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2016-04-25_GENERAL DOCUMENTS - C1982056 (7)
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2016-04-25_GENERAL DOCUMENTS - C1982056 (7)
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Last modified
8/24/2016 6:21:06 PM
Creation date
4/26/2016 12:26:46 PM
Metadata
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Template:
DRMS Permit Index
Permit No
C1982056
IBM Index Class Name
General Documents
Doc Date
4/25/2016
Doc Name
Interim Order Pursuant to Section
From
United State Bankruptcy
To
DRMS
Permit Index Doc Type
General Correspondence
Email Name
MPB
JRS
JLE
Media Type
D
Archive
No
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Case 16-42529 Doc 111 Filed 04/15/16 Entered 04/15/16 09:46:28 Main Document <br />Pg3of9 <br />changes shall authorize the payment by any of the Debtors of prepetition or postpetition <br />obligations owed by any of the other Debtors inconsistent with the Debtors' past practice with <br />respect to intercompany transfers and obligations; and (c) open and close bank accounts, <br />including as necessary or appropriate in connection with the DIP Facility; provided, however, <br />that the Debtors shall open new Bank Accounts only with Authorized Depository Institutions. <br />2. The Debtors are authorized, in their reasonable discretion, from and after <br />the Petition Date, to continue to engage in Intercompany Transactions in the ordinary course of <br />business and consistent with the practices in place prior to the Petition Date; provided, however, <br />that each Debtor shall (a) continue to pay its own obligations consistent with such Debtor's past <br />practice with respect to intercompany transfers and obligations, and in no event shall any of the <br />Debtors pay for the prepetition or postpetition obligations incurred or owed by any of the other <br />Debtors inconsistent with such past practices, (b) put in place accounting procedures to identify <br />and distinguish between prepetition and postpetition intercompany transactions and (c) shall <br />provide reasonable access to such records to the Administrative Agent under the DIP Facility and <br />the Official Committee of Unsecured Creditors. <br />Pursuant to section 503(b)(1) of the Bankruptcy Code, all claims after the <br />Petition Date from Inter -Debtor Transactions shall be accorded super -priority administrative <br />expense status, subject only to claims with a higher priority granted by (a) any interim or final <br />order approving the Debtors' postpetition use of cash collateral or the DIP Facility and (b) any <br />interim or final order approving continuation of the ARS Program. The Debtors shall continue to <br />maintain current records with respect to all transfers of cash so that all transactions, including <br />Intercompany Transactions, may be readily ascertained, traced and recorded properly on <br />applicable intercompany accounts. <br />-3- <br />
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