Avoidance Action Release definition

Avoidance Action Release means the release by the Debtors and the Reorganized Debtors of any Avoidance Action against the holder of an Allowed General Unsecured Claim, an Allowed Ongoing Trade Claim, or an Allowed Convenience Class Claim that votes to accept the Plan.
Sample 1Sample 2Sample 3
Avoidance Action Release means a full and irrevocable release, by each Seller, on behalf of itself and its bankruptcy estate, in form and substance to Purchaser’s satisfaction, of all claims, causes of action and rights of the Sellers under Sections 544 through 553 of the Bankruptcy Code contained on Schedule 2.1(i), which shall have been approved by the Sale Order and which release shall be enforceable by Purchaser;
Sample 1Sample 2
Avoidance Action Release means the release by the Debtors and the Reorganized Debtors of any Avoidance Action against the holder of an Allowed General Unsecured Claim or an Allowed Ongoing Trade Claim, if and as applicable.
Sample 1Sample 2

Examples of Avoidance Action Release in a sentence

  • Each holder of an Allowed Ongoing Trade Claim that votes to accept the Plan shall receive an Avoidance Action Release.

  • Each holder of an Allowed General Unsecured Claim that votes to accept the Plan shall receive an Avoidance Action Release.

  • On the Effective Date, in connection with the Distributions to the holders of Allowed General Unsecured Claims in accordance with section II.C of this Plan, the Debtors, and the Reorganized Debtors shall grant each holder of an Allowed General Unsecured Claim, Allowed Ongoing Trade Claim, and Convenience Class Claim that individually votes to accept the Plan an Avoidance Action Release.

  • On the Effective Date, in connection with the Distributions to the holders of Allowed General Unsecured Claims in accordance with section II.C of this Plan, the Debtors, and the Reorganized Debtors shall grant each holder of an Allowed General Unsecured Claim that individually votes to accept the Plan an Avoidance Action Release.

  • Each holder of an Allowed Convenience Class Claim that votes to accept the Plan shall receive an Avoidance Action Release.

  • Also, on the Effective Date, in connection with the Distributions to holders of Allowed Ongoing Trade Claims in accordance with section II.C of this Plan, the Debtors and the Reorganized Debtors shall grant each holder of an Allowed Ongoing Trade Claim an Avoidance Action Release if, and only if, Class 5 votes to accept the Plan.

  • Also on the Effective Date, in connection with the Distributions to holders of Allowed Ongoing Trade Claims in accordance with section II.C of the Plan, the Debtors and the Reorganized Debtors shall grant each holder of an Allowed Ongoing Trade Claim an Avoidance Action Release if, and only if, Class 5 votes to accept the Plan.

  • For the avoidance of doubt, the Litigation Proceedings shall not include any Avoidance Action released pursuant to the Avoidance Action Release.

  • For the avoidance of doubt, the Liquidation Trust Causes of Action shall not include any Avoidance Action released pursuant to the Avoidance Action Release.

  • On the other hand, if Class 5 creditors, as a class, vote to reject the Proposed Plan, they will not receive the Avoidance Action Release and they will share in the General Unsecured Claim Distribution afforded to creditors in Class 4.


More Definitions of Avoidance Action Release

Avoidance Action Release means the release by the Debtors and the Reorganized Debtors of any Avoidance Action against the holder of an Allowed General Unsecured Claim, an Allowed
Sample 1
Avoidance Action Release means the release by the Debtors of any Avoidance Action against the holder of an Allowed General Unsecured Claim, provided that the foregoing shall not apply to the Hoops Parties, United Bank, or settlements of Avoidance Actions approved by the Bankruptcy Court during these Chapter 11 Cases.
Sample 1

Related to Avoidance Action Release

  • Avoidance Action means any claim or cause of action of an Estate arising out of or maintainable pursuant to sections 502, 510, 541, 542, 543, 544, 545, 547, 548, 549, 550, 551, or 553 of the Bankruptcy Code or under any other similar applicable law, regardless of whether or not such action has been commenced prior to the Effective Date.

  • Avoidance Actions means any and all avoidance, recovery, subordination, or other claims, actions, or remedies that may be brought by or on behalf of the Debtors or their Estates or other authorized parties in interest under the Bankruptcy Code or applicable non-bankruptcy law, including actions or remedies under sections 502, 510, 542, 544, 545, 547 through 553, and 724(a) of the Bankruptcy Code or under similar or related state or federal statutes and common law, including fraudulent transfer laws.

  • Collateral Release Period means each period commencing with the occurrence of a Collateral Release Event and continuing until the occurrence of the next Collateral Reinstatement Event, if any, immediately following such Collateral Release Event.

  • Collateral Release Date shall have the meaning provided in Section 10.15(d).

  • Release Event has the meaning set forth in Section 6(b).

  • Release means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous Material through the air, soil, surface water or groundwater.

  • Administrative Action has the meaning set forth in paragraph 4(a) of Annex I.

  • Released PAGA Claims means the claims being released as described in Paragraph 6.2 below.

  • Restriction Release Date means such date, after the Effective Date, that the Board of Directors determines in good faith that it is in the best interests of the Corporation and its stockholders for the transfer restrictions set forth in this Article 4 to terminate.

  • Released Claims means all Released Defendants’ Claims and all Released Plaintiffs’ Claims.

  • Current Release means the latest version of the Software offered for general commercial distribution at a given point in time, including all New Releases.

  • Debtor Release means the release given on behalf of the Debtors and their Estates to the Released Parties as set forth in Article VIII.D of the Plan.

  • Released Claim means the matters that are subject to release and discharge pursuant to ARTICLE 10 hereof;

  • Released Defendants’ Claims means all claims and causes of action of every nature and description, including both known claims and Unknown Claims (as defined below), whether arising under federal, state, common or foreign law, or any other law, that Defendants could have asserted against any of the Released Plaintiff Parties that arise out of or relate in any way to the institution, prosecution, or settlement of the claims in the Action, except for claims relating to the enforcement of the Settlement.

  • Third-Party Release means the release given by each of the Releasing Parties to the Released Parties as set forth in Article VIII.E of the Plan.

  • Release of Claims means the Release of Claims in substantially the same form attached hereto as Exhibit B (as the same may be revised from time to time by the Company upon the advice of counsel).

  • Corrective Action Plan has the meaning set forth in Section II.A.2.

  • Threatened Release means a substantial likelihood of a Release which requires action to prevent or mitigate damage to the soil, surface waters, groundwaters, land, stream sediments, surface or subsurface strata, ambient air or any other environmental medium comprising or surrounding any Property which may result from such Release.

  • Corrective action means action taken to eliminate the cause of a potential or real non- conformity or other undesirable situation;

  • Derivative Action means any Action brought by or in the right of the Corporation and/or an Affiliate.

  • Closing Press Release has the meaning set forth in Section 5.4(b).

  • Affirmative action means action appropriate to overcome the effects of past or present practices, policies, or other barriers to equal employment opportunity.

  • Threat of Release means a substantial likelihood of a Release that requires action to prevent or mitigate damage to the Environment that may result from such Release.

  • Final Order means, as applicable, an order or judgment of the Bankruptcy Court or other court of competent jurisdiction with respect to the relevant subject matter that has not been reversed, stayed, modified, or amended, and as to which the time to appeal or seek certiorari has expired and no appeal or petition for certiorari has been timely taken, or as to which any appeal that has been taken or any petition for certiorari that has been or may be filed has been resolved by the highest court to which the order or judgment could be appealed or from which certiorari could be sought or the new trial, reargument, or rehearing shall have been denied, resulted in no modification of such order, or has otherwise been dismissed with prejudice.

  • Released Matters MEANS ANY AND ALL CLAIMS, DEMANDS, DAMAGES, DEBTS, LIABILITIES, OBLIGATIONS, COSTS, EXPENSES (INCLUDING ATTORNEYS’ AND ACCOUNTANTS’ FEES AND EXPENSES), ACTIONS AND CAUSES OF ACTION OF ANY NATURE WHATSOEVER, WHETHER NOW KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, THAT THE XXXXXX PARTIES NOW HAVE, OR AT ANY TIME PREVIOUSLY HAD, OR SHALL OR MAY HAVE IN THE FUTURE, AS A HOLDER OF PREFERRED STOCK OF XEROX OR CONDUENT, ARISING BY VIRTUE OF OR IN ANY MATTER RELATED TO ANY ACTIONS OR INACTIONS WITH RESPECT TO THE SPIN-OFF; PROVIDED THAT RELEASED MATTERS SHALL NOT INCLUDE ANY RIGHT OF XXXXXX CONTAINED IN THIS AGREEMENT, THE SETTLEMENT AGREEMENT OR IN THE TERMS OF THE XEROX CERTIFICATE OF AMENDMENT OR THE CONDUENT CERTIFICATE OF AMENDMENT. IT IS THE INTENTION OF XXXXXX IN EXECUTING THIS RELEASE, AND IN GIVING AND RECEIVING THE CONSIDERATION CALLED FOR HEREIN, THAT THE RELEASE CONTAINED IN THIS SECTION 6.06 SHALL BE EFFECTIVE AS A FULL AND FINAL ACCORD AND SATISFACTION AND GENERAL RELEASE OF AND FROM ALL RELEASED MATTERS AND THE FINAL RESOLUTION BY THE XXXXXX PARTIES AND THE RELEASED PARTIES OF ALL RELEASED MATTERS. XXXXXX HEREBY REPRESENTS TO XEROX AND CONDUENT THAT NONE OF THE XXXXXX PARTIES HAVE VOLUNTARILY OR INVOLUNTARILY ASSIGNED OR TRANSFERRED OR PURPORTED TO ASSIGN OR TRANSFER TO ANY PERSON ANY RELEASED MATTERS AND THAT NO PERSON OTHER THAN XXXXXX HAS ANY INTEREST IN ANY RELEASED MATTER BY LAW OR CONTRACT BY VIRTUE OF ANY ACTION OR INACTION BY XXXXXX. THE INVALIDITY OR UNENFORCEABILITY OF ANY PART OF THIS SECTION 6.06 SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF THE REMAINDER OF THIS SECTION 6.06 WHICH SHALL REMAIN IN FULL FORCE AND EFFECT.

  • Release Request has the meaning set forth in Section 2.1.