milestone, the Company shall have no obligations hereunder. (b) This Agreement shall become effective, and the obligations contained herein shall become binding on Shell (and the reciprocal obligations will become binding on the Company, the Plan Sponsor, and the other Parties), upon the first date (such date, the “PSA Shell Effective Date”) that this Agreement (x) has met the conditions set forth in Section 1(a) and (y) has been executed and delivered by Shell, the Plan Sponsor, CBHT and the Company. For the avoidance of doubt, Shell shall have no obligations under Sections 5, 6, 7, 8, or 10. In the event that the Authorization Order is not granted on or before the applicable Milestone, Shell shall have no obligations hereunder. (c) This Agreement shall become effective, and the obligations contained herein shall become binding on CBHT (and the reciprocal obligations will become binding on the Company, the Plan Sponsor, and the other Parties), upon the first date (such date, the “PSA CBHT Effective Date”) that this Agreement (x) has met the conditions set forth in Section 1(a) and (y) has been executed and delivered by CBHT. (d) This Agreement shall become effective, and the obligations contained herein shall become binding on a Supporting Secured CF Lender (and the reciprocal obligations will become binding on the Company, the Plan Sponsor, and the other Parties), upon the first date (such date, the “PSA Secured CF Effective Date”) that this Agreement (x) has met the conditions set forth in Section 1(a) and (y) has been executed and delivered by such Supporting Secured CF Lender, the Company, the Plan Sponsor, Shell and CBHT. In the event that the Authorization Order is not granted on or before the applicable Milestone (without regard to any extension of such Milestone after the date hereof, unless the Requisite Supporting Secured CF Lenders have...

PSA Effective Date. This Agreement shall become effective, and the obligations contained herein shall become binding upon each Party upon the first date (such date, the “PSA Effective Date”) that: (a) the Backstop Commitment Agreement has been executed and delivered by the parties thereto; (b) this Agreement has been executed by all of the following: (i) each Ultra Entity; (ii) Consenting HoldCo Noteholders holding the principal amount of all claims on account of the HoldCo Notes set forth in the schedules delivered pursuant to Section 15(a)(vii) of this Agreement; and (iii) Consenting HoldCo Equityholders holding, in the aggregate, at least a majority of all outstanding HoldCo Equity Interests.