Third-Party Release definition
Examples of Third-Party Release in a sentence
Pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases, and other benefits provided under the Plan, on the Effective Date, the provisions of the Plan will constitute a good-faith compromise and settlement of the claims, Causes of Action, and controversies released by the Debtor Release and the Third-Party Release pursuant to the Plan.
The injunction provision set forth in Article VIII.F of the Joint Plan is essential to the Joint Plan and is necessary to preserve and enforce the Settlement PartyRelease, the Third-Party Release and the Joint Plan and is narrowly tailored to achieve that purpose.
As provided in Article VIII.C of the Joint Plan, as of the Effective Date, the Third-Party Release in the Joint Plan is approved in light of the findings of fact and conclusions of law set forth herein; provided, however, that nothing in this paragraph shall preclude the SEC from exercising its statutory duties against any Person in any forum.
Thus, those holders of Claims and Interests were given due and adequate notice that the Third- Party Release would be provided under the Joint Plan and the votes in favor of the Joint Plan (or lack of objection thereto, as applicable) indicate such holders’ consent to the Third-Party Release.
In response to such an objection, the Bankruptcy Court could determine that the Third-Party Release is not valid under the Bankruptcy Code.