2016-04-25_GENERAL DOCUMENTS - C1992081 (19)

Home Browse Search

Case 16-42529 Doc 149 Filed 04/15/16 Entered 04/15/16 16:16:59 Main Document Pg 48 of 71 continuing under such Real Property Lease(s) to the extent required by the Court (subject to the DIP Lenders' right to cure defaults as set forth in paragraph 17(e) of this Interim Order); or (iii) (a) direct any Debtor Loan Party that is a lessee under a Real Property Lease to assign such Real Property Lease to the DIP Agent, on behalf of itself and the DIP Lenders, as collateral for the DIP Obligations, (b) direct such Debtor Loan Party lessee to assume such Real Property Lease to the extent assumption is required under the Bankruptcy Code as a prerequisite to such assignment; and (c) notify the Debtor Loan Parties of the selection of any replacement lessee pursuant to this paragraph 17(a), upon receipt of which the Debtor Loan Parties shall promptly (1) file a motion seeking expedited relief and a hearing on the earliest court date available for purposes of, if necessary, assuming such Real Property Lease and assigning it to the DIP Agent and, and (2) cure any defaults, if any, that have occurred and are continuing under such Real Property Lease(s) to the extent required by the Court; provided, that any assignment of any such Real Property Lease(s) as Collateral securing the DIP Obligations shall not impair the Debtors' ability to subsequently assume (if not already assumed) and assign such Real Property Lease(s) pursuant to section 365 of the Bankruptcy Code or to enjoy the protections of section 365(1) of the Bankruptcy Code with respect to any such assignment, provided, that the foregoing clauses (i) through (iii) shall not apply to Real Property Leases that are rejected on the effective date of an Acceptable Reorganization Plan. (b) Right to Credit Bid. Prior to any sale or assignment of any Real Property Lease or group of Real Property Leases, the Debtors shall first provide 30 days' prior written notice to the DIP Agent (unless such notice provision is waived by the DIP Agent). During such notice period, or thereafter until Court approval of a sale or assignment, the DIP Agent, on behalf of the applicable DIP Lenders, shall be permitted to credit bid forgiveness of some or all of the M.