Support of the Plan. As long as this Agreement remains in effect, the Company will (i) use its reasonable best efforts to obtain confirmation of the Plan in accordance with the Bankruptcy Code as expeditiously as possible and (ii) use its reasonable best efforts to achieve confirmation including, upon approval of the disclosure statement, recommending to the holders of impaired claims and interests that they vote to approve the Plan. As long as this Agreement remains in effect, neither Party shall (a) object to confirmation of the Plan or otherwise commence any proceeding to oppose or alter the Plan or any other reorganization related documents or agreements (all such documents and agreements, the "Plan Documents"), so long as such documents conform to the terms hereof and set forth in Exhibit A, (b) vote for, consent to, support or participate in the formulation of any other plan of reorganization or liquidation proposed or filed or to be proposed or filed in any Chapter 11 or Chapter 7 case commenced in respect of the Company, (c) directly or indirectly seek, solicit, support or encourage any other plan, sale, proposal or offer of dissolution, winding up, liquidation, reorganization, merger or restructuring of the Company or any of its subsidiaries that could reasonably be expected to prevent, delay or impede the successful restructuring of the Company as contemplated by the Plan or the Plan Documents, (d) object to the disclosure statement or the solicitation of consents to the Plan, or (e) take any other action that is inconsistent with, or that would delay confirmation of, the Plan; provided, however, the Investors' obligations pursuant to this Section 3 shall be conditioned upon (i) the Company's filing of the Plan, (ii) the Company's not withdrawing the Plan or modifying the Plan in a manner that materially deviates from the terms set forth on Exhibit A and (iii) the Bankruptcy Court's not rejecting or denying confirmation of the Plan, in each case with such modifications to the Plan that do not materially deviate from the term of Exhibit A.
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Samples: Lock Up, Support, and Voting Agreement (McLeodusa Inc), Lock Up, Support, and Voting Agreement (Forstmann Little & Co Sub Debt & Eq MGMT Buyout Par Vii Lp)
Support of the Plan. As long Each Consenting Holder agrees that subject to (w) Section 7 hereof, (x) the Company and Xxxx (as applicable) being in compliance in all material respects with its obligations hereunder and under the Related Agreements, (y) the Company's and Xxxx'x representations and warranties set forth herein being true and correct, and (z) receipt by such Consenting Holder of, and subsequent Bankruptcy Court approval of a disclosure statement and other solicitation materials in respect of the Plan required by the Bankruptcy Code that are consistent with the material terms of this Agreement remains in effectAgreement, the Company Plan Summary and with any applicable law:
(1) it will (i) use its reasonable best efforts to obtain confirmation from and after the date hereof not agree to, consent to, provide any support to, participate in the formulation of, or vote for any plan of reorganization or liquidation, other than the Plan in accordance with the Bankruptcy Code as expeditiously as possible and Plan; (ii) use its reasonable best efforts execute and deliver a customary letter(s), in form and substance reasonably satisfactory to achieve confirmation including, upon approval of the disclosure statement, recommending Company from the Consenting Holders for distribution to the holders of any impaired claims against or interests in the Company, stating that the Consenting Holders support and interests that they have committed to vote to approve the Plan. As long as this Agreement remains ; and (iii) agree to permit disclosure in effect, neither Party shall (a) object to confirmation the Disclosure Statement and any filings by the Company with the Securities and Exchange Commission of the Plan contents of this Agreement, including, but not limited to, the commitments given in clause (i) of this Section 2(1) and the aggregate Relevant Claims held by all Consenting Holders; provided that the Company shall not disclose the aggregate principal amount of Senior Discount Notes comprising the Relevant Claim of any individual Consenting Holder, except as otherwise required by applicable law; and
(2) it shall not object to, or otherwise commence any proceeding proceeding, or take any other action, to oppose or alter alter, any of the terms of the Plan or any other reorganization related documents document filed in connection with the confirmation of the Plan (hereinafter a "Reorganization Document") and shall not take any action which is inconsistent with, or agreements (that would delay approval or confirmation of any of the Disclosure Statement, the Plan or any of the Reorganization Documents; provided that the terms of all such documents Reorganization Documents are customary and agreements, otherwise consistent with the "Plan Documents"), so long as such documents conform to the material terms hereof and set forth in Exhibit A, (b) vote for, consent to, support or participate in the formulation of any other plan of reorganization or liquidation proposed or filed or to be proposed or filed in any Chapter 11 or Chapter 7 case commenced in respect of the CompanyPlan. Without limiting the generality of the foregoing, (c) no Consenting Holder may directly or indirectly seek, solicit, support or encourage any other plan, sale, proposal or offer of dissolution, winding up, liquidation, reorganization, merger or restructuring of the Company or any of its subsidiaries that could reasonably be expected to prevent, delay or impede the successful restructuring of the Company as contemplated by the Plan or the Plan Documents, (d) object to the disclosure statement or the solicitation of consents to the Plan, or (e) take any other action that is inconsistent with, or that would delay confirmation of, the Plan; provided, however, the Investors' obligations pursuant to this Section 3 shall be conditioned upon (i) the Company's filing of the Plan, (ii) the Company's not withdrawing the Plan or modifying the Plan in a manner that materially deviates from the terms set forth on Exhibit A and (iii) the Bankruptcy Court's not rejecting or denying confirmation of the Plan, in each case with such modifications to the Plan that do not materially deviate from the term of Exhibit A.Reorganization Document.
Appears in 1 contract
Samples: Lock Up, Voting and Consent Agreement (Gray Communications Systems Inc /Ga/)
Support of the Plan. As So long as this Agreement remains in effecteffect and shall not have been terminated pursuant to Section 8 hereof, the Company will (i) use its reasonable best efforts to obtain confirmation of the Plan in accordance with the Bankruptcy Code as expeditiously as possible and (ii) use its reasonable best efforts to achieve confirmation including, upon approval of the disclosure statement, recommending to the holders of impaired claims and interests that they vote to approve the Plan. As long as this Agreement remains in effect, neither no Party shall (a) vote to reject the Plan, object to confirmation of the Plan or otherwise commence any proceeding to oppose or alter the Plan or any other reorganization related documents or agreements Restructuring Documents (all such documents and agreements, the "Plan Documents"as defined below), so long as to the extent such documents conform to the terms hereof and as set forth in Exhibit Athe Term Sheet, (b) vote for, consent to, support or participate in the formulation of any other plan of reorganization or liquidation proposed or filed or to be proposed or filed in any Chapter 11 or Chapter 7 case commenced in respect of the Company, (c) directly or indirectly seek, solicit, support or encourage any other plan, sale, proposal or offer of dissolution, winding up, liquidation, reorganization, merger or restructuring of the Company or any of its subsidiaries that could reasonably be expected to prevent, delay or impede the successful restructuring of the Company as contemplated by the Plan or the Plan Restructuring Documents, (d) object to the disclosure statement or the solicitation of consents to acceptances of the Plan, or (e) take any other action that is inconsistent with, or that would delay confirmation of, the Plan; provided. Notwithstanding anything herein to the contrary, howeverin the event that the Creditor is appointed to and serves on a committee of creditors in the Company’s Chapter 11 Proceedings, the Investors' obligations pursuant terms of this Agreement shall not be construed so as to this Section 3 limit the Creditor’s exercise, in its sole discretion, of its fiduciary duties, if any, to any person or entity arising from its service on such committee, and any such exercise of such fiduciary duties shall not be conditioned upon (i) the Company's filing deemed to constitute a breach of the Plan, (ii) the Company's not withdrawing the Plan or modifying the Plan in a manner that materially deviates from the terms set forth on Exhibit A and (iii) the Bankruptcy Court's not rejecting or denying confirmation of the Plan, in each case with such modifications to the Plan that do not materially deviate from the term of Exhibit A.this Agreement.
Appears in 1 contract