SECTION 363 ORDER Clause Samples
A Section 363 Order is a court authorization that permits the sale of a debtor's assets outside the ordinary course of business during bankruptcy proceedings, typically under Section 363 of the U.S. Bankruptcy Code. This order allows the debtor to sell assets free and clear of liens, claims, or other encumbrances, often through an auction process, with the proceeds distributed to creditors according to bankruptcy priorities. The core function of a Section 363 Order is to facilitate the efficient liquidation or transfer of assets, maximizing value for creditors while providing buyers with certainty regarding title and liability.
SECTION 363 ORDER. The term "Section 363 Order" shall mean the order entered by the Court pursuant to Bankruptcy Code ss.363 approving Seller's sale of the Purchased Assets (as defined in Section 2.1 below) to Buyer free and clear of any and all liens, security interests, and adverse interests of any kind, the form of which shall be agreed to by the parties hereto.
SECTION 363 ORDER. The form of Section 363 Order attached hereto in Exhibit A is in form and substance satisfactory to the Purchaser.
SECTION 363 ORDER. 10 Section 8.5 Broker's or Finder's Fees.................................10
SECTION 363 ORDER. The term "Section 363 Order" shall mean the order entered by the Court pursuant to Bankruptcy Code ss.363 approving Seller's sale of the Purchased Assets (as defined in Section 2.1 below) to Buyer free and clear of any and all liens, encumbrances, claims, security interests, and adverse interests of any kind, the form of which shall be agreed to by the parties hereto. 3 <PAGE> 1.17 SECTION 365 ORDER. The term "Section 365 Order" shall mean the Order entered by the Court pursuant to Bankruptcy Code ss.365(a) approving Seller's decision to: (i) reject the Lease as it relates to the Real Property; provided, however, that the Section 365 Order shall not approve Seller's decision to reject the Lease as it relates to the Paradise Lane Property unless Seller, in its sole and absolute discretion which may be unreasonably withheld, hereafter decides to reject the Lease as it relates to the Paradise Lane Property; and (ii) assume the Assumed Contracts, the form of which shall be agreed to by the parties hereto.