{"id":"court_ctb_2110_0","court":"CTB","case_no":"22-50073","doc_number":2110,"sub_number":0,"doc_type":"ORDER","filed_date":"2023-08-23","title":"UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION | -------------------------------------------","summary_zh":"破产保护期贷款（DIP Financing）联合动议 —— Ho Wan Kwok 破产案（郭文贵 / Guo Wengui / Miles Guo），CTB 22-50073 ECF #2110（2023-08-23立案）。受托人 Luc A. Despins 与债务人 Genever US 及 Genever BVI 联合请求法院批准郭文贵个人破产财产作为 DIP 贷方，向 Genever 实体提供最高 200 万美元的超级优先有担保破产保护期贷款，以资助雪梨荷兰公寓火灾修缮、对 AIG 保险诉讼及相关重整开支。","summary_en":"Joint Motion for Post-Petition DIP Financing — In re Ho Wan Kwok (Miles Guo / Guo Wengui / 郭文贵), CTB No. 22-50073, ECF No. 2110 (filed Aug. 23, 2023). Chapter 11 Trustee Luc A. Despins and debtors Genever US and Genever BVI jointly moved for a final order authorizing the individual debtor's estate to extend up to $2,000,000 in superpriority, non-priming DIP financing to the Genever entities to fund Sherry-Netherland apartment remediation and insurance litigation against AIG.","body_en":"# **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n| ------------------------------------------------------x | | |\n|---------------------------------------------------------|--------|-------------------------|\n| In re: | :
: | Chapter 11 |\n| HO WAN KWOK, et al.,1 | :
: | Case No. 22-50073 (JAM) |\n| Debtors. | :
: | (Jointly Administered) |\n| ------------------------------------------------------x | : | |\n\n# **JOINT MOTION OF CHAPTER 11 TRUSTEE AND DEBTORS GENEVER US AND GENEVER BVI FOR ENTRY OF FINAL ORDER (I) AUTHORIZING CHAPTER 11 TRUSTEE TO EXTEND FINANCING PURSUANT TO BANKRUPTCY CODE SECTION 363, (II) AUTHORIZING GENEVER US AND GENEVER BVI TO OBTAIN POST-PETITION FINANCING PURSUANT TO BANKRUPTCY CODE SECTION 364, (III) GRANTING NON-PRIMING LIENS AND PROVIDING SUPERPRIORITY ADMINISTRATIVE EXPENSE CLAIM, (IV) MODIFYING AUTOMATIC STAY, AND (V) GRANTING RELATED RELIEF**\n\nGenever Holdings LLC (\"Genever US\"), Genever Holdings Corporation (\"Genever\n\nBVI\") and Luc A. Despins, in his capacity as the chapter 11 trustee (the \"Trustee\") of Ho Wan\n\nKwok (the \"Individual Debtor\"), debtors in these above-captioned jointly administered cases (the\n\n\"Chapter 11 Cases\"), hereby file this motion (the \"Motion\") for entry of a final order,\n\nsubstantially in the form of the proposed order attached as **Exhibit A** hereto (the \"DIP Order\"),\n\npursuant to sections 105(a), 361, 362, 363, 364, 503, 506, and 507 of title 11 of the United States\n\nCode, (the \"Bankruptcy Code\"), rules 2002, 4001, 6003, 6004, and 9014 of the Federal Rules of\n\nBankruptcy Procedure (the \"Bankruptcy Rules\"), and rule 4001-3 of the Local Rules of the\n\n1 The Debtors in these chapter 11 cases are Ho Wan Kwok (also known as Guo Wengui, Miles Guo, and Miles Kwok, as well as numerous other aliases) (last four digits of tax identification number: 9595), Genever Holdings LLC (last four digits of tax identification number: 8202) and Genever Holdings Corporation. The mailing address for the Trustee, Genever Holdings LLC, and the Genever Holdings Corporation is Paul Hastings LLP, 200 Park Avenue, New York, NY 10166 c/o Luc A. Despins, as Trustee for the Estate of Ho Wan Kwok (solely for purposes of notices and communications).\n\nUnited States Bankruptcy Court for the District of Connecticut (the \"Local Rules\"):\n\n(i) authorizing Genever US and Genever BVI (together, the \"DIP Borrowers\") to obtain secured postpetition financing from the Individual Debtor's chapter 11 estate (the \"DIP Lender\" and, together with the DIP Borrowers, the \"Movants\") consisting of non-priming secured debtor-inpossession credit facility in an aggregate principal amount of up to \\$2,000,000 and in the form of the DIP financing credit agreement attached as Exhibit 1 to the DIP Order (such agreement, the \"DIP Credit Agreement\"); (ii) granting related liens and superpriority claims in favor of the DIP Lender; (iii) modifying the automatic stay to the extent necessary; and (iv) authorizing the Trustee, as representative of the DIP Lender, to enter into the DIP Credit Agreement. In support of the Motion, the Movants respectfully state as follows:\n\n#### **PRELIMINARY STATEMENT**\n\n1. The DIP Borrowers are in a precarious position in their chapter 11 cases. Genever BVI's sole asset is its ownership of Genever US. And Genever US's ability to provide a meaningful recovery to its creditors and stakeholders is, at this point, uncertain. Any such recovery depends on the outcome of Genever US's efforts to maximize the value of the Apartment (as defined herein) and the AIG Litigation (as defined herein). However, the current condition of the Apartment is such that it is uncertain if, and when, Genever US will be able to rent or sell the property. And while Genever US believes it will prevail in the AIG Litigation, litigation is, by definition, uncertain.\n\n2. At the same time, the DIP Borrowers have no cash and no source of income. Without access to some source of liquidity, the DIP Borrowers will not be able to make essential remediation repairs to the Apartment, pay current professional fees—including the costs of pursuing the AIG Litigation—or even pay the statutory amounts to the U.S. Trustee, and will eventually be forced to convert to a chapter 7 liquidation.\n\n3. The DIP Lender is prepared to provide a limited and targeted loan to avoid this outcome. The DIP Lender would provide up to \\$2,000,000 of funding through a secured, nonpriming, superpriority debtor in possession credit facility (the \"DIP Facility\" and the loans made thereunder the \"DIP Loans\"). Advances under the DIP Facility would be at the discretion of the DIP Lender, and only for necessary expenses, such as essential remediation repairs to the Apartment, U.S. Trustee fees, and current professional fees. To be clear, the DIP Lender (the Individual Debtor's chapter 11 estate) has no legal obligation to fund the Genever entities, relieve AIG of its coverage obligations,2 or \"shore-up\" recoveries to creditors of the Genever entities (administrative, secured, or other claimants). The DIP Lender (the Individual Debtor's chapter 11 estate) is entering into this DIP Facility solely because, as the equity owner of the Genever entities, it is in the best interests of the DIP Lender's chapter 11 estate to preserve the potential recovery to *its* estate and its creditors.\n\n4. The DIP Facility is, therefore, necessary for the DIP Borrowers to fund their chapter 11 cases while they pursue a chapter 11 process—including pursuing the AIG Litigation and a value-maximizing strategy for the sale of the Apartment. This is in the best interests of the DIP Borrowers' estates and stakeholders. Because the DIP Lender is one of those stakeholders, it is also in the best interests of the DIP Lender's estate—acting through its representative, the Trustee—to enter into the DIP Credit Agreement.\n\n5. For these reasons, and for the reasons set forth below, the DIP Borrowers believe, in the exercise of their business judgment, that entering into the DIP Facility will maximize value\n\n2 As discussed in more detail below, AIG's failure to comply with its obligations has forced Genever US to initiate the AIG Litigation (as defined herein), and is one of the main reasons that Genever US has no choice other than to borrow funds for damage remediation. Genever US will be seeking, as part of any damages award in the AIG Litigation, damages equal to the amount it has been forced to borrow (including interest and other borrowing costs) to pay for damage remediation.\n\nfor their stakeholders and is in the best interests of their estates. The Trustee, in the exercise of his business judgment, similarly believes that entry into the DIP Credit Agreement is in the best interests of the Individual Debtor's chapter 11 estate and its stakeholders because it preserves optionality for a potential value-maximizing transaction at Genever US.3 Finally, the Trustee understands that the Official Committee of Unsecured Creditors (the \"Committee\") consents to the relief requested herein.4 Accordingly, the Movants respectfully request that the Court enter the DIP Order authorizing the Movants' entrance into the DIP Credit Agreement.\n\n#### **JURISDICTION, VENUE, AND STATUTORY BASES**\n\n6. The Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334 and the *Standing Order of Reference* from the United States District Court for the District of Connecticut. This is a core proceeding within the meaning of 28 U.S.C. § 157(b).\n\n7. Venue in this District is proper pursuant to 28 U.S.C. §§ 1408 and 1409.\n\n8. The statutory bases for the relief requested in this Motion are sections 105(a),\n\n361, 362, 363, 364, 503, 506, and 507 of the Bankruptcy Code, Bankruptcy Rules 2002, 4001, 6003, 6004, and 9014, and Rule 4001-3 of the Local Rules.\n\n3 In the interest of full disclosure, the Trustee is acting on behalf of Genever US pursuant to a Power of Attorney, dated September 16, 2022, granted by Genever BVI, authorizing the Trustee to act on Genever BVI's behalf to, among other things, take any and all actions on behalf of Genever US in connection with its chapter 11 case. The Trustee is similarly acting on Genever BVI's behalf pursuant to a Power of Attorney, dated July 26, 2023, authorizing the Trustee to take any and all actions on behalf of Genever BVI in connection with the borrowing of funds from the Individual Debtor's chapter 11 estate.\n\n4 The Committee is appointed in the Individual Debtor's case only.\n\n#### **BACKGROUND**\n\n#### **I. Procedural Background**\n\n9. On October 12, 2020, Genever US filed its voluntary chapter 11 petition in the United States Bankruptcy Court for the Southern District of New York (the \"New York Bankruptcy Court\").\n\n10. On February 15, 2022 (the \"Petition Date\"), the Individual Debtor filed with the Court a voluntary petition for relief under chapter 11 of the Bankruptcy Code.\n\n11. On March 21, 2022, the United States Trustee appointed the Committee. No examiner has been appointed in the Chapter 11 Cases.\n\n12. On June 15, 2022, the Court entered a memorandum of decision and order [Docket No. 465] (the \"Trustee Order\") directing the United States Trustee to appoint a chapter 11 trustee in the Chapter 11 Case. Pursuant to the Trustee Order, the United States Trustee selected Luc A. Despins as the Trustee, and on July 8, 2022, the Court entered an order granting the appointment of Luc A. Despins as the Trustee [Docket No. 523].\n\n13. On September 13, 2022, Genever BVI entered into a certain Director Services Agreement with Harneys Corporate Services Limited, pursuant to which Harneys Corporate Services Limited agreed, among other things, to provide Claire Abrehart's services for the position of the sole director of Genever BVI (the \"Independent Director\"). By shareholder's resolution dated September 14, 2022, Abrehart was appointed as the Independent Director, effective as of September 14, 2022, replacing its former director, Kwok. *See Declaration of Claire Abrehart, Director of Genever Holdings Corporation, in Support of Debtor's Chapter 11 Petition* [Case 22-50542, Docket No. 8].\n\n14. On October 11, 2022, Genever BVI filed its voluntary chapter 11 petition in this Court. Shortly thereafter, by order dated November 3, 2022 (the \"Venue Transfer Date\"), the\n\nNew York Bankruptcy Court granted the Trustee and Genever US's joint motion to transfer venue of Genever US's chapter 11 case to this Court.\n\n15. By order dated November 21, 2022, the Court approved the joint administration of the chapter 11 cases of Genever US, Genever BVI, and the Individual Debtor. [Docket No. 1141].\n\n#### **II. Apartment at the Sherry Netherland**\n\n16. The Sherry Netherland is a cooperative apartment building located at 781 Fifth Avenue, New York, New York 10022, and the Sherry Netherland Inc. (the \"Sherry Netherland\") is the residential housing cooperative corporation that owns such property.\n\n17. On March 6, 2015, Genever US closed on the sale of cooperative space at the Sherry Netherland comprised of the entire 18th floor at the property, as well as Apartment MR 2219 and Apartment MR 719 (together, the \"Apartment\") for a purchase price of \\$70 million. The sale documents list Genever US as the purchaser, and title to the Apartment is held by Genever US.\n\n18. Through this transaction, Genever US became the owner of the shares allocable to the Apartment (the \"Shares\") and the lessee under the related proprietary leases (collectively, the \"Proprietary Lease\") appurtenant thereto between the Sherry Netherland, as lessor, and Genever US, as lessee, entered into on March 6, 2015 and amended as of January 1, 2023. The Shares and Genever US's interest in the Proprietary Lease are collectively referred to herein as the \"Coop Interest\".\n\n19. Pursuant to the terms of the Proprietary Lease and the Sherry Netherland's bylaws, and in accordance with sections 9-102(74), 9-308(h), 9-310(b), and 9-322 (h)(1) of the New York UCC, the Sherry Netherland has a valid and duly perfected security interest in and first lien (the \"Sherry Netherland First Lien\") on the Coop Interest to secure all obligations (such\n\nobligations the \"SN Senior Debt\") of Genever US to the Sherry Netherland arising under the Proprietary Lease or otherwise, to the extent such obligations are incident to Genever US's ownership of the Coop Interest, which lien has priority over all other security interests therein.\n\n#### **III. Genever US, Genever BVI, and Bravo Luck**\n\n20. Genever US is wholly-owned by Genever BVI. Prior to his bankruptcy (and the resulting transfer of his interests to the Trustee), the Individual Debtor was the sole shareholder of Genever BVI.\n\n21. Bravo Luck Limited (\"Bravo Luck\"), a company purportedly owned by the Individual Debtor's son, filed a proof of claim in Genever US's chapter 11 case asserting that it is the true beneficial owner of the Apartment.\n\n22. On October 11, 2022, Genever US filed an adversary complaint against Bravo Luck seeking, among other things, declaratory relief confirming that Genever US—and not Bravo Luck—owns the Apartment (the \"Genever US Complaint\").5 Genever BVI filed a related adversary complaint,6 as did the Trustee on behalf of the Individual Debtor's chapter 11 estate.7\n\n23. After motions to dismiss were briefed in all three adversary proceedings, Bravo Luck entered into a stipulation with Genever US, Genever BVI, and the Trustee, pursuant to which Bravo Luck agreed that it would not contest the ownership allegations regarding the Apartment or the Genever entities.\n\n24. As a result, it is uncontested that (i) Genever US owns the Apartment, (ii) Genever US is wholly-owned by Genever BVI, and (iii) the Trustee (as assignee of the Individual Debtor's interests) owns and controls Genever BVI.\n\n5 *See* Adv. Proc. No. 22-5030, Docket No. 1.\n\n6 *See* Adv. Proc. No. 22-5035, Docket No. 1.\n\n7 *See* Adv. Proc. No. 22-5027, Docket No. 1.\n\n25. Genever US is seeking to rent or sell the Apartment.\n\n#### **IV. Fire at the Apartment and AIG Litigation**\n\n26. On March 15, 2023, a fire broke out at the Apartment, causing significant loss.\n\n27. Genever US holds certain insurance policies, purchased from AIG Property Casualty Company (\"AIG\"), providing Genever US insurance coverage in excess of \\$28 million to protect the Apartment and the valuable property therein, covering \"all risk\" of property loss subject to certain carve outs, and providing Genever US excess insurance of up to \\$11 million for liability coverage for claims arising out of its ownership of the Apartment, including damage to adjacent properties (such policies, together, the \"AIG Policy\"). Although the assessment of the extent of the damage to the Apartment is still ongoing, it will indisputably be in the millions of dollars.\n\n28. On April 25, 2023, AIG issued a notice of cancellation of the AIG Policy, alleging \"discovery of willful or reckless acts by the insured increasing the hazard insured against\" and \"physical changes in the property insured, after issuance of renewal, which resulted in the property becoming uninsurable in accordance with [AIG]'s underwriting standards.\" *See* [Docket No. 1 in Adv. Proc. No. 23-05007].\n\n29. On May 12, 2023, Genever US filed its *Complaint Under Sections 105 and 363 of the Bankruptcy Code and Bankruptcy Rule 7001 of Genever Holdings LLC Against AIG Property Casualty Company Under Various Insurance Policies for Breach of Contract and Declaratory Judgment* [Docket No. 1 in Adv. Proc. No. 23-05007] (the \"AIG Complaint\"), initiating litigation with respect to breach of contract claims (including denial of coverage) in connection with the AIG Policy (the \"AIG Litigation\").\n\n30. On July 13, 2023, the Bankruptcy Court issued a preliminary injunction enjoining AIG from cancelling the AIG Policy and directing AIG to rescind its prior notice of cancellation. [Docket No. 32 in Adv. Proc. No. 23-05007].\n\n#### **RELIEF REQUESTED**\n\n31. By this Motion, the Movants seek entry of the DIP Order granting, on a final basis, the following relief: (i) authorizing the DIP Borrowers to obtain up to \\$2,000,000 of secured post-petition financing from the DIP Lender, to be advanced at the DIP Lender's discretion;8 (ii) granting the DIP Lender an allowed superpriority administrative expense claim pursuant to section 364(c)(1) of the Bankruptcy Code; (iii) granting the DIP Lender valid, fully perfected and enforceable non-priming security interests and liens pursuant to section 364(c)(2) of the Bankruptcy Code; (iv) modifying the automatic stay; (v) authorizing the Trustee to enter into the DIP Credit Agreement on behalf of the DIP Lender; and (vi) granting other related relief.\n\n32. The Proprietary Lease provides that Genever US will not permit the creation of a security interest or lien in the Shares or Proprietary Lease without the prior consent of the Sherry Netherland.9 As set forth more fully below, the proposed DIP financing seeks to grant the DIP Lender security interests and liens in the Coop Interest, which collateral is also referred to separately as the Shares and the Proprietary Lease. The Movants are informed by counsel to the Sherry Netherland that the Sherry Netherland does not object to the relief sought in this Motion.\n\n33. Genever US and the DIP Lender acknowledge, and the proposed order reflects, that the Sherry Netherland First Lien is valid and duly perfected, and that it is senior to and has priority in all respects, including payment, to the security interests and liens granted to the DIP Lender\n\n8 For the avoidance of doubt, each Borrower shall be solely and severally liable for its respective obligations under the DIP Credit Agreement and under the other Loan Documents.\n\n9 Genever US reserves all rights as to the enforceability of this provision in bankruptcy.\n\nwith respect to the Shares and Proprietary Lease and the proceeds thereof. The Sherry Netherland also holds a cash security deposit (the \"Cash Deposit\"), currently in the amount of \\$1,052,530.14, as cash collateral securing Genever US's obligations under the Proprietary Lease pursuant to a Security Deposit Agreement, dated as of March 6, 2015, between Genever US and the Sherry Netherland.10 Genever US and the DIP Lender acknowledge, and the proposed DIP Order reflects, that the Sherry Netherland's security interest in the Cash Deposit is valid and duly perfected and that it is senior to and has priority in all respects, including payment, to the security interests and liens granted to the DIP Lender with respect to the Cash Deposit.\n\n34. Further, the DIP Borrowers and the DIP Lender agree, and the proposed DIP Order reflects, that the DIP Lender will not take any enforcement action, whether by demand, foreclosure or other enforcement action, to collect any obligations arising under the DIP Credit Agreement by realizing upon the whole or part of the Coop Interest or the Cash Deposit unless and until there is full payment of all of the SN Senior Debt, to the extent allowed.\n\n35. With respect to the SN Senior Debt, Genever US acknowledges that the Sherry Netherland has a valid pre-petition claim for unpaid arrearages owed to the Sherry Netherland under the Proprietary Lease and other corporate documents in the amount of \\$1,096,186.54. As part of a consensual resolution of this Motion, and the Sherry Netherland's agreement not to (i) object to the Motion on the grounds that the Proprietary Lease prohibits the creation of a security interest or lien in the Shares or Proprietary Lease11 or (ii) raise any argument, in connection with the Motion or otherwise, that Genever US defaulted under the Proprietary Lease by granting such\n\n10 On May 31, 2023, the New York Bankruptcy Court entered the *Consent Order Granting the Sherry-Netherland, Inc. Relief from the Automatic Stay*, which permitted the Sherry Netherland to apply the Cash Deposit to \"postpetition maintenance fees and assessments,\" with the automatic stay \"to otherwise remain in place for all purposes.\"\n\n11 As noted above, Genever US reserves all rights as to the enforceability of this provision in bankruptcy.\n\nsecurity interest or lien, the Movants agreed to allow, and hereby seek the allowance of, the prepetition secured claim in said amount as part of the relief requested herein (such allowed claim, the \"Allowed SN Senior Debt Claim\").\n\n36. With respect to SN Senior Debt arising post-petition, post-petition maintenance and assessments charges have been satisfied to date out of the Cash Deposit pursuant to an order entered by the New York Bankruptcy Court [Docket No. 107 in Case No. 22-50592]. However, the Sherry Netherland asserts that, as of today's date, there are additional amounts of Senior SN Debt due and owing that have not been satisfied by the Cash Deposit (the \"Current Post-Petition Claims\"), and the Sherry Netherland asserts that additional amounts will continue to accrue, including claims that may arise as a result of the fire (the \"Additional Post-Petition Claims\"). The Movants have agreed, as part of the consensual resolution of this Motion, to seek authority to pay, in the Trustee's discretion, reasonable post-petition fees of the Sherry Netherland's counsel and of Genever US's professionals that have provided, or continue to provide, services to Genever US after the Venue Transfer Date. To be clear, however, the Movants' agreement to seek such authority is not a recognition of the validity of such post-petition fees and the Movants are not, at this time, agreeing to allow or pay, and are not seeking the allowance of, the Current Post-Petition Claims and any Additional Post-Petition Claims, including any such post-petition fees. The Movants and the Sherry Netherland reserve all their rights with respect to any such claims. For the avoidance of doubt, the Movants' agreement to the allowance of the Allowed SN Senior Debt Claim as part of a consensual resolution of the Sherry Netherland's comments to this Motion, shall not in any way prejudice the parties' rights as to the allowance of the Current Post-Petition Claims and the Additional Post-Petition Claims, if any.\n\n# **I. Concise Summary of DIP Financing Terms**\n\n37. As required by Bankruptcy Rule 4001(b)(1)(B) and Local Rule 4001-3(a), the\n\nDIP Borrowers submit the following concise statement of the material terms of the DIP Credit\n\nAgreement.12\n\n| Bankruptcy Code/Local
Rule | Summary of Material Terms |\n|---------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Borrowers
Bankruptcy Rule
4001(c)(1)(B) | Genever US and Genever BVI.
For the avoidance of doubt, each Borrower shall be solely and severally liable for
their respective obligations under the DIP Credit Agreement and under the other
Loan Documents. |\n| Guarantors
Bankruptcy Rule
4001(c)(1)(B) | None. |\n| DIP Lender
Bankruptcy Rule
4001(c)(1)(B) | Chapter 11 estate of the Individual Debtor, through chapter 11 Trustee. |\n| Term
Bankruptcy Rules
4001(b)(l)(B)(iii),
4001(c)(1)(B)
Local Rule 4001-3(a)(1) | The DIP Facility will mature on earliest to occur of (a) a sale of the Apartment, (b)
the Debtors' filing of a plan of reorganization with the Bankruptcy Court, (c) the
first business date that is 24 months from the Closing Date, or (d) the Payment in
Full of all Obligations under the DIP Credit Agreement. |\n| Commitment | DIP Lender agrees to make revolving DIP Loans in an aggregate amount up to but |\n| Bankruptcy Rule
4001(c)(1)(B) | not exceeding \\$2,000,000. |\n| Local Rule 4001-3(a)(1) | Each DIP Loan shall be made in an aggregate minimum amount of \\$10,000, and
integral multiples of \\$5,000 in excess of that amount. |\n| Conditions of Borrowing | Conditions Precedent to Closing Date and Initial Borrowing: |\n| Bankruptcy Rule
4001(c)(1)(B) | a)
the Lender shall have received a copy of the DIP Credit Agreement and
each other Loan Document, in each case, duly executed and delivered to
the Lender by each of the signatories thereto; |\n| Local Rule 4001-3(a)(7) | b)
no Default or Event of Default shall have occurred or would result from
such initial Borrowing or the use of the proceeds therefrom;
c)
the DIP Order (i) shall have been entered by the Bankruptcy Court, (ii)
shall be in full force and effect on the Closing Date, (iii) shall not have
been vacated or reversed, (iv) shall not be subject to a stay, and (v) shall
not have been modified or amended in any respect without the prior
written consent of the Lender;
d)
the DIP Order shall be effective to create, in favor of the Lender, valid,
binding, enforceable and fully and automatically perfected liens on the
DIP Collateral, on the basis and with the priority set forth therein; and
e)
such other conditions, documents and deliverables that the Lender may |\n| | reasonably request. |\n\n12 In addition to the below summary, the *Checklist for Motions and Orders for Use of Cash Collateral and Post-Petition Financing* required by Local Rule 4001-3 is attached as **Exhibit B** hereto.\n\n| Bankruptcy Code/Local
Rule | Summary of Material Terms |\n|-----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| | Conditions Precedent to All Borrowings: |\n| | a)
the Closing Date shall have occurred;
b)
no Default or Event of Default shall exist at the time of, or immediately
result from, the making of such Loan;
c)
there shall not exist any proceeding, order, injunction or decree of any
Governmental Authority or in any court restraining or prohibiting (or
attempting to restrain or prohibit) the funding of the Loan under the DIP
Credit Agreement; |\n| | d)
the proceeds of such Loan shall be directed and requested for use in
accordance with Section 2.1;
e)
the payment by the Borrowers of all costs and expenses required to be
paid on such Borrowing Date (including pursuant to Section 6.3 of the
DIP Credit Agreement) pursuant to the DIP Credit Agreement and the
other Loan Documents (which amounts, at the sole option of the Lender, |\n| | may be offset against the proceeds of such Loan);
f)
the Lender shall have received a duly executed written notice from the
Borrower complying with the requirements of Section 2.2(b) of the DIP
Credit Agreement; |\n| | g)
the DIP Order (a) shall be in full force and effect, (b) shall not have been
reversed, vacated or stayed, (c) shall not have become the subject of any
appeal or challenge, and (d) shall not have been amended, supplemented
or otherwise modified without the prior written consent of the Lender;
and |\n| | h)
there shall not have occurred since the Closing Date any development or
event which, individually or in the aggregate with other such
circumstances, has had or could reasonably be expected to have, a
Material Adverse Effect. |\n| Interest Rates
Bankruptcy Rule
4001(c)(1)(B) | 9.0% per annum, with no default interest rate and no prepayment penalty or similar
premiums. |\n| Local Rule 4001-3(a)(1) | |\n| Use of DIP Financing
Facility
Bankruptcy Rule
4001(b)(l)(B)(ii)
Local Rule 4001-3(a)(1) | Advances under the DIP Facility will be made at the discretion of the DIP Lender
for necessary expenses, such as (i) essential remediation repairs to the Apartment,
(ii) U.S. Trustee fees, and (iii) fees and expenses of the kind specified in sections
327, 328, 330 and 331 of the Bankruptcy Code and incurred after the Venue
Transfer Date. |\n| Adequate Protection
Bankruptcy Rules
4001(b)(l)(B)(iv),
4001(c)(1)(B)(ii) | None. No existing security interest is being primed by the DIP Facility. |\n| Fees
Bankruptcy Rule
4001(c)(1)(B)
Local Rule 4001-3(a)(1) | None. |\n| Budget and Variance | None. |\n| Covenant
Bankruptcy Rule 4001 | |\n\n| Bankruptcy Code/Local
Rule | Summary of Material Terms | |\n|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--|\n| (c)(1)(B) | | |\n| | | |\n| Local Rule 4001-3(a)(1) | | |\n| Events of Default | The DIP Credit Agreement provides for the following Events of Default: | |\n| Bankruptcy Rule | | |\n| 4001(c)(l)(B) | a)
the Borrowers shall have failed to pay within three business days when
and as required to be paid in the DIP Credit Agreement or in any other | |\n| Local Rule 4001-3(a)([1]) | Loan Document any amount or Obligation payable thereunder or pursuant | |\n| | to any other Loan Document; | |\n| | b)
any authorization of a Governmental Authority necessary for the | |\n| | execution, delivery or performance of any Loan Document or for the | |\n| | validity or enforceability of any of the Obligations under any Loan | |\n| | Document is not given, is withdrawn or ceases to remain in full force or | |\n| | effect; | |\n| | c)
(A) any provision of any Loan Document shall for any reason cease to be | |\n| | valid and binding on or enforceable against any Borrower thereto; (B) any
Borrower shall so state in writing or bring an action to limit its obligations | |\n| | or liabilities under any Loan Document; (C) the DIP Order shall for any | |\n| | reason (other than pursuant to the terms thereof) cease to create a valid | |\n| | security interest in the DIP Collateral; or (D) any of the Obligations of | |\n| | any Borrower shall cease to be secured by all of such Borrower's DIP | |\n| | Collateral; or | |\n| | d)
there shall have occurred any of the following in the Chapter 11 Cases: | |\n| | i.
other than the claims and Liens of the Lender arising from this | |\n| | Agreement, and except for the Carve-Out, any Borrower shall
incur, create, assume, suffer to exist or permit, or file any motion | |\n| | seeking, any other claim which is pari passu with, or senior to, | |\n| | the claims and Liens of the Lender; | |\n| | ii.
the Bankruptcy Court enters an order or the Borrowers file any | |\n| | motion or any request for relief—in each case without the | |\n| | support, or over the objection, of the Trustee—to (a) dismiss any | |\n| | of the Chapter 11 Cases, (b) convert any of the Chapter 11 Cases | |\n| | to a case under chapter 7 of the Bankruptcy Code, (c) appoint a | |\n| | trustee or examiner (other than the Trustee) with expanded
powers beyond those set forth in section 1106 of the Bankruptcy | |\n| | Code; or (d) confirming a plan that does not provide for Payment | |\n| | in Full, not later than the effective date, of all Obligations under | |\n| | the DIP Credit Agreement; | |\n| | iii.
the Bankruptcy Court enters an order granting relief terminating, | |\n| | annulling, or modifying the automatic stay (as set forth in section | |\n| | 362 of the Bankruptcy Code) to authorize any party to proceed | |\n| | against any material asset worth in excess of \\$50,000 of the | |\n| | Borrowers or in such a manner that would adversely affect the | |\n| | Borrowers' ability to operate their businesses in the ordinary
course; or | |\n| | iv.
the failure of the Borrowers to comply with any provision of the | |\n| | DIP Order, which remains uncured for a period of two (2) | |\n| | Business Days after the receipt of written notice of such event or | |\n| | is not otherwise waived in accordance with the terms thereof; | |\n| | provided, however, that the DIP Lender will not take any | |\n| | enforcement or other action, whether by demand, foreclosure or | |\n| | otherwise, to collect on any obligations arising under the DIP | |\n| | Credit Agreement by realizing upon the whole or part of the | |\n\n| Bankruptcy Code/Local
Rule | Summary of Material Terms |\n|----------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| | Coop Interest or Cash Deposit unless and until there is full
payment of all of the SN Senior Debt, to the extent allowed. |\n| Milestones
Bankruptcy Rule
4001(c)(1)(B) | None. |\n| Local Rule 4001-3(a)(8)
Indemnification
Bankruptcy Rule
4001(c)(1)(B)(ix) | None. |\n| Entities with Interests in
Cash Collateral
Bankruptcy Rule
4001(b)(l)(B)(i) | Not applicable. The Motion does not seek any relief under Bankruptcy Rule
4001(b)(1)(A). |\n| Carve Out
Bankruptcy Rule
4001(c)(1)(B) | As used in the DIP Order and the DIP Credit Agreement, \"Carve-Out\" means the
sum of: |\n| Local Rule 4001-3(a)(3) | i.
Clerk and U.S. Trustee Fees. All fees required to be paid to the Clerk of the
Court and to the U.S. Trustee pursuant to 28 U.S.C. § 1930(a);
ii.
Chapter 7 Trustee Fees. All reasonable and documented fees and expenses up
to \\$40,000 incurred by a trustee under section 726(b) of the Bankruptcy Code
and allowed by the Court;
iii.
Allowed Professional Fees Incurred Prior to Carve-Out Trigger. To the extent
allowed by this Court at any time, whether by interim or final compensation
order, all accrued and unpaid claims for fees, costs, and expenses of the kind
specified in sections 327, 328, 330 and 331 of the Bankruptcy Code incurred
by persons or firms retained by the DIP Borrowers after the Venue Transfer
Date (the \"Carve-Out Professional Fees\"). The Carve-Out Professional Fees
shall not exceed \\$350,000. For the avoidance of doubt, the Carve-Out
Professional Fees shall exclude any fees required to be paid to any real estate
broker.
iv.
Funding of Carve-Out: At no time may the total amount owed by the DIP
Borrowers exceed the DIP Lender's Commitment less \\$350,000. |\n| Liens and Priorities
Bankruptcy Rule
4001(c)(l)(B)(i)
Local Rule 4001-3(a)(4) | The DIP Facility (a) will be entitled to super priority claim status pursuant to
section 364(c)(1) of the Bankruptcy Code that shall be senior to any and all other
administrative expense specified in sections 503(b) or 507(b) of the Bankruptcy
Code, provided, however, that the proceeds of any actions under sections 502(d),
544, 545, 547, 548, 551, 553(b), 732(2) or 742(2) of the Bankruptcy Code shall not
be used to satisfy such super priority claim on a priority basis, and (b) will be
secured by the \"DIP Liens,\" which shall include: (i) a fully perfected security
interest pursuant to section 364(c)(2) in all DIP Collateral and the proceeds thereof
that is not otherwise subject to a lien, and (ii) a fully perfected junior security
interest pursuant to section 364(c)(3) of the Bankruptcy Code in all DIP Collateral
subject to valid and perfected, and otherwise unavoidable liens at the
commencement of the Chapter 11 Cases or that are perfected thereafter as
permitted under section 546(b) of the Bankruptcy Code, subject, in each case, to
the Carve-Out. The DIP Liens in the Coop Interest and Cash Deposit shall be
junior in all respect to the Sherry Netherland First Lien and the Sherry
Netherland's security interest in the Cash Deposit.
\"DIP Collateral\" |\n\n| Bankruptcy Code/Local | Summary of Material Terms |\n|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Rule | |\n| | DIP Collateral shall mean and include the following property and the proceeds of
such property: (a) Genever US's ownership interest in (i) the proprietary lease
dated March 6, 2015 by and between the Sherry Netherland and Genever US for
that certain apartment known as Apartment 1801, (ii) the proprietary lease dated
March 6, 2015 by and between the Sherry Netherland and Genever US for that
certain apartment known as Maid's Room 2219, (iii) the proprietary lease dated
March 6, 2015 by and between the Sherry Netherland and Genever US for that
certain apartment known as Maid's Room 719 (such leases, and the shares to
which they are appurtenant, collectively, the \"Coop Interest\"), (b) the proceeds of
litigation commenced or to be commenced by Genever BVI or Genever US (the
\"Borrowers' Litigation Claims\"), including, without limitation, the AIG Litigation;
(c) any and all funds held in deposit accounts in the name of Genever US,
including the Cash Deposit; and (d) Genever BVI's ownership interest in Genever
US. |\n| | For the avoidance of doubt, DIP Collateral shall not include actions, or the
proceeds of actions, under sections 502(d), 544, 545, 547, 548, 551, 553(b), 732(2)
or 742(2) of the Bankruptcy Code. |\n| Section 506(c) Waiver | The security interests in favor of the DIP Lenders shall not be subject to section |\n| Bankruptcy Rule | 551 of the Bankruptcy Code nor shall the DIP Collateral be surcharged pursuant to |\n| 4001(c)(l)(B)(x) | section 506(c) of the Bankruptcy Code or otherwise. |\n| Local Rule 4001-3(g)(3) | |\n| Section 552(b) | The equities of the case cutoff under section 552 of the Bankruptcy Code shall be |\n| Bankruptcy Rule
4001(c)(l)(B) | waived. |\n| Local Rule 4001-3(a)(6) | |\n| Stipulations to
Prepetition Liens and | None. |\n| Claims | |\n| Bankruptcy Rule | |\n| 4001(c)(1)(B)(iii) | |\n| Local Rule 4001-3(a)(4) | |\n| Challenge Period | None. |\n| Bankruptcy Rule | |\n| 4001(c)(l)(B) | |\n| Local Rule 4001-3(a)(7) | |\n| Waiver/Modification of | The automatic stay will be modified to the extent necessary for the DIP Lender to |\n| the Automatic Stay | perfect the DIP Liens and for the exercise of remedies upon the existence of an |\n| Bankruptcy Rule | Event of Default. |\n| 4001(c)(1)(B)(iv) | |\n| Liens on Avoidance
Actions | The DIP Collateral expressly excludes liens on avoidance actions, or on their
proceeds. |\n| Local Rule 4001-3(a)(3) | |\n\n#### **BASIS FOR RELIEF**\n\n# **I. Entry Into DIP Credit Agreement Is Sound Exercise of Trustee's Business Judgment on Behalf of DIP Lender**\n\n38. Section 363(b)(1) of the Bankruptcy Code permits a trustee to use estate property \"other than in the ordinary course of business\" after notice and a hearing. Although section 363 does not specify a standard for determining when it is appropriate for a court to authorize the use, sale, or lease of property of the estate, bankruptcy courts routinely authorize non-ordinary course uses of a debtor's assets so long as they can articulate a sound business justification for doing so. In fact, \"[t]he business judgment of the estate representative is entitled to great deference.\" *See In re Celsius Network LLC*, No. 22-10964 (MG), 2022 WL 14193879, at \\*6 (Bankr. S.D.N.Y. Oct. 24, 2022) (internal citations omitted).\n\n39. As provided herein, the Individual Debtor is the sole shareholder of Genever BVI, which is the sole owner of Genever US. As such, the Individual Debtor —and now, his bankruptcy estate—is the ultimate beneficiary of ownership of the Apartment. It is, therefore, in the best interests of the Individual Debtor's chapter 11 estate, and its creditors and stakeholders, to maximize the value of the two Genever estates. And, as demonstrated below, the DIP Facility is critical that: without the DIP Facility, the DIP Borrowers would eventually be forced to convert to chapter 7 liquidations, guaranteeing that the Individual Debtor's estate would not see any recovery from the Genever entities' cases.\n\n40. At the same time, the proposed DIP Facility protects the Individual Debtor's estate and stakeholders. The DIP Facility is a targeted facility, and the DIP Loans are limited to necessary expenses, determined in the Trustee's sole discretion. The DIP Facility also protects the Individual Debtor's estate by granting the DIP Lender an allowed superpriority administrative expense claim and valid, fully perfected and enforceable security interests and\n\nliens. Entry into the DIP Credit Agreement is, therefore, a sound exercise of the Trustee's business judgment on behalf of the DIP Lender and its estate.\n\n# **II. Entry Into DIP Credit Agreement Is Sound Exercise of DIP Borrowers' Business Judgment**\n\n41. Section 364 of the Bankruptcy Code authorizes a debtor to obtain secured or superpriority financing under certain circumstances discussed in detail below. Courts grant a debtor-in-possession considerable deference in acting in accordance with its business judgment in obtaining postpetition secured credit, so long as the agreement to obtain such credit does not run afoul of the provisions of, and policies underlying, the Bankruptcy Code. Indeed, \"courts will almost always defer to the business judgment of a debtor in the selection of the lender.\" *In re L.A. Dodgers LLC*, 457 B.R. 308, 313 (Bankr. D. Del. 2011); *see also In re Ames Dep't Stores, Inc.*, 115 B.R. 34, 40 (Bankr. S.D.N.Y. 1990) (\"[C]ases consistently reflect that the court's discretion under section 364 [of the Bankruptcy Code] is to be utilized on grounds that permit [a debtor's] reasonable business judgment to be exercised so long as the financing agreement does not contain terms that leverage the bankruptcy process and powers or its purpose is not so much to benefit the estate as it is to benefit a party-in-interest.\").\n\n42. To determine whether the business judgment standard is met, a court need only \"examine whether a reasonable business person would make a similar decision under similar circumstances.\" *In re Exide Techs.*, 340 B.R. 222, 239 (Bankr. D. Del. 2006); *see also In re Curlew Valley Assocs.*, 14 B.R. 506, 513–14 (Bankr. D. Utah 1981) (noting that courts should not second guess a debtor's business decision when that decision involves \"a business judgment made in good faith, upon a reasonable basis, and within the scope of [the debtor's] authority under the [Bankruptcy] Code\"). Furthermore, in considering whether the terms of postpetition financing are fair and reasonable, courts consider the terms in light of the relative circumstances\n\nof both the debtor and the potential lender. This includes the recognition that a debtor may have to enter into \"hard bargains\" to acquire funds for its reorganization. *In re Elingsen McLean Oil Co., Inc.*, 65 B.R. 358, 365 n.7 (W.D. Mich. 1986). A court should interfere with the Debtor's management decisions only if it is made clear that those decisions are, *inter alia*, clearly erroneous, made arbitrarily, are in breach of the officers' and directors' fiduciary duties to the corporation, are made on the basis of inadequate information or study, are made in bad faith, or are in violation of the Bankruptcy Code. *In re United Artists Theatre Co.*, 315 F.3d 217, 233 (3rd Cir. 2003).\n\n43. The DIP Borrowers require immediate access to liquidity to ensure that they are able to preserve the value of their estates and maximize their assets for the benefit of all parties in interest and other stakeholders. Without such financing, the DIP Borrowers will not be able to pay basic expenses, and may be forced to accept an offer for the Apartment that does not reflect its true value. Nor would Genever US be able to pursue the AIG Litigation. Finally, converting to a chapter 7 liquidation would not solve these problems, as a chapter 7 trustee would similarly need access to liquidity to pay the DIP Borrowers' basic expenses or to pursue litigation claims.\n\n44. The DIP Borrowers, and the Trustee as holder of the proxy, have determined, in their business judgment, that there are no better available alternatives and that the proposed DIP Facility represents the best financing available under the totality of the circumstances. Thus, the DIP Facility is in the best interests of the DIP Borrowers' creditors and all other stakeholders and, therefore, should be approved by the Court.\n\n### **III. DIP Facility Satisfies Entire Fairness Standard**\n\n45. To the extent the DIP Lender is an insider of the DIP Borrowers as defined by the Bankruptcy Code, the DIP Facility may be subject to the heightened \"entire fairness\" standard.\n\nBut even if the Court were to apply that standard, the DIP Facility satisfies this standard and should be approved.\n\n46. \"[U]nder the entire fairness doctrine, a self-dealing transaction must be justified under both elements of a two-pronged inquiry into the fair process and the fair price of the transaction.\" *In re Perry H. Koplik & Sons, Inc.*, 476 B.R. 746, 803 (Bankr. S.D.N.Y. 2012) (subsequent history omitted). \"Fair [process] involves analyzing how the transaction was structured, the timing, disclosures, and approvals. Fair price relates to the economic and financial considerations of the transaction.\" *In re Signature Apparel Grp. LLC*, 577 B.R. 54, 101 (Bankr. S.D.N.Y. 2017).\n\n47. Fair Process. The DIP Borrowers' and the DIP Lender's conduct, and the overall process of preparing and entering into the DIP Facility, was fair and reasonable. While the Trustee has acted for both the DIP Lender and the DIP Borrowers, he has been fully transparent in his dual roles. Moreover, the Trustee acts for the DIP Borrowers only pursuant to the authority given to him by the Independent Director, which authority is revocable at any time.\n\n48. Fair Price. The fair dealing is reflected in, and has led to, a fair price. The terms of the DIP Facility are more favorable than the DIP Borrowers could have obtained from any other lender (assuming any financing was available at all, on any terms). At the same time, however, the DIP Facility benefits the DIP Lender while also including important provisions (such as the DIP Claim, the DIP Liens, and that advances are at the DIP Lender's discretion) that protect the DIP Lender's estate. The Committee's support confirms the DIP Facility's fairness.\n\n# **IV. DIP Borrowers Should Be Authorized to Grant Liens and Superpriority Claims**\n\n49. The DIP Borrowers propose to obtain financing under the DIP Facility by granting the DIP Lender (i) a superpriority administrative expense claim and (ii) junior nonpriming liens on the DIP Collateral (as set forth in the DIP Credit Agreement).\n\n50. Section 364(c) of the Bankruptcy Code provides, among other things, that if a debtor is unable to obtain unsecured credit allowable as an administrative expense under section 503(b)(1) of the Bankruptcy Code, the Court may authorize the debtor to obtain credit or incur debt (a) with priority over any and all administrative expenses, (b) secured by a lien on property of the estate that is not otherwise subject to a lien, or (c) secured by a junior lien on property of the estate that is subject to a lien.\n\n51. The statutory requirement for obtaining postpetition credit under section 364(c) is a finding, made after notice and hearing, that a debtor is \"unable to obtain unsecured credit allowable under Section 503(b)(1) of [the Bankruptcy Code].\" 11 U.S.C. § 364(c). *See In re Crouse Grp., Inc.*, 71 B.R. 544, 549 (Bankr. E.D. Pa. 1987) (secured credit under section 364(c) of the Bankruptcy Code is authorized, after notice and hearing, upon showing that unsecured credit cannot be obtained). A debtor need only demonstrate that it made reasonable efforts to seek other sources of funding before granting the credit enhancements afforded to potential lenders by sections 364(c) of the Bankruptcy Code. *See In re Ames Dep't Stores*, 115 B.R. at 37–39.\n\n52. Courts have articulated a three-part test to determine whether a debtor is entitled to financing under section 364(c) of the Bankruptcy Code. Specifically, courts consider whether (i) the debtor is unable to obtain unsecured credit under section 364(b) of the Bankruptcy Code, *i.e*., by allowing a lender only an administrative claim, (ii) the credit transaction is necessary to preserve the assets of the estate, and (iii) the terms of the transaction are fair, reasonable, and adequate, given the circumstances of the debtor-borrower and proposed lenders. *See In re Ames*, 115 B.R. at 37-40.\n\n53. The DIP Borrowers do not believe that alternative sources of funding are available. The DIP Borrowers do not operate an ongoing business and generate no revenue. Their only significant assets are the Apartment and the AIG Litigation; as noted above, it is uncertain whether (and when) the DIP Borrowers will be able to see any value from those assets. Under those circumstances, \"shopping around\" for an alternative lender that would be willing to extend credit to the DIP Borrowers on an unsecured basis would be a waste of time and money. Moreover, it is highly unlikely that any lender would offer the DIP Borrowers terms that are as favorable as those under the DIP Credit Agreement including, without limitation, non-priming liens, a low interest rate, no default interest rate, no minimum draw, no 13-week budget, and no DIP fees.\n\n54. Therefore, the DIP Borrowers submit that they have satisfied the standards required to obtain postpetition financing under section 364(c) of the Bankruptcy Code.\n\n#### **V. Automatic Stay Should Be Modified on a Limited Basis**\n\n55. The DIP Order provides that the automatic stay provisions of section 362 of the Bankruptcy Code will be modified to allow the DIP Lender to file any financing statements, security agreements, notices of liens, and other similar instruments and documents in order to validate and perfect the liens and security interests granted under the DIP Order. The DIP Order further modifies the automatic stay as necessary to permit the DIP Borrowers to grant the DIP Liens to the DIP Lenders and to incur all liabilities and obligations set forth in the DIP Order. Finally, the DIP Order provides that, following a default, the automatic stay shall be vacated and modified to the extent necessary to permit the DIP Lender to exercise all rights and remedies in accordance with the DIP Credit Agreement (and related documents) and subject to the limitation on enforcement actions with respect to the Coop Interest and the Cash Deposit until or unless the SN Senior Debt, to the extent allowed, has been paid in full.\n\n56. Stay modifications of this kind are ordinary and standard features of debtor-inpossession financing arrangements and, in the DIP Borrowers' business judgment, are reasonable and fair under the circumstances. *See, e.g.*, *In re The Great Atl. & Pac. Tea Co., Inc.*, Case No. 15-23007 (RDD) (Bankr. S.D.N.Y. July 21, 2015) [Docket No. 88] (modifying the automatic stay set forth in section 362 of the Bankruptcy Court to the extent necessary to implement and effectuate the DIP agreement); *In re Chassix Holdings, Inc.*, Case No. 15- 10578 (MW) (Bankr. S.D.N.Y. Mar. 13, 2015) [Docket No. 67] (accord); *In re The Reader's Digest Assoc.*, Case No. 09-23529 (RDD) (Bankr. S.D.N.Y. Aug. 26, 2009) [Docket No. 26] (accord); *In re Lear Corp.*, Case No. 09-14326 (ALG) (Bankr. S.D.N.Y. July 7, 2009) [Docket No. 59] (accord).\n\n#### **VI. DIP Order Should Be Approved on a Final Basis**\n\n57. Pursuant to Bankruptcy Rule 4001(c)(2), a bankruptcy court can approve postpetition financing \"no earlier than 14 days after service of the motion\" seeking such financing. If a debtor requests, a court may approve interim financing \"before such 14-day period expires,\" upon the required showing.\n\n58. The instant Motion does not request funding on an interim basis prior to the expiration of the full 14-day notice period. Thus, the Movants seek approval of the DIP Facility on a final basis.\n\n# **VII. DIP Lender Should Be Deemed a Good-Faith Lender Under Bankruptcy Code Section 364(e)**\n\n59. Section 364(e) of the Bankruptcy Code protects a good-faith lender's right to collect on loans extended to a debtor, and its right in any lien securing those loans, even if the authority of the debtor to obtain such loans or grant such liens is later reversed or modified on appeal.\n\n60. As explained herein, the terms of the DIP Facility are the result of (i) the DIP Borrowers' reasonable and informed determination—especially in light of the uncertainty regarding whether (and when) the DIP Borrowers will see any value from the Apartment and the AIG Litigation—that the DIP Lender offered the most favorable terms on which to obtain critical postpetition financing and (ii) good-faith considerations by the DIP Borrowers and the DIP Lender (acting through its representative, the Trustee). The terms and conditions of the DIP Facility are reasonable and appropriate under the circumstances, and the DIP Borrowers will use the proceeds of the DIP Facility only as permitted by the Bankruptcy Code and the DIP Credit Agreement. Further, no consideration is being provided to any party to the DIP Facility other than as described herein. Accordingly, the Court should find that the DIP Lender is a \"good faith\" lender within the meaning of section 364(e) of the Bankruptcy Code and is entitled to all of the protections of that section.\n\n### **WAIVER OF BANKRUPTCY RULES 4001(a)(3) AND 6004(h)**\n\n61. Bankruptcy Rule 4001(a)(3) provides that an \"order granting a motion for relief from an automatic stay made in accordance with Rule 4001(a)(1) is stayed until the expiration of 14 days after entry of the order, unless the court orders otherwise.\" Similarly, Bankruptcy Rule 6004(h) provides that \"an order authorizing the use, sale, or lease of property other than cash collateral is stayed until the expiration of 14 days after entry of the order, unless the court orders otherwise.\"\n\n62. As explained herein, access to the DIP Facility is essential to prevent irreparable damage to the DIP Borrowers' estates.\n\n63. Accordingly, ample cause exists to justify the waiver of the 14-day stay imposed by Bankruptcy Rule 4001(a)(3) and 6004(h), and the DIP Borrowers request of waiver of the stay, to the extent such stay applies.\n\n### **NOTICE**\n\n64. Notice of this Motion will be served upon (i) the Office of the United States Trustee for the District of Connecticut, (ii) counsel for the Individual Debtor, (iii) the Committee, (iv) AIG, (v) all parties required by Bankruptcy Rule 4001(c), (vi) all parties who have requested notice in the Chapter 11 Cases pursuant to Bankruptcy Rule 2002, and (vii) all parties required by any other Court order.13\n\n[*Remainder of page intentionally left blank.*]\n\n13 Concurrently herewith, the Trustee has filed a motion to limit service of the instant Motion to avoid the expense and undue burden of serving the Motion on approximately 1,300 creditors. If granted, the Trustee would serve the instant Motion on the Notice Parties (as defined therein).\n\nWHEREFORE, for the foregoing reasons, the Movants respectfully request that the Court\n\nenter the proposed DIP Order granting the relief requested herein.\n\nDated: August 23, 2023 New York, New York\n\nBy: */s/ Douglass Barron*\n\nLuc A. Despins (admitted *pro hac vice*) G. Alexander Bongartz (admitted *pro hac vice*) Douglass Barron (admitted *pro hac vice*) PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 (212) 318-6079 lucdespins@paulhastings.com alexbongartz@paulhastings.com douglassbarron@paulhastings.com\n\n*and*\n\nNicholas A. Bassett (admitted *pro hac vice*) PAUL HASTINGS LLP 2050 M Street NW Washington, D.C., 20036 (202) 551-1902 nicholasbassett@paulhastings.com\n\n*and*\n\nDouglas S. Skalka (ct00616) Patrick R. Linsey (ct29437) NEUBERT, PEPE & MONTEITH, P.C. 195 Church Street, 13th Floor New Haven, Connecticut 06510 (203) 781-2847 dskalka@npmlaw.com plinsey@npmlaw.com\n\n*Counsel for the Movants*\n\n# **Exhibit A**\n\n**Proposed DIP Order**\n\n# **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n| ------------------------------------------------------x | : | RE: Docket No. [•] |\n|---------------------------------------------------------|--------|-------------------------|\n| Debtors. | :
: | (Jointly Administered) |\n| HO WAN KWOK, et al.,1 | :
: | Case No. 22-50073 (JAM) |\n| In re: | : | Chapter 11 |\n| ------------------------------------------------------x | : | |\n\n# **ORDER (I) AUTHORIZING CHAPTER 11 TRUSTEE TO EXTEND FINANCING PURSUANT TO BANKRUPTCY CODE SECTION 363, (II) AUTHORIZING GENEVER US AND GENEVER BVI TO OBTAIN POST-PETITION FINANCING PURSUANT TO BANKRUPTCY CODE SECTION 364, (III) GRANTING NON-PRIMING LIENS AND PROVIDING SUPERPRIORITY ADMINISTRATIVE EXPENSE CLAIM, (IV) MODIFYING AUTOMATIC STAY, AND (V) GRANTING RELATED RELIEF**\n\nUpon the motion (the \"Motion\"2 ) of Genever Holdings LLC (\"Genever US\"), Genever Holdings Corporation (\"Genever BVI\") and Luc A. Despins, in his capacity as the chapter 11 trustee (the \"Trustee\") of Ho Wan Kwok (the \"Individual Debtor\"), debtors in these abovecaptioned jointly administered cases (the \"Chapter 11 Cases\"), seeking a final order (the \"DIP Order\") pursuant to sections 105(a), 361, 362, 363, 364, 503, 506, and 507 of title 11 of the United States Code, (the \"Bankruptcy Code\"), rules 2002, 4001, 6003, 6004, and 9014 of the Federal Rules of Bankruptcy Procedure (the \"Bankruptcy Rules\"), and rule 4001-3 of the Local Rules of the United States Bankruptcy Court for the District of Connecticut (the \"Local Rules\"), among other things (i) authorizing Genever US and Genever BVI (the \"DIP Borrowers\") to obtain secured\n\n1 The Debtors in these chapter 11 cases are Ho Wan Kwok (also known as Guo Wengui, Miles Guo, and Miles Kwok, as well as numerous other aliases) (last four digits of tax identification number: 9595), Genever Holdings LLC (last four digits of tax identification number: 8202) and Genever Holdings Corporation. The mailing address for the Trustee, Genever Holdings LLC, and the Genever Holdings Corporation is Paul Hastings LLP, 200 Park Avenue, New York, NY 10166 c/o Luc A. Despins, as Trustee for the Estate of Ho Wan Kwok (solely for purposes of notices and communications).\n\n2 Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Motion.\n\npostpetition financing from Kwok's chapter 11 estate (the \"DIP Lender\" and, together with the DIP Borrowers, the \"Movants\") consisting of non-priming secured debtor-in-possession credit facility in an aggregate principal amount of up to \\$2,000,000 and in the form of the DIP financing credit agreement attached as Exhibit 1 hereto (such agreement, the \"DIP Credit Agreement\"); (ii) granting related liens and superpriority claims in favor of the DIP Lender as more fully described herein; (iii) modifying the automatic stay to the extent necessary; and (iv) authorizing the Trustee, as representative of the DIP Lender, to enter into the DIP Credit Agreement, all on the terms and conditions set forth in this DIP Order.\n\nThe Court having reviewed the Motion and arguments made at the hearing held on [•] (the \"DIP Hearing\") to consider entry of this DIP Order, and due and sufficient notice of the DIP Hearing having been given in accordance with Bankruptcy Rules 2002, 4001, 6003, 6004, and 9014, and all applicable Local Rules; and the DIP Hearing having been held and concluded; and all objections, if any, to the relief requested in the Motion having been withdrawn, resolved or overruled by the Court; and the Court having determined that the legal and factual bases set forth in the Motion establish just cause for the relief granted herein; and that such relief is fair and reasonable and in the best interests of the Movants, their estates, their creditors and all parties in interest, and is essential for the preservation of the value of the DIP Borrowers' estates; and it appearing that the Movants' entry into the DIP Credit Agreement is a sound and prudent exercise of the DIP Borrowers' and the Trustee's business judgment; and upon all of the proceedings had before this Court and after due deliberation and sufficient cause appearing therefor,\n\n# **THE COURT MAKES THE FOLLOWING FINDINGS OF FACT AND CONCLUSIONS OF LAW:**3\n\nA. *Petition Dates and Appointment of Trustee*. Genever US filed its voluntary chapter 11 petition in the New York Bankruptcy Court on October 12, 2020. On February 15, 2022, the Individual Debtor filed with a voluntary petition for relief under chapter 11 of the Bankruptcy Code with this Court. By order dated July 8, 2022, the Court approved the selection of the Trustee. On October 11, 2022, Genever BVI filed its voluntary chapter 11 petition in this Court. Shortly thereafter, by order dated November 3, 2022, the New York Bankruptcy Court granted the Trustee and Genever US's joint motion to transfer venue of Genever US's chapter 11 case to this Court. By order dated November 21, 2022, the Court approved the joint administration of the chapter 11 cases of Genever US, Genever BVI, and the Individual Debtor.\n\nB. *Jurisdiction and Venue*. The Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334 and the *Standing Order of Reference* from the United States District Court for the District of Connecticut. This is a core proceeding within the meaning of 28 U.S.C. § 157(b). Venue in this District is proper pursuant to 28 U.S.C. §§ 1408 and 1409. The statutory bases for the relief requested in this Motion are sections 105(a), 361, 362, 363, 364, 503, 506, and 507 of the Bankruptcy Code, Bankruptcy Rules 2002, 4001, 6003, 6004, and 9014, and Rule 4001-3 of the Local Rules.\n\nC. *Committee Formation*. On March 21, 2022, the United States Trustee appointed an Official Committee of Unsecured Creditors (the \"Committee\") in the Individual Debtor's chapter 11 case. No examiner has been appointed in the Chapter 11 Cases.\n\n3 The findings and conclusions set forth herein constitute the Court's findings of fact and conclusions of law pursuant to Bankruptcy Rule 7052, made applicable to this proceeding pursuant to Bankruptcy Rule 9014.\n\nD. *Notice*. The DIP Hearing was held pursuant to Bankruptcy Rules 4001(b)(2) and (c)(2). Proper, timely, adequate, and sufficient notice of the Motion and the DIP Hearing has been provided in accordance with Local Rule 4001-3(g)(7), and no other or further notice of the Motion or the entry of this DIP Order shall be required.\n\nE. *Findings Regarding the DIP Financing.*\n\n(a) Cause Exists. Good and sufficient cause has been shown for the entry of this DIP Order and for authorization of the DIP Borrowers to enter into and borrow under the DIP Credit Agreement.\n\n(b) Need for DIP Financing. The DIP Borrowers have an immediate and critical need to incur the DIP Financing in order to permit, among other things, the funding of expenses of administering their chapter 11 cases and other critically needed expenses, such as essential remediation repairs to the Apartment, U.S. Trustee Fees, and professional fees. The DIP Borrowers' access to sufficient liquidity through the incurrence of indebtedness under the DIP Facility provided under the DIP Credit Agreement is necessary and vital for the preservation and maximization of the value of the DIP Borrowers' chapter 11 estates.\n\n(c) No Credit Available on More Favorable Terms. The DIP Facility is the best source of debtor-in-possession financing reasonably available to the DIP Borrowers at this time. The DIP Borrowers have determined that the DIP Borrowers are unable to obtain adequate credit on more favorable terms than those provided under the DIP Facility.\n\n(d) Business Judgment and Entire Fairness. Based on the record established in the Motion and at the DIP Hearing, the terms of the DIP Financing pursuant to the DIP Credit Agreement (i) are in each case fair and reasonable, reflect the DIP Borrowers' and the Trustee's exercise of prudent business judgment consistent with their fiduciary duties, constitute reasonably equivalent value and fair consideration, and represent the best financing available and (ii) to the extent applicable, satisfy the entire fairness standard.\n\n(e) Good-Faith Lender. The DIP Financing is the result of (i) the DIP Borrowers' reasonable and informed determination that the DIP Lender offered the most favorable terms on which to obtain critical postpetition financing and (ii) good-faith considerations by the DIP Borrowers and the Trustee acting as the representative of the Individual Debtor's estate. The terms and conditions of the DIP Facility are reasonable and appropriate under the circumstances. Further, no consideration is being provided to any party to the DIP Facility other than as described in the Motion. The DIP Loans and any obligations of the DIP Borrowers owing to the DIP Lender, in accordance with the terms of the DIP Credit Agreement, have been extended by the DIP Lender in good faith, and in express reliance upon the protections offered by section 364(e) of the Bankruptcy Code. The DIP Lender (and any successors and assigns thereof) shall be entitled to the full protection of section 364(e) of the Bankruptcy Code in the event that this DIP Order or any provision hereof is vacated, reversed or modified, on appeal or otherwise.\n\n(f) Use of Proceeds of the DIP Facility. The DIP Borrowers will use the proceeds of the DIP Facility as provided in the DIP Credit Agreement and only for purposes that are permissible under the Bankruptcy Code.\n\n(g) Section 506(c) of the Bankruptcy Code. The DIP Lender is entitled to a waiver of the provisions of section 506(c) of the Bankruptcy Code as provided herein.\n\n(h) Corporate Authority. The DIP Borrowers and the Trustee (acting as the representative of the DIP Lender) each have all requisite power and authority to execute and deliver the DIP Credit Agreement to which it is a party and to perform its obligations thereunder,\n\nincluding without limitation, the incurrence of the DIP Loans and the pledge of applicable DIP Collateral.\n\nBased upon the foregoing findings and conclusions, the Motion and the record before the Court with respect to the Motion, and after due consideration and good and sufficient cause appearing therefor,\n\n#### **IT IS HEREBY ORDERED THAT:**\n\n1. *Disposition.* The relief requested in the Motion is granted on a final basis as set forth herein. Any objections to the Motion with respect to the entry of this DIP Order that have not been withdrawn, waived or settled are hereby denied and overruled on the merits. This DIP Order shall become effective immediately upon its entry.\n\n2. *Authorization of the DIP Financing and the DIP Credit Agreement.*\n\n(a) The DIP Facility is hereby approved on a final basis as set forth herein. The Movants, by this DIP Order, are authorized to execute, deliver, enter into and, as applicable, perform all of their obligations under the DIP Credit Agreement and such other acts as may be necessary, appropriate or desirable in connection therewith. The DIP Borrowers are hereby authorized to borrow money pursuant to the DIP Credit Agreement, subject to any limitations therein, which shall be used for all purposes permitted by this DIP Order and under the DIP Credit Agreement and subject to the terms and conditions set forth herein and therein. The DIP Lender (acting through the Trustee) is authorized to make the advances described in the DIP Credit Agreement directly to a payee or obligee of the DIP Borrowers, and any such advances will be considered advances under the Credit Agreement.\n\n(b) In furtherance of the foregoing and without further approval of this Court, the DIP Borrowers and the Trustee, acting as representative of the DIP Lender, are each authorized and directed to perform all acts, to make, execute and deliver all instruments, certificates, agreements, charges, deeds, and documents, and to pay the principal, interest, and other amounts described in the DIP Credit Agreement as such amounts become due and payable in accordance with the terms and conditions of the DIP Credit Agreement, and to take any other related actions that may be necessary, desirable or appropriate, all to the extent provided in this DIP Order or the DIP Credit Agreement.\n\n3. *Carve-Out.* Carve-Out means the sum of (i) all fees required to be paid to the Clerk of the Court and to the U.S. Trustee pursuant to 28 U.S.C. § 1930(a); (ii) all reasonable and documented fees and expenses up to \\$40,000 incurred by a trustee under section 726(b) of the Bankruptcy Code and allowed by the Court; and (iii) to the extent allowed by this Court at any time, whether by interim or final order, all accrued and unpaid claims for fees, costs, and expenses of the kind specified in sections 327, 328, 330 and 331 of the Bankruptcy Code incurred by persons or firms retained by the DIP Borrowers after the Venue Transfer Date (the \"Carve-Out Professional Fees\"). The Carve-Out Professional Fees shall not exceed \\$350,000. For the avoidance of doubt, the Carve-Out Professional Fees shall exclude any fees required to be paid to any real estate broker. At no time may the total amount owed by the DIP Borrowers exceed the DIP Lender's Commitment less \\$350,000.\n\n4. *DIP Claim.* Pursuant to section 364(c)(1) of the Bankruptcy Code, the DIP Lender shall be granted an allowed senior secured superpriority administrative expense claim against each of the DIP Borrowers, on a sole and several basis, with priority over any and all other claims against the DIP Borrowers, now existing or hereafter arising, of any kind whatsoever, other than the Allowed SN Senior Debt Claim (as defined herein) and other SN Senior Debt to the extent allowed, including, without limitation, all administrative expenses of the kind specified in sections 503(b) and 507(b) of the Bankruptcy Code and any and all administrative expenses or other claims arising under sections 105, 326, 327, 328, 330, 331, 365, 503(b), 506(c), 507(a), 507(b), 726, 1113 or 1114 of the Bankruptcy Code, whether or not such expenses or claims may become secured by a judgment lien or other non-consensual lien, levy or attachment, which allowed senior secured superpriority administrative expense claim (the \"DIP Claim\") shall for purposes of section 1129(a)(9)(A) of the Bankruptcy Code be considered administrative expenses allowed under section 503(b) of the Bankruptcy Code, and which DIP Claim shall be payable from and have first recourse to (i) the DIP Collateral and all proceeds thereof, subject only to payment of the Carve-Out and the Allowed SN Senior Debt Claim and other SN Senior Debt to the extent allowed and (ii) any other asset of the DIP Borrowers, *provided, however*, that the DIP Claim will not have first recourse to proceeds of any actions under sections 502(d), 544, 545, 547, 548, 551, 553(b), 732(2) or 742(2) of the Bankruptcy Code. For the avoidance of doubt, except for the Carve-Out and the Allowed SN Senior Debt Claim and other SN Senior Debt to the extent allowed, the DIP Claim shall not be made subject to or *pari passu* with any claim heretofore granted or hereinafter granted or created in the chapter 11 cases or any successor case or cases under the Bankruptcy Code (including, without limitation, any case under chapter 7 of the Bankruptcy Code), and such DIP Claim shall maintain its priority as provided herein until all obligations hereunder and under the DIP Credit Agreement have been paid in full. The DIP Claim shall be entitled to the full protection of section 364(e) of the Bankruptcy Code in the event that this DIP Order or any provision hereof is vacated, reversed or modified, on appeal or otherwise.\n\n5. *DIP Collateral*. DIP Collateral shall mean and include the following property and the proceeds of such property: (a) Genever US's interest in (i) the proprietary lease dated March 6, 2015 by and between the Sherry Netherland, Inc., and Genever Holdings LLC for that certain apartment known as Apartment 1801 and the shares appurtenant to such lease; (ii) Genever US's interest in the proprietary lease dated March 6, 2015 by and between the Sherry Netherland, Inc., and Genever Holdings LLC for that certain apartment known as Maid's Room 2219 and the shares appurtenant to such lease, (iii) Genever US's interest in the proprietary lease dated March 6, 2015 by and between the Sherry Netherland, Inc., and Genever Holdings LLC for that certain apartment known as Maid's Room 719 and the shares appurtenant to such lease (such leases and such shares, collectively, the \"Coop Interest\"); (b) the proceeds of litigation commenced or to be commenced by Genever BVI or Genever US (the \"Borrowers' Litigation Claims\"), including, without limitation, the adversary proceeding brought in the Bankruptcy Court by Genever US against AIG Property Casualty Company and stylized as *Complaint Under Sections 105 and 363 of the Bankruptcy Code and Bankruptcy Rule 7001 of Genever Holdings LLC Against AIG Property Casualty Company Under Various Insurance Policies for Breach of Contract and Declaratory Judgment*, and docketed as Docket No. 1 in Adv. Proc. No. 23-05007 (the \"AIG Litigation\"); (c) any and all funds held in deposit accounts in the name of the DIP Borrowers, including, without limitation, the Cash Deposit; and (d) Genever BVI's ownership interest in Genever US. For the avoidance of doubt, DIP Collateral shall not include any avoidance actions under sections 502(d), 544, 545, 547, 548, 551, 553(b), 732(2) or 742(2) of the Bankruptcy Code, or the proceeds of such avoidance actions.\n\n6. *DIP Liens*. As security for the DIP Loans, and subject only to the Carve-Out, effective and automatically and properly perfected upon the date of the entry of this DIP Order, and without the necessity of the execution, recordation, perfection, filings by the DIP Lender, or the possession or control by the DIP Agent of, or over, any DIP Collateral, the following valid, binding, continuing, enforceable and non-avoidable security interests and liens are hereby granted to the DIP Lender (all such liens and security interests the \"DIP Liens\").\n\n(a) Senior Liens. Pursuant to section 364(c)(2) of the Bankruptcy Code, a valid, binding, enforceable, fully-perfected first priority security interest in and lien upon the DIP Collateral that, on or as of the Petition Date, is not otherwise subject to a lien. For the avoidance of doubt:\n\n- 1. The Sherry Netherland First Lien and the Sherry Netherland's security interest in and first lien on the Cash Deposit (the \"Sherry Netherland Cash Deposit Lien\" and, together with the Sherry Netherland First Lien, the \"Sherry Netherland Senior Liens\") are valid and duly perfected and are senior to and have priority in all respects, including payment, to the security interests and liens granted to the DIP Lender with respect to DIP Collateral and the proceeds thereof.\n- 2. The DIP Lender shall have a first priority security interest in all DIP Collateral (other than the Coop Interest and the Cash Deposit) including, without limitation, the Borrowers' Litigation Claims (including the AIG Litigation) and Genever BVI's ownership interest in Genever US. Notwithstanding the foregoing, the Sherry Netherland shall have the right to assert solely an equitable lien in and over any proceeds of the AIG Litigation (but not any other Borrowers' Litigation Claim). If such equitable lien is asserted, the validity, enforceability, and priority of such asserted equitable lien will be determined by a court of competent jurisdiction (with the Movants believing that the Bankruptcy Court would have sole and\n\nexclusive jurisdiction and the Sherry Netherland reserving all rights) under applicable bankruptcy and non-bankruptcy law, and all parties' rights with respect thereto are preserved.\n\n(b) Liens Junior to Certain Other Liens. Pursuant to section 364(c)(3) of the Bankruptcy Code, a valid, binding, enforceable, fully-perfected junior security interest in and lien upon the DIP Collateral that (i) on or as of the Petition Date is subject to valid, perfected and unavoidable senior liens in existence immediately prior to the Petition Date or (ii) becomes subject to perfected liens as permitted by section 546(b) of the Bankruptcy Code. For the avoidance of doubt, the DIP Liens shall be junior to the Sherry Netherland Senior Liens.\n\n(c) No Cross-Collateralization. The DIP Liens granted in the property of each DIP Borrower will secure only the obligations of that borrower.\n\n(d) No Default Under Proprietary Lease. The Sherry Netherland shall not raise any argument, in connection with the Motion or otherwise, that Genever US defaulted under the Proprietary Lease by granting the security interests and liens described herein.\n\n7. The DIP Liens shall be entitled to the full protection of section 364(e) of the Bankruptcy Code in the event that any of the DIP Orders or any provision thereof is vacated, reversed or modified, on appeal or otherwise.\n\n8. *Protection of Rights under the DIP Facility.* The automatic stay is hereby modified to the extent necessary to permit the DIP Borrowers and the Trustee, as representative of the DIP Lender, as applicable, to take any or all of the following actions, at the same or different time, in each case without further order or application of the Court: (i) file any financing statements, security agreements, notices of liens, and other similar instruments and documents in order to validate and perfect the liens and security interests granted herein; (ii) grant the DIP Liens and\n\nincur all liabilities and obligations set forth herein; and (iii) following a default, exercise all rights and remedies of the DIP Lender in accordance with the DIP Credit Agreement. For the avoidance of doubt and as set forth in the DIP Credit Agreement, the DIP Lender will not take any enforcement action whether by demand foreclosure or other enforcement action, to collect on any obligations arising under the DIP Credit Agreement by realizing upon the whole or part of the Coop Interest or Cash Deposit unless and until there is full payment of the Allowed SN Senior Debt Claim and other SN Senior Debt to the extent allowed.\n\n#### 9. *Preservation of Rights Granted Under the DIP Orders.*\n\n(a) Other than the Carve-Out and as permitted in the DIP Credit Agreement, no claim or lien having a priority superior to or *pari passu* with the DIP Claim or the DIP Lien shall be permitted while any of the DIP Loans remain outstanding and, except as otherwise expressly provided in this DIP Order, the DIP Liens shall not be: (i) subject or junior to any lien or security interest that is avoided and preserved for the benefit of the DIP Borrowers' estates under section 551 of the Bankruptcy Code; or (ii) subordinated to or made *pari passu* with any other lien or security interest, whether under section 364(d) of the Bankruptcy Code or otherwise.\n\n(b) As used in this DIP Order, the term \"Event of Default\" shall mean the existence of (i) any Event of Default (as defined and under the DIP Credit Agreement) or (ii) any material breach of any of the terms of this DIP Order by the DIP Borrowers. Notwithstanding any order entered dismissing any of the Chapter 11 Cases under section 1112 of the Bankruptcy Code or otherwise: (i) the DIP Claims and the DIP Liens, and any claims related to the foregoing, shall continue in full force and effect and shall maintain their priorities until all DIP Loans shall have been paid in full (and that such DIP Claim and DIP Liens, shall, notwithstanding such dismissal, remain binding); (ii) the other rights granted by the DIP Order, including with respect to the CarveOut, shall not be affected; and (iii) this Court shall retain jurisdiction, notwithstanding such dismissal, for the purposes of enforcing the claims, liens and security interests referred to in this paragraph and otherwise in this DIP Order.\n\n(c) If any or all of the provisions of this DIP Order are hereafter reversed, modified, vacated or stayed, the DIP Lender shall be entitled to all the rights, remedies, privileges and benefits granted in section 364(e) of the Bankruptcy Code, the DIP Order, and the DIP Credit Agreement with respect to the DIP Loans.\n\n(d) Except as expressly provided in this DIP Order or in the DIP Credit Agreement, the DIP Liens and the DIP Claim and all other rights and remedies of the DIP Lender granted by the provisions of DIP Credit Agreement shall survive, and shall not be modified, impaired or discharged by: (i) the entry of an order converting any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code, dismissing any of the Chapter 11 Cases or terminating the joint administration of the Chapter 11 Cases or by any other act or omission; (ii) the entry of an order confirming a chapter 11 plan in any of the Chapter 11 Cases and, pursuant to section 1141(d)(4) of the Bankruptcy Code, the DIP Borrowers waive any discharge as to any remaining DIP Loans. The terms and provisions of the DIP Credit Agreement shall continue in these Chapter 11 Cases, in any successor cases if these Chapter 11 Cases cease to be jointly administered and in any superseding chapter 7 cases under the Bankruptcy Code, and the DIP Liens and the DIP Claim and all other rights and remedies of the DIP Lender, granted by the provisions of the DIP Credit Agreement shall continue in full force and effect until the DIP Loans are paid in full, as set forth herein and in the DIP Credit Agreement.\n\n10. *Loss or Damage to DIP Collateral*. Nothing in this DIP Order, the DIP Credit Agreement, or any other documents related to these transactions shall in any way be construed or\n\ninterpreted to impose or allow the imposition upon the Trustee of any liability for any claims arising from the prepetition or postpetition activities of the DIP Lender or the DIP Borrowers in connection with their restructuring efforts.\n\n11. *Allowed SN Senior Debt Claim*. The Sherry Netherland's pre-petition claim for unpaid arrearages owed to the Sherry Netherland under the Proprietary Lease and other corporate documents is hereby allowed as a pre-petition secured claim in the amount of \\$1,096,186.54, which amount is not subject to challenge or objection by the Movants or amendment or supplementation by the Sherry Netherland (the \"Allowed SN Senior Debt Claim\"). Genever US is authorized to agree to pay, and the DIP Lender, acting through and at the discretion of the Trustee is authorized to advance funds for the payment of, reasonable post-petition fees of the Sherry Netherland's counsel and Genever US's professionals that have provided, or continue to provide, services to Genever US after the Venue Transfer Date.\n\n12. Nothing herein or in the Motion constitutes, or shall be construed as, a finding or waiver regarding the allowance or priority of any asserted post-petition amounts that have arisen, or may arise, under the Proprietary Lease and other corporate documents, including, without limitation, claims as a result of the fire in the Apartment, and all parties' rights with respect to such post-petition claims are fully preserved.\n\n13. *DIP Order Governs*. In the event of any inconsistency between the provisions of this DIP Order, on the one hand, and the DIP Credit Agreement or any other order entered by this Court, the provisions of this DIP Order shall govern. Notwithstanding anything to the contrary in any other order entered by this Court, any payment made pursuant to and any authorization\n\ncontained in any other order entered by this Court shall be consistent with and subject to the requirements set forth in this DIP Order and the DIP Credit Agreement.\n\n14. *Binding Effect; Successors and Assigns*. The DIP Credit Agreement and the provisions of this DIP Order, including all findings herein, shall be binding upon all parties in interest in the Chapter 11 Cases, including, without limitation, the DIP Borrowers, the Trustee, the DIP Lender, the Committee, any other statutory or non-statutory committees appointed or formed in the Chapter 11 Cases, and their respective successors and assigns.\n\n15. *No Waiver.* No delay or failure of the DIP Lender in the exercise of its rights and remedies under the DIP Credit Agreement or this DIP Order, as applicable, shall constitute a waiver, in whole or in part, of any of the DIP Lender's rights hereunder or otherwise.\n\n16. *Effectiveness*. This DIP Order shall constitute findings of fact and conclusions of law and shall take effect and be fully enforceable immediately upon entry hereof. Notwithstanding Bankruptcy Rules 4001(a)(3), 6004(h), 6006(d), 7062, or 9014 of the Bankruptcy Rules or any Local Rule, or Rule 62(a) of the Federal Rules of Civil Procedure, this DIP Order shall be immediately effective and enforceable upon its entry and there shall be no stay of execution or effectiveness of this DIP Order.\n\n17. *Headings*. Section headings used herein are for convenience only and are not to affect the construction of or to be taken into consideration in interpreting this DIP Order.\n\n18. *Bankruptcy Rules*. The requirements of Bankruptcy Rules 4001 and 6004, in each case to the extent applicable, are satisfied by the contents of the Motion.\n\n19. *No Third Party Rights*. Except as explicitly provided for herein, this DIP Order does not create any rights for the benefit of any third party, creditor, or any direct, indirect or incidental beneficiary.\n\n20. *Necessary Action*. The DIP Borrowers, the Trustee and the DIP Lender are authorized to take all actions as are necessary or appropriate to implement the terms of this DIP Order.\n\n21. *Notice.* Within three (3) business days after entry of this DIP Order, the DIP Borrowers shall serve copies of this DIP Order on the parties having been given notice of the DIP Hearing, to any party that has filed a request for notices with this Court, and to counsel for the Committee.\n\n# **Exhibit 1**\n\nDIP Credit Agreement\n\n#### **MULTI-DRAW SENIOR SECURED SUPER-PRIORITY DEBTOR-IN-POSSESSION CREDIT AND SECURITY AGREEMENT**\n\n**dated as of August 23, 2023,**\n\n**by and among**\n\n**Genever Holdings LLC and Genever Holdings Corporation,**\n\n**as Borrowers, and as Debtors and Debtors-in-Possession under the Chapter 11 Bankruptcy Code**\n\n**and**\n\n**Luc A. Despins,**\n\n**in his capacity as the Chapter 11 Trustee under the Chapter 11 Bankruptcy Code,**\n\n**as the Lender**\n\n| | ARTICLE 1 DEFINITIONS 2 | |\n|--------------|-------------------------------------------------------------------------------------|--|\n| Section 1.1 | General Definitions 2 | |\n| Section 1.2 | Interpretation 5 | |\n| Section 1.3 | Business Day Adjustment 6 | |\n| Section 1.4 | Officers 7 | |\n| | | |\n| | ARTICLE 2 AGREEMENT FOR THE LOAN 7 | |\n| Section 2.1 | Use of Proceeds 7 | |\n| Section 2.2 | Disbursements 7 | |\n| Section 2.3 | Payments; Prepayments; Termination Prepayment 8 | |\n| Section 2.4 | Payment Details 8 | |\n| Section 2.5 | Interest 8 | |\n| | ARTICLE 3 REPRESENTATIONS AND WARRANTIES 8 | |\n| Section 3.1 | Representations and Warranties of the Borrowers 8 | |\n| Section 3.2 | Borrowers' Acknowledgment 9 | |\n| | | |\n| | ARTICLE 4 CONDITIONS PRECEDENT 9 | |\n| Section 4.1 | Conditions Precedent to Closing Date and Initial Borrowing 9 | |\n| Section 4.2 | Conditions Precedent to all Borrowings 10 | |\n| | ARTICLE 5 PARTICULAR COVENANTS AND EVENTS OF DEFAULT 11 | |\n| Section 5.1 | Affirmative Covenants 11 | |\n| Section 5.2 | Negative Covenants 11 | |\n| Section 5.3 | General Acceleration Provision upon Events of Default 11 | |\n| Section 5.4 | Remedies 12 | |\n| | | |\n| | ARTICLE 6 MISCELLANEOUS 13 | |\n| Section 6.1 | Notices 13 | |\n| Section 6.2 | Waiver of Notice 14 | |\n| Section 6.3 | Cost and Expense Reimbursement 14 | |\n| Section 6.4 | Governing Law; Venue; Jurisdiction; Service of Process; Waiver of Jury
Trial 14 | |\n| Section 6.5 | Entire Agreement; Amendments 15 | |\n| Section 6.6 | Severability 15 | |\n| | | |\n| Section 6.7 | Counterparts 15 | |\n| Section 6.8 | Survival 16 | |\n| Section 6.9 | No Waiver 16 | |\n| Section 6.10 | Several Liability 17 | |\n| Section 6.11 | No Third Parties Benefited 17 | |\n| Section 6.12 | Binding Effect 17 | |\n| Section 6.13 | Marshaling; Payments Set Aside 17 | |\n| Section 6.14 | No Waiver; Cumulative Remedies 17 | |\n| Section 6.15 | Right of Setoff 17 | |\n| Section 6.16 | DIP Order Controls 18 | |\n| | ARTICLE 7 DIP COLLATERAL 18 | |\n\n| Section 7.1 | Grant of Security Interest 18 | |\n|-------------|----------------------------------|--|\n| Section 7.2 | Limitations 18 | |\n| Section 7.3 | Further Assurances 18 | |\n| Section 7.4 | Protection of DIP Collateral 18 | |\n| Section 7.5 | Defense of Title 19 | |\n\n#### **Annexes**\n\nAnnex A Commitments\n\n#### **Exhibits**\n\nExhibit A Form of Notice of Borrowing\n\n#### **MULTI-DRAW SENIOR SECURED SUPER-PRIORITY**\n\n#### **DEBTOR-IN-POSSESSION CREDIT AND SECURITY AGREEMENT**\n\nThis MULTI-DRAW SENIOR SECURED SUPER-PRIORITY DEBTOR-IN-POSSESSION CREDIT AND SECURITY AGREEMENT, dated as of [•], 2023, (as amended, amended and restated, supplemented or otherwise modified, this \"Agreement\"), is entered into by and among (i) Genever Holdings LLC, a New York limited liability company and a debtor and debtor-in-possession in the Chapter 11 Cases (\"Genever US\"), (ii) Genever Holdings Corporation, a corporation registered under the laws of the British Virgin Islands and a debtor and debtor-in-possession in the Chapter 11 Cases (\"Genever BVI\" and together with Genever US, the \"Borrowers\"), and (iii) the chapter 11 estate of Ho Wan Kwok (the \"Individual Debtor\"), acting through its representative, Luc A. Despins in his capacity as the chapter 11 trustee (the \"Chapter 11 Trustee\") of the Individual Debtor (such chapter 11 estate being the \"Lender\"; together with the Borrowers party hereto, the \"Parties\").\n\n#### **W I T N E S S E T H:**\n\nWHEREAS, on October 12, 2020 (the \"Genever US Petition Date\") Genever US filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code with the Bankruptcy Court for the Southern District of New York.\n\nWHEREAS, on February 15, 2022, the Individual Debtor filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code with the Bankruptcy Court for the District of Connecticut (the \"Bankruptcy Court\"), and July 8, 2022, the Bankruptcy Court entered an order approving the appointment of Luc A. Despins as the Chapter 11 Trustee.\n\nWHEREAS, on October 11, 2022 (the \"Genever BVI Petition Date\" and together with the Genever US Petition Date, the \"Petition Date\"), Genever BVI filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code with the Bankruptcy Court (Genever US, Genever BVI, and the Individual Debtor each being a \"Debtor\" and, collectively, the \"Debtors\"). On November 3, 2022, the Bankruptcy Court for the Southern District of New York granted the Chapter 11 Trustee and Genever US's joint motion to transfer venue of Genever US's chapter 11 case to the Bankruptcy Court, and on November 21, 2022 (the \"Venue Transfer Date\"), the Bankruptcy Court approved the joint administration of the chapter 11 cases of Genever US, Genever BVI, and the Individual Debtor (collectively, the \"Chapter 11 Cases\");\n\nWHEREAS, the Borrowers, in the exercise of their business judgment, have asked the Lender to provide the Borrowers with a senior secured super-priority debtor-in-possession credit facility (the \"DIP Facility\"), consisting of \\$2,000,000 of revolving Loans that will be made available to the Borrowers pursuant to the terms of, and subject to the conditions set forth in, this Agreement and the DIP Order;\n\nWHEREAS, the Lender, in the exercise of its business judgment and acting through the Chapter 11 Trustee, is willing to make such revolving Loans to the Borrowers, subject to the terms and conditions set forth in this Agreement and in the DIP Order; and\n\nWHEREAS, the Obligations of the Borrowers are subject to the Carve-Out and the Allowed SN Senior Debt Claim and other SN Senior Debt to the extent allowed and secured by Liens on the DIP Collateral, in each case, as set forth in, and subject to, the Loan Documents and the DIP Order.\n\nNOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby covenant and agree as follows:\n\n#### **ARTICLE 1**\n\n#### **DEFINITIONS**\n\n#### **Section 1.1 General Definitions**.\n\nWherever used in this Agreement, the Annexes or the Exhibits or the Schedules attached hereto, unless the context otherwise requires, the following terms have the following meanings:\n\n\"Affiliate\" shall have the meaning given to such term in section 101 of the Bankruptcy Code. Unless expressly stated otherwise herein, the Lender shall not be deemed an Affiliate of any Borrower.\n\n\"Agreement\" has the meaning set forth in the preamble to this Agreement.\n\n\"AIG Litigation\" shall mean the adversary complaint brought in the Bankruptcy Court by Genever US against AIG Property Casualty Company and stylized as *Complaint Under Sections 105 and 363 of the Bankruptcy Code and Bankruptcy Rule 7001 of Genever Holdings LLC Against AIG Property Casualty Company Under Various Insurance Policies for Breach of Contract and Declaratory Judgment*, and docketed as Docket No. 1 in Adv. Proc. No. 23-05007.\n\n\"Allowed SN Senior Debt Claim\" shall have the meaning assigned to such term in the DIP Order.\n\n\"Apartment\" shall have the meaning assigned to such term in the DIP Order.\n\n\"Bankruptcy Code\" means title 11 of the United States Code, as in effect from time to time.\n\n\"Bankruptcy Court\" has the meaning set forth in the preamble to this Agreement.\n\n\"Borrowers\" has the meanings set forth in the preamble to this Agreement.\n\n\"Borrowing\" means any request to borrow, amount actually borrowed by the Borrowers, or Loan actually made under this Agreement.\n\n\"Borrowing Date\" means the date that any Borrowing is funded by the Lender.\n\n\"Business Day\" means a day other than Saturday or Sunday on which banks are open for business in New York, New York.\n\n\"Carve-Out\" has the meaning assigned to such term in the DIP Order.\n\n\"Cash Deposit\" means the cash security deposit held by the Sherry Netherland Inc. as cash collateral securing Genever US's obligations under the proprietary lease pursuant to security deposit agreements, dated as of March 6, 2015, between Genever US and the Sherry Netherland Inc.\n\n\"Chapter 11 Cases\" has the meaning set forth in the recitals to this Agreement.\n\n\"Closing Date\" means the date upon which all conditions precedent to the effectiveness of this Agreement set forth in Article 4 are satisfied or waived in accordance with the terms hereof. For the avoidance of doubt, [•], 2023 constitutes the Closing Date.\n\n\"Commitment\" shall mean the amount in U.S. Dollars set opposite the Lender's name under the heading \"Commitment\" as set forth on Annex A.\n\n\"Debtor\" has the meaning set forth in the preamble to this Agreement.\n\n\"Default\" means any event which, with the giving of notice, lapse of time or fulfillment of any other applicable condition (or any combination of the foregoing), would constitute an Event of Default.\n\n\"DIP Collateral\" has the meaning given to it in Article 7 hereof, the DIP Order and each other applicable Loan Document.\n\n\"DIP Facility\" has the meaning set forth in the recitals to this Agreement.\n\n\"DIP Lien\" has the meaning given to it in Article 7 hereof, the DIP Order, and each other applicable Loan Document.\n\n\"DIP Motion\" means the motion and proposed form of DIP Order filed by the Parties with the Bankruptcy Court on or around the date hereof seeking approval, on a final basis, of (among other things) the DIP Facility.\n\n\"DIP Order\" means an order of the Bankruptcy Court in the Chapter 11 Cases in connection with the DIP Motion, which order shall (a) be in form and substance, and on terms and conditions, satisfactory to the Lender, (b) subject to the foregoing, authorize and approve, on a final basis, among other things, the DIP Facility and all other matters set forth in, and transactions contemplated by, the DIP Motion (including, without limitation, the DIP Facility and the making of the Loans and the incurrence of all other Obligations in accordance with the terms hereof), (c) be in full force and effect, and (d) not have been reversed, vacated, stayed or amended, supplemented or otherwise modified (unless the Lender shall have previously consented thereto in writing).\n\n\"DIP Order Date\" means the date on which the DIP Order is approved and entered by the Bankruptcy Court.\n\n\"Event of Default\" has the meaning set forth in Section 5.3.\n\n\"Governmental Authority\" means any nation, sovereign, government, quasi-governmental agency, governmental department, ministry, cabinet, commission, board, bureau, agency, court, tribunal, regulatory authority, instrumentality, judicial, legislative, fiscal or administrative or public body or entity, whether domestic or foreign, federal, state, local or other political subdivision thereof, having jurisdiction over the matter or matters and Person or Persons in question or having the authority to exercise executive, legislative, taxing, judicial, regulatory or administrative functions of or pertaining to government, including any central bank, securities exchange, regulatory body, arbitrator, public sector entity, supra-national entity and any self-regulatory organization.\n\n\"Interest Rate\" means 9.0% *per annum*, with no default interest rate and no prepayment penalty or similar premiums.\n\n\"Lender\" has the meaning set forth in the preamble to this Agreement.\n\n\"Lien\" means any lien, pledge, preferential arrangement, mortgage, security interest, deed of trust, charge, assignment, hypothecation, title retention or other encumbrance on or with respect to property or interest in property having the practical effect of constituting a security interest.\n\n\"Loan\" means each and any revolving loan made (or deemed made) hereunder or pursuant hereto from time to time.\n\n\"Loan Documents\" means this Agreement, the DIP Order, each Notice of Borrowing, any mortgage delivered in connection with this Agreement, any written notices from the Borrowers with respect to request of Loans under Section 2.2, any other documents, agreements and instruments that are specifically designated or deemed a \"Loan Document\" pursuant to the terms thereof and dated as of the Closing Date or subsequent thereto, whether or not specifically mentioned herein or therein, in each case, as amended, restated, supplemented or otherwise modified from time to time.\n\n\"Material Adverse Effect\" means a material adverse effect on (a) the business, operations, results of operations, financial condition, or assets of any Borrower, (b) the validity or enforceability of any provision of any Loan Document, (c) the ability of any Borrower to timely perform the Obligations, (d) the creation, perfection or priority of the Liens granted under the Loan Documents or the value of the Collateral (taken as a whole) or a material portion of the DIP Collateral, or (e) the rights and remedies of the Lender under any Loan Document, in each case, (other than as a result of the events and conditions related and/or leading up to the commencement of the Chapter 11 Cases, or any defaults under agreements that have no effect under the terms of the Bankruptcy Code as a result of the commencement of a proceeding under chapter 11 of the Bankruptcy Code and the Chapter 11 Cases).\n\n\"Maturity Date\" means the earliest to occur of (a) a sale of the Apartment, (b) the Debtors' filing of a plan of reorganization with the Bankruptcy Court, (c) the first business date that is 24 months from the Closing Date, or (d) the Payment in Full of all Obligations hereunder.\n\n\"Obligations\" means all (a) principal of, and premium, if any, on the Loans, and, without limiting the foregoing, all obligations and indebtedness with respect to the Commitments, (b) interest (including interest accruing after the Termination Date or other maturity of the Loans), expenses, and other amounts payable by the Borrowers under Loan Documents, and (c) other indebtedness obligations and liabilities of any kind owing by the Borrowers pursuant to the Loan Documents, whether now existing or hereafter arising, whether evidenced by a note or other writing, whether allowed in any insolvency proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, or joint or several.\n\n\"Parties\" has the meaning set forth in the preamble to this Agreement.\n\n\"Payment in Full\" means with respect to the Loans and all other Obligations (other than contingent obligations as to which no claim has been asserted), (a) the indefeasible payment thereof in full in cash in accordance with the Loan Documents or as otherwise consented to in writing by the Lender (including in connection with any transaction pursuant to which all or substantially all of the Debtors' property and assets are sold, transferred or otherwise disposed of (including pursuant to section 363 of the Bankruptcy Code)) and all interest and other amounts; provided, that, notwithstanding the foregoing, \"Payment in Full\" shall not be deemed to occur, and no Loans shall be deemed to have been paid in full, unless and until such time as all Commitments shall have irrevocably, permanently and finally expired, or shall have been so terminated, cancelled and discharged. \"Payment in Full\" shall also include any reference to \"payment in full\", \"paid in full\", \"repaid in full\", \"prepaid in full\", \"redeemed in full\" or any other term or word of similar effect used in this Agreement or any other Loan Document.\n\n\"Person\" means and includes any natural person, individual, partnership, joint venture, corporation, trust, limited liability company, limited company, joint stock company, unincorporated organization, government entity or any political subdivision or agency thereof, or any other entity.\n\n\"Petition Date\" has the meaning set forth in the recitals to this Agreement.\n\n\"Proprietary Lease and Shares\" shall mean, collectively, (A) the (i) proprietary lease dated March 6, 2015 by and between the Sherry Netherland, Inc., and Genever Holdings LLC for that certain apartment known as Apartment 1801, (ii) proprietary lease dated March 6, 2015 by and between the Sherry Netherland, Inc., and Genever Holdings LLC for that certain apartment known as Maid's Room 2219, and (iii) proprietary lease dated March 6, 2015 by and between the Sherry Netherland, Inc., and Genever Holdings LLC for that certain apartment known as Maid's Room 719, and (B) the shares to which such leases are appurtenant.\n\n\"SN Senior Debt\" shall have the meaning assigned to such term in the DIP Motion.\n\n\"Stock\" means (a) all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership or membership interests (or units thereof), joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting; and (b) all securities convertible into or exchangeable for any other Stock and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any other Stock, whether or not presently convertible, exchangeable or exercisable.\n\n\"Termination Date\" means the earliest of the following: (a) the Maturity Date or (b) the occurrence of any Event of Default under this Agreement or the other Loan Documents.\n\n\"Transactions\" means (a) the execution and delivery by the Borrowers of this Agreement and the other Loan Documents to which they are a party on the Closing Date, and the performance of the obligations and transactions hereunder, (b) the other transactions related to or entered into in connection with any of the foregoing and (c) the payment of fees, premiums, charges, costs and expenses in connection with any of the foregoing.\n\n\"UCC\" means the Uniform Commercial Code of any applicable jurisdiction and, if the applicable jurisdiction shall not have any Uniform Commercial Code, the Uniform Commercial Code as in effect from time to time in the State of New York.\n\n#### **Section 1.2 Interpretation**.\n\nIn this Agreement and the other Loan Documents, unless the context otherwise requires, all words and personal pronouns relating thereto shall be read and construed as the number and gender of the party or parties requires and the verb shall be read and construed as agreeing with the required word and pronoun. The division of this Agreement and the other Loan Documents into Articles and Sections and the use of headings and captions is for convenience of reference only and shall not modify or affect the interpretation or construction of this Agreement or any of its provisions. The words \"herein,\" \"hereof,\" \"hereunder,\" \"hereinafter\" and \"hereto\" and words of similar import refer to this Agreement (or other applicable Loan Document) as a whole and not to any particular Article or Section hereof (or thereof). The term \"or\" has, except where otherwise indicated, the inclusive meaning represented by the phrase \"and/or.\" The term \"documents\" and \"agreements\" include any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced. The use in any of the Loan Documents of the word \"include\" or \"including,\" when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as \"without limitation\" or \"but not limited to\" or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. References to a specified Article, Annex, Exhibit, Section or Schedule shall be construed as a reference to that specified Article, Annex, Exhibit, Section or Schedule of this Agreement (or other applicable Loan Document). Unless specifically stated otherwise, any reference to any of the Loan Documents means such document as the same shall be amended, restated, supplemented or otherwise modified and from time to time in effect. The references to \"asset\" (or \"assets\") and \"property\" (or \"properties\") in the Loan Documents are meant to mean the same and are used throughout the Loan Documents interchangeably, and such words shall be deemed to refer to any and all tangible and intangible assets and properties, including cash, securities, Stock, accounts and contract rights. Unless otherwise specified herein or therein, all terms defined in any Loan Document shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto or thereto. The meanings of defined terms shall be equally applicable to the singular and plural forms of the defined terms. Terms (including uncapitalized terms) not otherwise defined herein and that are defined in the UCC shall have the meanings therein described. In the computation of periods of time from a specified date to a later specified date, the word \"from\" means \"from and including;\" the words \"to\" and \"until\" each mean \"to but excluding,\" and the word \"through\" means \"to and including.\" If any provision of this Agreement or any other Loan Document refers to any action taken or to be taken by any Person, or which such Person is prohibited from taking, unless otherwise expressly stated, such provision shall be interpreted to encompass any and all means, direct or indirect, of taking, or not taking, such action. References to any statute or regulation may be made by using either the common or public name thereof or a specific cite reference and, except as otherwise provided with respect to FATCA, are to be construed as including all statutory and regulatory provisions related thereto or consolidating, amending, replacing, supplementing or interpreting the statute or regulation, and any reference to any law or regulation, shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time. Whenever any reference is made in any Loan Document to any Person such reference shall be construed to include such Person's permitted successors and permitted assigns. Any financial ratios required to be satisfied in order for a specific action to be permitted under any Loan Document shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein or therein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). Unless otherwise specified, all references in any Loan Document to times of day shall be references to New York City time. The terms \"shall\" and \"will\" are used interchangeably in this Agreement and the other Loan Documents and mean for the Borrowers to have an absolute obligation to perform or do (or not perform or not do) a certain action or event, as the context may require. The payment, prepayment, redemption or repayment of any principal, interest, fees, amounts and/or other Obligations under this Agreement or the other Loan Documents shall be made in cash in Dollars unless expressly stated otherwise herein or therein. Any action or event that is not permitted or is otherwise prohibited by the terms of the Loan Documents shall mean that such action or event is (y) not directly or indirectly permitted to be taken or consummated and (z) directly and indirectly prohibited. No Person shall be permitted to take any action, or consummate any transaction, through a sublicense or a sublease (as applicable) that such Person is prohibited under (or by) the Loan Documents from taking, or consummating, through a license or a lease (as applicable).\n\n#### **Section 1.3 Business Day Adjustment**.\n\nExcept as otherwise expressly stated herein or in any other Loan Document (and except on the Maturity Date or any date of acceleration of any of the Obligations, which in each such case, such payment or performance shall be due and payable or performed on or prior to such day regardless of whether such day is a Business Day), if the day by which any payment or other performance is due to be made is not a Business Day, that payment or performance shall be made by the next succeeding Business Day unless that next succeeding Business Day falls in a different calendar month, in which case that payment or other performance shall be made by the Business Day immediately preceding the day by which such payment or other performance is due to be made; provided that interest will continue to accrue each additional day in connection therewith.\n\n#### **Section 1.4 Officers**.\n\n.\n\nAny document, agreement or instrument delivered under the Loan Documents that is signed by an officer of a Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Borrower and such officer shall be conclusively presumed to have acted on behalf of such Borrower in such person's capacity as an officer of such Borrower and not in any individual or other capacity.\n\n# **ARTICLE 2**\n\n### **AGREEMENT FOR THE LOAN**\n\n#### **Section 2.1 Use of Proceeds**.\n\nThe proceeds of the Loans shall, in each case, be permitted to be used by the Borrowers at the sole discretion of the Lender and only for necessary expenses, including: (a) essential remediation repairs to the Apartment, (b) fees and expenses owed to the U.S. Trustee and (c) fees and expenses of the kind specified in sections 327, 328, 330 and 331 of the Bankruptcy Code and incurred after the Venue Transfer Date.\n\n#### **Section 2.2 Disbursements**.\n\n(a) Subject to the entry, and the terms and conditions, of the DIP Order, effective immediately and automatically upon the Closing Date, and without any further action by any party to this Agreement or the other Loan Documents, the Bankruptcy Court or any other Person, the Lender will make, in its sole discretion, the following revolving Loans to the Borrowers (unless the Termination Date shall have occurred) in an aggregate amount up to but not exceeding the Lender's Commitment:\n\n(i) Revolving Loans to finance necessary expenses of the Borrowers (as permitted by Section 2.1) projected to be made during the four week period commencing with the date of the applicable draw; provided, that the aggregate amount of revolving Loans shall not exceed the remaining unfunded Commitments.\n\n(ii) Each Loan shall be made in an aggregate minimum amount of \\$10,000 and integral multiples of \\$5,000 in excess of that amount.\n\nAmounts borrowed pursuant to this Section 2.2 may be repaid and reborrowed.\n\n(b) Requests for Borrowings. In the case of a Borrowing, the applicable Borrower shall give the Lender at least one (1) Business Day's prior written notice (which writing may be in email) prior to 1:00 p.m. (EST) (the \"Notice of Borrowing\") in substantially the form of Exhibit A in the case of a Borrowing (or such shorter period of time as consented to by the Lender). Such Notice of Borrowing shall specify (i) the aggregate principal amount of Loans to be borrowed, (ii) the date of the Borrowing (which shall be a Business Day) (the \"Borrowing Date\"), and (iii) the Borrowers' expected use of such funds.\n\n(c) Termination of Commitments; Voluntary Reduction of Commitments. Commitments (if any remain unused, after giving effect to any funding of Loans on such date) shall automatically terminate on the Termination Date.\n\n#### **Section 2.3 Payments; Prepayments; Termination Prepayment**.\n\n(a) Notwithstanding anything else herein or elsewhere, the Obligations shall remain outstanding until such time as Payment in Full thereof shall have occurred. The Borrowers shall pay in cash to the Lender the outstanding principal amount of the Obligations and all other Obligations on the Termination Date as necessary to constitute Payment in Full; provided that, notwithstanding anything to the contrary in the Loan Documents, to the extent the Termination Date would occur after such date, then the Termination Date shall automatically be moved to the same earlier date without any action or notice of any Person.\n\n(b) Loans may be prepaid from time to time, without penalty or premium. The outstanding balance of the Loans (principal and interest) shall be paid in full on the Maturity Date.\n\n(c) Each payment, repayment, redemption and prepayment by the Borrowers shall be applied (i) first, to all fees, costs and expenses owed to the Lender under the Loan Documents, (ii) second, to accrued and unpaid interest owed to the Lender under the Loan Documents, (iii) third, to the principal amount of the Loans owed to the Lender, and, (iv) fourth, to all other Obligations owing to the Lender. Once paid, such payments shall not be refundable under any circumstances.\n\n#### **Section 2.4 Payment Details**.\n\nAll payments of the Obligations by the Borrowers hereunder and under any of the other Loan Documents shall be made without setoff, counterclaim or defense of any kind, free of (and without deduction for) any taxes, and shall be paid in cash in U.S. Dollars in immediately available funds, in each case, (a) to the Lender and (b) applied in accordance with Section 2.3(c). The Borrowers shall pay all and any fees, costs and expenses (administrative or otherwise) imposed by banks, clearing houses or any other financial institutions in connection with making any payments under any of the Loan Documents.\n\n#### **Section 2.5 Interest**.\n\n(a) The outstanding principal amount of the Loans and any other amounts and Obligations shall bear interest at the Interest Rate (calculated on the basis of the actual number of days elapsed in each month based on a year of 360 days). Interest shall become due and payable upon the Termination Date.\n\n(b) Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand in cash.\n\n#### **ARTICLE 3**\n\n### **REPRESENTATIONS AND WARRANTIES**\n\n#### **Section 3.1 Representations and Warranties of the Borrowers**.\n\nIn order to induce the Lender to make the Loans pursuant to this Agreement and to induce the Lender to enter into this Agreement, the Borrowers, solely and severally, represent and warrant on (i) the Closing Date, (ii) each Borrowing Date, and (iii) each date such representation or warranty is remade or deemed remade in any Loan Document or otherwise, as applicable, in each case, that:\n\n(a) Order. The DIP Order is in full force and effect and has not been vacated, reversed or rescinded or, without the prior written consent of the Lender, amended or modified and no appeal of such DIP Order has been timely filed or, if timely filed, no stay pending such appeal is currently effective.\n\n#### (b) Bankruptcy Matters.\n\n(i) The Chapter 11 Cases were validly commenced, and (x) proper notice under the circumstances of the DIP Motion has been given, and (y) the hearing for the approval of the DIP Order has been held by the Bankruptcy Court.\n\n(ii) After the entry of the DIP Order, each Borrower's Obligations will constitute a DIP Claim (as defined in the DIP Order) and the Liens securing the respective Obligations shall be senior secured, valid, enforceable, and automatically and properly perfected Liens on the respective DIP Collateral, having the priorities set forth in the DIP Order, subject in all respects to the Carve-Out and other exceptions set forth in the DIP Order and the Loan Documents.\n\n(c) Security Interests. This Agreement and the DIP Order are effective to create, in favor of the Lender, a legal, valid, binding, enforceable Lien on and security interest in all right, title and interest of the Borrowers in their respective DIP Collateral, in each case, subject to the Carve-Out. Pursuant to the terms of the DIP Order, no filings or other action (including the taking of possession or control) are or shall at any time be necessary to perfect, preserve or protect such Liens and security interests; provided, that, notwithstanding the foregoing, the Borrowers shall have made (or authorized the making by the Lender of) all filings, in each case, to the extent deemed reasonably necessary and/or appropriate, and requested, by the Lender.\n\n#### **Section 3.2 Borrowers' Acknowledgment**.\n\nThe Borrowers acknowledge that they have made the representations and warranties referred to in Section 3.1 with the intention of persuading the Lender to enter into the Loan Documents and that the Lender has entered into the Loan Documents on the basis of, and in full reliance on, each of such representations and warranties, each of which shall survive the execution and delivery of this Agreement, the other Loan Documents, the making of any Loan until (a) all of the Obligations have been repaid in full and (b) all of the Commitments are no longer available or terminated.\n\n#### **ARTICLE 4**\n\n#### **CONDITIONS PRECEDENT**\n\n# **Section 4.1 Conditions Precedent to Closing Date and Initial Borrowing**.\n\nThe occurrence of the Closing Date, and the effectiveness of this Agreement and of the Lender's obligations to make any Loans hereunder, are subject to the satisfaction (or waiver by the Lender, which such waiver may be communicated via e-mail by the Lender or its counsel) of the following conditions precedent, in addition to the conditions precedent set forth in Section 4.2:\n\n(a) the Lender shall have received a copy of this Agreement and each other Loan Document, in each case, duly executed and delivered to the Lender by each of the signatories thereto;\n\n(b) no Default or Event of Default shall have occurred or would result from such initial Borrowing or the use of the proceeds therefrom;\n\n(c) the DIP Order (i) shall have been entered by the Bankruptcy Court, (ii) shall be in full force and effect on the Closing Date, (iii) shall not have been vacated or reversed, (iv) shall not be subject to a stay, and (v) shall not have been modified or amended in any respect without the prior written consent of the Lender;\n\n(d) the DIP Order shall be effective to create, in favor of the Lender, valid, binding, enforceable and fully and automatically perfected Liens on the DIP Collateral, on the basis and with the priority set forth therein; and\n\n(e) such other conditions, documents and deliverables that the Lender may reasonably request.\n\n# **Section 4.2 Conditions Precedent to all Borrowings**.\n\nThe obligation of the Lender to make any Loan hereunder shall be subject to the fulfillment and satisfaction of all of the following conditions:\n\n(a) the Closing Date shall have occurred;\n\n(b) no Default or Event of Default shall exist at the time of, or immediately result from, the making of such Loan;\n\n(c) there shall not exist any proceeding, order, injunction or decree of any Governmental Authority or in any court restraining or prohibiting (or attempting to restrain or prohibit) the funding of the Loan hereunder;\n\n(d) the proceeds of such Loan shall be directed and requested for use in accordance with Section 2.1;\n\n(e) the payment by the Borrowers of all costs and expenses required to be paid on such Borrowing Date (including pursuant to Section 6.3) pursuant to this Agreement and the other Loan Documents (which amounts, at the sole option of the Lender, may be offset against the proceeds of such Loan);\n\n(f) the Lender shall have received a duly executed written notice from the Borrower complying with the requirements of Section 2.2(b);\n\n(g) the DIP Order (a) shall be in full force and effect, (b) shall not have been reversed, vacated or stayed, (c) shall not have become the subject of any appeal or challenge, and (d) shall not have been amended, supplemented or otherwise modified without the prior written consent of the Lender; and\n\n(h) there shall not have occurred since the Closing Date any development or event which, individually or in the aggregate with other such circumstances, has had or could reasonably be expected to have, a Material Adverse Effect.\n\nEach Notice of Borrowing shall constitute a representation by the Borrowers that the foregoing conditions are satisfied (or, as applicable, have been waived) on and as of each of (i) the date of such Notice of Borrowing, (ii) the requested Borrowing Date and (iii) the date on which such Loan is funded or made (or deemed funded or made, as applicable).\n\n#### **ARTICLE 5**\n\n#### **PARTICULAR COVENANTS AND EVENTS OF DEFAULT**\n\n#### **Section 5.1 Affirmative Covenants**.\n\nUntil Payment in Full, each Borrower shall—not later than 1:00 p.m. New York City time on the first day of each calendar month (commencing with the first calendar month after the Closing Date) deliver to the Lender an operating report accounting for the receipt, administration, and disposition of all property over the prior month. For the avoidance of doubt, the Borrowers' obligations under this Section 5.1 shall be satisfied by the timely filing by the Borrowers of the monthly operating reports required by, and containing the information described in, 28 C.F.R. § 58.8.\n\n#### **Section 5.2 Negative Covenants**.\n\nUntil Payment in Full and as long as any Commitments or Obligations are outstanding, each Borrower shall not:\n\n(a) other than the claims and Liens of the Lender arising from this Agreement, and except for the Carve-Out, incur, create, assume, suffer to exist or permit, or file any motion seeking, any other claim which is *pari passu* with, or senior to, the claims and Liens of, the Lender;\n\n(b) make or permit to be made any amendment or change to the DIP Order, as applicable, without the consent of the Lender;\n\n(c) commence any adversary proceeding, contested matter or other action asserting any claims or defenses or otherwise against the Lender with respect to any Loan Document, or any of the Liens, claims, rights, benefits or protections granted hereunder or thereunder, or any of the transactions contemplated hereby or thereby; and\n\n(d) subject to the DIP Order, object to, contest, delay, prevent, or interfere in any manner with, the exercise of any rights and remedies by the Lender with respect to the DIP Collateral following the occurrence and during the continuance of an Event of Default.\n\n#### **Section 5.3 General Acceleration Provision upon Events of Default**.\n\nIf one or more of the events specified in this Section 5.3 shall have happened or occurred (each, an \"Event of Default\"), the Lender may, by written notice to the Borrowers (subject to Section 5.4(a), which, for the avoidance of doubt, shall not require any such notice and shall occur automatically), declare the principal of, and accrued and unpaid interest on, all of the Loans and other Obligations or any part of any of them to be, and the same shall thereupon become, immediately due and payable and shall immediately terminate all of the remaining Commitments, in each case, without any further notice and without any presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrowers, and take any further action available at law or in equity or that are provided in the Loan Documents, including the sale or transfer of the Loan and other Obligations and all other rights acquired in connection with the Loan or the other Obligations or under the Loan Documents:\n\n(a) the Borrowers shall have failed to pay within three business days when and as required to be paid herein or in any other Loan Document any amount or Obligation payable hereunder or pursuant to any other Loan Document;\n\n(b) any authorization of a Governmental Authority necessary for the execution, delivery or performance of any Loan Document or for the validity or enforceability of any of the Obligations under any Loan Document is not given, is withdrawn or ceases to remain in full force or effect;\n\n(c) (A) any provision of any Loan Document shall for any reason cease to be valid and binding on or enforceable against any Borrower thereto; (B) any Borrower shall so state in writing or bring an action to limit its obligations or liabilities under any Loan Document; (C) the DIP Order shall for any reason (other than pursuant to the terms thereof) cease to create a valid security interest in the DIP Collateral; or (D) any of the Obligations of any Borrower shall cease to be secured by all of such Borrower's DIP Collateral; or\n\n(d) there shall have occurred any of the following in the Chapter 11 Cases:\n\n(i) other than the claims and Liens of the Lender arising from this Agreement, and except for the Carve-Out, any Borrower shall incur, create, assume, suffer to exist or permit, or file any motion seeking, any other claim which is *pari passu* with, or senior to, the claims and Liens of the Lender;\n\n(ii) the Bankruptcy Court enters an order or the Borrowers file any motion or any request for relief—in each case without the support, or over the objection, of the Chapter 11 Trustee to (a) dismiss any of the Chapter 11 Cases, (b) convert any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code, (c) appoint a trustee or examiner (other than the Chapter 11 Trustee) with expanded powers beyond those set forth in section 1106 of the Bankruptcy Code; or (d) confirming a plan that does not provide for Payment in Full, not later than the effective date, of all Obligations hereunder;\n\n(iii) the Bankruptcy Court enters an order granting relief terminating, annulling, or modifying the automatic stay (as set forth in section 362 of the Bankruptcy Code) to authorize any party to proceed against any material asset worth in excess of \\$50,000 of the Borrowers or in such a manner that would adversely affect the Borrowers' ability to operate their businesses in the ordinary course; or\n\n(iv) the failure of the Borrowers to comply with any provision of the DIP Order, which remains uncured for a period of two (2) Business Days after the receipt of written notice of such event or is not otherwise waived in accordance with the terms thereof; provided, however, that the DIP Lender will not take any enforcement action, whether by demand, foreclosure or other enforcement action, to collect on any obligations arising hereunder by realizing upon the whole or part of the Coop Interest or Cash Deposit unless and until there is full payment the Allowed SN Senior Debt Claim and other SN Senior Debt, to the extent allowed.\n\n#### **Section 5.4 Remedies**.\n\n(a) If any Event of Default exists, subject to the DIP Order, the Lender may in its discretion do any one or more of the following from time to time (in addition to any and all other things as provided elsewhere in this Agreement):\n\n- (i) terminate, reduce or condition any Commitment;\n- (ii) require the Borrowers to cash collateralize the Obligations; and\n\n(iii) exercise any other rights, remedies, powers and privileges afforded under the Loan Documents or any other agreement, pursuant to the DIP Order and any other order of the Bankruptcy Court, by law (including under the Bankruptcy Code and other applicable law), at equity and otherwise, including the rights and remedies of a secured party under the UCC.\n\nNotwithstanding the foregoing, upon the occurrence and continuance of any Event of Default, the Lender may waive such Event of Default, in its sole discretion, subject to the terms of this Agreement, the DIP Order and applicable law.\n\n#### **ARTICLE 6**\n\n#### **MISCELLANEOUS**\n\n#### **Section 6.1 Notices**.\n\nAny notices or other information (including any financial information) required or permitted to be given under the terms hereof shall be sent by certified or registered mail (return receipt requested) or delivered personally or by courier (including a recognized overnight delivery service) or by facsimile or by electronic mail and shall be effective five (5) days after being placed in the mail, if mailed by regular United States mail, or upon receipt, if delivered personally or by courier (including a recognized overnight delivery service) or by facsimile or when received by electronic mail in each case addressed to a party as follows (or such other address, facsimile or electronic mail address provided by such party to such other parties pursuant to the below (or such later address, facsimile or electronic mail address provided in accordance herewith):\n\nIf to any Borrower:\n\nPaul Hastings LLP 200 Park Avenue New York, NY 10166 Attention: Doug Barron and Alex Bongartz Email: dougbarron@paulhastings.com; alexbongartz@paulhastings.com\n\nIf to Lender:\n\nLuc A. Despins in his capacity as the chapter 11 trustee c/o Paul Hastings LLP 200 Park Avenue New York, NY 10166 Attention: Luc Despins Email: lucdespins@paulhastings.com\n\nWith a copy to (which shall not be deemed to constitute notice):\n\nPullman & Comley, LLC 850 Main Street Bridgeport, CT 06601 Attention: Irve Goldman Email: igoldman@pullcom.com\n\n#### **Section 6.2 Waiver of Notice**.\n\nWhenever any notice is required to be given to the Lender or the Borrowers under any of the Loan Documents, a waiver thereof in writing signed by the Person or Persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.\n\n#### **Section 6.3 Cost and Expense Reimbursement**.\n\nEach Borrower agrees to pay on or prior to the Closing Date and, within one (1) Business Day after delivery of an invoice therefor, after the Closing Date, (a) all fees, costs and expenses of creating and perfecting Liens in such Borrower's DIP Collateral in favor of the Lender pursuant to any Loan Document, including filing and recording fees, expenses and taxes, search fees, title insurance premiums, (b) all costs and expenses incurred by the Lender in connection with the custody or preservation of any of such Borrower's DIP Collateral, (c) all fees, costs and expenses, incurred by the Lender and its professionals relating to efforts to protect, evaluate, assess or dispose of any of such Borrower's DIP Collateral, and (d) all fees, costs and expenses incurred by the Lender and its professionals in enforcing any of the Loan Documents or any Obligations of, or in collecting any payments due from, such Borrower hereunder or under the other Loan Documents (including in connection with the sale of, collection from, or other realization upon any of such Borrower's DIP Collateral or the enforcement of the Loan Documents). Without limiting any of the foregoing provisions of this Section 6.3, any action taken by any Borrower under or with respect to any Loan Document, even if required under any Loan Document or at the request of the Lender, shall be at the sole expense of such Borrower, and the Lender shall not be required under any Loan Document to reimburse any Borrower therefor. The obligations and provision contained in this Section 6.3 shall survive the termination of this Agreement and the repayment of the Obligations.\n\n#### **Section 6.4 Governing Law; Venue; Jurisdiction; Service of Process; Waiver of Jury Trial**.\n\nAll questions concerning the construction, validity, enforcement and interpretation of this Agreement and, unless otherwise expressly stated therein, the other Loan Documents shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such State. Each Party hereby irrevocably submits to the exclusive jurisdiction of the Bankruptcy Court and, solely to the extent that the Bankruptcy Court does not have (or abstains from exercising) jurisdiction over any matter, the state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder or under the other Loan Documents or in connection herewith or with the other Loan Documents or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding; provided that nothing in this Agreement or in any other Loan Document shall limit the right of the Lender to commence any suit, action or proceeding in federal, state or other court of any other jurisdiction to the extent the Lender determines that such suit, action or proceeding is necessary or appropriate to exercise its rights or remedies under this Agreement or any of the other Loan Documents. Each Party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such Party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE. EACH PARTY HERETO (A) CERTIFIES THAT NO OTHER PARTY AND NO AGENT, REPRESENTATIVE OR OTHER PERSON AFFILIATED WITH OR RELATED TO ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS, AS APPLICABLE, BY THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.4.\n\n#### **Section 6.5 Entire Agreement; Amendments**.\n\n(a) The Loan Documents contain the entire understanding of the Parties with respect to the matters covered thereby and supersede any and all other written and oral communications, negotiations, commitments and writings with respect thereto.\n\n(b) No amendment, restatement, modification, supplement, change, termination or waiver of any provision of this Agreement or the other Loan Documents (other than any landlord agreement or bailee or mortgagee waiver, each of which may be amended, restated, supplemented, changed, terminated or waived in accordance with the terms thereof), and no consent to any departure by any Borrower therefrom, shall in any event be effective without the written concurrence of the Borrowers and the Lender; provided that no such amendment, restatement, modification, change, termination, waiver or consent shall, without the consent of the Lender, do any of the following: (i) reduce any Loan; (ii) postpone or accelerate the Maturity Date or other scheduled final maturity date of any Loan, or postpone or accelerate the date or reduce the amount of any scheduled payment of principal of any Loan; (iii) postpone the date on which any Obligation is payable; (iv) decrease the interest rate borne by any Loan or the amount of any Obligation payable hereunder; (v) amend this Section 6.5 or any provision of this Agreement or any other Loan Documents providing for consent or other action by all Lender; (vi) change in any manner any provision of this Agreement that by its terms, expressly requires the approval or consent of the Lender; (vii) release or subordinate any Lien granted in favor of the Lender with respect to all or substantially all of any Borrower's DIP Collateral, other than in accordance with the terms of the Loan Documents; or (viii)(A) change or have the effect of changing the priority of any payments (including voluntary and mandatory prepayments), Liens or proceeds of DIP Collateral (including as a result in whole or in part of allowing the issuance or incurrence, pursuant to this Agreement, the other Loan Documents or otherwise, of new loans or other indebtedness having any priority over any of the Obligations in respect of payments, Liens, DIP Collateral or proceeds of DIP Collateral, in exchange for any Obligations or otherwise), or (B) advance the date fixed for, or increase, any scheduled installment of principal due to the Lender under any Loan Document.\n\n#### **Section 6.6 Severability**.\n\nIf any provision of this Agreement or any of the other Loan Documents shall be invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof or thereof shall not in any way be affected or impaired thereby. The Parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provision.\n\n#### **Section 6.7 Counterparts**.\n\nThis Agreement may be executed in several counterparts, and by each Party on separate counterparts, each of which and any photocopies, facsimile copies and other electronic methods of transmission thereof shall be deemed an original, but all of which together shall constitute one and the same agreement.\n\n#### **Section 6.8 Survival**.\n\n(a) In addition to Section 3.2, this Agreement and all agreements, representations and warranties and covenants made in the Loan Documents, and in any document, certificate or statement delivered pursuant thereto or in connection therewith shall be considered to have been relied upon by the other Parties and shall survive the execution and delivery of this Agreement and the other Loan Documents and the making of the Loans hereunder or thereunder regardless of any investigation made by any such other Party or on its behalf, and shall continue in force until all Obligations and other amounts payable under the Loan Documents shall have been fully paid in accordance with the provisions hereof and thereof. The Lender shall not be deemed to have waived, by reason of making the Loans, any Event of Default that may arise by reason of such representation or warranty proving to have been false or misleading, notwithstanding that the Lender may have had notice or knowledge of any such Event of Default or may have had notice or knowledge that such representation or warranty was false or misleading at the time such Loan was made.\n\n(b) All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive (and shall continue to be made in accordance with the terms hereof and thereof after) the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Lender, regardless of any investigation made by the Lender or on its behalf and notwithstanding that the Lender may have had notice or knowledge of any Default or Event of Default at the time of any Loan, and shall continue in full force and effect (and shall continue to be made in accordance with the terms of the applicable Loan Documents) as long as any Loan or any other Obligation hereunder or under the other Loan Documents shall remain unpaid or unsatisfied.\n\n(c) Notwithstanding anything to the contrary in the Loan Documents, the obligations of the Borrowers under Section 2.5 and the obligations of the Borrowers and the Lender under this Article 6 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loan and the other Obligations or the termination of this Agreement or any of the other Loan Documents or any provision hereof or thereof.\n\n#### **Section 6.9 No Waiver**.\n\nNeither the failure of, nor any delay on the part of, any Party in exercising any right, power or privilege hereunder, or under any agreement, document or instrument mentioned herein or under any other Loan Document, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder, under any other Loan Document or under any other agreement, document or instrument mentioned herein, preclude other or further exercise thereof or the exercise of any other right, power or privilege; nor shall any waiver of any right, power, privilege or default hereunder, under any other Loan Document or under any agreement, document or instrument mentioned herein, constitute a waiver of any other right, power, privilege or default or constitute a waiver of any default of the same or of any other term or provision. No course of dealing and no delay in exercising, or omission to exercise, any right, power or remedy accruing to the Lender upon any breach, Default or Event of Default under this Agreement, any other Loan Document or any other agreement shall impair any such right, power or remedy or be construed to be a waiver thereof or an acquiescence therein; nor shall the action of the Lender in respect of any such breach, Default or Event of Default or any acquiescence by it therein, affect or impair any right, power or remedy of the Lender in respect of any other breach, Default or any Event of Default. All rights and remedies herein or in the other Loan Documents provided are cumulative and not exclusive of any rights or remedies otherwise provided by (or available at) law or in equity.\n\n#### **Section 6.10 Several Liability**.\n\nEach Borrower shall be solely and severally liable for their respective obligations hereunder and under the other Loan Documents.\n\n#### **Section 6.11 No Third Parties Benefited**.\n\nThis Agreement is made and entered into for the sole protection and legal benefit of the Borrowers and the Lender, and their successors and permitted assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. The Lender shall not have any obligation to any Person not a party to this Agreement or the other Loan Documents.\n\n#### **Section 6.12 Binding Effect**.\n\nThis Agreement shall become effective when it shall have been executed by each of the Borrowers party hereto and the Lender party hereto and such executed counterparts have been delivered to the Lender pursuant to the terms of this Agreement. Thereafter, it shall be binding upon and inure to the benefit of, but only to the benefit of each Borrower hereto and the Lender and, in each case, their respective successors and permitted assigns.\n\n#### **Section 6.13 Marshaling; Payments Set Aside**.\n\nThe Lender shall not be under any obligation to marshal any property in favor of any Borrower or any other Person or against or in payment of any Obligation. To the extent that the Lender receives a payment from the Borrowers from the proceeds of the DIP Collateral, from the exercise of its rights of setoff, from any enforcement action or otherwise, and such payment is subsequently, in whole or in part, invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not occurred.\n\n#### **Section 6.14 No Waiver; Cumulative Remedies**.\n\nNo failure to exercise and no delay in exercising, on the part of the Lender, any right, remedy, power or privilege under any Loan Document, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. No course of dealing between any Borrower, any Affiliate of any Borrower or the Lender shall be effective to amend, modify or discharge any provision of any of the Loan Documents.\n\n#### **Section 6.15 Right of Setoff**.\n\nThe Lender is hereby authorized, without notice or demand (each of which is hereby waived by each Borrower), at any time and from time to time during the continuance of any Event of Default and to the fullest extent permitted by applicable law, to set off and apply any and all deposits (whether general or special, time or demand, provisional or final) at any time held and other indebtedness, claims or other obligations at any time owing by the Lender or any of its Affiliates to or for the credit or the account of the Borrowers against any Obligation of any Borrower now or hereafter existing, whether or not any demand was made under any Loan Document with respect to such Obligation and even though such Obligation may be unmatured. The rights under this Section 6.15 are in addition to any other rights and remedies (including other rights of setoff) that the Lender or any of its Affiliates may have.\n\n#### **Section 6.16 DIP Order Controls**\n\nThe Borrowers and the Lender hereby expressly agree that, in the event of any conflict or inconsistency between this Agreement (or any other Loan Document), on the one hand, and the DIP Order, on the other hand, the DIP Order shall control. Notwithstanding anything to the contrary herein, the provisions of this Agreement are subject to the terms, covenants, conditions and provisions of, the DIP Order, as applicable. This Agreement is subject in all respects (including with respect to all obligations and agreements of the Borrowers provided for hereunder) to the terms of the DIP Order and, notwithstanding anything in the foregoing, the Borrowers shall not be required to undertake any obligation, make any agreement or take any action that is prohibited by the terms of the DIP Order.\n\n#### **ARTICLE 7**\n\n#### **DIP COLLATERAL**\n\n**Section 7.1 Grant of Security Interest**. To secure the prompt payment and performance of the Obligations, each Borrower hereby grants to the Lender a continuing security interest in and Lien upon (the \"DIP Lien\") all of the following property of such Borrower, and the proceeds of such property, whether now owned or hereafter acquired, and wherever located (the \"DIP Collateral\"): (a) Genever US's ownership interest in the Proprietary Lease and Shares (also referred to as the \"Coop Interest\"); (b) the proceeds of litigation commenced or to be commenced by Genever BVI or Genever US (the \"Borrowers' Litigation Claims\"), including, without limitation, the AIG Litigation; (c) any and all funds held in deposit accounts in the name of Genever US, including the Cash Deposit; and (d) Genever BVI's ownership interest in Genever US.\n\nThe DIP Liens shall include: (i) a fully perfected security interest pursuant to section 364(c)(2) in all DIP Collateral and the proceeds thereof that is not otherwise subject to a Lien, and (ii) a fully perfected junior security interest pursuant to section 364(c)(3) of the Bankruptcy Code in DIP Collateral subject to valid and perfected, and otherwise unavoidable liens at the commencement of the Chapter 11 Cases or that are perfected thereafter as permitted under section 546(b) of the Bankruptcy Code, subject, in each case, to the Carve-Out and the Allowed SN Senior Debt Claim and other SN Senior Debt to the extent allowed.\n\n**Section 7.2 Limitations**. The Lien on DIP Collateral granted hereunder is given as security only and shall not subject the Lender to, or in any way modify, any obligation or liability of the Borrowers relating to any DIP Collateral.\n\n**Section 7.3 Further Assurances**. Promptly, but in any event within three (3) Business Days after receipt of the Lender's written request, the Borrowers shall deliver such instruments and agreements, and shall take such actions, as the Lender deems appropriate under applicable law to evidence or perfect its Lien on any DIP Collateral, or otherwise to give effect to the intent of this Agreement.\n\n**Section 7.4 Protection of DIP Collateral**. All expenses of protecting, storing, warehousing, insuring, handling, maintaining and shipping any DIP Collateral of a Borrower, all taxes payable with respect to any DIP Collateral (including any sale thereof) of a Borrower, and all other payments required to be made by Lender to any Person to realize upon any DIP Collateral of a Borrower, shall be borne and paid by the applicable Borrower. The Lender shall not be liable or responsible in any way for the safekeeping of any DIP Collateral, for any loss or damage thereto (except for reasonable care in its custody while DIP Collateral is in the Lender's actual possession), for any diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency or other Person whatsoever, but the same shall be at the applicable Borrower's sole risk. If any tax, assessments or other charges by any Governmental Authority is or may be imposed, or if any claim shall be made which, in the Lender's reasonable judgment, may possibly create a valid Lien on the DIP Collateral, the Lender may with concurrent notice to the Borrowers pay or remit such taxes, assessments or other charges, and each Borrower hereby indemnifies and holds the Lender harmless in respect thereof. The Lender will not pay or remit any taxes, assessments or charges to the extent that any applicable Borrower has properly contested such taxes, assessments or charges. The amount of any payment by the Lender under this Section 7.4 shall be payable by the applicable Borrower in cash on demand.\n\n**Section 7.5 Defense of Title**. Each Borrower shall at all times defend its title to its DIP Collateral and the Lender's Liens thereon against all Persons, claims and demands whatsoever, except (i) properly perfected and non-avoidable pre-petition Liens, including such Liens in connection with the Apartment, including but not limited to, any mechanics' or tax Liens and (ii) Liens perfected post-petition under section 546(b) of the Bankruptcy Code.\n\n# **[SIGNATURE PAGES FOLLOW]**\n\nIN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the first day written above.\n\n#### **BORROWERS:**\n\n**GENEVER HOLDINGS LLC**, a New York limited liability company\n\n> By: */s/ Luc A. Despins* Name: Luc A. Despins Title: Proxy Holder of Genever Holdings LLC\n\n#### **GENEVER HOLDINGS CORPORATION**, a\n\ncorporation organized under the laws of the British Virgin Islands\n\n> By: */s/ Luc A. Despins* Name: Luc A. Despins Title: Proxy Holder of Genever Holdings Corporation\n\n**LENDER:**\n\n**LUC A. DESPINS**, in his capacity as the Chapter 11 Trustee under the Chapter 11 Bankruptcy Code\n\n> By: */s/ Luc A. Despins* Name: Luc A. Despins Title: Chapter 11 Trustee\n\n#### **ANNEX A**\n\n#### **Commitments**\n\n| Lender | Commitment |\n|--------------------------------------------------------------------------------------------|----------------|\n| Luc A. Despins, in his capacity as U.S. Trustee
under Chapter 11 of the Bankruptcy Code | \\$2,000,000.00 |\n| TOTAL | \\$2,000,000.00 |\n\n#### **EXHIBIT A**\n\n#### **Form of Notice of Borrowing**\n\n\\_\\_\\_\\_\\_\\_\\_\\_ \\_\\_\\_, 202\\_\n\nTo: Luc A. Despins in his capacity as the chapter 11 trustee c/o Paul Hastings LLP 200 Park Avenue New York, NY 10166 Attention: Luc Despins Email: lucdespins@paulhastings.com\n\nRe: Genever Holdings LLC and Genever Holdings Corporation\n\nLadies and Gentlemen:\n\nReference is made to the Multi-Draw Senior Secured Super-Priority Debtor-In-Possession Credit and Security Agreement, dated as of [•], 2023, by and among (i) Genever Holdings LLC, a New York limited liability company and a debtor and debtor-in-possession in the Chapter 11 Cases (\"Genever US\"), (ii) Genever Holdings Corporation, a corporation registered under the laws of the British Virgin Islands and a debtor and debtor-in-possession in the Chapter 11 Cases (\"Genever BVI\" and together with Genever US, the \"Borrowers\"), and (iii) the chapter 11 estate of Ho Wan Kwok (the \"Individual Debtor\"), acting through its representative, Luc A. Despins in his capacity as the chapter 11 trustee (the \"Chapter 11 Trustee\") of the Individual Debtor (such chapter 11 estate being the \"Lender\") (as may be amended, supplemented, restated or otherwise modified, renewed or replaced form time to time, the \"DIP Credit Agreement\"). Capitalized terms used and not defined herein shall have the meaning ascribed to them in the DIP Credit Agreement.\n\nBorrower hereby gives notice, pursuant to Section 2.2(b) of the DIP Credit Agreement, that it requests a Loan under the DIP Credit Agreement, and that in connection therewith, sets forth below the terms on which such Loan is requested to be made:\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n(A) Principal amount of Loan: \\$[\\_\\_\\_\\_\\_\\_]\n\n- (B) Date of Loan (which is a Business Day):\n- (C) Use of proceeds: \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nThe Borrowers hereby represent and warrant that all of the conditions contained in Article 4 of the DIP Credit Agreement have been satisfied on and as of the date hereof.\n\n[*Signature Page Follows*]\n\nVery truly yours,\n\n#### **GENEVER HOLDINGS LLC**, a Borrower\n\nBy: \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ Name: Title:\n\n# **GENEVER HOLDINGS CORPORATION**, a Borrower\n\nBy: \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ Name: Title:\n\nCase 22-50073 Doc 2110 Filed 08/23/23 Entered 08/23/23 14:21:24 Page 72 of 75\n\n# **Exhibit B**\n\n**Checklist**\n\n# **CHECKLIST FOR MOTIONS AND ORDERS FOR USE OF CASH COLLATERAL AND POST- PETITION FINANCING**\n\nThis is to certify that the following checklist information reflects the substantive content of the motion and proposed order for use of cash collateral or for post-petition financing pursuant to 11 U.S.C. §§ 363 and/or 364 as indicated below:\n\n| | 1. Identification of Proceeding: | | | |\n|---------------------|---------------------------------------------------------------------------------------|-----|----|-----|\n| a. | Preliminary motion/order | Yes | No | N/A |\n| b. | Final motion/order | Yes | No | N/A |\n| c. | Continuing use of cash collateral(§ 363) | Yes | No | N/A |\n| d. | New financing(§ 364) | Yes | No | N/A |\n| e. | Combination of§§ 363 and 364 financing | Yes | No | N/A |\n| f. | Emergency hearing (immediate and irreparable harm) | Yes | No | N/A |\n| 2. Representations: | | | | |\n| a. | Brief history of Debtor's businesses and status of Debtor's prior | | | |\n| | relationships with lender | Yes | No | N/A |\n| b. | Brief statement of purpose and necessity of financing | Yes | No | N/A |\n| c. | Brief statement oftype offinancing (i.e.) accounts receivable, | | | |\n| | inventory) | Yes | No | N/A |\n| d. | Are lender's pre-petition security interest(s) and liens deemed | | | |\n| | valid, fully perfected and non-avoidable? | Yes | No | N/A |\n| | (i) Are there provisions to allow for objections to above? | Yes | No | N/A |\n| e. | Is there a post-petition financing agreement between lender | | | |\n| | and Debtor? | Yes | No | N/A |\n| f. | If there is an agreement, are lender's post-petition security | | | |\n| | interests and liens deemed valid, fully perfected and | | | |\n| | non-avoidable? | Yes | No | N/A |\n| g. | Has lender's non-cash collateral been appraised? | Yes | No | N/A |\n| h. | Insert date of latest appraisal. | | | |\n| i. | Is Debtor's proposed budget attached? | Yes | No | N/A |\n| j. | Are all pre-petition loan documents identified? | Yes | No | N/A |\n| k. | Are pre-petition liens? | Yes | No | N/A |\n| l. | Are there pre-petition guaranties of debt? | Yes | No | N/A |\n| 3. Grant of Liens: | | | | |\n| a. | Do post-petition liens secure pre-petition debts? | Yes | No | N/A |\n| b. | Is there cross-collateralization? | Yes | No | N/A |\n| c. | Is the priority of post-petition liens equal to or higher than | | | |\n| | existing liens? | Yes | No | N/A |\n| d. | Do post-petition liens have retroactive effect? | Yes | No | N/A |\n| e. | Are there restrictions on granting further liens or liens of equal | | | |\n| | or higher priority? | Yes | No | N/A |\n| f. | Is lender given liens on claims under§§ 506(c), 544-50 | | | |\n| | and§§ 522? | Yes | No | N/A |\n| | (i) Are lender's attorney's fees to be paid? | Yes | No | N/A |\n| | (ii) Are Debtor's attorney's fees excepted from § 506(c)? | Yes | No | N/A |\n| g. | Is lender given liens upon proceeds of causes of action
under§§ 544, 547, and 548? | Yes | No | N/A |\n\n| Case 22-50073
Doc 2110
Filed 08/23/23
Entered 08/23/23 14:21:24 | Page 74 of 75 |\n|---------------------------------------------------------------------------------------------------------------------------------------------|------------------|\n| 4. Administrative Priority Claims: | Yes
No
N/A |\n| a.
Is lender given an administrative priority? | Yes
No
N/A |\n| b.
Is administrative priority higher than § 507(a)? | |\n| c.
Is there a conversion of pre-petition secured claim to post-petition
administrative claim by virtue of use of existing collateral? | Yes
No
N/A |\n| 5. Adequate Protection(§ 361): | |\n| a.
Is there post-petition debt service? | Yes
No
N/A |\n| b.
Is there a replacement/additional § 361 (1) lien? | Yes
No
N/A |\n| c.
Is the lender's claim given super-priority? | Yes
No
N/A |\n| d.
Are there guaranties? | Yes
No
N/A |\n| e.
Is there adequate insurance coverage? | Yes
No
N/A |\n| 6. Waiver/Release Claims v. Lender: | |\n| a.
Debtor waives or releases claims against lender, including,
but not limited to, claims under§§ 506(c), 544-550, 552, and | |\n| 553 ofthe Code? | Yes
No
N/A |\n| b.
Does the Debtor waive defenses to claim or liens of lender? | Yes
No
N/A |\n| c.
Is the proposed lender also the pre-petition lender? | Yes
No
N/A |\n\n- d. New post-petition lender?\n- e. Is the lender an insider?\n\n# **7. Modification of Stay:**\n\n| a. | Is any modified lift of stay allowed? | Yes | No | N/A |\n|----|----------------------------------------------------------------------|-----|----|-----|\n| b. | Will the automatic stay be lifted to permit lender to exercise | | | |\n| | self-help upon default without further order? | Yes | No | N/A |\n| c. | Are there any other remedies exercisable without further order | | | |\n| | of court? | Yes | No | N/A |\n| d. | Is there a provision that any future modification of order shall not | | | |\n| | affect status ofDebtor's post-petition obligations to lender? | Yes | No | N/A |\n| | | | | |\n\nYes No N/A Yes No N/A Yes No N/A\n\n# **8. Creditors' Committee**\n\n| a. | Has creditors' committee been appointed? | Yes | No | N/A |\n|----|------------------------------------------|-----|----|-----|\n| b. | Does creditors' committee consent? | Yes | No | N/A |\n\n| Case 22-50073 | Doc 2110
Filed 08/23/23
Entered 08/23/23 14:21:24
9. Restrictions on Parties in Interest: | Page 75 of 75 |\n|--------------------|-------------------------------------------------------------------------------------------------------------------|--------------------------------------|\n| a. | Is a plan proponent restricted in any manner, concerning
modification of lender's rights, liens and/or causes? | |\n| b. | Is the Debtor prohibited from seeking to enjoin the lender in
pursuit of rights? | Yes
No
N/A |\n| c. | Is any party in interest prohibited from seeking to modify
this order? | Yes
No
N/A |\n| d. | Is the entry of any order conditioned upon payment of debt
to lender? | Yes
No
N/A |\n| e. | Is the order binding on subsequent trustee on conversion? | Yes
No
N/A
Yes
No
N/A |\n| 10. Nunc Pro Tunc: | | |\n| a. | Does any provision have retroactive effect? | Yes
No
N/A |\n| | 11. Notice and Other Procedures: | |\n| a. | Is shortened notice requested? | Yes
No
N/A |\n| b. | Is service requested to shortened list? | Yes
No
N/A |\n| c. | Is time to respond to be shortened? | Yes
No
N/A |\n| d. | If final order sought, have 15 days elapsed since service of | |\n| | motion pursuant to FRBP 4001(b)(2)? | No
N/A
Yes |\n| e. | If preliminary order sought, is cash collateral necessary to | |\n| | avoid immediate and irreparable harm to the estate pending | |\n| | a final hearing? | Yes
No
N/A |\n| f. | Is a Certificate of Conference included? | Yes
No
N/A |\n| g.
h. | Is a Certificate of Service included?
Is there verification of transmittal to U.S. Trustee included | Yes
No
N/A |\n| | pursuant to FRBP 9034? | Yes
No
N/A |\n| i. | Has an agreement been reached subsequent to filing motion? | Yes
No
N/A |\n| | i. If so, has notice of the agreement been served pursuant | |\n| | to FRBP 4001 (d)(l)? | Yes
No
N/A |\n| | ii. Is the agreement in settlement of motion pursuant | |\n| | to FRBP 4001 (d)(4)? | Yes
No
N/A |\n| | iii. Does the motion afford reasonable notice of material | |\n| | provisions of the agreement pursuant to | |\n| | FRBP 4001(d)(4)? | Yes
No
N/A |\n| | iv. Does the motion provide for opportunity for hearing | |\n| | pursuant to FRBP 9014? | Yes
No
N/A |\n\n**Signed on** August 23, 2023\n\n By: /s/ Douglass Barron","body_zh":"美国康涅狄格州联邦破产法院布里奇波特分院\n\n关于： ：\n： 第11章\nHO WAN KWOK（郭文贵）等人，1 ：\n： 案号：22-50073 (JAM)\n债务人。 ：\n： （合并管理）\n------------------------------------------------------x ：\n\n第11章受托人与债务人 GENEVER US 和 GENEVER BVI 联合提出动议，请求作出终局命令：(I) 授权第11章受托人根据《破产法典》第363条提供融资；(II) 授权 GENEVER US 和 GENEVER BVI 根据《破产法典》第364条取得破产申请后融资；(III) 授予非优先留置权并规定超级优先行政费用债权；(IV) 修改自动中止；以及 (V) 准予相关救济\n\nGenever Holdings LLC（Genever US）和 Genever Holdings Corporation（Genever BVI），以及 Luc A. Despins（卢克·A·德斯平斯）以 Ho Wan Kwok（以下简称“个人债务人”）第11章受托人（以下简称“受托人”）的身份，作为上述标题所示合并管理案件中的债务人（以下简称“第11章案件”），特此提出本动议（以下简称“本动议”），请求作出终局命令，其形式实质上应与随附本动议作为附件A的拟议命令（以下简称“DIP命令”）一致；该请求依据《美国法典》第11编（以下简称“《破产法典》”）第105(a)、361、362、363、364、503、506和507条，《联邦破产程序规则》（以下简称“《破产规则》”）第2002、4001、6003、6004和9014条，以及康涅狄格州美国联邦破产法院地方规则（以下简称“《地方规则》”）第4001-3条提出：\n\n1 本第11章案件中的债务人为 Ho Wan Kwok（亦称 Guo Wengui、Miles Guo 和 Miles Kwok，以及众多其他别名）（税务识别号后四位：9595）、Genever Holdings LLC（税务识别号后四位：8202）和 Genever Holdings Corporation。受托人、Genever Holdings LLC 和 Genever Holdings Corporation 的邮寄地址为 Paul Hastings LLP（博衡律师事务所），200 Park Avenue, New York, NY 10166，转交 Luc A. Despins，作为 Ho Wan Kwok 遗产的受托人（仅为通知和通信之目的）。\n\n(i) 授权 Genever US 和 Genever BVI（合称“DIP借款人”）从个人债务人第11章遗产（以下简称“DIP贷款人”，并与DIP借款人合称“动议方”）取得有担保的破产申请后融资，该融资包括总本金金额最高达 $2,000,000 的非优先有担保债务人占有期间信贷额度，并采用作为DIP命令附件1附上的DIP融资信贷协议形式（该协议以下简称“DIP信贷协议”）；(ii) 授予有利于DIP贷款人的相关留置权和超级优先权债权；(iii) 在必要范围内修改自动中止；以及 (iv) 授权受托人作为DIP贷款人的代表订立DIP信贷协议。为支持本动议，动议方谨陈述如下：\n\n初步陈述\n\n1. DIP借款人在其第11章案件中处于岌岌可危的境地。Genever BVI 的唯一资产是其对 Genever US 的所有权。就目前而言，Genever US 向其债权人和利益相关者提供有意义清偿的能力尚不确定。任何此类清偿均取决于 Genever US 为最大化公寓（定义见下文）及 AIG 诉讼（定义见下文）价值所作努力的结果。然而，公寓目前的状况使得无法确定 Genever US 是否以及何时能够出租或出售该物业。尽管 Genever US 相信其将在 AIG 诉讼中胜诉，但诉讼本质上具有不确定性。\n\n2. 同时，DIP借款人没有现金，也没有收入来源。如无法获得某种流动性来源，DIP借款人将无法对公寓进行必要的修复工程、支付当前的专业费用——包括推进 AIG 诉讼的费用——甚至无法向美国受托人支付法定金额，并最终将被迫转为第7章清算。\n\n3. DIP贷款人准备提供一项有限且有针对性的贷款，以避免该结果。DIP贷款人将通过一项有担保、非优先、超级优先债务人占有期间信贷额度提供最高达 $2,000,000 的资金（以下简称“DIP额度”，以及据此发放的贷款“DIP贷款”）。DIP额度下的预支款将由DIP贷款人酌情决定，并且仅用于必要开支，例如公寓的必要修复工程、美国受托人费用及当前专业费用。为明确起见，DIP贷款人（个人债务人第11章遗产）没有法律义务为 Genever 实体提供资金、免除 AIG（美国国际集团）的保险责任，2 或为 Genever 实体债权人（行政债权人、有担保债权人或其他债权人）的清偿“托底”。DIP贷款人（个人债务人第11章遗产）订立该DIP额度，完全是因为，作为 Genever 实体的股权所有人，为其第11章遗产保留向其遗产及债权人进行潜在清偿的机会，符合DIP贷款人第11章遗产的最佳利益。\n\n4. 因此，在DIP借款人推进第11章程序——包括推进 AIG 诉讼和采取公寓出售的价值最大化策略——期间，DIP额度对于资助其第11章案件是必要的。这符合DIP借款人遗产及利益相关者的最佳利益。由于DIP贷款人是该等利益相关者之一，因此，由其代表受托人行事而订立DIP信贷协议，也符合DIP贷款人遗产的最佳利益。\n\n5. 基于上述理由以及下文所述理由，DIP借款人认为，依其商业判断订立DIP额度将为其利益相关者实现价值最大化，并符合其遗产的最佳利益。受托人依其商业判断，同样认为订立DIP信贷协议符合个人债务人第11章遗产及其利益相关者的最佳利益，因为这为 Genever US 的潜在价值最大化交易保留了选择空间。3 最后，受托人知悉，无担保债权人官方委员会（以下简称“委员会”）同意本动议所请求的救济。4 因此，动议方谨请求法院作出DIP命令，授权动议方订立DIP信贷协议。\n\n管辖权、审判地及法定依据\n\n6. 法院依据 28 U.S.C. §§ 157 和 1334，以及美国康涅狄格州联邦地区法院的转介常设命令，对本事项具有管辖权。本案属于 28 U.S.C. § 157(b) 所称的核心程序。\n\n7. 根据 28 U.S.C. §§ 1408 和 1409，本地区为适格审判地。\n\n8. 本动议所请求救济的法定依据为《破产法典》第105(a)、361、362、363、364、503、506和507条，《破产规则》第2002、4001、6003、6004和9014条，以及《地方规则》第4001-3条。\n\n3 为充分披露起见，受托人根据 Genever BVI 于 September 16, 2022 授予的授权书代表 Genever US 行事；该授权书授权受托人代表 Genever BVI，除其他事项外，就 Genever US 的第11章案件代表 Genever US 采取任何及一切行动。受托人同样根据一份日期为 July 26, 2023 的授权书代表 Genever BVI 行事；该授权书授权受托人就向个人债务人第11章遗产借款，代表 Genever BVI 采取任何及一切行动。\n\n4 委员会仅在个人债务人的案件中获任命。\n\n背景\n\n一、程序背景\n\n9. On October 12, 2020，Genever US 向 United States Bankruptcy Court for the Southern District of New York（纽约南区美国联邦破产法院，以下简称“纽约破产法院”）提交了自愿第11章破产申请。\n\n10. On February 15, 2022（以下简称“申请日”），个人债务人向法院提交了依据《破产法典》第11章请求救济的自愿申请。\n\n11. On March 21, 2022，美国受托人任命了委员会。第11章案件中尚未任命审查员。\n\n12. On June 15, 2022，法院作出决定备忘录及命令 [Docket No. 465]（以下简称“受托人命令”），指示美国受托人在第11章案件中任命一名第11章受托人。根据受托人命令，美国受托人选定 Luc A. Despins 为受托人，并于 July 8, 2022，法院作出命令，批准任命 Luc A. Despins 为受托人 [Docket No. 523]。\n\n13. On September 13, 2022，Genever BVI 与 Harneys Corporate Services Limited（Harneys企业服务有限公司）订立一份董事服务协议，据此 Harneys Corporate Services Limited 同意，除其他事项外，提供 Claire Abrehart（克莱尔·阿布雷哈特）的服务，以担任 Genever BVI 的唯一董事（以下简称“独立董事”）。根据日期为 September 14, 2022 的股东决议，Abrehart 自 September 14, 2022 起被任命为独立董事，替代其原董事 Kwok。参见 Claire Abrehart 作为 Genever Holdings Corporation 董事为支持债务人第11章申请所作声明 [Case 22-50542, Docket No. 8]。\n\n14. On October 11, 2022，Genever BVI 向本法院提交了自愿第11章破产申请。此后不久，根据日期为 November 3, 2022 的命令（以下简称“审判地移转日”），纽约破产法院批准了受托人和 Genever US 关于将 Genever US 第11章案件审判地移转至本法院的联合动议。\n\n15. 根据日期为 November 21, 2022 的命令，法院批准对 Genever US、Genever BVI 和个人债务人的第11章案件进行合并管理。[Docket No. 1141]。\n\n二、Sherry Netherland 的公寓\n\n16. Sherry Netherland（雪莉·尼德兰）是一座位于 781 Fifth Avenue, New York, New York 10022 的合作公寓大楼，而 Sherry Netherland Inc.（雪莉·尼德兰公司，以下简称“Sherry Netherland”）是拥有该物业的住宅合作公司。\n\n17. On March 6, 2015，Genever US 完成购买 Sherry Netherland 的合作公寓空间，该空间包括该物业的整个第18层，以及 Apartment MR 2219 和 Apartment MR 719（合称“公寓”），购买价格为 $70 million。出售文件列明 Genever US 为买方，且公寓的产权由 Genever US 持有。\n\n18. 通过该交易，Genever US 成为分配给公寓的股份（以下简称“股份”）的所有人，并成为 Sherry Netherland 作为出租人与 Genever US 作为承租人于 March 6, 2015 订立、并截至 January 1, 2023 修订的相关专有租约（合称“专有租约”）项下的承租人。股份及 Genever US 在专有租约中的权益，以下统称为“合作公寓权益”。\n\n19. 根据专有租约及 Sherry Netherland 的章程细则，并依据 New York UCC 第9-102(74)、9-308(h)、9-310(b)和9-322(h)(1)条，Sherry Netherland 就合作公寓权益享有有效且已适当完善的担保权益及第一顺位留置权（以下简称“Sherry Netherland 第一顺位留置权”），以担保所有义务（该等\n\n因 Genever US（Genever美国）在专有租约项下或以其他方式对 Sherry Netherland（谢里·内瑟兰）负有、且系附随于 Genever US 对合作公寓权益的所有权而产生的义务（以下简称“SN优先债务”），该留置权就该等权益优先于其中的一切其他担保权益。\n\nIII. Genever US、Genever BVI（Genever英属维尔京群岛）及 Bravo Luck\n\n20. Genever US 由 Genever BVI 全资拥有。在个人债务人破产（及其权益随后转让予受托人）之前，个人债务人是 Genever BVI 的唯一股东。\n\n21. Bravo Luck Limited（布拉沃·勒克有限公司）（以下简称“Bravo Luck”）是一家据称由个人债务人之子拥有的公司，其在 Genever US 的第11章案件中提交了一份债权证明，主张其为该公寓的真正受益所有人。\n\n22. 2022年10月11日，Genever US 对 Bravo Luck 提起对抗程序诉状，除其他事项外，请求确认性救济，以确认 Genever US——而非 Bravo Luck——拥有该公寓（以下简称“Genever US诉状”）。5 Genever BVI 提起了相关对抗程序诉状，6 受托人亦代表个人债务人的第11章破产财产提起了诉状。7\n\n23. 在三项对抗程序中的驳回动议均已完成书面陈述后，Bravo Luck 与 Genever US、Genever BVI 及受托人订立了一项约定，据此，Bravo Luck 同意其不会就有关该公寓或 Genever 实体的所有权主张提出异议。\n\n24. 因此，以下事项不存在争议：(i) Genever US 拥有该公寓；(ii) Genever US 由 Genever BVI 全资拥有；及 (iii) 受托人（作为个人债务人权益的受让人）拥有并控制 Genever BVI。\n\n5 参见对抗程序案号 22-5030，案卷编号 1。\n\n6 参见对抗程序案号 22-5035，案卷编号 1。\n\n7 参见对抗程序案号 22-5027，案卷编号 1。\n\n25. Genever US 正寻求出租或出售该公寓。\n\nIV. 公寓火灾及 AIG（美国国际集团）诉讼\n\n26. 2023年3月15日，该公寓发生火灾，造成重大损失。\n\n27. Genever US 持有向 AIG Property Casualty Company（AIG财产意外保险公司）（以下简称“AIG”）购买的若干保险单，为保护该公寓及其中贵重财产，向 Genever US 提供超过 \\$28 million 的保险保障，承保财产损失的“所有风险”，但须受若干除外事项限制；该等保险单还向 Genever US 提供最高 \\$11 million 的超额责任保险保障，承保因其拥有该公寓而引起的索赔，包括对相邻物业造成的损害（该等保险单合称“AIG保险单”）。尽管对该公寓受损程度的评估仍在进行中，但损失无疑将达数百万美元。\n\n28. 2023年4月25日，AIG 发出取消 AIG保险单的通知，声称“发现被保险人故意或鲁莽实施的、增加所承保危险的行为”以及“续保签发后被保险财产发生实体变更，致使该财产根据[AIG]的核保标准变得不可承保。”参见[对抗程序案号 23-05007 中的案卷编号 1]。\n\n29. 2023年5月12日，Genever US 提交其《Genever Holdings LLC 根据《破产法》第105条和第363条及《破产程序规则》第7001条，针对 AIG Property Casualty Company 就各项保险单提起的违约及确认判决诉状》[对抗程序案号 23-05007 中的案卷编号 1]（以下简称“AIG诉状”），就与 AIG保险单有关的违约索赔（包括拒绝承保）提起诉讼（以下简称“AIG诉讼”）。\n\n30. 2023年7月13日，破产法院作出初步禁令，禁止 AIG 取消 AIG保险单，并指令 AIG 撤销其先前发出的取消通知。[对抗程序案号 23-05007 中的案卷编号 32]。\n\n请求的救济\n\n31. 通过本动议，动议方请求作出 DIP命令，最终批准下列救济：(i) 授权 DIP借款人从 DIP贷款人取得最高 \\$2,000,000 的有担保申请后融资，该等融资由 DIP贷款人酌情提供；8 (ii) 根据《破产法》第364(c)(1)条，给予 DIP贷款人一项获准的超级优先行政费用债权；(iii) 根据《破产法》第364(c)(2)条，给予 DIP贷款人有效、已完全完善且可执行的非优先置换担保权益和留置权；(iv) 修改自动中止；(v) 授权受托人代表 DIP贷款人订立 DIP信贷协议；以及 (vi) 批准其他相关救济。\n\n32. 专有租约规定，未经 Sherry Netherland 事先同意，Genever US 不得准许在股份或专有租约中设立担保权益或留置权。9 如下文更充分阐述，拟议的 DIP融资寻求向 DIP贷款人授予合作公寓权益中的担保权益和留置权，该担保物亦被分别称为股份和专有租约。动议方获 Sherry Netherland 的律师告知，Sherry Netherland 不反对本动议所请求的救济。\n\n33. Genever US 和 DIP贷款人确认，且拟议命令反映，Sherry Netherland 第一顺位留置权有效且已妥为完善，并且其在一切方面（包括付款）均优先于就股份、专有租约及其收益授予 DIP贷款人的担保权益和留置权。Sherry Netherland 还持有一笔现金保证金（以下简称“现金保证金”），目前金额为 \\$1,052,530.14，作为现金担保物，以担保 Genever US 根据 Genever US 与 Sherry Netherland 于2015年3月6日订立的《保证金协议》在专有租约项下的义务。10 Genever US 和 DIP贷款人确认，且拟议的 DIP命令反映，Sherry Netherland 在现金保证金中的担保权益有效且已妥为完善，并且其在一切方面（包括付款）均优先于就现金保证金授予 DIP贷款人的担保权益和留置权。\n\n34. 此外，DIP借款人和 DIP贷款人同意，且拟议的 DIP命令反映，DIP贷款人不会通过要求付款、止赎或其他执行行动，对 DIP信贷协议项下产生的任何义务采取任何执行行动，或通过变现全部或部分合作公寓权益或现金保证金收取该等义务，除非及直至所有获准的 SN优先债务均已获全额清偿。\n\n35. 就 SN优先债务而言，Genever US 确认，Sherry Netherland 对 Genever US 在专有租约及其他公司文件项下所欠未付款欠款享有一项有效的申请前债权，金额为 \\$1,096,186.54。作为对本动议达成协商一致解决方案的一部分，并作为 Sherry Netherland 同意不：(i) 以专有租约禁止在股份或专有租约中设立担保权益或留置权为由反对本动议11，或 (ii) 就本动议或其他事项提出任何论点，主张 Genever US 因授予该等担保权益或留置权而违反专有租约的条件，动议方同意允许，并特此请求核准，将上述金额的申请前有担保债权作为本文件所请求救济的一部分（该获准债权以下简称“获准SN优先债务债权”）。\n\n36. 就申请后产生的 SN优先债务而言，申请后维护费及评估费迄今已根据纽约破产法院作出的命令，通过现金保证金获得清偿[案号 22-50592 中的案卷编号 107]。然而，Sherry Netherland 主张，截至今日，尚有未由现金保证金清偿的额外到期应付 SN优先债务金额（以下简称“现有申请后债权”），并主张将继续产生额外金额，包括可能因火灾而产生的债权（以下简称“额外申请后债权”）。作为对本动议达成协商一致解决方案的一部分，动议方已同意寻求授权，由受托人酌情支付 Sherry Netherland 律师及在审理地移送日期后已向或继续向 Genever US 提供服务的 Genever US 专业人士的合理申请后费用。然而，为免疑义，动议方同意寻求该等授权，并不构成承认该等申请后费用的有效性；动议方目前并不同意允许或支付，亦不寻求核准现有申请后债权及任何额外申请后债权，包括任何该等申请后费用。动议方和 Sherry Netherland 就任何该等债权保留其所有权利。为免疑义，动议方作为对 Sherry Netherland 就本动议所提意见达成协商一致解决方案的一部分而同意核准获准SN优先债务债权，不得以任何方式损害各方就核准现有申请后债权及任何额外申请后债权（如有）所享有的权利。\n\nI. DIP融资条款简要摘要\n\n37. 根据《破产程序规则》4001(b)(1)(B)及地方法则4001-3(a)的要求，DIP借款人提交以下关于 DIP信贷协议重要条款的简要说明。12\n\n《破产法》/地方法则 重要条款摘要\n\n借款人\n\n破产规则\n4001(c)(1)(B) Genever US（Genever US）及 Genever BVI（Genever BVI）。\n为免生疑，各借款人应就其各自在 DIP 信贷协议及其他贷款文件项下的义务承担连带责任。\n\n保证人\n\n破产规则\n4001(c)(1)(B) 无。\n\nDIP 贷款人\n\n破产规则\n4001(c)(1)(B) 个人债务人的 Chapter 11 财产，由 Chapter 11 受托人代表。\n\n期限\n\n破产规则\n4001(b)(l)(B)(iii),\n4001(c)(1)(B)\n当地规则 4001-3(a)(1) DIP 融资安排应于下列事项最先发生之日到期：(a) 公寓出售；(b) 债务人向破产法院提交重组计划；(c) 自交割日后满 24 个月的首个营业日；或 (d) DIP 信贷协议项下全部义务获得全额清偿。\n\n承诺额度 DIP 贷款人同意提供循环 DIP 贷款，累计金额最高为但不得超过\n破产规则\n4001(c)(1)(B) \\$2,000,000。\n当地规则 4001-3(a)(1) 每笔 DIP 贷款的最低累计金额应为 \\$10,000，超过该金额的部分应为 \\$5,000 的整数倍。\n\n借款条件 交割日及首次借款的先决条件：\n\n破产规则\n4001(c)(1)(B) a)\n贷款人应已收到 DIP 信贷协议及其他各项贷款文件的副本，且每一文件均已由其签署方正式签署并交付给贷款人；\n\n当地规则 4001-3(a)(7) b)\n不存在任何违约或违约事件，且该首次借款或其所得款项的使用不会导致任何违约或违约事件；\n\nc)\nDIP 命令 (i) 应已由破产法院作出，(ii) 应于交割日完全有效，(iii) 未被撤销或推翻，(iv) 不受停止执行令约束，且 (v) 未经贷款人事先书面同意，不得以任何方式修改或修订；\n\nd)\nDIP 命令应有效地为贷款人就 DIP 担保物设定有效、具有约束力、可执行且已完全并自动完善的留置权，并应按照其中规定的基础和优先顺位；及\n\ne)\n贷款人可能合理要求的其他条件、文件及交付物。\n\n12 除下文摘要外，当地规则 4001-3 要求的用于现金担保品使用及破产申请后融资动议和命令的核对清单，作为本文件附件 B 附后。\n\n破产法/当地\n规则 重大条款摘要\n\n所有借款的先决条件：\n\na)\n交割日应已发生；\n\nb)\n在作出该笔贷款时或因作出该笔贷款而立即产生的情况下，不存在任何违约或违约事件；\n\nc)\n不存在任何政府机关或任何法院的程序、命令、禁令或判令，限制或禁止（或试图限制或禁止）根据 DIP 信贷协议为该笔贷款提供资金；\n\nd)\n该笔贷款的所得款项应按照第 2.1 条用于指定并请求的用途；\n\ne)\n借款人应支付根据 DIP 信贷协议及其他贷款文件（包括根据 DIP 信贷协议第 6.3 条）须于该借款日支付的所有成本和费用（贷款人可自行选择从该笔贷款所得款项中抵销该等金额）；\n\nf)\n贷款人应已收到借款人正式签署的书面通知，该通知符合 DIP 信贷协议第 2.2(b) 条的要求；\n\ng)\nDIP 命令 (a) 应完全有效，(b) 未被推翻、撤销或停止执行，(c) 未成为任何上诉或质疑的对象，且 (d) 未经贷款人事先书面同意，未被修订、补充或以其他方式修改；及\n\nh)\n自交割日以来，未发生任何单独或与其他该等情形合并后已产生或可合理预期会产生重大不利影响的发展或事件。\n\n利率\n\n破产规则\n4001(c)(1)(B) 年利率 9.0%，不设违约利率，亦不设提前还款罚金或类似溢价。\n\n当地规则 4001-3(a)(1)\n\nDIP 融资安排的使用\n\n破产规则\n4001(b)(l)(B)(ii)\n当地规则 4001-3(a)(1) DIP 融资安排项下的垫款将由 DIP 贷款人酌情用于必要支出，例如：(i) 公寓必要的修复整治；(ii) 美国受托人费用；及 (iii) 《破产法》第 327、328、330 及 331 条所规定类别的、在审理地点转移日后发生的费用和支出。\n\n充分保护\n\n破产规则\n4001(b)(l)(B)(iv),\n4001(c)(1)(B)(ii) 无。DIP 融资安排未对任何现有担保权益进行优先置换。\n\n费用\n\n破产规则\n4001(c)(1)(B)\n当地规则 4001-3(a)(1) 无。\n\n预算及偏差 无。\n\n承诺\n\n破产规则 4001\n\n破产法/当地\n规则 重大条款摘要\n\n(c)(1)(B)\n\n当地规则 4001-3(a)(1)\n\n违约事件 DIP 信贷协议规定下列违约事件：\n\n破产规则\n4001(c)(l)(B) a)\n借款人未能在 DIP 信贷协议或任何其他贷款文件规定的到期应付款项之日起三个营业日内，支付该等文件项下应付的任何金额或义务；\n\n当地规则 4001-3(a)([1]) b)\n执行、交付或履行任何贷款文件，或任何贷款文件项下任何义务的有效性或可执行性所必需的任何政府机关授权未获授予、被撤回或不再完全有效；\n\nc)\n(A) 任何贷款文件的任何条款无论因何原因不再对作为其当事方的任何借款人有效、具有约束力或可执行；(B) 任何借款人书面作出该等声明，或提起诉讼以限制其在任何贷款文件项下的义务或责任；(C) DIP 命令无论因何原因（但根据其条款者除外）不再就 DIP 担保物设定有效担保权益；或 (D) 任何借款人的任何义务不再由该借款人的全部 DIP 担保物担保；或\n\nd)\n在 Chapter 11 案件中发生下列任何事项：\n\ni.\n除贷款人因本协议产生的债权及留置权，以及除 Carve-Out 外，任何借款人发生、设定、承担、容忍存在或允许任何其他与贷款人债权及留置权同等优先或优先于其的债权，或提交寻求该等债权的任何动议；\n\nii.\n破产法院作出命令，或借款人提交任何动议或任何救济请求——在每种情况下均未经受托人支持或遭受托人反对——以 (a) 驳回任何 Chapter 11 案件，(b) 将任何 Chapter 11 案件转换为《破产法》第 7 章案件，(c) 委任一名受托人或审查员（受托人除外），其权限超出《破产法》第 1106 条规定的权限；或 (d) 确认一项未规定最迟于生效日全额清偿 DIP 信贷协议项下全部义务的计划；\n\niii.\n破产法院作出命令，准予终止、废止或修改自动停止执行（如《破产法》第 362 条所规定）的救济，以授权任何一方对借款人价值超过 \\$50,000 的任何重大资产采取行动，或以会不利影响借款人按正常业务过程经营其业务能力的方式采取行动；或\n\niv.\n借款人未遵守 DIP 命令的任何条款，且在收到该事件书面通知后两个 (2) 营业日期间内仍未补救，或未依其条款获得其他豁免；但前提是，DIP 贷款人不会通过要求、止赎或其他方式，就 DIP 信贷协议项下产生的任何义务采取任何执行或其他行动，藉由处置全部或部分\n\n破产法/当地\n规则 重大条款摘要\n\n合作公寓权益或现金保证金以进行追偿，除非及直至 SN 高级债务在允许的范围内已获全额支付。\n\n里程碑\n\n破产规则\n4001(c)(1)(B) 无。\n\n当地规则 4001-3(a)(8)\n\n赔偿\n\n破产规则\n4001(c)(1)(B)(ix) 无。\n\n对现金担保品享有权益的实体\n\n破产规则\n4001(b)(l)(B)(i) 不适用。本动议未寻求《破产规则》4001(b)(1)(A) 项下的任何救济。\n\nCarve Out\n\n破产规则\n4001(c)(1)(B) DIP 命令及 DIP 信贷协议中所称的“Carve-Out”，系指下列各项之和：\n\n当地规则 4001-3(a)(3) i.\n书记官及美国受托人费用。根据 28 U.S.C. § 1930(a) 须向法院书记官及美国受托人支付的所有费用；\n\nii.\n第 7 章受托人费用。根据《破产法》第 726(b) 条由受托人发生并经法院准许的、最高不超过 \\$40,000 的所有合理且有文件证明的费用和支出；\n\niii.\nCarve-Out 触发前发生的获准专业费用。在本法院任何时候准许的范围内，无论是根据临时或最终报酬命令，对于由 DIP 借款人在审理地点转移日后聘用的人员或公司发生的、《破产法》第 327、328、330 及 331 条所规定类别的所有应计未付费用、成本和支出请求权（“Carve-Out 专业费用”）。Carve-Out 专业费用不得超过 \\$350,000。为免生疑，Carve-Out 专业费用不包括须向任何房地产经纪人支付的任何费用。\n\niv.\nCarve-Out 的资金安排：DIP 借款人所欠总额在任何时候不得超过 DIP 贷款人的承诺额度减去 \\$350,000。\n\n留置权及优先顺位\n\n破产规则\n4001(c)(l)(B)(i)\n当地规则 4001-3(a)(4) DIP 融资安排 (a) 将根据《破产法》第 364(c)(1) 条享有超级优先债权地位，该债权应优先于《破产法》第 503(b) 或 507(b) 条规定的任何及全部其他管理费用；但前提是，根据《破产法》第 502(d)、544、545、547、548、551、553(b)、732(2) 或 742(2) 条提起的任何诉讼所得款项，不得在优先基础上用于清偿该等超级优先债权；及 (b) 将由“DIP 留置权”担保，其中包括：(i) 根据第 364(c)(2) 条就所有未另行受留置权约束的 DIP 担保物及其所得款项享有完全完善的担保权益；以及 (ii) 根据《破产法》第 364(c)(3) 条，就所有在 Chapter 11 案件开始时受有效、已完善且在其他方面不可撤销的留置权约束，或其后根据《破产法》第 546(b) 条允许而完善的 DIP 担保物享有完全完善的次级担保权益；在每种情况下均以 Carve-Out 为限。合作公寓权益及现金保证金上的 DIP 留置权，在任何方面均次于 Sherry Netherland 第一留置权及 Sherry Netherland 在现金保证金上的担保权益。\n\n“DIP 担保物”\n\n破产法/当地 重大条款摘要\n\n规则\n\nDIP担保物应指并包括下列财产及该等财产的收益：(a) Genever US（Genever US）在以下财产中的所有权权益：(i) The Sherry Netherland（雪莉荷兰酒店公寓）与 Genever US 于 March 6, 2015 就称为 Apartment 1801 的特定公寓订立的专有租赁合同，(ii) The Sherry Netherland 与 Genever US 于 March 6, 2015 就称为 Maid's Room 2219 的特定公寓订立的专有租赁合同，(iii) The Sherry Netherland 与 Genever US 于 March 6, 2015 就称为 Maid's Room 719 的特定公寓订立的专有租赁合同（该等租赁合同及与其附随的股份，合称“合作公寓权益”），(b) Genever BVI（Genever BVI）或 Genever US 已提起或将提起的诉讼的收益（“借款人诉讼请求”），包括但不限于 AIG Litigation（AIG诉讼）；(c) 以 Genever US 名义持有的存款账户中的任何及全部资金，包括现金保证金；及 (d) Genever BVI 对 Genever US 的所有权权益。\n\n为免生疑，DIP担保物不包括根据《破产法典》第 502(d)、544、545、547、548、551、553(b)、732(2) 或 742(2) 条提起的诉讼，或该等诉讼的收益。\n\n第 506(c) 条豁免\n《破产法规则》\n4001(c)(l)(B)(x)\n地方法则 4001-3(g)(3)\n\n有利于DIP贷款人的担保权益不受《破产法典》第 551 条约束，DIP担保物亦不得依据《破产法典》第 506(c) 条或以其他方式被征收附加费用。\n\n第 552(b) 条\n《破产法规则》\n4001(c)(l)(B)\n地方法则 4001-3(a)(6)\n\n兹放弃《破产法典》第 552 条规定的案件衡平利益限制。\n\n关于申请前留置权及债权的约定\n《破产法规则》\n4001(c)(1)(B)(iii)\n地方法则 4001-3(a)(4)\n\n无。\n\n异议期间\n《破产法规则》\n4001(c)(l)(B)\n地方法则 4001-3(a)(7)\n\n无。\n\n自动中止的豁免／修改\n《破产法规则》\n4001(c)(1)(B)(iv)\n\n自动中止将在DIP贷款人为完善DIP留置权以及在发生违约事件时行使救济所必需的范围内予以修改。\n\n撤销诉讼上的留置权\n地方法则 4001-3(a)(3)\n\nDIP担保物明确排除对撤销诉讼或其收益设定的留置权。\n\n救济依据\n\n一、订立DIP信贷协议是受托人代表DIP贷款人作出的合理商业判断\n\n38. 《破产法典》第 363(b)(1) 条允许受托人在通知和听证后，将财产“在正常营业过程以外”使用。尽管第 363 条未规定确定法院何时适宜授权使用、出售或出租财产的标准，只要破产法院能够阐明合理的商业理由，便通常会授权在正常营业过程以外使用债务人的资产。事实上，“财产代表人的商业判断应受到高度尊重。”参见 In re Celsius Network LLC, No. 22-10964 (MG), 2022 WL 14193879, at \\*6 (Bankr. S.D.N.Y. Oct. 24, 2022)（省略内部引文）。\n\n39. 如本文件所述，个人债务人是 Genever BVI 的唯一股东，而 Genever BVI 是 Genever US 的唯一所有人。因此，个人债务人——现为其破产财产——是该公寓所有权的最终受益人。因此，最大化两个 Genever 财产的价值符合个人债务人第 11 章财产及其债权人和利益相关方的最佳利益。而且，如下文所示，DIP信贷安排至关重要：若无DIP信贷安排，DIP借款人最终将被迫转换为第 7 章清算，从而保证个人债务人的财产无法从 Genever 实体的案件中获得任何回收。\n\n40. 同时，拟议的DIP信贷安排保护个人债务人的财产和利益相关方。DIP信贷安排是一项定向安排，且DIP贷款仅限于受托人依其全权酌定所确定的必要费用。DIP信贷安排还通过授予DIP贷款人一项获准的超级优先行政费用债权，以及有效、已完全完善且可执行的担保权益和留置权，来保护个人债务人的财产。因此，订立DIP信贷协议是受托人代表DIP贷款人及其财产作出的合理商业判断。\n\n二、订立DIP信贷协议是DIP借款人作出的合理商业判断\n\n41. 《破产法典》第 364 条授权债务人在下文详述的特定情形下取得有担保或超级优先融资。只要取得该等信贷的协议不违反《破产法典》的规定及其所依据的政策，法院便会对占有中债务人依其商业判断取得申请后有担保信贷给予相当大的尊重。事实上，“法院几乎总会尊重债务人在选择贷款人方面的商业判断。”In re L.A. Dodgers LLC, 457 B.R. 308, 313 (Bankr. D. Del. 2011)；另见 In re Ames Dep't Stores, Inc., 115 B.R. 34, 40 (Bankr. S.D.N.Y. 1990)（“[C]ases consistently reflect that the court's discretion under section 364 [of the Bankruptcy Code] is to be utilized on grounds that permit [a debtor's] reasonable business judgment to be exercised so long as the financing agreement does not contain terms that leverage the bankruptcy process and powers or its purpose is not so much to benefit the estate as it is to benefit a party-in-interest.”）。\n\n42. 为确定是否符合商业判断标准，法院仅需“审查在类似情形下，理性商人是否会作出类似决定。”In re Exide Techs., 340 B.R. 222, 239 (Bankr. D. Del. 2006)；另见 In re Curlew Valley Assocs., 14 B.R. 506, 513–14 (Bankr. D. Utah 1981)（指出，当债务人的商业决定涉及“基于善意、合理依据，并在《破产法典》赋予[债务人]的权限范围内作出的商业判断”时，法院不应对其作出事后质疑）。此外，在考虑申请后融资条款是否公平合理时，法院会根据债务人与潜在贷款人的相对情况审视该等条款。这包括承认债务人可能必须作出“艰难交易”以取得其重组所需资金。In re Elingsen McLean Oil Co., Inc., 65 B.R. 358, 365 n.7 (W.D. Mich. 1986)。法院仅应在明确表明债务人的管理决定尤其是明显错误、任意作出、违反高级管理人员及董事对公司的信义义务、基于不充分的信息或研究、出于恶意，或违反《破产法典》时，干预债务人的管理决定。In re United Artists Theatre Co., 315 F.3d 217, 233 (3rd Cir. 2003)。\n\n43. DIP借款人需要立即获得流动性，以确保其能够保全其财产的价值，并为所有利害关系方及其他利益相关方的利益最大化其资产。没有该等融资，DIP借款人将无法支付基本费用，并可能被迫接受未反映该公寓真实价值的报价。Genever US 也将无法继续进行AIG诉讼。最后，转换为第 7 章清算并不能解决这些问题，因为第 7 章受托人同样需要获得流动性，以支付DIP借款人的基本费用或继续进行诉讼请求。\n\n44. DIP借款人以及作为委托投票权持有人的受托人，已依其商业判断确定，不存在更好的可用替代方案，且在综合所有情形下，拟议的DIP信贷安排构成可获得的最佳融资。因此，DIP信贷安排符合DIP借款人债权人及所有其他利益相关方的最佳利益，故应获法院批准。\n\n三、DIP信贷安排符合完全公平标准\n\n45. 如果DIP贷款人属于《破产法典》界定的DIP借款人内部人，则DIP信贷安排可能须适用更为严格的“完全公平”标准。\n\n但即使法院适用该标准，DIP信贷安排亦符合该标准并应获批准。\n\n46. “根据完全公平原则，自我交易必须在对交易程序公平性和交易价格公平性进行的双重审查的两个要素下获得正当化。”In re Perry H. Koplik & Sons, Inc., 476 B.R. 746, 803 (Bankr. S.D.N.Y. 2012)（省略后续历史）。“公平[程序]涉及分析交易如何构建、时间安排、披露和批准。公平价格涉及交易的经济和财务考量。”In re Signature Apparel Grp. LLC, 577 B.R. 54, 101 (Bankr. S.D.N.Y. 2017)。\n\n47. 公平程序。DIP借款人和DIP贷款人的行为，以及筹备并订立DIP信贷安排的整体过程，均属公平合理。尽管受托人同时代表DIP贷款人和DIP借款人行事，但其双重角色已完全透明。此外，受托人仅依据独立董事授予其的权限代表DIP借款人行事，该权限可随时撤销。\n\n48. 公平价格。公平交易体现在公平价格之中，并促成了公平价格。DIP信贷安排的条款较DIP借款人能够从任何其他贷款人取得的条款更为有利（即使在任何条款下根本能够获得融资）。不过，同时，DIP信贷安排在使DIP贷款人受益的同时，也包括保护DIP贷款人财产的重要条款（例如DIP债权、DIP留置权，以及预付款由DIP贷款人酌定）。委员会的支持确认了DIP信贷安排的公平性。\n\n四、应授权DIP借款人授予留置权及超级优先债权\n\n49. DIP借款人拟通过授予DIP贷款人以下权利以取得DIP信贷安排下的融资：(i) 一项超级优先行政费用债权；及 (ii) 对DIP担保物享有次级、非优先顺位留置权（如DIP信贷协议所载）。\n\n50. 《破产法典》第 364(c) 条除其他规定外，规定如债务人无法取得根据《破产法典》第 503(b)(1) 条可作为行政费用获准的无担保信贷，法院可授权债务人取得信贷或承担债务：(a) 其优先顺位高于任何及全部行政费用，(b) 以不受其他留置权约束的财产上的留置权作担保，或 (c) 以受留置权约束的财产上的次级留置权作担保。\n\n51. 根据第 364(c) 条取得申请后信贷的法定要求是，在通知和听证后作出认定，债务人“无法取得根据《破产法典》第 503(b)(1) 条可获准的无担保信贷”。11 U.S.C. § 364(c)。参见 In re Crouse Grp., Inc., 71 B.R. 544, 549 (Bankr. E.D. Pa. 1987)（在通知和听证后，证明无法取得无担保信贷时，即可授权根据《破产法典》第 364(c) 条取得有担保信贷）。债务人仅需证明，在授予潜在贷款人《破产法典》第 364(c) 条所提供的信贷增益之前，其已作出合理努力寻求其他资金来源。参见 In re Ames Dep't Stores, 115 B.R. at 37–39。\n\n52. 法院已阐述一项三部分检验标准，以确定债务人是否有权根据《破产法典》第 364(c) 条获得融资。具体而言，法院考量：(i) 债务人是否无法根据《破产法典》第 364(b) 条获得无担保信贷，即仅允许贷款人取得一项管理费用请求权；(ii) 该信贷交易是否为保全破产财产所必需；以及 (iii) 鉴于借款债务人和拟议贷款人的情况，该交易条款是否公平、合理且充分。参见 In re Ames, 115 B.R. at 37-40。\n\n53. DIP Borrowers（DIP 借款人）认为不存在可供选择的融资来源。DIP 借款人并未经营持续性业务，亦不产生任何收入。其唯一重要资产为该公寓和 AIG Litigation（AIG 诉讼）；如上所述，DIP 借款人是否能够（以及何时能够）从该等资产中取得任何价值尚不确定。在此情形下，为寻找愿意在无担保基础上向 DIP 借款人提供信贷的替代贷款人而“货比三家”，将是对时间和金钱的浪费。此外，任何贷款人均极不可能向 DIP Borrowers 提供与 DIP Credit Agreement（DIP 信贷协议）项下条款同样有利的条件，包括但不限于非优先留置权、低利率、无违约利率、无最低提款额、无 13 周预算以及无 DIP 费用。\n\n54. 因此，DIP 借款人主张，其已满足根据《破产法典》第 364(c) 条取得破产申请后融资所需的标准。\n\nV. 应在有限范围内修改自动停止\n\n55. DIP Order（DIP 命令）规定，应修改《破产法典》第 362 条的自动停止规定，以允许 DIP Lender（DIP 贷款人）提交任何融资声明、担保协议、留置权通知及其他类似文书和文件，从而使根据 DIP 命令授予的留置权和担保权益有效并完成完善。DIP 命令还在必要范围内修改自动停止，以允许 DIP 借款人向 DIP Lenders（DIP 贷款人）授予 DIP Liens（DIP 留置权），并承担 DIP 命令中规定的全部责任和义务。最后，DIP 命令规定，在发生违约后，自动停止应予解除和修改，但仅限于允许 DIP 贷款人根据 DIP 信贷协议（及相关文件）行使所有权利和救济措施所必要的范围，并须遵守对与 Coop Interest（合作公寓权益）及 Cash Deposit（现金保证金）有关的执行行为的限制，直至或除非 SN Senior Debt（SN 优先债务）在获准范围内已获全额清偿。\n\n56. 此类停止修改是占有债务人融资安排中的通常和标准特征，并且依 DIP 借款人的商业判断，在此情形下属合理且公平。参见，例如，In re The Great Atl. & Pac. Tea Co., Inc., Case No. 15-23007 (RDD) (Bankr. S.D.N.Y. July 21, 2015) [Docket No. 88]（在实施并使 DIP 协议生效所必需的范围内，修改《破产法典》第 362 条规定的自动停止）；In re Chassix Holdings, Inc., Case No. 15- 10578 (MW) (Bankr. S.D.N.Y. Mar. 13, 2015) [Docket No. 67]（同）；In re The Reader's Digest Assoc., Case No. 09-23529 (RDD) (Bankr. S.D.N.Y. Aug. 26, 2009) [Docket No. 26]（同）；In re Lear Corp., Case No. 09-14326 (ALG) (Bankr. S.D.N.Y. July 7, 2009) [Docket No. 59]（同）。\n\nVI. 应最终批准 DIP 命令\n\n57. 根据《破产程序规则》第 4001(c)(2) 条，破产法院可在送达寻求该等融资的动议后“不早于 14 天”批准破产申请后融资。如债务人提出请求，法院可在作出必要证明后，于“该 14 日期限届满前”批准临时融资。\n\n58. 本动议并未请求在完整 14 日通知期限届满前按临时基础提供资金。因此，动议方寻求最终批准 DIP Facility（DIP 融资额度）。\n\nVII. 应根据《破产法典》第 364(e) 条将 DIP 贷款人视为善意贷款人\n\n59. 《破产法典》第 364(e) 条保护善意贷款人收取向债务人提供的贷款的权利，以及其就担保该等贷款的任何留置权所享有的权利，即使债务人取得该等贷款或授予该等留置权的授权后来在上诉中被撤销或修改。\n\n60. 如本文所述，DIP 融资额度的条款源于：(i) DIP 借款人作出的合理且知情的判断，尤其鉴于 DIP 借款人是否能够（以及何时能够）从该公寓及 AIG 诉讼中取得任何价值尚不确定，认为 DIP 贷款人提供了取得关键破产申请后融资的最有利条款；以及 (ii) DIP 借款人和 DIP 贷款人（通过其代表 Trustee（受托人）行事）的善意考量。DIP 融资额度的条款和条件在此情形下属合理且适当，且 DIP 借款人仅会按照《破产法典》和 DIP 信贷协议所允许的方式使用 DIP 融资额度所得款项。此外，除本文所述外，并未向 DIP 融资额度的任何一方提供任何对价。因此，法院应认定 DIP 贷款人属于《破产法典》第 364(e) 条含义内的“善意”贷款人，并有权获得该条规定的全部保护。\n\n放弃《破产程序规则》第 4001(a)(3) 条和第 6004(h) 条\n\n61. 《破产程序规则》第 4001(a)(3) 条规定：“根据规则第 4001(a)(1) 条提出的准许免除自动停止的动议的命令，在该命令作出后 14 日期满前停止执行，除非法院另有命令。”同样，《破产程序规则》第 6004(h) 条规定：“授权使用、出售或出租现金担保物以外财产的命令，在该命令作出后 14 日期满前停止执行，除非法院另有命令。”\n\n62. 如本文所述，获得 DIP 融资额度对于防止 DIP 借款人的破产财产遭受不可弥补的损害至关重要。\n\n63. 因此，存在充分理由证明有必要放弃《破产程序规则》第 4001(a)(3) 条和第 6004(h) 条施加的 14 日停止执行期限，DIP 借款人请求放弃该停止执行，但仅限于该停止执行适用的范围。\n\n通知\n\n64. 本动议的通知将送达：(i) United States Trustee for the District of Connecticut（美国康涅狄格地区受托人办公室）；(ii) Individual Debtor（个人债务人）的律师；(iii) Committee（委员会）；(iv) AIG；(v) 《破产程序规则》第 4001(c) 条要求的所有当事人；(vi) 根据《破产程序规则》第 2002 条在 Chapter 11 Cases（第 11 章案件）中请求通知的所有当事人；以及 (vii) 任何其他法院命令要求的所有当事人。13\n\n[本页其余部分有意留空。]\n\n13 与此同时，受托人已提交一项动议，请求限制本动议的送达范围，以避免向约 1,300 名债权人送达本动议所产生的费用和不当负担。如获准，受托人将向 Notice Parties（通知当事人，定义见该动议）送达本动议。\n\n鉴于上述理由，动议方谨请求法院\n\n作出拟议 DIP 命令，准许本文请求的救济。\n\n日期：August 23, 2023 New York, New York\n\n签署：/s/ Douglass Barron\n\nLuc A. Despins（Luc A. Despins，获准临时执业）\nG. Alexander Bongartz（G. Alexander Bongartz，获准临时执业）\nDouglass Barron（Douglass Barron，获准临时执业）\nPAUL HASTINGS LLP\n200 Park Avenue\nNew York, New York 10166\n(212) 318-6079\nlucdespins@paulhastings.com\nalexbongartz@paulhastings.com\ndouglassbarron@paulhastings.com\n\n以及\n\nNicholas A. Bassett（Nicholas A. Bassett，获准临时执业）\nPAUL HASTINGS LLP\n2050 M Street NW\nWashington, D.C., 20036\n(202) 551-1902\nnicholasbassett@paulhastings.com\n\n以及\n\nDouglas S. Skalka（Douglas S. Skalka，ct00616）\nPatrick R. Linsey（Patrick R. Linsey，ct29437）\nNEUBERT, PEPE & MONTEITH, P.C.\n195 Church Street, 13th Floor\nNew Haven, Connecticut 06510\n(203) 781-2847\ndskalka@npmlaw.com\nplinsey@npmlaw.com\n\n动议方代理律师\n\n附件 A\n\n拟议 DIP 命令\n\nUNITED STATES BANKRUPTCY COURT（美国破产法院）\nDISTRICT OF CONNECTICUT（康涅狄格地区）\nBRIDGEPORT DIVISION（布里奇波特分部）\n\n------------------------------------------------------x ： 关于：Docket No. [•]\n\n债务人。 ：\n： （合并管理）\nHO WAN KWOK（郭文贵）等，1 ：\n： Case No. 22-50073 (JAM)\nIn re： ： 第 11 章\n------------------------------------------------------x ：\n\n命令：(I) 授权第 11 章受托人根据《破产法典》第 363 条提供融资；(II) 授权 GENEVER US 和 GENEVER BVI 根据《破产法典》第 364 条取得破产申请后融资；(III) 授予非优先留置权并提供超级优先管理费用请求权；(IV) 修改自动停止；以及 (V) 准许相关救济\n\n根据 Genever Holdings LLC（Genever US）（“Genever US”）、Genever Holdings Corporation（Genever BVI）（“Genever BVI”）及 Luc A. Despins（Luc A. Despins）以 Ho Wan Kwok（郭文贵）（“个人债务人”）第 11 章受托人（“受托人”）身份提出的动议（“动议”2），其作为本案标题所示合并管理案件中的债务人（“第 11 章案件”），请求法院根据《美国法典》第 11 编第 105(a)、361、362、363、364、503、506 和 507 条（“破产法典”）、《联邦破产程序规则》第 2002、4001、6003、6004 和 9014 条（“破产程序规则”），以及 United States Bankruptcy Court for the District of Connecticut（美国康涅狄格地区破产法院）地方法规第 4001-3 条（“地方法规”），作出最终命令（“DIP 命令”），其中包括：(i) 授权 Genever US 和 Genever BVI（“DIP 借款人”）从 Kwok 的第 11 章破产财产（“DIP 贷款人”，并与 DIP 借款人合称“动议方”）取得有担保的\n\n1 本第 11 章案件中的债务人为 Ho Wan Kwok（又名 Guo Wengui、Miles Guo 和 Miles Kwok，以及众多其他别名）（税务识别号码后四位：9595）、Genever Holdings LLC（税务识别号码后四位：8202）以及 Genever Holdings Corporation。受托人、Genever Holdings LLC 和 Genever Holdings Corporation 的邮寄地址为 Paul Hastings LLP, 200 Park Avenue, New York, NY 10166，收件人：Luc A. Despins，作为 Ho Wan Kwok 破产财产的受托人（仅用于通知和通信）。\n\n2 本文所使用但未另行定义的首字母大写术语，应具有动议中规定的含义。\n\n破产申请后融资，该融资为本金总额最高达 $2,000,000 的非优先有担保占有债务人信贷额度，并采用作为本命令附件 1 附上的 DIP 融资信贷协议形式（该协议称为“DIP 信贷协议”）；(ii) 如本文更详细说明，为 DIP 贷款人的利益授予相关留置权和超级优先请求权；(iii) 在必要范围内修改自动停止；以及 (iv) 授权受托人作为 DIP 贷款人的代表签订 DIP 信贷协议，所有事项均依照本 DIP 命令所载的条款和条件。\n\n法院已审阅本动议，并审议了在[•]举行的听证会（“DIP 听证会”）中为审议作出本DIP命令而提出的论点；且已根据《破产程序规则》2002、4001、6003、6004和9014条以及所有适用的地方法院规则，就DIP听证会发出适当且充分的通知；且DIP听证会已经举行并结束；且如有对本动议所请求救济提出的任何异议，均已撤回、解决或被法院驳回；且法院已认定，本动议所载的法律及事实依据足以构成授予本命令项下救济的正当理由；且该等救济公平合理，符合动议申请人、其破产财产、其债权人及所有利害关系方的最佳利益，并且对于保全DIP借款人破产财产的价值至关重要；且动议申请人订立DIP信贷协议，显属DIP借款人及受托人审慎且合理行使商业判断；且基于本法院此前进行的所有程序，经适当审议并认为理由充分，\n法院作出以下事实认定和法律结论：3\n\nA. 申请日期及受托人的指定。Genever US于October 12, 2020在New York Bankruptcy Court（纽约破产法院）提交其自愿第11章申请。于February 15, 2022，个人债务人向本法院提交自愿申请，请求根据《破产法典》第11章获得救济。根据日期为July 8, 2022的命令，法院批准了受托人的遴选。于October 11, 2022，Genever BVI向本法院提交其自愿第11章申请。此后不久，根据日期为November 3, 2022的命令，纽约破产法院批准了受托人与Genever US共同提出的动议，将Genever US的第11章案件审理地移送至本法院。根据日期为November 21, 2022的命令，法院批准对Genever US、Genever BVI及个人债务人的第11章案件进行联合管理。\n\nB. 管辖权及审理地。根据28 U.S.C. §§ 157和1334，以及United States District Court for the District of Connecticut（美国康涅狄格联邦地区法院）作出的管辖权移送常设命令，法院对本事项享有管辖权。本案属于28 U.S.C. § 157(b)所称的核心程序。根据28 U.S.C. §§ 1408和1409，本地区为适当审理地。本动议所请求救济的法定依据为《破产法典》第105(a)、361、362、363、364、503、506和507条，《破产程序规则》2002、4001、6003、6004和9014条，以及地方法院规则4001-3条。\n\nC. 委员会的成立。于March 21, 2022，United States Trustee（美国受托人）在个人债务人的第11章案件中指定了无担保债权人正式委员会（“委员会”）。在各第11章案件中均未指定审查员。\n\n3 本命令所载事实认定及法律结论，构成法院根据《破产程序规则》7052条作出的事实认定及法律结论；该规则依《破产程序规则》9014条适用于本程序。\n\nD. 通知。DIP听证会系根据《破产程序规则》4001(b)(2)和(c)(2)条举行。已按照地方法院规则4001-3(g)(7)条，就本动议及DIP听证会提供适当、及时、充分且足够的通知，毋需再就本动议或作出本DIP命令提供其他或进一步通知。\n\nE. 关于DIP融资的认定。\n\n(a) 存在正当理由。已有充分且适当的理由支持作出本DIP命令，并授权DIP借款人订立及根据DIP信贷协议借款。\n\n(b) 对DIP融资的需求。DIP借款人迫切且关键地需要进行DIP融资，以便除其他事项外，为管理其第11章案件的费用及其他迫切需要的费用提供资金，例如对该公寓进行必要的修复、美国受托人费用及专业人士费用。DIP借款人通过根据DIP信贷协议提供的DIP融资机制发生债务而获得充足流动资金，对于保全及最大化DIP借款人第11章破产财产的价值属必要且至关重要。\n\n(c) 无法以更优惠条件获得信贷。DIP融资机制是目前DIP借款人可合理获得的最佳占有债务人融资来源。DIP借款人已确定，DIP借款人无法以比DIP融资机制所提供条件更优惠的条件获得足够信贷。\n\n(d) 商业判断及完全公平性。根据本动议及DIP听证会形成的记录，依据DIP信贷协议提供的DIP融资条款：(i) 在各方面均公平合理，体现DIP借款人及受托人按照其信义义务审慎行使商业判断，构成合理等值及公平对价，并代表可获得的最佳融资；且(ii) 在适用的范围内，符合完全公平性标准。\n\n(e) 善意贷款人。DIP融资的结果源于：(i) DIP借款人经合理且知情的判断，认定DIP贷款人提供了获得关键申请后融资的最有利条件；以及(ii) DIP借款人和作为个人债务人破产财产代表行事的受托人的善意考量。DIP融资机制的条款及条件在当时情形下合理且适当。此外，除本动议所述外，未向DIP融资机制的任何一方提供任何对价。DIP贷款人已根据DIP信贷协议的条款，以善意提供DIP贷款及DIP借款人对DIP贷款人所负的任何债务，并明确依赖《破产法典》第364(e)条所提供的保护。倘本DIP命令或其任何条款在上诉或其他情况下被撤销、推翻或修改，DIP贷款人（及其任何继承人和受让人）均有权获得《破产法典》第364(e)条的充分保护。\n\n(f) DIP融资机制款项的用途。DIP借款人将按照DIP信贷协议的规定使用DIP融资机制的款项，并仅将其用于《破产法典》所允许的目的。\n\n(g) 《破产法典》第506(c)条。DIP贷款人有权获得本命令规定的对《破产法典》第506(c)条规定的豁免。\n\n(h) 公司授权。DIP借款人及受托人（作为DIP贷款人的代表行事）均拥有一切必要的权力及授权，以签署、交付其作为一方当事人的DIP信贷协议并履行其项下义务，包括但不限于发生DIP贷款及质押适用的DIP担保物。\n\n基于上述认定及结论、本动议以及法院就本动议所掌握的记录，并经适当审议且认为理由充分，\n特此命令如下：\n\n1. 处置。本动议所请求的救济，按本命令所载内容予以最终批准。就作出本DIP命令而言，任何尚未撤回、放弃或和解的针对本动议的异议，特此按实体理由予以驳回并否决。本DIP命令于作出后立即生效。\n\n2. 对DIP融资及DIP信贷协议的授权。\n\n(a) DIP融资机制特此按本命令所载内容予以最终批准。动议申请人依本DIP命令获授权签署、交付、订立并在适用情况下履行其在DIP信贷协议项下的所有义务，以及采取与此相关的其他必要、适当或可取的行为。DIP借款人特此获授权根据DIP信贷协议借款，但须遵守其中的任何限制；该等借款应在符合本命令及DIP信贷协议所允许的一切目的下使用，并须遵守本命令及该协议所载条款和条件。DIP贷款人（通过受托人行事）获授权将DIP信贷协议所述的垫款直接支付给DIP借款人的收款人或债权人，且任何该等垫款均应视为信贷协议项下的垫款。\n\n(b) 为推进上述事项，且无需本法院进一步批准，DIP借款人及作为DIP贷款人代表行事的受托人，均获授权并被指示采取一切行为，作出、签署及交付一切文书、证明、协议、收费文件、契据及文件，并按照DIP信贷协议的条款及条件，于本金、利息及DIP信贷协议所述其他金额到期应付时予以支付，以及采取任何其他可能必要、可取或适当的相关行动，但均以本DIP命令或DIP信贷协议规定的范围为限。\n\n3. 预留款。预留款系指下列各项的总和：(i) 根据28 U.S.C. § 1930(a)应向法院书记官及美国受托人支付的所有费用；(ii) 受托人根据《破产法典》第726(b)条产生并经法院准许的、不超过$40,000的所有合理且有文件证明的费用及支出；以及(iii) 在本法院任何时候，无论根据临时命令或最终命令所准许的，由DIP借款人在审理地移送日期后聘用的人员或事务所产生的、属于《破产法典》第327、328、330及331条规定类别的所有已产生但未支付的费用、成本及支出请求权（“预留款专业人士费用”）。预留款专业人士费用不得超过$350,000。为免疑义，预留款专业人士费用不包括应支付给任何房地产经纪人的任何费用。在任何时候，DIP借款人所欠总额不得超过DIP贷款人的承诺额减去$350,000。\n\n4. DIP 债权。根据《破产法典》第 364(c)(1) 条，DIP 贷款人应被授予针对各 DIP 借款人的获准优先担保超级优先行政费用债权，该债权以单独及连带责任基础设立，其优先于针对 DIP 借款人的任何及所有现存或日后产生的、任何性质的其他债权，但获准的 SN 优先债务债权（定义见本裁定）及在获准范围内的其他 SN 优先债务除外，包括但不限于《破产法典》第 503(b) 条和第 507(b) 条所规定种类的所有行政费用，以及根据《破产法典》第 105、326、327、328、330、331、365、503(b)、506(c)、507(a)、507(b)、726、1113 或 1114 条产生的任何及所有行政费用或其他债权，无论该等费用或债权是否可能因判决留置权或其他非合意留置权、扣押或查封而成为有担保债权；就《破产法典》第 1129(a)(9)(A) 条而言，该获准优先担保超级优先行政费用债权（“DIP 债权”）应被视为根据《破产法典》第 503(b) 条获准的行政费用，且该 DIP 债权应由以下财产支付并对其享有第一追索权：(i) DIP 担保物及其全部收益，但仅受限于偿付剥离额、获准的 SN 优先债务债权及在获准范围内的其他 SN 优先债务；以及 (ii) DIP 借款人的任何其他资产；但条件是，DIP 债权不应对根据《破产法典》第 502(d)、544、545、547、548、551、553(b)、732(2) 或 742(2) 条提起的任何诉讼的收益享有第一追索权。为免生疑问，除剥离额、获准的 SN 优先债务债权及在获准范围内的其他 SN 优先债务外，DIP 债权不应从属于或与在第 11 章案件或《破产法典》项下任何后续案件中此前或此后授予或设立的任何债权处于同等顺位（包括但不限于《破产法典》第 7 章项下的任何案件），且该 DIP 债权应按本裁定规定维持其优先权，直至本裁定及 DIP 信贷协议项下的所有债务均获全额清偿。在本 DIP 命令或其任何条款因上诉或其他原因被撤销、推翻或修改的情况下，DIP 债权应享有《破产法典》第 364(e) 条的充分保护。\n\n5. DIP 担保物。DIP 担保物应指并包括以下财产及该等财产的收益：(a) Genever US（Genever美国）的下列权益：(i) Sherry Netherland, Inc.（Sherry Netherland公司）与 Genever Holdings LLC（Genever Holdings有限责任公司）于 March 6, 2015 就称为 Apartment 1801 的特定公寓及附属于该租约的股份订立的专有租约；(ii) Genever US 在 Sherry Netherland, Inc. 与 Genever Holdings LLC 于 March 6, 2015 就称为 Maid's Room 2219 的特定公寓及附属于该租约的股份订立的专有租约中的权益；(iii) Genever US 在 Sherry Netherland, Inc. 与 Genever Holdings LLC 于 March 6, 2015 就称为 Maid's Room 719 的特定公寓及附属于该租约的股份订立的专有租约中的权益（该等租约及该等股份合称“合作公寓权益”）；(b) 由 Genever BVI（Genever英属维尔京群岛）或 Genever US 已提起或将提起的诉讼之收益（“借款人诉讼债权”），包括但不限于 Genever US 在破产法院针对 AIG Property Casualty Company（AIG财产意外保险公司）提起的对抗程序，该程序题为《Genever Holdings LLC 根据各项保险单针对 AIG Property Casualty Company 提起的、依据〈破产法典〉第 105 和 363 条及〈破产规则〉第 7001 条的合同违约及宣告判决之诉》，并以 Adv. Proc. No. 23-05007 中的 Docket No. 1 立案（“AIG 诉讼”）；(c) 以 DIP 借款人名义持有的存款账户中的任何及所有资金，包括但不限于现金保证金；以及 (d) Genever BVI 在 Genever US 中的所有权权益。为免生疑问，DIP 担保物不包括根据《破产法典》第 502(d)、544、545、547、548、551、553(b)、732(2) 或 742(2) 条提起的任何撤销诉讼，或该等撤销诉讼的收益。\n\n6. DIP 留置权。作为 DIP 贷款的担保，并且仅受限于剥离额，自本 DIP 命令录入之日起生效，并自动且适当完成完善，无需 DIP 贷款人签署、登记、完善或提交文件，亦无需 DIP 代理人占有或控制任何 DIP 担保物，现向 DIP 贷款人授予以下有效、有约束力、持续有效、可执行且不可撤销的担保权益和留置权（所有该等留置权和担保权益统称“DIP 留置权”）。\n\n(a) 优先留置权。根据《破产法典》第 364(c)(2) 条，就截至申请日未以其他方式受制于留置权的 DIP 担保物，设立有效、有约束力、可执行、已完全完善的第一优先顺位担保权益和留置权。为免生疑问：\n\n1. Sherry Netherland 第一留置权及 Sherry Netherland 对现金保证金享有的担保权益和第一留置权（“Sherry Netherland 现金保证金留置权”，连同 Sherry Netherland 第一留置权，统称“Sherry Netherland 优先留置权”）均为有效且已适当完善，并在所有方面（包括支付方面）优先于 DIP 贷款人就 DIP 担保物及其收益获授的担保权益和留置权。\n\n2. DIP 贷款人应对所有 DIP 担保物（合作公寓权益和现金保证金除外）享有第一优先顺位担保权益，包括但不限于借款人诉讼债权（包括 AIG 诉讼）以及 Genever BVI 在 Genever US 中的所有权权益。尽管有前述规定，Sherry Netherland 有权仅就 AIG 诉讼的任何收益（但不包括任何其他借款人诉讼债权）主张衡平法留置权。如主张该等衡平法留置权，该所主张衡平法留置权的有效性、可执行性及优先顺位，应由具有管辖权的法院根据适用的破产法和非破产法确定（动议人认为破产法院将拥有专属管辖权，而 Sherry Netherland 保留所有权利），且所有当事人就此享有的权利均予保留。\n\n(b) 次于某些其他留置权的留置权。根据《破产法典》第 364(c)(3) 条，就以下 DIP 担保物设立有效、有约束力、可执行、已完全完善的次级担保权益和留置权：(i) 截至申请日受制于申请日紧接之前已存在的有效、已完善且不可撤销的优先留置权；或 (ii) 根据《破产法典》第 546(b) 条的允许而受制于已完善的留置权。为免生疑问，DIP 留置权应次于 Sherry Netherland 优先留置权。\n\n(c) 不交叉担保。就各 DIP 借款人财产授予的 DIP 留置权仅担保该借款人的债务。\n\n(d) 专有租约项下不存在违约。Sherry Netherland 不得就本动议或其他事项提出任何论点，主张 Genever US 因授予本裁定所述担保权益和留置权而违反专有租约。\n\n7. 在任何 DIP 命令或其任何条款因上诉或其他原因被撤销、推翻或修改的情况下，DIP 留置权应享有《破产法典》第 364(e) 条的充分保护。\n\n8. DIP 融资安排项下权利的保护。自动中止现予修改至必要范围，以允许 DIP 借款人及作为 DIP 贷款人代表的受托人（视情况而定）在相同或不同时间采取下列任何或全部行动，且在任何情况下均无需法院进一步命令或申请：(i) 提交任何融资声明、担保协议、留置权通知及其他类似文书和文件，以使本裁定项下授予的留置权和担保权益有效并完成完善；(ii) 授予 DIP 留置权并承担本裁定规定的所有责任和义务；以及 (iii) 在发生违约后，根据 DIP 信贷协议行使 DIP 贷款人的所有权利和救济。为免生疑问，并如 DIP 信贷协议所规定，DIP 贷款人不得通过要求止赎或其他执行行动，就 DIP 信贷协议项下产生的任何债务采取任何执行行动，藉由处置全部或部分合作公寓权益或现金保证金以实现债权，除非且直至获准的 SN 优先债务债权及在获准范围内的其他 SN 优先债务已获全额清偿。\n\n9. 根据 DIP 命令授予的权利之保全。\n\n(a) 除剥离额及 DIP 信贷协议允许的情形外，在任何 DIP 贷款仍未偿还期间，不得允许任何优先于或与 DIP 债权或 DIP 留置权处于同等顺位的债权或留置权；且除本 DIP 命令另有明确规定外，DIP 留置权不得：(i) 受制于或次于根据《破产法典》第 551 条被撤销并为 DIP 借款人破产财产利益保留的任何留置权或担保权益；或 (ii) 根据《破产法典》第 364(d) 条或其他规定，从属于或与任何其他留置权或担保权益处于同等顺位。\n\n(b) 如本 DIP 命令所用，“违约事件”一词应指：(i) 任何违约事件（依 DIP 信贷协议定义及规定），或 (ii) DIP 借款人对本 DIP 命令任何条款的任何重大违反。尽管根据《破产法典》第 1112 条或其他规定录入任何驳回任何第 11 章案件的命令：(i) DIP 债权和 DIP 留置权，以及与前述事项相关的任何债权，应继续完全有效，并维持其优先顺位，直至所有 DIP 贷款获全额清偿（且该 DIP 债权和 DIP 留置权尽管有该等驳回，仍具有约束力）；(ii) DIP 命令授予的其他权利，包括与剥离额有关的权利，不受影响；以及 (iii) 尽管有该等驳回，本法院仍保留管辖权，以执行本款及本 DIP 命令其他部分所述的债权、留置权和担保权益。\n\n(c) 如本 DIP 命令的任何或全部条款此后被推翻、修改、撤销或中止，DIP 贷款人就 DIP 贷款应享有《破产法典》第 364(e) 条、DIP 命令及 DIP 信贷协议所授予的所有权利、救济、特权和利益。\n\n(d) 除本DIP命令或DIP信贷协议中明确规定外，DIP留置权、DIP债权以及DIP信贷协议条款授予DIP贷款人的所有其他权利和救济均应继续有效，且不得因下列事项而被修改、削弱或解除：(i) 作出将任何第11章案件转换为《破产法典》第7章案件、驳回任何第11章案件或终止对第11章案件合并管理的命令，或任何其他作为或不作为；(ii) 在任何第11章案件中作出确认第11章计划的命令；并且，根据《破产法典》第1141(d)(4)条，DIP借款人放弃就任何尚未清偿的DIP贷款获得任何解除。DIP信贷协议的条款和规定应在本第11章案件中、在本第11章案件不再合并管理时的任何后续案件中，以及在《破产法典》项下任何替代的第7章案件中继续有效；DIP留置权、DIP债权以及DIP信贷协议条款授予DIP贷款人的所有其他权利和救济，均应保持完全有效，直至DIP贷款按照本命令及DIP信贷协议的规定全部偿清。\n\n10. DIP担保品的损失或损害。本DIP命令、DIP信贷协议或与该等交易有关的任何其他文件中的任何规定，均不得以任何方式被解释或诠释为向受托人施加或允许向受托人施加任何责任，该等责任系因DIP贷款人或DIP借款人在重组工作中于申请前或申请后开展的活动而产生的任何请求权所致。\n\n11. 获准的SN优先债务债权。Sherry Netherland（雪莉荷兰公寓）就根据专有租赁契约及其他公司文件应付予Sherry Netherland的未偿拖欠款项所享有的申请前债权，特此获准为金额为$1,096,186.54的申请前有担保债权；该金额不受动议人质疑或异议，亦不得由Sherry Netherland修改或补充（“获准的SN优先债务债权”）。Genever US（杰尼弗美国）获授权同意支付，并且DIP贷款人经由受托人行使并由受托人酌情决定，获授权垫付Sherry Netherland律师及Genever US专业人士的合理申请后费用；该等人士已于或继续于地点移送日期后向Genever US提供服务。\n\n12. 本命令或该动议中的任何内容均不构成、亦不得被解释为就根据专有租赁契约及其他公司文件已经产生或可能产生的任何主张的申请后金额之获准性或优先顺位作出认定或放弃，包括但不限于因该公寓发生火灾而产生的请求权；各方就该等申请后请求权所享有的一切权利均得到完全保留。\n\n13. DIP命令优先。如本DIP命令的规定与DIP信贷协议或本法院作出的任何其他命令之间存在任何不一致，应以本DIP命令的规定为准。尽管本法院作出的任何其他命令中有任何相反规定，根据本法院作出的任何其他命令作出的任何付款及其中载明的任何授权，均应与本DIP命令及DIP信贷协议所规定的要求一致，并受其约束。\n\n14. 约束效力；继受人和受让人。DIP信贷协议及本DIP命令的条款，包括本命令中的所有认定，均对第11章案件中的所有利害关系方具有约束力，包括但不限于DIP借款人、受托人、DIP贷款人、委员会、在第11章案件中任命或组成的任何其他法定或非法定委员会，以及其各自的继受人和受让人。\n\n15. 不放弃权利。DIP贷款人未延迟或未行使其根据DIP信贷协议或本DIP命令（视情况而定）享有的权利和救济，不构成对DIP贷款人据此或以其他方式享有的任何权利的全部或部分放弃。\n\n16. 生效。本DIP命令构成事实认定和法律结论，并应于本命令作出后立即生效并可完全执行。尽管《破产程序规则》4001(a)(3)、6004(h)、6006(d)、7062或9014条、《地方规则》或《联邦民事诉讼规则》第62(a)条另有规定，本DIP命令应于作出后立即生效并可执行，且本DIP命令的执行或效力不得中止。\n\n17. 标题。本命令所使用的章节标题仅为便利起见，不影响本DIP命令的解释，亦不得在解释本DIP命令时予以考虑。\n\n18. 破产程序规则。动议的内容满足《破产程序规则》4001和6004条在各自适用范围内的要求。\n\n19. 无第三方权利。除本命令明确规定外，本DIP命令不为任何第三方、债权人或任何直接、间接或附带受益人创设任何权利。\n\n20. 必要行动。DIP借款人、受托人及DIP贷款人获授权采取实施本DIP命令条款所必需或适当的一切行动。\n\n21. 通知。本DIP命令作出后三（3）个营业日内，DIP借款人应向已获通知DIP听证会的各方、已向本法院提交通知请求的任何一方以及委员会的律师送达本DIP命令副本。\n\n附件1\n\nDIP信贷协议\n\n多次提款优先有担保超优先债务人占有期间信贷及担保协议\n\n日期为2023年8月23日，\n\n协议各方为\n\nGenever Holdings LLC（杰尼弗控股有限责任公司）和Genever Holdings Corporation（杰尼弗控股公司），\n\n作为借款人，以及作为《破产法典》第11章项下的债务人和债务人占有者\n\n以及\n\nLuc A. Despins（卢克·A·德斯平斯），\n\n以其作为《破产法典》第11章项下第11章受托人的身份，\n\n作为贷款人\n\n第1条 定义 2\n\n第1.1节 一般定义 2\n第1.2节 解释 5\n第1.3节 营业日调整 6\n第1.4节 高级职员 7\n\n第2条 贷款协议 7\n第2.1节 资金用途 7\n第2.2节 拨款 7\n第2.3节 付款；提前还款；终止提前还款 8\n第2.4节 付款详情 8\n第2.5节 利息 8\n第3条 陈述与保证 8\n第3.1节 借款人的陈述与保证 8\n第3.2节 借款人的确认 9\n\n第4条 先决条件 9\n第4.1节 交割日及首次借款的先决条件 9\n第4.2节 所有借款的先决条件 10\n第5条 特别承诺及违约事件 11\n第5.1节 积极承诺 11\n第5.2节 消极承诺 11\n第5.3节 违约事件发生时的一般提前到期条款 11\n第5.4节 救济 12\n\n第6条 杂项 13\n第6.1节 通知 13\n第6.2节 通知的放弃 14\n第6.3节 成本和费用偿还 14\n第6.4节 管辖法律；审判地；管辖权；送达诉讼文书；放弃陪审团审判 14\n第6.5节 完整协议；修订 15\n第6.6节 可分割性 15\n\n第6.7节 副本 15\n第6.8节 继续有效 16\n第6.9节 不放弃权利 16\n第6.10节 分别责任 17\n第6.11节 无第三方受益人 17\n第6.12节 约束效力 17\n第6.13节 债务归集；付款撤销 17\n第6.14节 不放弃权利；累积救济 17\n第6.15节 抵销权 17\n第6.16节 以DIP命令为准 18\n第7条 DIP担保品 18\n\n第7.1节 授予担保权益 18\n\n第7.2节 限制 18\n第7.3节 进一步保证 18\n第7.4节 DIP担保品的保护 18\n第7.5节 所有权抗辩 19\n附录\n\n附录A 承诺\n\n附件\n\n附件A 借款通知书格式\n\n多次提款优先有担保超优先\n债务人占有期间信贷及担保协议\n\n本多次提款优先有担保超优先债务人占有期间信贷及担保协议，日期为2023年[•]日（经修订、修订并重述、补充或以其他方式修改后，称为“本协议”），由以下各方订立：(i) Genever Holdings LLC（杰尼弗控股有限责任公司），一家纽约有限责任公司，且为第11章案件中的债务人及债务人占有者（“Genever US”）；(ii) Genever Holdings Corporation（杰尼弗控股公司），一家根据英属维尔京群岛法律注册成立的公司，且为第11章案件中的债务人及债务人占有者（“Genever BVI”，与Genever US合称“借款人”）；以及(iii) Ho Wan Kwok（郭文贵）的第11章破产财团（“个人债务人”），经其代表Luc A. Despins（卢克·A·德斯平斯）以个人债务人的第11章受托人（“第11章受托人”）身份行事（该第11章破产财团称为“贷款人”；与作为本协议当事方的借款人合称“各方”）。\n\n兹证明：\n\n鉴于，2020年10月12日（“Genever US申请日”），Genever US向Southern District of New York（纽约南区联邦地区破产法院）提交了根据《破产法典》第11章寻求救济的自愿申请。\n\n鉴于，2022年2月15日，个人债务人向Bankruptcy Court for the District of Connecticut（康涅狄格联邦地区破产法院）（“破产法院”）提交了根据《破产法典》第11章寻求救济的自愿申请；并于2022年7月8日，破产法院作出命令，批准任命Luc A. Despins为第11章受托人。\n\n鉴于，2022年10月11日（“Genever BVI申请日”，与Genever US申请日合称“申请日”），Genever BVI向破产法院提交了根据《破产法典》第11章寻求救济的自愿申请（Genever US、Genever BVI和个人债务人各称为“债务人”，合称“债务人”）。2022年11月3日，Southern District of New York（纽约南区联邦地区破产法院）批准第11章受托人和Genever US共同提出的将Genever US第11章案件审判地移送至破产法院的动议；并于2022年11月21日（“审判地移送日”），破产法院批准对Genever US、Genever BVI和个人债务人的第11章案件进行合并管理（合称“第11章案件”）；\n\n鉴于，借款人经行使其商业判断，已请求贷款人向借款人提供一项优先有担保超优先债务人占有期间信贷融资（“DIP融资”），包括根据本协议及DIP命令的条款并受其中所载条件约束向借款人提供的$2,000,000循环贷款；\n\n鉴于，贷款人经行使其商业判断并通过第11章受托人行事，愿意根据本协议及DIP命令所载的条款和条件向借款人提供该等循环贷款；以及\n\n鉴于，借款人的义务受限于剔除额、获准的SN优先债务债权及在其获准并以DIP担保品留置权作担保的范围内其他SN优先债务，在每种情况下均按照并受贷款文件及DIP命令的规定约束。\n\n因此，鉴于本协议所载相互承诺和协议，以及其他良好且有价值的对价，特此确认已收到该等对价且其充分性无误，各方特此承诺并同意如下：\n\n第1条\n定义\n\n第1.1节 一般定义。\n\n除非上下文另有要求，本协议、附录、附件或随附明细表中使用的下列术语具有下列含义：\n\n“关联方”应具有《破产法典》第101条赋予该术语的含义。除非本协议另有明确规定，贷款人不应被视为任何借款人的关联方。\n\n“协议”具有本协议前言中规定的含义。\n\n“AIG Litigation（AIG诉讼）”系指由 Genever US（Genever美国公司）在 Bankruptcy Court（破产法院）对 AIG Property Casualty Company（AIG财产意外保险公司）提起的对抗性诉状，其案名为《Genever Holdings LLC（Genever Holdings有限责任公司）依据多份保险单就违约及确认判决针对 AIG Property Casualty Company 根据《破产法典》第105条和第363条以及 Bankruptcy Rule 7001 提起的诉状》，并在 Adv. Proc. No. 23-05007 中登记为 Docket No. 1。\n\n“Allowed SN Senior Debt Claim（获准的SN优先债务债权）”具有 DIP Order（DIP命令）中赋予该术语的含义。\n\n“Apartment（公寓）”具有 DIP Order 中赋予该术语的含义。\n\n“Bankruptcy Code（破产法典）”系指经不时修订生效的 United States Code（美国法典）第11编。\n\n“Bankruptcy Court”具有本协议前言中规定的含义。\n\n“Borrowers（借款人）”具有本协议前言中规定的含义。\n\n“Borrowing（借款）”系指根据本协议提出的任何借款请求、借款人实际借入的任何金额，或实际作出的任何贷款。\n\n“Borrowing Date（借款日期）”系指贷款人向任何借款提供资金的日期。\n\n“Business Day（营业日）”系指除星期六或星期日以外，纽约州纽约市银行营业的任何一日。\n\n“Carve-Out（除外项目）”具有 DIP Order 中赋予该术语的含义。\n\n“Cash Deposit（现金保证金）”系指 Sherry Netherland Inc.（雪莉·内德兰公司）作为现金担保物持有的现金保证金，用以担保 Genever US 根据其与 Sherry Netherland Inc. 于 March 6, 2015 订立的保证金协议项下对专有租赁的义务。\n\n“Chapter 11 Cases（第11章案件）”具有本协议序言中规定的含义。\n\n“Closing Date（交割日）”系指本协议第4条规定的本协议生效的所有先决条件均已满足或根据本协议条款获豁免之日。为免生疑义，[•], 2023 构成交割日。\n\n“Commitment（承诺额）”系指附件A中“Commitment”标题下与贷款人名称相对列示的美元金额。\n\n“Debtor（债务人）”具有本协议前言中规定的含义。\n\n“Default（违约）”系指任何事件，如经发出通知、经过时间或满足任何其他适用条件（或上述任一情形的组合），即构成违约事件。\n\n“DIP Collateral（DIP担保物）”具有本协议第7条、DIP Order及每一其他适用贷款文件中赋予其的含义。\n\n“DIP Facility（DIP融资安排）”具有本协议序言中规定的含义。\n\n“DIP Lien（DIP留置权）”具有本协议第7条、DIP Order及每一其他适用贷款文件中赋予其的含义。\n\n“DIP Motion（DIP动议）”系指各方于本协议日期当日或前后向破产法院提交的动议及拟议DIP命令格式，寻求最终批准（其中包括）DIP融资安排。\n\n“DIP Order”系指破产法院在第11章案件中就DIP动议作出的命令，该命令应当：(a) 其形式、内容、条款及条件令贷款人满意；(b) 在符合前述规定的前提下，最终授权及批准（其中包括）DIP融资安排以及DIP动议中规定和拟议的所有其他事项及交易（包括但不限于DIP融资安排、按照本协议条款作出贷款及发生所有其他义务）；(c) 具有完全效力；以及(d) 未被撤销、废止、中止，或修订、补充或以其他方式修改（除非贷款人此前已书面同意）。\n\n“DIP Order Date（DIP命令日期）”系指DIP Order获破产法院批准并录入之日。\n\n“Event of Default（违约事件）”具有第5.3节规定的含义。\n\n“Governmental Authority（政府机构）”系指对相关事项及相关人士具有管辖权，或有权行使属于或涉及政府的行政、立法、征税、司法、监管或行政职能的任何国家、主权实体、政府、准政府机构、政府部门、部、内阁、委员会、理事会、局、机构、法院、审裁机构、监管机构、机关、司法、立法、财政、行政或公共机构或实体，无论其为国内或外国、联邦、州、地方或其他政治分支，包括任何中央银行、证券交易所、监管机构、仲裁员、公共部门实体、超国家实体及任何自律组织。\n\n“Interest Rate（利率）”系指年利率9.0%，不设违约利率，亦不设提前还款罚金或类似溢价。\n\n“Lender（贷款人）”具有本协议前言中规定的含义。\n\n“Lien（留置权）”系指对财产或财产权益设定的任何留置权、质押、优先安排、抵押、担保权益、信托契约、负担、转让、抵押设定、所有权保留或其他具有构成担保权益实际效果的权利负担。\n\n“Loan（贷款）”系指不时根据或依照本协议作出的（或视为作出的）每一项循环贷款。\n\n“Loan Documents（贷款文件）”系指本协议、DIP Order、每一份借款通知、就本协议交付的任何抵押文件、借款人根据第2.2节就申请贷款作出的任何书面通知、以及任何其他根据其条款被特别指定或视为“贷款文件”并于交割日或其后签署的文件、协议及文书，无论是否在本协议或其中被特别提及，且在每种情况下均可不时经修订、重述、补充或以其他方式修改。\n\n“Material Adverse Effect（重大不利影响）”系指对下列事项造成的重大不利影响：(a) 任何借款人的业务、经营、经营业绩、财务状况或资产；(b) 任何贷款文件任何条款的有效性或可执行性；(c) 任何借款人及时履行义务的能力；(d) 根据贷款文件设定的留置权的设立、完善或优先顺位，或担保物（作为整体）的价值，或DIP担保物重大部分的价值；或(e) 贷款人在任何贷款文件项下的权利和救济；在每种情况下，（第11章案件开始相关及/或导致第11章案件开始的事件和情况，或因根据《破产法典》第11章启动程序及第11章案件开始而依《破产法典》条款不产生效力的协议项下任何违约除外）。\n\n“Maturity Date（到期日）”系指下列最早发生者：(a) 出售该公寓；(b) 债务人向破产法院提交重整计划；(c) 自交割日起满24个月的首个营业日；或(d) 本协议项下所有义务获得全额清偿。\n\n“Obligations（义务）”系指所有：(a) 贷款本金及溢价（如有），且在不限制前述规定的情况下，包括与承诺额有关的所有义务及债务；(b) 借款人根据贷款文件应支付的利息（包括终止日或贷款其他到期日之后产生的利息）、费用及其他金额；以及(c) 借款人根据贷款文件所负的其他任何种类的债务、义务及责任，无论现已存在或将来发生，无论是否以票据或其他书面文件为证，无论是否在任何破产程序中获准，无论因授信、开立信用证、承兑、贷款、担保、赔偿或其他事由产生，亦无论是直接或间接、绝对或或有、已到期或将到期、主要或次要、共同或连带。\n\n“Parties（各方）”具有本协议前言中规定的含义。\n\n“Payment in Full（全额清偿）”就贷款及所有其他义务（尚未提出债权主张的或有义务除外）而言，系指：(a) 根据贷款文件或经贷款人以其他方式书面同意，以现金不可撤销地全额支付该等款项（包括就出售、转让或以其他方式处置债务人全部或实质上全部财产和资产的任何交易而言，包括根据《破产法典》第363条进行的交易）以及所有利息和其他金额；但尽管有前述规定，除非且直至所有承诺额已不可撤销、永久且最终届满，或已如此终止、取消及解除，否则不得视为发生“全额清偿”，且任何贷款不得视为已全额偿付。“全额清偿”亦包括本协议或任何其他贷款文件中使用的“payment in full”、“paid in full”、“repaid in full”、“prepaid in full”、“redeemed in full”或任何具有类似效果的其他术语或词语。\n\n“Person（人士）”系指并包括任何自然人、个人、合伙企业、合资企业、公司、信托、有限责任公司、有限公司、股份公司、非法人组织、政府实体或其任何政治分支或机构，或任何其他实体。\n\n“Petition Date（申请日）”具有本协议序言中规定的含义。\n\n“Proprietary Lease and Shares（专有租赁及股份）”共同系指：(A) (i) Sherry Netherland, Inc. 与 Genever Holdings LLC 于 March 6, 2015 就称为 Apartment 1801 的特定公寓订立的专有租赁，(ii) Sherry Netherland, Inc. 与 Genever Holdings LLC 于 March 6, 2015 就称为 Maid's Room 2219 的特定公寓订立的专有租赁，及(iii) Sherry Netherland, Inc. 与 Genever Holdings LLC 于 March 6, 2015 就称为 Maid's Room 719 的特定公寓订立的专有租赁；以及(B) 该等租赁所附随的股份。\n\n“SN Senior Debt（SN优先债务）”具有DIP Motion中赋予该术语的含义。\n\n“Stock（股份）”系指：(a) 某一人士（个人除外）的所有股本股份（无论称为普通股或优先股）、股权、受益权益、合伙权益或成员权益（或其单位）、合资权益、参与权益或其他所有权或利润权益，或其等同物（无论如何指定），无论有表决权或无表决权；以及(b) 可转换为或可交换为任何其他股份的所有证券，以及购买、认购或以其他方式取得任何其他股份的所有认股权证、期权或其他权利，无论目前是否可转换、可交换或可行使。\n\n“Termination Date（终止日）”系指下列最早发生之日：(a) 到期日；或(b) 本协议或其他贷款文件项下发生任何违约事件。\n\n“Transactions（交易）”系指：(a) 借款人在交割日签署及交付本协议及其作为一方当事人的其他贷款文件，以及履行本协议项下的义务及交易；(b) 与前述任何事项有关或就前述任何事项订立的其他交易；以及(c) 就前述任何事项支付的费用、溢价、收费、成本及开支。\n\n“UCC（统一商法典）”系指任何适用司法管辖区的统一商法典；如适用司法管辖区并无统一商法典，则系指纽约州不时生效的统一商法典。\n第1.2节 解释。\n\n在本协议及其他贷款文件中，除非上下文另有要求，所有与此相关的词语和人称代词均应按照当事方所要求的数和性别进行理解和解释，且动词应按照所要求的词语和代词相一致进行理解和解释。本协议及其他贷款文件划分为条款和章节，以及使用标题和题注，仅为便于查阅，不得修改或影响对本协议或其任何条款的解释或理解。“本文中”、“本协议的”、“根据本协议”、“下文中”及“与本协议相关”等词语以及具有类似含义的词语，均指本协议（或其他适用的贷款文件）整体，而非本协议（或其）的任何特定条款或章节。除非另有指明，术语“或”具有“和/或”所表示的包含性含义。术语“文件”和“协议”包括任何及所有文书、文件、协议、证明书、契约、通知及其他书面文件，无论以何种形式证明。任何贷款文件中，在任何一般性陈述、术语或事项之后使用“包括”或“包含”一词，不得被解释为将该陈述、术语或事项限于紧随该词列明的具体项目或事项，或类似项目或事项，无论是否就此使用非限制性措辞（如“不限于”或“包括但不限于”或具有类似含义的词语），而应视为指属于该一般性陈述、术语或事项可能最广泛范围内的所有其他项目或事项。对特定条款、附件、附录、章节或清单的提述，应被解释为对本协议（或其他适用贷款文件）中该特定条款、附件、附录、章节或清单的提述。除非另有明确说明，对任何贷款文件的任何提述，均指经不时修订、重述、补充或以其他方式修改且当时有效的该文件。贷款文件中对“资产”或“财产”的提述意指相同含义，并在贷款文件中可互换使用；该等词语应视为指任何及所有有形和无形资产及财产，包括现金、证券、股份、账款和合同权利。除非本协议或其他贷款文件另有规定，任何贷款文件中定义的所有术语，在根据本协议或其他贷款文件制作或交付的任何证明书或其他文件中使用时，均具有其定义的含义。定义术语的含义同等适用于其单数和复数形式。本协议中未另行定义但在《统一商法典》（UCC）中有定义的术语（包括未大写的术语），应具有其中所述的含义。在自特定日期起至后续特定日期止的期间计算中，“自”意为“自该日并包括该日”；“至”和“直至”均意为“至但不包括该日”；“通过”意为“至并包括该日”。如本协议或任何其他贷款文件的任何条款提述由任何人士采取或将采取的任何行动，或该人士被禁止采取的任何行动，除非另有明确说明，该条款应被解释为涵盖直接或间接采取或不采取该行动的任何及所有方式。对任何法规或规章的提述，可使用其通用名称或公开名称，或具体引注；除就 FATCA 另有规定外，应被解释为包括与该法规或规章相关，或对其进行整合、修订、替代、补充或解释的所有法定及监管规定；对任何法律或规章的任何提述，除非另有说明，均指经不时修订、修改或补充的该法律或规章。任何贷款文件中凡提述任何人士，该提述应被解释为包括该人士获准的继承人和获准的受让人。任何贷款文件要求满足以允许采取特定行动的任何财务比率，应通过以适当组成部分除以另一组成部分计算，将结果保留至比本协议或其他贷款文件中该比率所表示的小数位数多一位，并将结果向上或向下舍入至最接近的数值（如不存在最接近的数值，则向上舍入）。除非另有规定，任何贷款文件中对一天中时间的所有提述均指纽约市时间。本协议及其他贷款文件中“应”与“将”可互换使用，并意指借款人绝对有义务按照上下文要求履行或实施（或不履行或不实施）某一行动或事件。除非本协议或其他贷款文件中另有明确说明，本协议或其他贷款文件项下对任何本金、利息、费用、金额及/或其他义务的支付、提前偿付、赎回或偿还，均应以美元现金进行。贷款文件条款未允许或以其他方式禁止的任何行动或事件，意指该行动或事件：(y) 不得直接或间接采取或完成；及 (z) 被直接及间接禁止。任何人士不得通过分许可或分租赁（视情况而定）采取任何行动或完成任何交易，而该人士根据（或依照）贷款文件被禁止通过许可或租赁（视情况而定）采取该行动或完成该交易。\n\n第 1.3 条 营业日调整。\n\n除非本协议或任何其他贷款文件中另有明确规定（且到期日或任何义务的任何加速到期日除外；在每种该等情形下，无论该日是否为营业日，该等付款或履行均应于该日或之前到期应付或完成），如任何付款或其他履行应于其作出之日不是营业日，则该付款或履行应于下一个营业日作出，除非该下一个营业日落入不同的日历月，在此情况下，该付款或其他履行应于该付款或其他履行应作出之日紧接之前的营业日作出；但与此相关的利息将于每一额外日期继续累积。\n\n第 1.4 条 高级职员。\n\n根据贷款文件交付的、由借款人的高级职员签署的任何文件、协议或文书，应被终局性推定为已获该借款人采取一切必要的公司、合伙及/或其他行动授权，且该高级职员应被终局性推定为以其作为该借款人高级职员的身份代表该借款人行事，而非以任何个人或其他身份行事。\n\n第 2 条\n贷款协议\n\n第 2.1 条 贷款所得款项的用途。\n\n各项贷款的所得款项，仅可由贷款人自行决定允许借款人用于必要开支，包括：(a) 对该公寓进行必要的修复维修；(b) 应付给美国受托人的费用和开支；及 (c) 《破产法》第 327、328、330 和 331 条所规定种类的费用和开支，且该等费用和开支须在审理地移送日期后发生。\n\n第 2.2 条 拨付。\n\n(a) 在符合 DIP 命令的作出及其条款和条件的前提下，自交割日即刻自动生效，无需本协议或其他贷款文件的任何一方、破产法院或任何其他人士采取任何进一步行动，贷款人将自行决定向借款人提供下列循环贷款（除非终止日已经发生），总额不超过贷款人的承诺额度：\n\n(i) 为借款人在适用提款日开始的四周期间内预计发生的必要开支（根据第 2.1 条获准）提供融资的循环贷款；但循环贷款总额不得超过剩余未出资承诺额度。\n\n(ii) 每笔贷款的最低总额应为 $10,000，超过该金额的部分应为 $5,000 的整数倍。\n\n根据本第 2.2 条借入的金额可予偿还和再次借入。\n\n(b) 借款请求。就借款而言，适用借款人应于下午 1:00（EST）之前，至少提前一个（1）营业日向贷款人发出书面通知（可通过电子邮件发出）（“借款通知”），其格式应实质上符合附录 A 中借款通知的格式（或经贷款人同意的较短期间）。该借款通知应载明：(i) 拟借入贷款的本金总额；(ii) 借款日期（应为营业日）（“借款日”）；及 (iii) 借款人对该等资金的预期用途。\n\n(c) 承诺额度的终止；承诺额度的自愿减少。承诺额度（如在使该日任何贷款融资生效后仍有未使用的承诺额度）应于终止日自动终止。\n\n第 2.3 条 付款；提前偿付；终止时提前偿付。\n\n(a) 尽管本协议或其他文件中有任何其他规定，义务应持续未清偿，直至其获得全额清偿时为止。借款人应于终止日向贷款人以现金支付义务的未偿本金金额及所有其他义务，以构成全额清偿；但尽管贷款文件中有任何相反规定，如终止日将在该日之后发生，则终止日应自动提前至同一较早日期，无需任何人士采取任何行动或发出任何通知。\n\n(b) 贷款可不时提前偿付，且无需支付罚金或溢价。贷款的未偿余额（本金和利息）应于到期日全额支付。\n\n(c) 借款人作出的每项付款、偿还、赎回和提前偿付，应依下列顺序适用：(i) 首先，用于支付贷款文件项下应付贷款人的所有费用、成本和开支；(ii) 其次，用于支付贷款文件项下应付贷款人的已累计未付利息；(iii) 第三，用于支付应付贷款人的贷款本金；及 (iv) 第四，用于支付应付贷款人的所有其他义务。该等款项一经支付，在任何情况下均不得退还。\n\n第 2.4 条 付款细节。\n\n借款人根据本协议及任何其他贷款文件支付的所有义务款项，均应不附带任何抵销、反诉或任何种类的抗辩，免除任何税款（且不扣除任何税款），并应以美元现金及可即时动用资金支付，在每种情况下，(a) 支付给贷款人，且 (b) 按照第 2.3(c) 条适用。借款人应支付银行、清算所或任何其他金融机构就根据任何贷款文件作出任何付款而征收的所有及任何费用、成本和开支（行政性或其他）。\n\n第 2.5 条 利息。\n\n(a) 贷款的未偿本金金额以及任何其他金额和义务，应按利率计息（按每月实际经过天数，以每年 360 天为基础计算）。利息应于终止日到期应付。\n\n(b) 就任何其他债务所累积的利息，应按贷款文件的规定到期应付；如未规定付款日期，则应于要求时以现金到期支付。\n\n第3条\n陈述与保证\n\n第3.1节 借款人的陈述与保证。\n\n为促使贷款人根据本协议发放贷款并促使贷款人订立本协议，借款人各自及分别于以下各日期（如适用）作出陈述与保证：(i) 交割日；(ii) 每个借款日；及 (iii) 在任何贷款文件中或以其他方式重新作出或视为重新作出该等陈述或保证的每一日期；在各情况下，保证：\n\n(a) 命令。DIP Order（债务人占有期间融资命令）具有完全效力，且未被撤销、推翻或废止，亦未在未经贷款人事先书面同意的情况下被修订或修改；且针对该DIP命令的任何上诉均未被及时提出，或者如已及时提出，目前并无在该上诉待决期间生效的中止令。\n\n(b) 破产事宜。\n\n(i) Chapter 11 Cases（第11章案件）已被有效提起，且 (x) 已在当时情形下就DIP Motion（债务人占有期间融资动议）作出适当通知，及 (y) 破产法院已就批准DIP命令举行听证。\n\n(ii) 在DIP命令录入后，每一借款人的债务将构成DIP Claim（如DIP命令所定义的债务人占有期间融资债权），而担保各自债务的留置权应为对各自DIP Collateral（债务人占有期间融资担保物）享有优先担保权、有效、可执行并自动且适当完善的留置权，并具有DIP命令规定的优先顺位，但在所有方面均受Carve-Out（除外项）及DIP命令和贷款文件中规定的其他例外事项的约束。\n\n(c) 担保权益。本协议及DIP命令有效设立了以贷款人为受益人的、对借款人在其各自DIP担保物中享有的一切权利、所有权和权益的合法、有效、有约束力且可执行的留置权及担保权益，在各情况下均受除外项约束。根据DIP命令的条款，无需且在任何时候均不应需要进行任何备案或采取其他行动（包括取得占有或控制），以完善、维持或保护该等留置权及担保权益；但前述规定不影响借款人已经作出（或授权贷款人作出）贷款人合理认为必要和/或适当并要求作出的所有备案。\n\n第3.2节 借款人的确认。\n\n借款人确认，其作出第3.1节所述陈述与保证，意图在于说服贷款人订立贷款文件；贷款人系基于并完全依赖每一项该等陈述与保证而订立贷款文件。每一项该等陈述与保证均应在本协议、其他贷款文件的签署和交付以及任何贷款的发放后继续有效，直至 (a) 所有债务均已全额偿还，且 (b) 所有承诺不再可用或已终止。\n\n第4条\n先决条件\n\n第4.1节 交割日及首次借款的先决条件。\n\n除第4.2节规定的先决条件外，交割日的发生、本协议的生效以及贷款人根据本协议发放任何贷款的义务，均须以下先决条件获得满足（或由贷款人豁免；该等豁免可由贷款人或其律师通过电子邮件传达）：\n\n(a) 贷款人已收到本协议及每一其他贷款文件的副本，且在各情况下，该等文件均已由其各签署方妥为签署并交付给贷款人；\n\n(b) 未发生任何违约或违约事件，且该首次借款或其所得款项的使用不会导致任何违约或违约事件；\n\n(c) DIP命令 (i) 已由破产法院录入，(ii) 于交割日具有完全效力，(iii) 未被撤销或推翻，(iv) 不受中止令约束，且 (v) 未经贷款人事先书面同意未在任何方面被修改或修订；\n\n(d) DIP命令应有效设立以贷款人为受益人的、以其中规定的基础和优先顺位对DIP担保物享有的有效、有约束力、可执行、充分且自动完善的留置权；及\n\n(e) 贷款人可能合理要求的其他条件、文件及交付物。\n\n第4.2节 所有借款的先决条件。\n\n贷款人根据本协议发放任何贷款的义务，应以下列所有条件已获履行和满足为前提：\n\n(a) 交割日已经发生；\n\n(b) 在发放该贷款时不存在任何违约或违约事件，且该贷款的发放不会立即导致任何违约或违约事件；\n\n(c) 不存在任何政府机构或任何法院的程序、命令、禁令或判令，限制或禁止（或试图限制或禁止）根据本协议为该贷款提供资金；\n\n(d) 该贷款的所得款项应按照第2.1节被指定并请求用于使用；\n\n(e) 借款人支付根据本协议及其他贷款文件（包括根据第6.3节）须于该借款日支付的所有成本和费用（该等金额可由贷款人自行选择从该贷款的所得款项中抵销）；\n\n(f) 贷款人已收到借款人妥为签署的、符合第2.2(b)节要求的书面通知；\n\n(g) DIP命令 (a) 具有完全效力，(b) 未被推翻、撤销或中止，(c) 未成为任何上诉或异议的标的，且 (d) 未经贷款人事先书面同意未被修订、补充或以其他方式修改；及\n\n(h) 自交割日以来，未发生任何单独或与其他该等情形合并时已经或可合理预期会产生重大不利影响的发展或事件。\n\n每一份借款通知均构成借款人的陈述，即前述条件于以下各日期当日均已满足（或在适用情况下已获豁免）：(i) 该借款通知之日；(ii) 所请求的借款日；及 (iii) 该贷款获得资金或发放之日（或在适用情况下视为获得资金或发放之日）。\n\n第5条\n特别约定及违约事件\n\n第5.1节 积极约定。\n\n在全额支付之前，每一借款人应于每个日历月第一日纽约市时间下午1:00之前（自交割日后的第一个日历月起）向贷款人提交一份运营报告，说明前一个月内所有财产的收取、管理和处置情况。为免生疑问，借款人根据本第5.1节承担的义务，应通过借款人及时提交28 C.F.R. § 58.8要求且载有其中所述信息的月度运营报告而得到履行。\n\n第5.2节 消极约定。\n\n在全额支付之前且任何承诺或债务尚未清偿期间，每一借款人不得：\n\n(a) 除贷款人因本协议产生的债权和留置权以及除外项外，产生、设立、承担、容许存在或允许任何与贷款人债权和留置权同等顺位或优先于其的其他债权，或提交寻求该等其他债权的任何动议；\n\n(b) 未经贷款人同意，对DIP命令作出或允许作出任何修订或变更（如适用）；\n\n(c) 就任何贷款文件、根据本协议或其项下授予的任何留置权、债权、权利、利益或保护，或本协议或其项下拟进行的任何交易，对贷款人提起任何对抗性程序、有争议事项或其他主张任何债权、抗辩或以其他方式针对贷款人的诉讼；及\n\n(d) 在违约事件发生后及其持续期间，在遵守DIP命令的前提下，以任何方式反对、争议、延迟、阻止或干扰贷款人就DIP担保物行使任何权利和救济。\n\n第5.3节 发生违约事件时的一般加速到期条款。\n\n如发生或出现本第5.3节规定的一项或多项事件（每一项均称为“违约事件”），贷款人可通过向借款人发出书面通知（受第5.4(a)节约束；为免生疑问，该节不要求发出任何该等通知且应自动发生），宣布所有贷款及其他债务或其任何部分的本金以及应计未付利息立即到期应付，且该等款项应随即立即到期应付，并立即终止所有剩余承诺；在各情况下，无需进一步通知，也无需任何形式的提示、催告或拒付证书，借款人特此明确放弃上述各项；贷款人并可采取法律或衡平法上可获得的，或贷款文件规定的任何进一步行动，包括出售或转让贷款及其他债务，以及与该贷款或其他债务有关或根据贷款文件取得的所有其他权利：\n\n(a) 借款人未能在本协议或任何其他贷款文件规定须支付时或在其后三个营业日内支付根据本协议或任何其他贷款文件应付的任何金额或债务；\n\n(b) 为签署、交付或履行任何贷款文件所必需的，或为任何贷款文件项下任何债务的有效性或可执行性所必需的任何政府机构授权未获给予、被撤回或不再具有完全效力；\n\n(c) (A) 任何贷款文件的任何条款因任何原因不再对其任何借款人有效并具有约束力或不再可向其执行；(B) 任何借款人以书面作出上述陈述，或提起诉讼以限制其在任何贷款文件项下的义务或责任；(C) DIP命令因任何原因（根据其条款除外）不再对DIP担保物设立有效的担保权益；或 (D) 任何借款人的任何债务不再由该借款人的全部DIP担保物担保；或\n\n(d) 在第11章案件中发生下列任一情形：\n\n(i) 除贷款人因本协议产生的债权和留置权以及除外项外，任何借款人产生、设立、承担、容许存在或允许任何与贷款人债权和留置权同等顺位或优先于其的其他债权，或提交寻求该等其他债权的任何动议；\n\n(ii) 破产法院录入命令，或借款人提交任何动议或任何救济请求——在各情况下，均未获得Chapter 11 Trustee（第11章受托人）的支持或是在第11章受托人的反对下——以 (a) 驳回任何第11章案件，(b) 将任何第11章案件转换为《破产法》第7章项下案件，(c) 委任一名受托人或审查员（第11章受托人除外），其权力扩展至超出《破产法》第1106节规定的范围；或 (d) 确认一项未规定最迟于生效日全额支付本协议项下所有债务的计划；\n\n(iii) 破产法院录入命令，准许终止、撤销或修改自动中止（如《破产法》第362节所规定）的救济，以授权任何一方对借款人价值超过$50,000的任何重大资产采取行动，或以会对借款人正常经营其业务的能力产生不利影响的方式采取行动；或\n\n(iv) 借款人未遵守DIP裁定的任何规定，且在收到有关该事件的书面通知后两（2）个营业日期间内未予补救，或未根据其条款另行获得豁免；但前提是，除非且直至获准的SN优先债务债权及其他获准范围内的SN优先债务已获全额支付，DIP贷款人不得通过要求付款、止赎或其他执行行为，就本协议项下产生的任何义务，通过变现全部或部分合作社权益或现金存款采取任何执行行为。\n\n第5.4节 救济。\n\n(a) 如存在任何违约事件，在遵守DIP裁定的前提下，贷款人可自行酌情不时采取下列一项或多项措施（除本协议其他条款规定的任何及所有其他事项外）：\n\n(i) 终止、减少或对任何承诺施加条件；\n\n(ii) 要求借款人为该等义务提供现金担保；以及\n\n(iii) 根据贷款文件或任何其他协议、DIP裁定及破产法院（Bankruptcy Court）的任何其他命令、法律（包括《破产法》及其他适用法律）、衡平法及其他规定，行使任何其他赋予的权利、救济、权力及特权，包括统一商法典（UCC）项下担保权人的权利和救济。\n\n尽管有上述规定，在任何违约事件发生并持续期间，贷款人可根据本协议、DIP裁定及适用法律的条款，自行酌情豁免该违约事件。\n\n第6条\n杂项\n\n第6.1节 通知。\n\n根据本协议条款要求或允许发出的任何通知或其他信息（包括任何财务信息），应以挂号或保价邮件（要求回执）寄送，或亲自递送、通过快递（包括公认的隔夜递送服务）、传真或电子邮件送达；如以普通美国邮件寄送，则自交邮之日起五（5）日生效；如亲自递送、通过快递（包括公认的隔夜递送服务）、传真送达，或通过电子邮件收到，则于收到时生效；在每种情况下，均应按下列地址向一方发出（或按该方向其他方根据下文提供的其他地址、传真号码或电子邮件地址，或按本协议提供的后续地址、传真号码或电子邮件地址）：\n\n如送达任何借款人：\n\nPaul Hastings LLP（保罗·黑斯廷斯律师事务所） 200 Park Avenue New York, NY 10166 收件人：Doug Barron 和 Alex Bongartz 电子邮箱：dougbarron@paulhastings.com；alexbongartz@paulhastings.com\n\n如送达贷款人：\n\nLuc A. Despins，以其第11章受托人身份 c/o Paul Hastings LLP 200 Park Avenue New York, NY 10166 收件人：Luc Despins 电子邮箱：lucdespins@paulhastings.com\n\n副本送达以下地址（不应视为构成通知）：\n\nPullman & Comley, LLC（普尔曼与康利有限责任公司） 850 Main Street Bridgeport, CT 06601 收件人：Irve Goldman 电子邮箱：igoldman@pullcom.com\n\n第6.2节 通知豁免。\n\n凡根据任何贷款文件须向贷款人或借款人发出任何通知时，无论在其中规定的时间之前或之后，由有权获得该通知的一人或数人签署的书面豁免，应视为等同于已发出该通知。\n\n第6.3节 成本及费用偿还。\n\n各借款人同意，于交割日当日或之前，以及于交割日后在收到相关发票后一（1）个营业日内，支付：(a) 根据任何贷款文件为贷款人利益在该借款人的DIP抵押品上设立及完善留置权的所有费用、成本及支出，包括申报费和登记费、支出和税费、查询费、产权保险费；(b) 贷款人因保管或保存该借款人任何DIP抵押品而产生的所有成本及支出；(c) 贷款人及其专业人士就保护、评估、估价或处置该借款人任何DIP抵押品所作努力而产生的所有费用、成本及支出；以及(d) 贷款人及其专业人士为执行任何贷款文件或该借款人在本协议或其他贷款文件项下的任何义务，或收取该借款人在本协议或其他贷款文件项下应付的任何款项而产生的所有费用、成本及支出（包括与出售、从该借款人的任何DIP抵押品收取款项或以其他方式变现，或执行贷款文件有关的费用、成本及支出）。在不限制本第6.3节任何上述规定的前提下，任何借款人根据任何贷款文件或就任何贷款文件采取的任何行动，即使该行动为任何贷款文件所要求或应贷款人要求而采取，亦应由该借款人独自承担费用，且贷款人无须根据任何贷款文件向任何借款人偿还相关费用。本第6.3节所载义务和规定在本协议终止及义务偿还后继续有效。\n\n第6.4节 管辖法律；审判地；管辖权；送达诉讼文书；陪审团审判豁免。\n\n有关本协议以及除非其中另有明确规定的其他贷款文件的解释、有效性、执行和诠释的所有问题，应受纽约州法律管辖，并根据适用于在该州订立及履行的合同的纽约州法律解释和执行。各方特此不可撤销地接受破产法院（Bankruptcy Court）的专属管辖；且仅在破产法院对任何事项不具有管辖权（或拒绝行使管辖权）的范围内，接受位于纽约市曼哈顿区的州法院和联邦法院对本协议或其他贷款文件项下或与本协议、其他贷款文件或本协议所设想或讨论的任何交易有关的任何争议的专属管辖，并特此不可撤销地放弃且同意不在任何诉讼、行动或程序中主张其不受任何该等法院的人身管辖，或该等诉讼、行动或程序不适当，或该等程序的审判地不便；但前提是，本协议或任何其他贷款文件中的任何规定，均不限制贷款人在其确定该等诉讼、行动或程序为行使其在本协议或任何其他贷款文件项下的权利或救济所必要或适当的范围内，在任何其他司法管辖区的联邦、州或其他法院提起任何诉讼、行动或程序的权利。各方特此不可撤销地放弃对诉讼文书的亲自送达，并同意在任何该等诉讼、行动或程序中，通过挂号或保价邮件或隔夜递送（附送达证明）将其副本邮寄至该方在本协议项下有效的通知地址，即构成适当且充分的诉讼文书送达及其通知。本文任何规定均不得视为以任何方式限制依法以任何其他方式送达诉讼文书的任何权利。在法律允许的范围内，本协议各方放弃就因本协议、其他贷款文件以及本协议和该等文件所设想的任何其他交易而产生、与之有关或涉及该等事项的任何诉讼、案件或程序接受陪审团审判的一切权利。无论任何行动、诉讼或程序是基于侵权、合同或其他理由，本项豁免均适用。本协议各方：(A) 证明，任何其他方以及与任何其他方有关联或相关的任何代理人、代表或其他人士，均未明示或以其他方式表示，在发生诉讼时，该其他方不会寻求执行上述豁免；且(B) 确认，其及本协议其他各方已因本第6.4节中的相互豁免及证明而受促订立适用的贷款文件。\n\n第6.5节 完整协议；修订。\n\n(a) 贷款文件载明各方就其所涵盖事项达成的完整谅解，并取代就此作出的任何及所有其他书面和口头通信、谈判、承诺及文件。\n\n(b) 对本协议或其他贷款文件的任何条款作出的任何修订、重述、修改、补充、变更、终止或豁免（任何房东协议、保管人豁免或抵押权人豁免除外，该等文件可根据其条款予以修订、重述、补充、变更、终止或豁免），以及对任何借款人偏离该等条款的任何同意，均须经借款人和贷款人书面同意方为有效；但前提是，未经贷款人同意，任何该等修订、重述、修改、变更、终止、豁免或同意不得：(i) 减少任何贷款；(ii) 推迟或提前任何贷款的到期日或其他预定最终到期日，或推迟或提前任何贷款任何预定本金付款的日期，或减少其金额；(iii) 推迟任何义务应付的日期；(iv) 降低任何贷款所承担的利率或减少本协议项下应付的任何义务金额；(v) 修订本第6.5节或本协议或任何其他贷款文件中规定须经所有贷款人同意或采取其他行动的任何条款；(vi) 以任何方式变更本协议中依其条款明确要求贷款人批准或同意的任何规定；(vii) 解除或从属于贷款人为利益就任何借款人全部或实质上全部DIP抵押品获得的任何留置权，但根据贷款文件条款进行的除外；或(viii)(A) 变更或具有变更任何付款（包括自愿和强制提前还款）、留置权或DIP抵押品收益的优先顺位的效果（包括因根据本协议、其他贷款文件或其他规定，允许发行或发生就付款、留置权、DIP抵押品或DIP抵押品收益而言优先于任何义务的新贷款或其他债务，以换取任何义务或其他方式而全部或部分导致的），或(B) 提前贷款人根据任何贷款文件就任何贷款应收的任何预定本金分期付款的确定日期，或增加该等分期付款金额。\n\n第6.6节 可分割性。\n\n如本协议或任何其他贷款文件的任何条款根据任何法律在任何方面无效、违法或不可执行，本协议或该等文件其余条款的有效性、合法性及可执行性不应因此受到任何影响或减损。各方应本着诚信谈判，努力以有效条款替代无效、违法或不可执行的条款，且替代条款的经济效果应尽可能接近无效、违法或不可执行条款的经济效果。\n\n第6.7节 副本。\n\n本协议可签署若干副本，且各方可在不同副本上签署；每一副本及其任何影印本、传真本和其他电子传输方式的副本均应视为正本，但所有副本合在一起应构成同一份协议。\n\n第6.8节 存续。\n\n(a) 除第3.2节外，本协议以及贷款文件中作出的所有协议、陈述与保证及承诺，以及根据该等文件或与该等文件相关而交付的任何文件、证明或声明，均应被视为已为其他各方所依赖，并应在本协议及其他贷款文件的签署和交付以及根据本协议或该等文件发放贷款后继续有效，无论任何该等其他方或其代表是否进行任何调查；且应持续有效，直至所有义务及根据贷款文件应付的其他款项均已依照本协议及该等文件的规定全额支付。尽管贷款人在发放该等贷款时可能已获通知或知悉任何该等违约事件，或已获通知或知悉该等陈述或保证为虚假或具有误导性，贷款人不得因发放贷款而被视为放弃任何因该等陈述或保证被证明为虚假或具有误导性而可能产生的违约事件。\n\n(b) 根据本协议及任何其他贷款文件作出的所有陈述与保证，或根据本协议、该等文件或与本协议、该等文件相关而交付的其他文件中的所有陈述与保证，均应在本协议及该等文件签署和交付后继续有效（并应在此后继续依照本协议及该等文件的条款作出）。无论贷款人或其代表是否进行任何调查，且尽管贷款人在任何贷款发放时可能已获通知或知悉任何违约或违约事件，该等陈述与保证已经或将会为贷款人所依赖；只要本协议项下或其他贷款文件项下的任何贷款或任何其他义务仍未获支付或清偿，该等陈述与保证即应继续完全有效（并应继续依照适用贷款文件的条款作出）。\n\n(c) 尽管贷款文件中有任何相反规定，借款人根据第2.5节承担的义务，以及借款人和贷款人根据本第6条承担的义务，应在本协议拟议交易完成、贷款及其他义务偿还、本协议或任何其他贷款文件或本协议或该等文件任何条款终止后继续存续并完全有效。\n第6.9节 不放弃权利。\n\n任何一方未行使或延迟行使本协议项下、本文提及的任何协议、文件或文书项下，或任何其他贷款文件项下的任何权利、权力或特权，均不构成对其的放弃；本协议项下、任何其他贷款文件项下，或本文提及的任何其他协议、文件或文书项下任何权利、权力或特权的单次或部分行使，均不排除对其的其他或进一步行使，亦不排除行使任何其他权利、权力或特权；本协议项下、任何其他贷款文件项下，或本文提及的任何协议、文件或文书项下对任何权利、权力、特权或违约的任何放弃，均不构成对任何其他权利、权力、特权或违约的放弃，亦不构成对相同或任何其他条款或规定项下任何违约的放弃。贷款人在本协议、任何其他贷款文件或任何其他协议项下发生任何违反、违约或违约事件时，因任何交易惯例以及延迟行使或未行使其产生的任何权利、权力或救济，均不应损害任何该等权利、权力或救济，亦不得被解释为对其的放弃或对其的默许；贷款人就任何该等违反、违约或违约事件采取的行动，或其对此作出的任何默许，均不应影响或损害贷款人就任何其他违反、违约或违约事件所享有的任何权利、权力或救济。本文或其他贷款文件所规定的所有权利和救济均为累积性权利和救济，而非排除法律或衡平法另行规定或可获得的任何权利或救济。\n\n第6.10节 分别责任。\n\n每一借款人应就其各自在本协议项下及其他贷款文件项下的义务单独并分别承担责任。\n\n第6.11节 不使第三方受益。\n\n本协议仅为保护借款人和贷款人及其继承人和获准受让人的利益及其合法利益而订立，任何其他人士均不得成为本协议或任何其他贷款文件的直接或间接法定受益人，亦不得就本协议或任何其他贷款文件拥有任何直接或间接的诉因或请求权。贷款人对并非本协议或其他贷款文件一方的任何人士不承担任何义务。\n\n第6.12节 约束效力。\n\n本协议应于作为本协议一方的每一借款人及作为本协议一方的贷款人签署本协议，且该等已签署副本已依照本协议条款交付给贷款人时生效。此后，本协议应对本协议各借款人及贷款人，以及在每种情况下其各自的继承人和获准受让人具有约束力并使其受益，但仅使该等人士受益。\n\n第6.13节 资产归集；付款被撤销。\n\n贷款人无义务为任何借款人或任何其他人士，或就任何义务或为支付任何义务而归集任何财产。在贷款人从借款人处通过DIP担保物的收益、行使其抵销权、任何执行行动或其他方式收到付款，而该等付款随后全部或部分被宣告无效、被认定为欺诈性或优先性付款、被撤销，或被要求偿还给受托人、接管人或任何其他一方的范围内，原拟由该等付款清偿的义务或其部分，以及与之相关的所有留置权、权利和救济，应在该等追偿的范围内恢复并继续完全有效，如同该等付款从未发生。\n\n第6.14节 不放弃权利；累积救济。\n\n贷款人未行使或延迟行使任何贷款文件项下的任何权利、救济、权力或特权，均不构成对其的放弃；本协议项下任何权利、救济、权力或特权的单次或部分行使，均不排除对其的任何其他或进一步行使，亦不排除行使任何其他权利、救济、权力或特权。任何借款人、任何借款人的关联方或贷款人与彼此之间的任何交易惯例，均不得有效修订、修改或解除任何贷款文件的任何条款。\n\n第6.15节 抵销权。\n\n特此授权贷款人在任何违约事件持续期间，在适用法律允许的最大范围内，且无需通知或催告（各借款人特此放弃该等通知和催告），在任何时间及不时将贷款人或其任何关联方在任何时间持有的任何及所有存款（无论为一般或特别、定期或活期、暂定或最终存款），以及贷款人或其任何关联方在任何时间对借款人应付或为借款人贷记或记入借款人账户的其他债务、请求权或其他义务，予以抵销并用于清偿任何借款人现有或今后存在的任何义务，无论是否已就该等义务根据任何贷款文件提出催告，即使该等义务尚未到期亦然。本第6.15节项下的权利，是贷款人或其任何关联方可能享有的任何其他权利和救济（包括其他抵销权）之外的补充。\n\n第6.16节 DIP命令优先\n\n借款人和贷款人特此明确同意，如本协议（或任何其他贷款文件）与DIP命令之间存在任何冲突或不一致，应以DIP命令为准。尽管本协议中有任何相反规定，本协议的条款应视情况受DIP命令的条款、承诺、条件和规定约束。本协议在所有方面（包括本协议项下规定的借款人的所有义务和协议）均受DIP命令的条款约束；尽管有前述任何规定，借款人不得被要求承担DIP命令条款所禁止的任何义务、订立任何协议或采取任何行动。\n\n第7条\nDIP担保物\n\n第7.1节 授予担保权益。为担保义务的及时支付和履行，各借款人特此就该借款人现有或今后取得且无论位于何处的下列全部财产及其收益，向贷款人授予持续性担保权益及留置权（“DIP留置权”）（“DIP担保物”）：(a) Genever US（美国吉尼弗）在专有租赁权及股份（亦称“合作公寓权益”）中的所有权权益；(b) Genever BVI（英属维尔京群岛吉尼弗）或Genever US已提起或将提起的诉讼的收益（“借款人诉讼请求”），包括但不限于AIG Litigation（AIG诉讼）；(c) 以Genever US名义开立的存款账户中持有的任何及所有资金，包括现金存款；以及(d) Genever BVI在Genever US中的所有权权益。\n\nDIP留置权应包括：(i) 根据第364(c)(2)条，对未以其他方式受留置权约束的所有DIP担保物及其收益享有的完全完善的担保权益；以及(ii) 根据《破产法》第364(c)(3)条，对在第11章案件开始时受有效、完善且不可撤销的留置权约束，或其后根据《破产法》第546(b)条获准完善的DIP担保物享有的完全完善的次级担保权益；但在每种情况下，均受Carve-Out（预留款项）以及在获准范围内的Allowed SN Senior Debt Claim（获准SN优先债务请求权）和其他SN Senior Debt（SN优先债务）的约束。\n\n第7.2节 限制。根据本协议授予的DIP担保物留置权仅作为担保提供，不应使贷款人承担或以任何方式修改借款人与任何DIP担保物有关的任何义务或责任。\n\n第7.3节 进一步保证。借款人应迅速且无论如何应于收到贷款人书面要求后三（3）个营业日内，交付贷款人根据适用法律认为适当的文件和协议，并采取其认为适当的行动，以证明或完善其对任何DIP担保物享有的留置权，或以其他方式实现本协议的意图。\n\n第7.4节 DIP担保物的保护。保护、存储、仓储、投保、处理、维护及运输任何借款人的任何DIP担保物的所有费用；就任何借款人的任何DIP担保物（包括其任何出售）应付的所有税款；以及出借人为实现任何借款人的任何DIP担保物而须向任何人士作出的所有其他付款，均应由适用借款人承担并支付。出借人对任何DIP担保物的保管、其任何灭失或损坏（DIP担保物处于出借人实际占有期间，其保管方面的合理注意义务除外）、其价值的任何减损，或任何仓库保管人、承运人、货运代理机构或任何其他人士的任何作为或不作为，概不以任何方式承担责任；上述风险均由适用借款人独自承担。如任何政府主管机关的任何税款、摊派或其他费用已被或可能被征收，或如提出任何主张，而出借人依其合理判断认为该主张可能对DIP担保物形成有效担保权，出借人可在同时通知借款人的情况下支付或缴纳该等税款、摊派或其他费用，且各借款人特此就此赔偿出借人并使其免受损害。在任何适用借款人已适当争议该等税款、摊派或费用的范围内，出借人不会支付或缴纳任何该等税款、摊派或费用。出借人根据本第7.4节作出的任何付款金额，应由适用借款人于提出要求时以现金支付。\n\n第7.5节 所有权的维护。各借款人应始终维护其对其DIP担保物的所有权以及出借人就该等担保物享有的担保权，使其不受任何人士、主张及要求的影响，但以下情形除外：(i) 已适当完善且不可撤销的申请破产前担保权，包括与该公寓有关的该等担保权，包括但不限于任何工程留置权或税务留置权；及(ii) 根据《破产法典》第546(b)条于申请破产后完善的担保权。\n[以下为签署页]\n\n兹证明，各方已促使本协议于上文所载首日正式签署。\n借款人：\n\nGENEVER HOLDINGS LLC（Genever Holdings有限责任公司），一家纽约有限责任公司\n\n签署人：/s/ Luc A. Despins（卢克·A·德斯平斯） 姓名：Luc A. Despins 职务：Genever Holdings LLC代理持有人\nGENEVER HOLDINGS CORPORATION（Genever Holdings公司），一家\n\n根据英属维尔京群岛法律组织成立的公司\n\n签署人：/s/ Luc A. Despins 姓名：Luc A. Despins 职务：Genever Holdings Corporation代理持有人\n\n出借人：\n\nLUC A. DESPINS，以其根据《破产法典》第11章担任第11章受托人的身份\n\n签署人：/s/ Luc A. Despins 姓名：Luc A. Despins 职务：第11章受托人\n附件A\n承诺额度\n\n出借人 承诺额度\n\nLuc A. Despins，以其根据《破产法典》第11章担任美国受托人的身份 \\$2,000,000.00\n合计 \\$2,000,000.00\n附件A\n借款通知书格式\n\n\\_\\_\\_\\_\\_\\_\\_\\_ \\_\\_\\_, 202\\_\n\n致：Luc A. Despins，以其第11章受托人身份\n转交 Paul Hastings LLP（宝汇律师事务所）\n200 Park Avenue\nNew York, NY 10166\n收件人：Luc Despins\n电子邮箱：lucdespins@paulhastings.com\n\n事由：Genever Holdings LLC和Genever Holdings Corporation\n\n女士们、先生们：\n\n兹提及由以下各方于[•]，2023签订的多次提款优先有担保超级优先权在管债务人信贷及担保协议：(i) Genever Holdings LLC，一家纽约有限责任公司及第11章案件中的债务人和在管债务人（“Genever US”）；(ii) Genever Holdings Corporation，一家根据英属维尔京群岛法律注册成立的公司及第11章案件中的债务人和在管债务人（“Genever BVI”，与Genever US合称“借款人”）；以及(iii) Ho Wan Kwok（郭文贵）的第11章破产财产（“个人债务人”），由其代表Luc A. Despins以个人债务人的第11章受托人（“第11章受托人”）身份行事（该第11章破产财产称为“出借人”）（经不时修订、补充、重述或以其他方式修改、续展或替换者，称为“DIP信贷协议”）。本文件中使用但未定义的首字母大写术语，应具有DIP信贷协议赋予其的含义。\n\n借款人特此根据DIP信贷协议第2.2(b)节通知，其请求根据DIP信贷协议取得一笔贷款，并就此载列下文所请求作出该笔贷款的条款：\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n(A) 贷款本金金额：\\$[\\_\\_\\_\\_\\_\\_]\n\n(B) 贷款日期（应为营业日）：\n(C) 所得款项用途：\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n借款人特此陈述并保证，截至本文件日期，DIP信贷协议第4条所载的全部条件均已满足。\n\n[以下为签署页]\n\n谨启，\nGENEVER HOLDINGS LLC，借款人\n\n签署人：\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ 姓名： 职务：\nGENEVER HOLDINGS CORPORATION，借款人\n\n签署人：\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ 姓名： 职务：\n\nCase 22-50073 Doc 2110 Filed 08/23/23 Entered 08/23/23 14:21:24 Page 72 of 75\n证物B\n\n核对清单\n用于现金担保物使用及申请破产后融资的动议和命令核对清单\n\n兹证明，下列核对清单信息反映了根据如下所示的11 U.S.C. §§ 363及/或364，就现金担保物使用或申请破产后融资所提出动议及拟议命令的实质内容：\n\n1. 程序识别：\n\na. 初步动议/命令 是 否 不适用\nb. 最终动议/命令 是 否 不适用\nc. 持续使用现金担保物(§ 363) 是 否 不适用\nd. 新增融资(§ 364) 是 否 不适用\ne. §§ 363和364融资的组合 是 否 不适用\nf. 紧急听证（即时且不可弥补的损害） 是 否 不适用\n\n2. 陈述：\n\na. 债务人业务及债务人与出借人既往关系状况的简要历史 是 否 不适用\nb. 融资目的和必要性的简要说明 是 否 不适用\nc. 融资类型的简要说明（即应收账款、存货） 是 否 不适用\nd. 出借人的申请破产前担保权益和担保权是否被视为有效、已完全完善且不可撤销？ 是 否 不适用\n(i) 是否有允许对上述事项提出异议的规定？ 是 否 不适用\ne. 出借人与债务人之间是否存在申请破产后融资协议？ 是 否 不适用\nf. 如存在协议，出借人的申请破产后担保权益和担保权是否被视为有效、已完全完善且不可撤销？ 是 否 不适用\ng. 是否已对出借人的非现金担保物进行评估？ 是 否 不适用\nh. 填写最近一次评估日期。\ni. 是否附有债务人拟议预算？ 是 否 不适用\nj. 是否已识别全部申请破产前贷款文件？ 是 否 不适用\nk. 是否存在申请破产前担保权？ 是 否 不适用\nl. 是否存在申请破产前债务保证？ 是 否 不适用\n\n3. 授予担保权：\n\na. 申请破产后担保权是否担保申请破产前债务？ 是 否 不适用\nb. 是否存在交叉担保？ 是 否 不适用\nc. 申请破产后担保权的优先顺位是否等同于或高于现有担保权？ 是 否 不适用\nd. 申请破产后担保权是否具有追溯效力？ 是 否 不适用\ne. 是否限制授予进一步担保权或同等或更高优先顺位的担保权？ 是 否 不适用\nf. 是否向出借人授予对根据§§ 506(c)、544-50及§§ 522提出的请求权的担保权？ 是 否 不适用\n(i) 是否支付出借人的律师费？ 是 否 不适用\n(ii) 债务人的律师费是否排除在§ 506(c)之外？ 是 否 不适用\ng. 是否向出借人授予对根据§§ 544、547和548提出的诉因所得款项的担保权？ 是 否 不适用\n\nCase 22-50073\nDoc 2110\nFiled 08/23/23\nEntered 08/23/23 14:21:24 Page 74 of 75\n\n4. 行政优先权请求： 是\n否\n不适用\na.\n是否向出借人授予行政优先权？ 是\n否\n不适用\nb.\n行政优先权是否高于§ 507(a)？\nc.\n因使用现有担保物，申请破产前有担保债权是否转化为申请破产后行政债权？ 是\n否\n不适用\n\n5. 充分保护(§ 361)：\na.\n是否存在申请破产后债务偿付？ 是\n否\n不适用\nb.\n是否存在替代/额外的§ 361 (1)担保权？ 是\n否\n不适用\nc.\n是否给予出借人债权超级优先权？ 是\n否\n不适用\nd.\n是否存在保证？ 是\n否\n不适用\ne.\n是否有充分的保险保障？ 是\n否\n不适用\n\n6. 对出借人的放弃/解除请求权：\na.\n债务人是否放弃或解除对出借人的请求权，包括但不限于根据《法典》§§ 506(c)、544-550、552和553提出的请求权？ 是\n否\n不适用\nb.\n债务人是否放弃对出借人债权或担保权的抗辩？ 是\n否\n不适用\nc.\n拟议出借人是否亦为申请破产前出借人？ 是\n否\n不适用\n\nd. 新的申请破产后出借人？\ne. 出借人是否为内幕人士？\n\n7. 中止的修改：\n\na. 是否允许任何修改后的中止解除？ 是 否 不适用\n\nb. 是否解除自动中止，以允许出借人在违约时无需进一步命令即可行使自助救济？ 是 否 不适用\nc. 是否存在无需法院进一步命令即可行使的任何其他救济？ 是 否 不适用\nd. 是否有规定，任何未来对命令的修改均不影响债务人对出借人的申请破产后义务之状态？ 是 否 不适用\n\n是 否 不适用 是 否 不适用 是 否 不适用\n8. 债权人委员会\n\na. 是否已指定债权人委员会？ 是 否 不适用\n\nb. 债权人委员会是否同意？ 是 否 不适用\n\nCase 22-50073 Doc 2110\nFiled 08/23/23\nEntered 08/23/23 14:21:24\n9. 对利害关系方的限制： Page 75 of 75\n\na. 关于修改出借人的权利、担保权及/或诉因，是否以任何方式限制计划提议人？\nb. 是否禁止债务人为阻止出借人行使权利而寻求禁令？ 是\n否\n不适用\nc. 是否禁止任何利害关系方寻求修改本命令？ 是\n否\n不适用\nd. 任何命令的作出是否以向出借人偿付债务为条件？ 是\n否\n不适用\ne. 在转换程序后，本命令是否对后续受托人具有约束力？ 是\n否\n不适用\n是\n否\n不适用\n\n10. 追溯生效：\na. 任何规定是否具有追溯效力？ 是\n否\n不适用\n\n11. 通知及其他程序：\na. 是否请求缩短通知期限？ 是\n否\n不适用\nb. 是否请求向缩短后的名单送达？ 是\n否\n不适用\nc. 是否缩短答复期限？ 是\n否\n不适用\nd. 如寻求最终命令，自根据FRBP 4001(b)(2)送达动议之日起是否已过15日？ 否\n不适用\n是\ne. 如寻求初步命令，在最终听证前，为避免对破产财产造成即时且不可弥补的损害，是否有必要使用现金担保物？ 是\n否\n不适用\nf. 是否附有会议证明？ 是\n否\n不适用\ng.\nh. 是否附有送达证明？\n是否附有根据FRBP 9034向美国受托人送交的核实证明？ 是\n否\n不适用\n 是\n否\n不适用\ni. 提交动议后是否已达成协议？ 是\n否\n不适用\ni. 如是，是否已根据FRBP 4001 (d)(l)送达该协议通知？ 是\n否\n不适用\nii. 该协议是否为根据FRBP 4001 (d)(4)就动议达成的和解？ 是\n否\n不适用\niii. 该动议是否根据FRBP 4001(d)(4)对协议的重要条款给予合理通知？ 是\n否\n不适用\niv. 该动议是否规定了根据FRBP 9014举行听证的机会？ 是\n否\n不适用\n\n签署日期：August 23, 2023\n\n签署人：/s/ Douglass Barron（道格拉斯·巴伦）","key_entities":["Je","Despins","CIPA","Kwok","Ho Wan Kwok","Paul Hastings","Guo","Miles Guo","Luc Despins"],"ecf_references":[],"word_count":26499,"status":"published","published_at":"2023-08-23 00:00:00","created_at":"2023-08-23","updated_at":"2026-08-23 22:38:35"}