Common use of Sale of Substantially All Assets Clause in Contracts

Sale of Substantially All Assets. The Borrower shall: (i) on or before January 27, 2009, file with the Bankruptcy Court a motion for approval of a sale of substantially all of the assets of the Borrower and the Affiliated Borrowers in form and substance reasonably acceptable to the Postpetition Lender; (ii) on or before February 10, 2009, obtain an order of the Bankruptcy Court approving bidding procedures for a sale of substantially all of the assets of the Borrower and the Affiliated Borrowers in form and substance reasonably acceptable to the Postpetition Lender, which order shall authorize (A) credit bids and (B) the solicitation of bids for substantially all of the assets of each of the Borrower and the Affiliated Borrowers separately and for substantially all of the assets of the Borrower and the Affiliated Borrowers collectively; (iii) on or before March 16, 2009, conduct an auction in accordance with the bidding procedures referenced in the foregoing clause (ii); (iv) on or before March 17, 2009, obtain an order of the Bankruptcy Court approving the sale or sales of substantially all of the assets of the Borrower and the Affiliated Borrowers in form and substance reasonably acceptable to the Postpetition Lender; and (v) on or before March 31, 2009, close the sale or sales of substantially all of the assets of the Borrower and the Affiliated Borrowers; and

Sale of Substantially All Assets. The Borrower shall: (i) on or before January 27, 2009, file with the Bankruptcy Court a motion for approval of a sale of substantially all of the assets of the Borrower and the Affiliated Borrowers in form and substance reasonably acceptable to the Postpetition Lender; (ii) on or before [February 109], 2009, obtain an order of the Bankruptcy Court approving bidding procedures for a sale of substantially all of the assets of the Borrower and the Affiliated Borrowers in form and substance reasonably acceptable to the Postpetition Lender, which order shall authorize (A) credit bids and (B) the solicitation of bids for substantially all of the assets of each of the Borrower and the Affiliated Borrowers separately and for substantially all of the assets of the Borrower and the Affiliated Borrowers collectively; (iii) on or before March 16, 2009, conduct an auction in accordance with the bidding procedures referenced in the foregoing clause (ii); (iv) on or before March 17, 2009, obtain an order of the Bankruptcy Court approving the sale or sales of substantially all of the assets of the Borrower and the Affiliated Borrowers in form and substance reasonably acceptable to the Postpetition Lender; and (v) on or before March 31, 2009, close the sale or sales of substantially all of the assets of the Borrower and the Affiliated Borrowers; and