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2016-04-25_GENERAL DOCUMENTS - C1981044 (3)
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2016-04-25_GENERAL DOCUMENTS - C1981044 (3)
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Last modified
8/24/2016 6:21:05 PM
Creation date
4/26/2016 9:55:49 AM
Metadata
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Template:
DRMS Permit Index
Permit No
C1981044
IBM Index Class Name
General Documents
Doc Date
4/25/2016
Doc Name
Motion of the Debtors and Debtors in Possession
From
United States Bankruptcy Court
To
DRNS
Permit Index Doc Type
General Correspondence
Email Name
MPB
JRS
TNL
Media Type
D
Archive
No
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Case 16-42529 Doc 32 Filed 04/13/16 Entered 04/13/16 11:43:47 Main Document <br />Pg 15 of 21 <br />29. As discussed above, the Debtors' decision to continue the ADM Agreement and <br />enter into transactions thereunder is a sound exercise of the Debtors' business judgment. As part <br />of the assumption, the Debtors will continue to perform under the ADM Agreement, including <br />providing Credit Support as required. As with the Debtors' other business decisions related to <br />continuation of the ADM Agreement, the Debtors' decision to assume the ADM Agreement <br />satisfies the business judgment test. Thus, this Court should authorize the Debtors to assume the <br />ADM Agreement under section 365 of the Bankruptcy Code. <br />Requests for Immediate Relief and Waiver of Stay <br />30. Pursuant to Rules 4001(c), 6003(b) and 6004(h) of the Federal Rules of <br />Bankruptcy Procedure (the "Bankruptcy Rules"), the Debtors seek the entry of orders granting <br />the relief requested by this Motion on an interim and final basis and, to the extent it applies, a <br />waiver of any stay of the effectiveness of such order. <br />31. Bankruptcy Rule 4001(c) provides that, when presented with a motion for <br />authority to obtain credit, the "court may conduct a hearing before [ 14 days after service of the <br />motion], but the court may authorize the obtaining of credit only to the extent necessary to avoid <br />immediate and irreparable harm to the estate pending a final hearing." Fed. R. Bankr. P. <br />4001(c). Bankruptcy Rule 6003(b) provides, in relevant part, that "[e]xcept to the extent that <br />relief is necessary to avoid immediate and irreparable harm, the court shall not, within 21 days <br />after the filing of the petition, issue an order granting ... a motion to use, sell, lease or otherwise <br />incur an obligation regarding property of the estate including a motion to pay all or part of a <br />claim that arose before the filing of the petition." Fed. R. Bankr. P. 6003(b). In other words, <br />where the failure to grant any such requested relief would result in immediate and irreparable <br />harm to the Debtors' estates, the Court may authorize the relief prior to the 22nd day following <br />the Petition Date. Bankruptcy Rule 6004(h) provides that "[a]n order authorizing the use, sale, <br />-15- <br />
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