Additional Covenants; Milestones Sample Clauses

Additional Covenants; Milestones. (a) Borrowers and Guarantors shall diligently pursue confirmation of a plan of reorganization and shall: (i) file a plan of reorganization that provides for the indefeasible payment in full in cash of the Obligations on terms and conditions acceptable to the Administrative Agent and the Lenders and related disclosure statement with the Bankruptcy Court on or before April 2, 2018; (ii) commence a hearing to confirm the Plan of Reorganization (“Plan”), which shall be in form and substance satisfactory to the Administrative Agent and Lenders, no later than July 2, 2018; (iii) cause the “effective date” of the Plan to occur no later than July 20, 2018; and (iv) the Administrative Agent may agree to extend any of the dates set forth above by up to sixty (60) days, with the approval of Required Lenders. (b) Borrowers and Guarantors shall cause all proposed “First Day” and “Second Day” orders and all other orders establishing procedures for administration of the Chapter 11 Cases (including, without limitation, any orders authorizing ▇▇▇▇/KERP) or approving significant transactions submitted to the Bankruptcy Court to be in accordance with and permitted by the terms of this Agreement and reasonably acceptable to the Administrative Agent in all respects, it being understood and agreed that the forms of orders approved by the Administrative Agent prior to the Petition Date are in accordance with and permitted by the terms of this Agreement in all respects, and Borrowers and Guarantors shall provide the Administrative Agent with not less than two (2) Business Days’ notice (or such lesser time as may be acceptable to the Administrative Agent) and the opportunity to review and reasonably comment on the form of order. (c) Within one (1) Business Day after the Final Financing Order, Borrower shall have received not less than $50,000,000 (net of fees and expenses set forth in the Approved Budget) in proceeds of loans under the DIP Term Credit Agreement (which, for the avoidance of doubt, shall be in addition to the amount set forth in Section 6.8), and the aggregate amount of such net proceeds shall be paid to the Administrative Agent on such date to repay the Revolving Loans under the Credit Agreement.