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2022-08-09_GENERAL DOCUMENTS - M2012032
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2022-08-09_GENERAL DOCUMENTS - M2012032
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Last modified
8/11/2022 8:36:08 PM
Creation date
8/11/2022 7:50:24 AM
Metadata
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Template:
DRMS Permit Index
Permit No
M2012032
IBM Index Class Name
General Documents
Doc Date
8/9/2022
Doc Name
Appointment of a Receiver
From
Alliance Management
To
DRMS
Permit Index Doc Type
General Correspondence
Email Name
LJW
THM
GRM
CMM
Media Type
D
Archive
No
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in the ordinary course of business, and to other expenses; 3)to repayment of amounts incurred <br /> pursuant to Receiver's certificates;4)the obligations owed to the Lender Parties under the <br /> respective OSM Credit Documents or otherwise; and 5)to such other obligations as the Court <br /> may authorize; <br /> (s) that the Receiver is authorized to maintain sufficient cash on hand to enable the <br /> Receiver to meet expenses,in an amount to be agreed to between the Receiver and the Lender <br /> Parties; <br /> (t) upon appointment,the Receiver shall be paid by the Plaintiffs an initial retainer of <br /> $25,000. The Receiver shall be compensated at its customary hourly rates,which are subject to <br /> reasonable increases in January of each year. In addition to the Receiver's fees,the Receiver <br /> shall be reimbursed for its reasonable costs, including legal fees,travel expenses, and other <br /> business expenses associated with the Receivership. If the Receiver is directed to undertake an <br /> investment banking process to sell the assets or the business enterprise,the Receiver shall <br /> receive an industry standard transaction fee; <br /> (u) the Receiver's compensation or reimbursement shall be disclosed in reports filed <br /> with the Court and are subject to objection by the parties as set forth in this Order. The Receiver <br /> may pay and reimburse itself with funds generated through the operation of the business of the <br /> Company and the sale or liquidation of the Company's business and assets; <br /> (v) Plaintiffs must make advances to the Receiver pursuant to any approved budgets <br /> in accordance with the following procedure: <br /> a. On a weekly basis, the Receiver shall prepare and update an 8-week financial <br /> budget which shall be divided into Weekly Increments ("Proposed Budget"). <br /> The term "Weekly Increments" means a one-week period commencing on a <br /> Monday and ending on the immediately succeeding Sunday. <br /> b. On each Wednesday, the Receiver shall email the Proposed Budget to the <br /> Plaintiffs by 4:00 p.m. Mountain Time, together with a funding request <br /> ("Funding Request") that will cover all expenses to be incurred or paid during <br /> the next two Weekly Increments(less any amounts previously advanced by the <br /> Plaintiffs to cover expenses budgeted for the first of such two Weekly <br /> Increments pursuant to a prior Approved Budget (as defined below) for the <br /> Plaintiffs'review and approval in its sole and absolute discretion. The Plaintiffs <br /> shall review the Proposed Budget and communicate to the Receiver via email <br /> by 4:00 p.m.Mountain Time on the immediately following Friday of such week <br /> whether the Plaintiffs have approved the Proposed Budget and the <br /> accompanying Funding Request. The Receiver may regard the Plaintiffs' <br /> failure to timely deliver its approval of a Funding Request as the Plaintiffs' <br /> decision to decline to make such a Funding Request. The Plaintiffs' approval <br /> of a Proposed Budget or the funding of a Funding Request shall constitute the <br /> Plaintiffs' consent to the use of the funds advanced for the expenses in the <br /> Proposed Budget. If the Plaintiffs agree to fund a Funding Request, the first <br /> 10 <br /> USA.605462236.2/ZP9 <br />
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