Within one. Business Day of the execution of this Agreement, Seller shall file a voluntary petition under Chapter 11 of the Bankruptcy Code with the Bankruptcy Court. On the Petition Date, or as soon thereafter as practicable, but in no event later than three Business Days after the date hereof, Seller shall file with the Bankruptcy Court (i) a motion (the "Bidding Procedures Motion") and supporting papers (including a proposed order) in form and substance satisfactory to Purchaser seeking the entry of an order by the Bankruptcy Court approving of the terms of Sections 6.7, 8.1 and 8.2 of this Agreement, including, without limitation, the procedures relating to Alternative Transactions (as hereinafter defined) and the payment of the Termination Fee and Expense Reimbursement (the "Bidding Procedures Order") and (ii) a motion (the "Sale Motion") for approval of this Agreement and supporting papers (including the Sale Order) in form and substance satisfactory to Purchaser seeking entry of the Sale Order. Seller shall use its reasonable best efforts to have the Bankruptcy Court enter the Bidding Procedures Order as soon as practicable following the filing of the Bidding Procedures Motion, but in no event later than November 2, 2001.
Appears in 3 contracts
Sources: Asset Sale Agreement (Williams Communications Group Inc), Asset Sale Agreement (Williams Communications Group Inc), Asset Sale Agreement (Ibeam Broadcasting Corp)