Common use of Claims Resolution Clause in Contracts

Claims Resolution. Resolutions of claims will be subject to the terms and procedures set forth in the Plan, which, among other things, will (i) require that the Reorganized Company file any and all objections to claims during the ninety (90)-day period following the Effective Date (unless such period is extended by the Bankruptcy Court) and (ii) provide that any settlements of claims approved by the Bankruptcy Court prior to the Effective Date will be binding on all parties.