FINAL ORDER GRANTING DEBTORS’ MOTION FOR AUTHORITY TO OBTAIN FINANCING ON AN UNSECURED ADMINISTRATIVE BASIS PURSUANT TO 11 U.S.C. S
The matter before the Court is the Debtors’ Motion for Authority to Obtain Financing on an Unsecured Administrative Basis Pursuant to 11 U.S.C. § 364(C)(1) [Docket N0. 473] (the An interim hearing was held on December 23, 2010, a tina] hearing was held on January 6, 2011, and appearances at the hearings were made as set forth on the Cou1t’s record. Notice of the Motion is proper, and no further notice is required. The Court has reviewed the Motion, the Memorandum in support of the Motion [Docket No. 475], all other pleadings and papers tiled in Support ofthe Motion, and the applicable law, and based thereon,
IT IS HEREBY ORDERED that:
l. The Motion is GRANTED on a final basis subject to the terms and conditions of this Order.
2. Western Utah Copper Company and Copper King Mining Corporation (collectively, the "Debtors") are authorized to obtain credit from Equity Security Funders, LLC ("ESF")up to $400,000 inclusive of any sums advanced to the Debtors pursuant to the Court’s Interim Order [Docket No. 477] on the Motion, pursuant to 11 U.S.C. § 364(c)(1) and the terms of this Order.
3. Any stuns advanced by ESF pursuant to this Order shall be entitled to super-
priority administrative expense status in accordance with 11 U.S.C. § 364(c)(l), with priority over any or all administrative expenses of the kind specified in 11 U.S.C. 503(b) or 507(b) with such claim being junior only to any allowed super$priority administrative expense claim that may be asserted by Altus Metals, LLC against Western Utah Copper Company pursuant to the Orders that have previously been entered in this case and/or the claims of any Secured Creditor as set forth in ¶ 6 of this Order.
4. With respect to each proposed advance by ESF to the Debtors that exceeds
$15,000, the Debtors shall provide counsel for the Official Committee of Unsecured Creditors (the “Creditors Committee”) with written notice of such proposed use/expenditure no later than three (3) business days of such proposed advance by ESF. The Creditors Committee shall have until noon on the third business day following its counsel’s receipt of the Written notice to object to the proposed advance. The Creditors Committee’s consent to the proposed advance/expenditure shall not be unreasonably withheld. In the event of a Creditors Committee objection, the Debtors will be required to seek further approval by the Court.
5. Any and all sums advanced by ESF pursuant to this Order, including any sums that are paid by ESF directly to a vendor on the Debtors’ behalf, shall be itemized by the Debtors in their Monthly Operating Reports that are filed with the Court.
6. To the extent any secured creditor (the “Secured Creditor”) has filed any objection to any prior request by the Debtors for post-petition financing (the “Prior Financing”), not including the request for financing made in the Motion, and to the extent any such secured creditor is entitled to a claim pursuant to 11 U.S.C. § 507(b) arising from the Prior Financing, any such claim shall be entitled to priority over any sums advanced to the Debtors by ESF pursuant to the Motion. However, no party is prohibited from objecting to any super-priority claim asserted by any Secured Creditor.
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