First and Second Day Orders Clause Samples
The 'First and Second Day Orders' clause outlines the initial court orders that a debtor seeks in the early stages of a bankruptcy proceeding, typically within the first two days after filing. These orders may include requests to continue business operations, pay employee wages, or maintain existing contracts to stabilize the debtor’s business during the transition into bankruptcy. By securing these orders promptly, the clause ensures that the debtor can maintain essential operations and minimize disruption, thereby preserving the value of the estate and protecting the interests of creditors and employees.
First and Second Day Orders. Cause all proposed “first day” orders and “second day” orders submitted to the Bankruptcy Court to be in accordance with and permitted by the terms of this Agreement and reasonably acceptable to the Administrative Agent in all respects, it being understood and agreed that the forms of orders approved by the Administrative Agent prior to the Petition Date are in accordance with and permitted by the terms of this Agreement in all respects and are reasonably acceptable.
First and Second Day Orders. The Borrower shall cause all proposed “first day” orders, “second day” orders and all other orders establishing procedures for administration of the Chapter 11 Cases or approving significant or outside the ordinary course of business transactions submitted to the Bankruptcy Court to be in accordance with and permitted by the terms of this Agreement and acceptable to the Required Lenders in all material respects, it being understood and agreed that the forms of orders approved by the Required Lenders prior to the Petition Date are in accordance with and permitted by the terms of this Agreement in all respects and are acceptable.
First and Second Day Orders. Cause all proposed “first day” orders, “second day” orders and all other orders establishing procedures for administration of the Cases or approving significant transactions submitted to the Bankruptcy Court to be in accordance with and permitted by the terms of this Agreement and reasonably acceptable to the Administrative Agent in all respects, it being understood and agreed that the forms of orders approved by the Administrative Agent prior to the Petition Date are in accordance with and permitted by the terms of this Agreement in all respects and are reasonably acceptable and any orders that provide for the termination of the Commitments and the indefeasible repayment in full of the Obligations are reasonably acceptable.
First and Second Day Orders. The Borrower shall cause all proposed “first day” orders, “second day” orders and all other orders establishing material procedures for administration of the Cases or approving significant or material transactions outside the ordinary course of business submitted to the Bankruptcy Court to be in accordance with and permitted by the terms of this Agreement and reasonably acceptable to the Administrative Agent in all respects, it being understood and agreed that the forms of orders approved by the Administrative Agent prior to the Petition Date are in accordance with and permitted by the terms of this Agreement in all respects and are acceptable; provided, that for the avoidance of doubt, the Final Order shall be acceptable to the Administrative Agent in its sole discretion.