Common use of Petition Date Clause in Contracts

Petition Date. On January 26, 2009 (the “Petition Date”), the Debtors filed voluntary petitions under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware (the “Court”). The Debtors have continued in the management and operation of their business and property as debtors-in-possession pursuant to sections 1107 and 1108 of the Bankruptcy Code. No trustee or examiner has been appointed in the Cases. In addition, on January 26, 2009 an initial order was entered in favor of the Canadian Debtors (except Smurfit-MBI and SLP Finance General Partnership) under the Companies’ Creditors Arrangement Act (Canada) in the Ontario Superior Court of Justice. Furthermore, on January 28, 2009 Smurfit-MBI and SLP Finance General Partnership were granted recognition of their respective Chapter 11 Cases in the Canadian Court and an order was entered granting charges over the assets of each of Smurfit-MBI and SLP Finance General Partnership to secure their respective DIP Obligations, under Section 268 of the Bankruptcy and Insolvency Act (Canada).