Treatment of Delayed Grace Assets and Delayed Grace Liabilities Sample Clauses

Treatment of Delayed Grace Assets and Delayed Grace Liabilities. If any transfer or assignment of any Grace Asset or any assumption of any Grace Liability intended to be transferred, assigned or assumed hereunder, as the case may be, is not consummated on or prior to the Effective Time whether as a result of the provisions of Section 2.4(g) or for any other reason (any such Grace Asset, a “Delayed Grace Asset” and any such Grace Liability, a “Delayed Grace Liability”), then, insofar as reasonably possible and subject to applicable Law, the member of the GCP Group retaining such Delayed Grace Asset or such Delayed Grace Liability, as the case may be, shall thereafter hold such Delayed Grace Asset or Delayed Grace Liability, as the case may be, for the use and benefit of the member of the Grace Group entitled thereto (at the expense of the member of the Grace Group entitled thereto). In addition, the member of the GCP Group retaining such Delayed Grace Asset or such Delayed Grace Liability shall, insofar as reasonably possible and to the extent permitted by applicable Law, treat such Delayed Grace Asset or Delayed Grace Liability in the ordinary course of business in accordance with past practice and shall take such other actions as may be reasonably requested by the member of the Grace Group to which such Delayed Grace Asset is to be transferred or assigned, or which will assume such Delayed Grace Liability, as the case may be, in order to place such member of the Grace Group in a substantially similar position as if such Delayed Grace Asset or Delayed Grace Liability had been transferred, assigned or assumed as contemplated hereby and so that all the benefits and burdens relating to such Delayed Grace Asset or Delayed Grace Liability, as the case may be, including use, risk of loss, potential for gain, and dominion, control and command over such Delayed GCP Asset or Delayed GCP Liability, as the case may be, and all costs and expenses related thereto, shall inure from and after the Effective Time to the Grace Group.
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