{"id":"court_ctb_2185_0","court":"CTB","case_no":"22-50073","doc_number":2185,"sub_number":0,"doc_type":"ORDER","filed_date":null,"title":"UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION | -------------------------------------------","summary_zh":null,"summary_en":null,"body_en":"### **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n| ------------------------------------------------------x |             |                         |  |\n|---------------------------------------------------------|-------------|-------------------------|--|\n| In re:                                                  | :<br>:      | Chapter 11              |  |\n| HO WAN KWOK, et al.,1                                   | :<br>:<br>: | Case No. 22-50073 (JAM) |  |\n| Debtors.                                                | :<br>:      | (Jointly Administered)  |  |\n| ------------------------------------------------------x |             |                         |  |\n\n#### **NOTICE OF FILING OF REVISED PROPOSED FINAL DIP ORDER**\n\n**PLEASE TAKE NOTICE** that, on August 23, 2023, Genever Holdings LLC (\"Genever US\"), Genever Holdings Corporation (\"Genever BVI\") and Luc A. Despins, in his capacity as the chapter 11 trustee (the \"Trustee\" and together, with Genever US and Genever BVI, the \"Movants\") of Ho Wan Kwok (the \"Individual Debtor\"), debtors in these above-captioned jointly administered cases (the \"Chapter 11 Cases\"), filed the *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* [Docket No. 2110] (the \"Motion\").2\n\n<sup>1</sup> 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\n<sup>2</sup> Capitalized terms used but not otherwise defined herein shall the meaning given to such terms in the Motion.\n\n**PLEASE TAKE FURTHER NOTICE** that a proposed form of order was attached to the Motion as Exhibit A (the \"Proposed Final DIP Order\").\n\n**PLEASE TAKE FURTHER NOTICE** that, since filing the Motion, the Movants have received informal comments from Sherry Netherland, Inc. and the United States Trustee.\n\n**PLEASE TAKE FURTHER NOTICE** that, since the filing of the Motion, the Movants have made revisions to the Proposed Final DIP Order to address the informal comments received from Sherry Netherland, Inc. and the United States Trustee.\n\n**PLEASE TAKE FURTHER NOTICE** that, attached hereto as **Exhibit A** is a revised proposed form of order (the \"Revised Proposed Final DIP Order\").\n\n**PLEASE TAKE FURTHER NOTICE** that attached hereto as **Exhibit B** is a redline showing changes made to the proposed form of order.\n\n*[Remainder of page intentionally left blank.]*\n\nDated: September 11, 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**Revised Proposed Final DIP Order**\n\n## **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n| ------------------------------------------------------x |        | RE: Docket No. 2110     |\n|---------------------------------------------------------|--------|-------------------------|\n| Debtors.                                                | :<br>: | (Jointly Administered)  |\n| HO WAN KWOK, et al.,1                                   | :<br>: | Case No. 22-50073 (JAM) |\n| In re:                                                  | :<br>: | 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\n<sup>1</sup> 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\n<sup>2</sup> 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:**<sup>3</sup>\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\n<sup>3</sup> 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 necessary 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 consistent with this Order and 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\n5\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. Subject to the Carveout, 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\n\nwould have sole and exclusive 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\n\nvalidate and perfect the liens and security interests granted herein; (ii) grant the DIP Liens and incur 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 Carve-Out, 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 interpreted 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\").\n\n12. *Authority to Pay Certain Post-Petition Fees*. 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, (i) reasonable post-petition fees of the Sherry Netherland's counsel and (ii) Genever US's professionals that have provided, or continue to provide, services to Genever US after the Venue Transfer Date. Prior to making payments under this paragraph, Genever US shall file a notice with the Court attaching the applicable invoices. Parties in interest will then have fourteen (14) days to object to such invoices. If no timely objections are filed with the Court, Genever US is authorized to pay such invoices without further Court order. If any timely objections are filed, (i) Genever US and the affected professional(s) may file a response to such objection(s) within seven (7) days thereafter and (ii) Genever US shall pay the portion of the\n\nfees and expenses that are not subject to such objection(s). To the extent that an objection cannot be consensually resolved among the parties, the Court will rule on the matter.\n\n13. 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\n14. *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 contained 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\n15. *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\n16. *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\n17. *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\n\n15\n\nBankruptcy 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\n18. *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\n19. *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\n20. *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\n21. *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\n22. *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\n16\n\n## **Exhibit 1**\n\nDIP Credit Agreement\n\n## **Exhibit B**\n\n**Redline**\n\n## **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\nx In re: HO WAN KWOK, *et al*., 1 Debtors. : : Chapter 11 : : Case No. 22-50073 (JAM) : : (Jointly Administered) :\n\nx **RE: Docket No. [•]2110**\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\n\nHoldings 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\n<sup>1</sup> 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\n<sup>2</sup> 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:**<sup>3</sup>\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\n<sup>3</sup> 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\n#### E. *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 needednecessary 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\n\nequivalent 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 consistent with this Order and 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.\n\nThe 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,\n\nagreements, 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\n\narising 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\n\ninterest 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,\n\nbinding, 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. TheSubject to the Carveout, 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\nwould have sole and exclusive 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\n\nvalidate and perfect the liens and security interests granted herein; (ii) grant the DIP\n\nLiens and\n\n incur 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,\n\nremain binding); (ii) the other rights granted by the DIP Order, including with respect to the Carve-\n\nCarve-Out\n\nOut, 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\n interpreted 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\").\n\n12. *Authority to Pay Certain Post-Petition Fees*. 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, (i) reasonable post-petition fees of the Sherry Netherland's counsel and (ii) Genever US's professionals that have provided, or continue to provide, services to Genever US after the Venue Transfer Date. Prior to making payments under this paragraph, Genever US shall file a notice with the Court attaching the applicable invoices. Parties in interest will then have fourteen (14) days to object to such invoices. If no timely objections are filed with the Court, Genever US is authorized to pay such invoices without further Court order. If any timely objections are filed, (i) Genever US and the affected professional(s) may file a response to such objection(s) within seven (7) days thereafter and (ii) Genever US shall pay the portion of the fees and expenses that are not subject to such objection(s). To the extent that an objection cannot be consensually resolved among the parties, the Court will rule on the matter.\n\n1213. 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\n1314. *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\n contained 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\n1415. *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\n1516. *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\n1617. *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\n\nBankruptcy 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\n\n immediately effective and enforceable upon its entry and there shall be no stay of execution or effectiveness of this DIP Order.\n\n1718. *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\n1819. *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\n1920. *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\n2021. *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\n2122. *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","body_zh":"美国康涅狄格州联邦破产法院布里奇波特分院（UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION）\n\n关于：　：\n：　第 11 章\nHO WAN KWOK（郭文贵）等人，1　：\n：\n：　案号 22-50073 (JAM)\n债务人。　：\n：　（合并管理）\n\n关于提交经修订拟议最终 DIP 裁定的通知\n\n兹通知：2023 年 8 月 23 日，Genever Holdings LLC（“Genever US”）、Genever Holdings Corporation（“Genever BVI”）以及 Luc A. Despins（卢克·A·德斯平斯）以 HO WAN KWOK（郭文贵）（“个人债务人”）第 11 章受托人（“受托人”，并与 Genever US 和 Genever BVI 合称“动议方”）身份，作为上述标题所列经合并管理案件中的债务人（“第 11 章案件”），提交了《第 11 章受托人与债务人 Genever US 及 Genever BVI 请求作出最终裁定的联合动议：（I）授权第 11 章受托人根据《破产法》第 363 条提供融资延期；（II）授权 Genever US 和 Genever BVI 根据《破产法》第 364 条取得申请后融资；（III）授予非优先置换留置权并提供超优先行政费用债权；（IV）修改自动中止；及（V）授予相关救济》[案卷编号 2110]（“该动议”）。2\n\n1 本第 11 章案件中的债务人为 HO WAN KWOK（郭文贵）（亦称 Guo Wengui（郭文贵）、Miles Guo（郭文贵）及 Miles Kwok（郭文贵），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）及 Genever Holdings Corporation。受托人、Genever Holdings LLC 及 Genever Holdings Corporation 的邮寄地址为：Paul Hastings LLP（普衡律师事务所），200 Park Avenue, New York, NY 10166，收件人：Luc A. Despins，作为 HO WAN KWOK 遗产的受托人（仅限通知和通信之用）。\n\n2 本文所使用但未另行定义的首字母大写术语，应具有该动议中赋予该等术语的含义。\n\n兹进一步通知：拟议裁定文本作为附件 A（“拟议最终 DIP 裁定”）附于该动议之后。\n\n兹进一步通知：自提交该动议以来，动议方已收到 Sherry Netherland, Inc.（谢里·内瑟兰公司）和 United States Trustee（美国受托人）的非正式意见。\n\n兹进一步通知：自提交该动议以来，动议方已对拟议最终 DIP 裁定作出修订，以回应收到的 Sherry Netherland, Inc. 和美国受托人的非正式意见。\n\n兹进一步通知：作为附件 A 随附于此的是经修订的拟议裁定文本（“经修订拟议最终 DIP 裁定”）。\n\n兹进一步通知：作为附件 B 随附于此的是显示对拟议裁定文本所作修改的修订标记稿。\n\n[本页其余部分有意留白。]\n\n日期：2023 年 9 月 11 日　纽约州纽约市\n\n签署人：/s/ Douglass Barron\n\nLuc A. Despins（获准临时出庭）\nG. Alexander Bongartz（获准临时出庭）\nDouglass Barron（获准临时出庭）\nPAUL HASTINGS LLP（普衡律师事务所）\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（获准临时出庭）\nPAUL HASTINGS LLP（普衡律师事务所）\n2050 M Street NW\nWashington, D.C., 20036\n(202) 551-1902\nnicholasbassett@paulhastings.com\n\n以及\n\nDouglas S. Skalka（ct00616）\nPatrick R. Linsey（ct29437）\nNEUBERT, PEPE & MONTEITH, P.C.（纽伯特、佩佩及蒙蒂思专业公司）\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附件 A\n\n经修订拟议最终 DIP 裁定\n美国康涅狄格州联邦破产法院布里奇波特分院（UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION）\n\n------------------------------------------------------x　关于：案卷编号 2110\n\n债务人。　：\n：　（合并管理）\nHO WAN KWOK 等人，1　：\n：　案号 22-50073 (JAM)\n关于：　：\n：　第 11 章\n------------------------------------------------------x　：\n裁定：（I）授权第 11 章受托人根据《破产法》第 363 条提供融资延期；（II）授权 GENEVER US 和 GENEVER BVI 根据《破产法》第 364 条取得申请后融资；（III）授予非优先置换留置权并提供超优先行政费用债权；（IV）修改自动中止；及（V）授予相关救济\n\n鉴于 Genever Holdings LLC（“Genever US”）、Genever Holdings Corporation（“Genever BVI”）及 Luc A. Despins 以 HO WAN KWOK（“个人债务人”）第 11 章受托人（“受托人”）身份，作为上述标题所列经合并管理案件中的债务人（“第 11 章案件”）提出的动议（“该动议”2），请求本院依据《美国法典》第 11 编（“破产法”）第 105(a)、361、362、363、364、503、506 及 507 条、《联邦破产程序规则》（“破产规则”）第 2002、4001、6003、6004 及 9014 条，以及《康涅狄格州地区美国破产法院地方规则》（“地方规则”）第 4001-3 条，作出最终裁定（“DIP 裁定”），其中包括：(i) 授权 Genever US 和 Genever BVI（“DIP 借款人”）从 Kwok 的第 11 章遗产（“DIP 出借人”，并与 DIP 借款人合称“动议方”）取得有担保的申请后融资，该融资为总本金金额最高达 \\$2,000,000 的非优先置换有担保债务人占有期间信贷安排，且形式为作为附件 1 附于此的 DIP 融资信贷协议（该协议称为“DIP 信贷协议”）；(ii) 按本文更充分说明的方式，向 DIP 出借人授予相关留置权和超优先债权；(iii) 在必要范围内修改自动中止；以及 (iv) 授权受托人作为 DIP 出借人的代表订立 DIP 信贷协议；一切均依照本 DIP 裁定所列条款和条件。\n\n本院已审阅该动议以及在 [•] 举行的、审议作出本 DIP 裁定的听证会（“DIP 听证会”）上提出的论点；且已依照破产规则第 2002、4001、6003、6004 及 9014 条以及所有适用地方规则，就 DIP 听证会作出适当且充分的通知；且 DIP 听证会已经举行并结束；且对该动议所请求救济提出的任何异议均已撤回、解决或由本院驳回；且本院已认定，该动议所载明的法律和事实依据确立了授予本文所述救济的正当理由；且该等救济公平合理，符合动议方、其遗产、其债权人及所有利益相关方的最佳利益，并且对于保全 DIP 借款人遗产的价值至关重要；且动议方订立 DIP 信贷协议似属 DIP 借款人和受托人对其商业判断的审慎合理行使；并鉴于本院已进行的全部程序，且经适当审议并显示具有充分理由，\n本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任命。Genever US 于 2020 年 10 月 12 日在 New York Bankruptcy Court（纽约破产法院）提交其自愿第 11 章申请。2022 年 2 月 15 日，个人债务人向本院提交了根据破产法第 11 章寻求救济的自愿申请。本院以日期为 2022 年 7 月 8 日的裁定批准了受托人的遴选。2022 年 10 月 11 日，Genever BVI 向本院提交其自愿第 11 章申请。此后不久，纽约破产法院以日期为 2022 年 11 月 3 日的裁定，准许了受托人与 Genever US 将 Genever US 的第 11 章案件移送至本院的联合变更审理地动议。本院以日期为 2022 年 11 月 21 日的裁定，批准对 Genever US、Genever BVI 及个人债务人的第 11 章案件进行合并管理。\n\nB. 管辖权与审理地。本院根据 28 U.S.C. §§ 157 和 1334 以及 United States District Court for the District of Connecticut（美国康涅狄格州联邦地区法院）作出的常设移送命令，对本事项具有管辖权。本事项属于 28 U.S.C. § 157(b) 所指的核心程序。根据 28 U.S.C. §§ 1408 和 1409，本地区为适当审理地。该动议所请求救济的法定依据为破产法第 105(a)、361、362、363、364、503、506 及 507 条，破产规则第 2002、4001、6003、6004 及 9014 条，以及地方规则第 4001-3 条。\n\nC. 委员会的组成。2022 年 3 月 21 日，美国受托人在个人债务人的第 11 章案件中任命了 Official Committee of Unsecured Creditors（无担保债权人正式委员会）（“委员会”）。第 11 章案件中尚未任命审查员。\n\n3 本文所载的认定和结论构成本院依照破产规则第 7052 条作出的事实认定和法律结论；该规则经破产规则第 9014 条适用于本程序。\n\nD. 通知。DIP 听证会依照破产规则第 4001(b)(2) 和 (c)(2) 条举行。已依照地方规则第 4001-3(g)(7) 条，就该动议和 DIP 听证会作出适当、及时、充分且足够的通知，无须就该动议或作出本 DIP 裁定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。已有充分且足够的理由支持作出本 DIP 裁定，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承担 DIP 融资，以便为其第 11 章案件的管理费用及其他必要费用提供资金，其中包括对该公寓进行必要的修复维修、美国受托人费用及专业人员费用。DIP 借款人通过承担 DIP 信贷协议所规定 DIP 融资安排下的债务而获得充足流动性的渠道，对于保全和最大化 DIP 借款人第 11 章遗产的价值而言是必要且至关重要的。\n\n(c) 无法以更有利条件获得信贷。DIP 融资安排是目前 DIP 借款人可合理获得的最佳债务人占有期间融资来源。DIP 借款人已认定，DIP 借款人无法以比 DIP 融资安排所提供条件更有利的条件获得足够信贷。\n\n(d) 商业判断与完全公平性。根据该动议和 DIP 听证会所形成的记录，DIP 信贷协议项下 DIP 融资的条款：(i) 在各方面均属公平合理，体现了 DIP 借款人和受托人依其受托义务作出的审慎商业判断，构成合理等值和公平对价，并代表可获得的最佳融资；以及 (ii) 在适用范围内，符合完全公平性标准。\n\n(e) 善意贷款人。DIP 融资是以下因素的结果：(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性申请后融资的最有利条款；以及 (ii) DIP 借款人和受托人以个人债务人财产代表身份作出的善意考量。DIP 融资安排的条款和条件在当时情形下属合理且适当。此外，除动议中所述者外，未向 DIP 融资安排的任何一方提供任何对价。DIP 贷款及 DIP 借款人根据 DIP 信贷协议条款对 DIP 贷款人负有的任何义务，均由 DIP 贷款人善意提供，并明确依赖《破产法》第 364(e) 条所提供的保护。若本 DIP 命令或其任何条款在上诉或其他程序中被撤销、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》第 364(e) 条的充分保护。\n\n(f) DIP 融资安排所得款项的使用。DIP 借款人将依照本命令、并按 DIP 信贷协议的规定使用 DIP 融资安排所得款项，且仅将其用于《破产法》允许的目的。\n\n(g) 《破产法》第 506(c) 条。DIP 贷款人有权按本命令规定获得对《破产法》第 506(c) 条规定的豁免。\n\n(h) 公司授权。DIP 借款人及受托人（以 DIP 贷款人的代表身份行事）各自均拥有签署、交付其作为当事方的 DIP 信贷协议以及履行其项下义务所需的一切权力和授权，包括但不限于承担 DIP 贷款及质押适用的 DIP 担保物。\n\n基于上述认定和结论、该动议及法院就该动议所掌握的记录，并经适当审议且有充分正当理由，现特此命令：\n\n1. 处置。特此按本命令规定，以最终方式准予动议所请求的救济。对于就作出本 DIP 命令提出、且尚未撤回、放弃或和解的任何异议，特此在实体上予以驳回并推翻。本 DIP 命令应于作出后立即生效。\n\n2. 对 DIP 融资及 DIP 信贷协议的授权。\n\n(a) 特此按本命令规定，以最终方式批准 DIP 融资安排。动议申请人依据本 DIP 命令获授权签署、交付、订立及（如适用）履行 DIP 信贷协议项下的所有义务，以及采取与此相关而可能必要、适当或合宜的其他行为。DIP 借款人特此获授权依 DIP 信贷协议借款，但须受其中任何限制约束；该等借款应依本 DIP 命令和 DIP 信贷协议许可的所有用途使用，并受本命令及该协议所载条款和条件约束。DIP 贷款人（通过受托人行事）获授权将 DIP 信贷协议中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 借款人及受托人（以 DIP 贷款人代表身份行事）各自均获授权并被指示采取一切行为，制作、签署及交付一切文书、证明书、协议、收费、契据及文件，并在 DIP 信贷协议所述本金、利息及其他款项按照 DIP 信贷协议的条款和条件到期应付时支付该等款项，以及采取任何其他可能必要、合宜或适当的相关行动，所有该等事项均以本 DIP 命令或 DIP 信贷协议规定的范围为限。\n\n3. 预留款项。预留款项系指以下各项之和：(i) 根据 28 U.S.C. § 1930(a) 应支付给法院书记员及美国受托人的所有费用；(ii) 受托人根据《破产法》第 726(b) 条发生并经法院准许的、金额不超过 $40,000 的所有合理且有文件证明的费用和支出；以及 (iii) 经本法院在任何时候以中间命令或最终命令准许的，在场所移转日后由 DIP 借款人聘用的个人或律所发生的、《破产法》第 327、328、330 及 331 条所规定种类的所有已累计且未支付的费用、成本及支出债权（“预留款项专业费用”）。预留款项专业费用不得超过 $350,000。为免生疑义，预留款项专业费用不包括应支付给任何房地产经纪人的任何费用。DIP 借款人所欠总额在任何时候均不得超过 DIP 贷款人的承诺额度减去 $350,000。\n\n4. DIP 债权。根据《破产法》第 364(c)(1) 条，应向 DIP 贷款人授予针对每一 DIP 借款人的获准优先有担保超优先行政费用债权，并以分别及连带方式承担；该债权优先于现存或今后产生的针对 DIP 借款人的任何及一切其他种类债权，但本命令所定义的获准 SN 优先债务债权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》第 503(b) 及 507(b) 条所规定种类的一切行政费用，以及根据《破产法》第 105、326、327、328、330、331、365、503(b)、506(c)、507(a)、507(b)、726、1113 或 1114 条产生的任何及一切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、执行或扣押而获得担保。该获准优先有担保超优先行政费用债权（“DIP 债权”）就《破产法》第 1129(a)(9)(A) 条而言，应视为根据《破产法》第 503(b) 条获准的行政费用；该 DIP 债权应可从下列财产中获得支付并享有优先追索权：(i) DIP 担保物及其所有所得，但仅从属于预留款项、获准 SN 优先债务债权及在获准范围内的其他 SN 优先债务的支付；以及 (ii) DIP 借款人的任何其他资产；但前提是，DIP 债权对根据《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不享有优先追索权。为免生疑义，除预留款项、获准 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》项下任何后续案件中（包括但不限于《破产法》第 7 章项下任何案件）先前授予或今后授予或设立的任何债权具有同等顺位；且该 DIP 债权应按本命令规定维持其优先顺位，直至本命令及 DIP 信贷协议项下所有义务均获全额清偿。若本 DIP 命令或其任何条款在上诉或其他程序中被撤销、推翻或修改，DIP 债权应有权获得《破产法》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所得：(a) Genever US（吉尼弗美国）在以下各项中的权益：(i) Sherry Netherland, Inc.（雪莉-内瑟兰公司）与 Genever Holdings LLC（吉尼弗控股有限责任公司）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赁；(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赁中的权益；(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赁中的权益（该等租约及该等股份合称“合作公寓权益”）；(b) Genever BVI（吉尼弗英属维尔京群岛）或 Genever US 已提起或将提起的诉讼所得（“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，该程序案名为“Genever Holdings LLC 依据《破产法》第 105 及 363 条以及《破产程序规则》第 7001 条，就多份保险单下的违约及确认判决对 AIG Property Casualty Company 提起的诉状”，并登记为 Adv. Proc. No. 23-05007 中的 Docket No. 1（“AIG 诉讼”）；(c) 以 DIP 借款人名义持有于存款账户中的任何及一切资金，包括但不限于现金保证金；以及 (d) Genever BVI 对 Genever US 的所有权权益。为免生疑义，DIP 担保物不包括根据《破产法》第 502(d)、544、545、547、548、551、553(b)、732(2) 或 742(2) 条提起的任何撤销权诉讼，亦不包括该等撤销权诉讼的所得。\n\n6. DIP 留置权。作为 DIP 贷款的担保，仅受预留款项约束，自本 DIP 命令作出之日起有效，并自动且适当地完成对抗要件，且无需 DIP 贷款人签署、登记、完成对抗要件或提交文件，亦无需 DIP 代理人占有或控制任何 DIP 担保物，特此向 DIP 贷款人授予以下有效、有约束力、持续、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》第 364(c)(2) 条，对在申请日当日或之前未另行受留置权约束的 DIP 担保物设定有效、有约束力、可执行、已完整完成对抗要件的第一顺位担保权益和留置权。为免生疑义：\n\n1. Sherry Netherland 第一留置权以及 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”，与 Sherry Netherland 第一留置权合称“Sherry Netherland 优先留置权”）均为有效且已适当完成对抗要件，并在所有方面（包括支付）优先于 DIP 贷款人就 DIP 担保物及其所得获授的担保权益和留置权。\n\n2. 在预留款项的约束下，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）享有第一顺位担保权益，包括但不限于借款人诉讼债权（包括 AIG 诉讼）及 Genever BVI 对 Genever US 的所有权权益。尽管有前述规定，Sherry Netherland 仅有权就 AIG 诉讼的任何所得（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，则该被主张衡平法留置权的有效性、可执行性及优先顺位，将由具有管辖权的法院根据适用的破产法和非破产法确定（动议申请人认为破产法院将拥有唯一且排他性的管辖权，而 Sherry Netherland 保留一切权利），且所有当事方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》section 364(c)(3)，就DIP Collateral（债务人占有融资担保物）设立的有效、具有约束力、可执行且已完全完善的次级担保权益及留置权，该等担保权益及留置权：(i) 在或截至 Petition Date（申请日）受制于在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》section 546(b)所允许而受制于已完善的留置权。为免生疑，DIP Liens（债务人占有融资留置权）应次于 Sherry Netherland（雪莉荷兰酒店）的优先留置权。\n\n(c) 不交叉担保。就每一DIP Borrower（债务人占有融资借款人）财产设立的DIP Liens，仅担保该借款人的债务。\n\n(d) 不构成 Proprietary Lease（专有租赁合同）项下的违约。Sherry Netherland不得就本动议或以其他方式提出任何论点，主张 Genever US（Genever美国）因授予本文件所述担保权益及留置权而违反Proprietary Lease。\n\n7. 如任何DIP Orders（债务人占有融资命令）或其中任何条款在上诉或其他情况下被撤销、推翻或修改，DIP Liens应有权获得《破产法》section 364(e)的充分保护。\n\n8. DIP Facility（债务人占有融资安排）项下权利的保护。兹在必要范围内修改自动中止，以允许DIP Borrowers及作为DIP Lender（债务人占有融资贷款人）代表的 Trustee（受托人）（视情况而定）在同一时间或不同时间采取以下任何或全部行动，且在各情况下均无需法院作出进一步命令或提出进一步申请：(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\n\n确认及完善本文件项下授予的留置权及担保权益；(ii) 授予DIP Liens，并承担本文件所列全部责任和义务；及(iii) 在发生违约后，根据DIP Credit Agreement（债务人占有融资信贷协议）行使DIP Lender的所有权利和救济。为免生疑，且如DIP Credit Agreement所规定，DIP Lender不会通过要求止赎或其他执行行动，就DIP Credit Agreement项下产生的任何债务，以实现全部或部分 Coop Interest（合作公寓权益）或 Cash Deposit（现金保证金）的方式进行追偿，除非且直至 Allowed SN Senior Debt Claim（获准的SN优先债务债权）及在获准范围内的其他SN优先债务已获全额支付。\n9. DIP Orders项下授予权利的保留。\n\n(a) 除Carve-Out（费用留置权例外）及DIP Credit Agreement所允许的情形外，在任何DIP Loans（债务人占有融资贷款）尚未偿还期间，不得允许任何优先于或与DIP Claim（债务人占有融资债权）或DIP Lien同等顺位的债权或留置权；且除非本DIP Order（债务人占有融资命令）另有明确规定，DIP Liens不得：(i) 受制于或次于根据《破产法》section 551为DIP Borrowers财产利益而被撤销并保留的任何留置权或担保权益；或(ii) 无论根据《破产法》section 364(d)或其他规定，被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) 本DIP Order所称“Event of Default（违约事件）”，是指存在：(i) 任何Event of Default（如DIP Credit Agreement所界定及规定）；或(ii) DIP Borrowers对本DIP Order任何条款的任何重大违约。尽管根据《破产法》section 1112或其他规定作出任何驳回任何Chapter 11 Cases（第11章案件）的命令：(i) DIP Claims及DIP Liens，以及与前述事项有关的任何债权，应继续完全有效并维持其优先顺位，直至所有DIP Loans均获全额偿还（且该等DIP Claim及DIP Liens尽管发生该等驳回，仍具有约束力）；(ii) DIP Order授予的其他权利，包括与Carve-Out有关的权利，不受影响；及(iii) 本法院尽管发生该等驳回，仍保留管辖权，以执行本段及本DIP Order其他部分所述的债权、留置权及担保权益。\n\n(c) 如本DIP Order的任何或全部条款日后被推翻、修改、撤销或中止，DIP Lender就DIP Loans应有权享有《破产法》section 364(e)、DIP Order及DIP Credit Agreement所授予的全部权利、救济、特权及利益。\n\n(d) 除本DIP Order或DIP Credit Agreement明确规定外，DIP Liens、DIP Claim及DIP Credit Agreement条款授予DIP Lender的所有其他权利和救济应持续有效，且不得因下列事项而被修改、损害或解除：(i) 作出将任何Chapter 11 Cases转换为《破产法》第7章案件、驳回任何Chapter 11 Cases或终止对Chapter 11 Cases联合管理的命令，或任何其他作为或不作为；(ii) 在任何Chapter 11 Cases中作出确认第11章计划的命令；并且，根据《破产法》section 1141(d)(4)，DIP Borrowers放弃对任何剩余DIP Loans的任何债务解除。DIP Credit Agreement的条款和规定应在该等Chapter 11 Cases、如该等Chapter 11 Cases不再接受联合管理时的任何继受案件，以及《破产法》项下任何后续第7章案件中继续有效；且DIP Liens、DIP Claim及DIP Credit Agreement条款授予DIP Lender的所有其他权利和救济，应如本文件及DIP Credit Agreement所规定，继续完全有效，直至DIP Loans获全额偿还。\n\n10. DIP Collateral的灭失或损害。本DIP Order、DIP Credit Agreement或与该等交易有关的任何其他文件中的任何内容，均不得以任何方式解释或释义为对Trustee施加或允许施加任何责任，该等责任系因DIP Lender或DIP Borrowers在申请日前或申请日后与其重组努力有关的活动所产生的任何债权而引起。\n\n11. 获准的SN优先债务债权。Sherry Netherland就Proprietary Lease及其他公司文件项下应付给Sherry Netherland的未付欠款所享有的申请前债权，兹获准作为金额为$1,096,186.54的申请前有担保债权；该金额不受Movants（动议提出人）质疑或异议，亦不得由Sherry Netherland修改或补充（“Allowed SN Senior Debt Claim”）。\n\n12. 支付某些申请日后费用的授权。兹授权Genever US同意支付，且授权DIP Lender通过Trustee并由其酌情垫付资金，以支付：(i) Sherry Netherland律师的合理申请日后费用；及(ii) 在Venue Transfer Date（审理地移送日）后已向或继续向Genever US提供服务的Genever US专业人士的费用。在根据本段付款前，Genever US应向法院提交通知，并附上适用的发票。利害关系方随后将有十四(14)日对该等发票提出异议。如未及时向法院提出异议，Genever US获授权无需进一步法院命令即可支付该等发票。如及时提出任何异议，(i) Genever US及受影响的专业人士可于其后七(7)日内就该等异议提交答复；及(ii) Genever US应支付不受该等异议约束的\n\n费用和开支部分。若各方无法通过协商解决异议，法院将对此作出裁决。\n\n13. 本文件或本动议中的任何内容均不构成，亦不得解释为，就Proprietary Lease及其他公司文件项下已经产生或可能产生的任何主张的申请日后金额的获准或优先顺位作出认定或放弃，包括但不限于因Apartment（公寓）内火灾而产生的债权；各方就该等申请日后债权所享有的全部权利均予完全保留。\n\n14. DIP Order优先适用。如一方面本DIP Order的条款与另一方面DIP Credit Agreement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 Order的条款为准。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，均应符合并受制于本DIP Order及DIP Credit Agreement规定的要求。\n\n15. 约束效力；继受人及受让人。DIP Credit Agreement及本DIP Order的条款，包括本文件中的所有认定，对Chapter 11 Cases中的所有利害关系方均具有约束力，包括但不限于DIP Borrowers、Trustee、DIP Lender、Committee（委员会）、在Chapter 11 Cases中任命或组成的任何其他法定或非法定委员会，以及各自的继受人和受让人。\n\n16. 不放弃。DIP Lender延迟或未能行使其根据DIP Credit Agreement或本DIP Order（视情况而定）所享有的权利及救济，不构成对DIP Lender在本文件项下或其他方面任何权利的全部或部分放弃。\n\n17. 生效。本DIP Order应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。尽管有《破产规则》Bankruptcy Rules 4001(a)(3)、6004(h)、6006(d)、7062或9014，或任何地方法规则，或《联邦民事诉讼规则》Rule 62(a)的规定，本DIP Order应于作出后立即生效并可执行，且本DIP Order的执行或效力不得中止。\n\n18. 标题。本文件所用章节标题仅为便利之用，不影响本DIP Order的解释，亦不应在解释本DIP Order时予以考虑。\n\n19. 破产规则。在各自适用的范围内，本动议的内容满足《破产规则》Bankruptcy Rules 4001及6004的要求。\n\n20. 无第三方权利。除本文件明确规定外，本DIP Order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\n21. 必要行动。兹授权DIP Borrowers、Trustee及DIP Lender采取为执行本DIP Order条款所必要或适当的一切行动。\n\n22. 通知。本DIP Order作出后三(3)个营业日内，DIP Borrowers应向已获通知DIP Hearing（债务人占有融资听证会）的各方、已向本法院提交通知请求的任何一方，以及Committee的律师送达本DIP Order副本。\n\n附件1\n\nDIP Credit Agreement\n\n附件B\n\n红线版\n美国康涅狄格州联邦破产法院布里奇波特分院\n\nx 关于：HO WAN KWOK（郭文贵）等1，债务人。 : : 第11章 : : 案号 22-50073 (JAM) : : （联合管理） :\n\nx 关于：案卷编号 [•]2110\n命令：(I) 授权第11章受托人根据《破产法》section 363提供融资，(II) 授权GENEVER US及GENEVER BVI（Genever英属维尔京群岛）根据《破产法》section 364取得申请日后融资，(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) 授予相关救济\n\n根据 Genever Holdings LLC（Genever控股有限责任公司）（“Genever US”）提出的动议（“Motion”2），Genever\n\nGenever Holdings Corporation（杰尼弗控股公司，以下简称“Genever BVI”）及Luc A. Despins（卢克·A·德斯平斯）以Ho Wan Kwok（郭文贵，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，作为上述合并管理案件（以下简称“第11章案件”）中的债务人，根据《美国法典》第11编（以下简称“《破产法》”）第105(a)、361、362、363、364、503、506及507条、《联邦破产程序规则》（以下简称“《破产规则》”）第2002、4001、6003、6004及9014条，以及United States Bankruptcy Court for the District of Connecticut（美国康涅狄格州联邦破产法院）《地方法院规则》（以下简称“《地方法院规则》”）第4001-3条，申请作出最终命令（以下简称“DIP命令”），其中包括：(i) 授权Genever US（杰尼弗美国）和Genever BVI（以下统称“DIP借款人”）从郭文贵的第11章破产财产（以下简称“DIP贷款人”，并与DIP借款人合称“动议人”）获得有担保的破产管理人占有期间融资，该融资为一项不优先于现有担保权益的有担保破产管理人占有期间信贷安排，本金总额最高为$2,000,000，形式为附于本命令附件1的DIP融资信贷协议（该协议以下简称“DIP信贷协议”）；(ii) 按本命令更完整所述，授予DIP贷款人相关留置权及超级优先权债权；(iii) 在必要范围内修改自动中止；及(iv) 授权受托人以DIP贷款人代表的身份订立DIP信贷协议，均依照本DIP命令所载条款及条件。\n\n1 本第11章案件中的债务人为Ho Wan Kwok（郭文贵，亦称Guo Wengui、Miles Guo及Miles Kwok，以及众多其他别名）（税务识别号码末四位：9595）、Genever Holdings LLC（杰尼弗控股有限责任公司）（税务识别号码末四位：8202）及Genever Holdings Corporation（杰尼弗控股公司）。受托人、Genever Holdings LLC及Genever Holdings Corporation的邮寄地址为：Paul Hastings LLP, 200 Park Avenue, New York, NY 10166，转Luc A. Despins，作为Ho Wan Kwok遗产的受托人（仅为通知及通信之目的）。\n\n2 本文所使用但未另行定义的大写术语，具有《动议》中赋予该等术语的含义。\n\n破产后融资。\n\n本院已审阅该动议及于[•]举行的、用于审议作出本DIP命令的听证会上提出的论点（以下简称“DIP听证会”）；且已依照《破产规则》第2002、4001、6003、6004及9014条以及所有适用的《地方法院规则》，就DIP听证会发出了适当且充分的通知；且DIP听证会已经举行并结束；且对动议所请求救济提出的所有异议（如有）均已撤回、解决或被本院驳回；且本院已认定，动议所载法律及事实依据确立了作出本命令所授予救济的正当理由；且该等救济公平合理，符合动议人、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；且显然，动议人订立DIP信贷协议是DIP借款人及受托人审慎合理行使商业判断的结果；并且基于本院已进行的所有程序，经适当审议并存在充分理由，\n\n本院作出以下事实认定及法律结论：3\n\nA. 申请日期及受托人的任命。Genever US于October 12, 2020在New York Bankruptcy Court（纽约联邦破产法院）提交其自愿第11章破产申请。于February 15, 2022，个人债务人向本院提交自愿申请，请求根据《破产法》第11章获得救济。根据日期为July 8, 2022的命令，本院批准选任受托人。于October 11, 2022，Genever BVI向本院提交其自愿第11章破产申请。此后不久，根据日期为November 3, 2022的命令，纽约联邦破产法院批准受托人与Genever US共同提出的动议，将Genever US的第11章案件的审判地移送至本院。根据日期为November 21, 2022的命令，本院批准对Genever US、Genever BVI及个人债务人的第11章案件进行合并管理。\n\nB. 管辖权及审判地。本院根据28 U.S.C. §§ 157和1334以及United States District Court for the District of Connecticut（美国康涅狄格州联邦地区法院）的案件移送常设命令，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。根据28 U.S.C. §§ 1408和1409，本地区为适格审判地。本动议所请求救济的法定依据为《破产法》第105(a)、361、362、363、364、503、506及507条，《破产规则》第2002、4001、6003、6004及9014条，以及《地方法院规则》第4001-3条。\n\nC. 委员会的设立。于March 21, 2022，United States Trustee（美国受托人）在个人债务人的第11章案件中任命Official Committee of Unsecured Creditors（无担保债权人官方委员会，以下简称“委员会”）。第11章案件中尚未任命审查员。\n\n3 本文所载事实认定及法律结论构成本院根据《破产规则》第7052条作出的事实认定及法律结论，该条通过《破产规则》第9014条适用于本程序。\n\nD. 通知。DIP听证会根据《破产规则》第4001(b)(2)及(c)(2)条举行。已依照《地方法院规则》第4001-3(g)(7)条，就该动议及DIP听证会提供适当、及时、充分及足够的通知，无须就该动议或作出本DIP命令提供任何其他或进一步通知。\n\nE. 关于DIP融资的认定。\n\n(a) 存在理由。已有充分且足够的理由作出本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承担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必要的费用提供资金，例如对该公寓进行必要的修复性维修、美国受托人费用及专业人员费用。DIP借款人通过根据DIP信贷协议所提供的DIP融资安排承担债务而获得充足流动性的能力，对于保全及最大化DIP借款人第11章破产财产的价值是必要且至关重要的。\n\n(c) 无法获得条件更优惠的信贷。DIP融资安排是目前DIP借款人可合理获得的最佳破产管理人占有期间融资来源。DIP借款人已认定，DIP借款人无法以比DIP融资安排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。根据动议及DIP听证会所建立的记录，依照DIP信贷协议提供的DIP融资条款：(i) 在各方面均公平合理，反映DIP借款人及受托人按照其信义义务作出的审慎商业判断，构成合理等值及公平对价，并代表可获得的最佳融资；及(ii) 在适用范围内，符合完全公平标准。\n\n(e) 善意贷款人。DIP融资源于：(i) DIP借款人作出的合理且知情的认定，即DIP贷款人提供了取得关键破产后融资的最优惠条件；及(ii) DIP借款人及作为个人债务人破产财产代表行事的受托人所作的善意考量。DIP融资安排的条款及条件在该等情形下属合理且适当。此外，除动议所述外，未向DIP融资安排的任何一方提供任何对价。DIP贷款及DIP借款人根据DIP信贷协议条款对DIP贷款人负有的任何义务，均由DIP贷款人善意提供，并明确依赖《破产法》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（及其任何继受人和受让人）均有权获得《破产法》第364(e)条的全面保护。\n\n(f) DIP融资安排所得款项的使用。DIP借款人将依照本命令并按DIP信贷协议的规定使用DIP融资安排所得款项，且仅用于《破产法》允许的用途。\n\n(g) 《破产法》第506(c)条。DIP贷款人有权获得本命令所规定的对《破产法》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）各自均拥有订立及交付其作为一方当事人的DIP信贷协议并履行其项下义务所需的一切权力及授权，包括但不限于承担DIP贷款及质押适用的DIP担保品。\n\n基于上述事实认定及法律结论、该动议及本院就该动议所掌握的记录，并经适当审议且存在充分及足够理由，\n\n特此命令：\n\n1. 处理结果。本动议所请求的救济按本命令所载以最终方式予以批准。就作出本DIP命令而言，对该动议提出的任何尚未撤回、放弃或和解的异议，特此依实体理由驳回并否决。本DIP命令于作出后立即生效。\n\n2. DIP融资及DIP信贷协议的授权。\n\n(a) DIP融资安排特此按本命令所载以最终方式予以批准。\n\n动议人获本DIP命令授权签署、交付、订立并在适用情况下履行其在DIP信贷协议项下的全部义务，以及实施与此相关的所有必要、适当或可取的其他行为。特此授权DIP借款人依照DIP信贷协议借款，但须受该协议所载任何限制，该等借款应仅用于本DIP命令及DIP信贷协议所允许的一切用途，并受本命令及该协议所载条款和条件约束。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，任何该等垫款均应视为信贷协议项下的垫款。\n\n(b) 为促进前述事项，且无须本院进一步批准，特此授权并指示DIP借款人及作为DIP贷款人代表行事的受托人各自实施一切行为，作出、签署及交付一切文书、证明、协议、收费、契据及文件，并在DIP信贷协议所述本金、利息及其他款项依照DIP信贷协议的条款和条件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，均以本DIP命令或DIP信贷协议所规定的范围为限。\n\n3. 预留款项。预留款项（Carve-Out）系指以下各项之和：(i) 根据 28 U.S.C. § 1930(a) 应向法院书记员和 U.S. Trustee（美国受托人）支付的所有费用；(ii) 根据《破产法典》第726(b)条由受托人产生且获本院准许的、最高不超过 $40,000 的一切合理且有文件证明的费用和开支；以及 (iii) 在本院任何时候以中间裁定或最终裁定准许的范围内，由场所移转日后 DIP Borrowers（DIP借款人）聘用的人员或公司产生的《破产法典》第327、328、330及331条所规定种类的一切已累积且未支付的费用、成本和开支债权（“预留款项专业费用”）。预留款项专业费用不得超过 $350,000。为免生疑问，预留款项专业费用不包括应向任何房地产经纪人支付的任何费用。DIP借款人所欠总金额在任何时候均不得超过 DIP Lender（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贷款人应获得针对各DIP借款人的获准高级有担保超级优先行政费用债权，该等债权以分别及连带方式承担，其优先于目前存在或今后产生的针对DIP借款人的任何及一切其他任何种类的债权，但获准的SN高级债务债权（定义见本文件）及在获准范围内的其他SN高级债务除外，包括但不限于《破产法典》第503(b)和507(b)条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条产生的任何及一切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；该获准高级有担保超级优先行政费用债权（“DIP债权”）就《破产法典》第1129(a)(9)(A)条而言，应视为根据《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 Collateral（DIP担保物）及其全部收益，但仅服从于预留款项、获准的SN高级债务债权及在获准范围内的其他SN高级债务的支付；以及 (ii) DIP借款人的任何其他资产；但前提是，DIP债权对根据《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不享有第一追索权。为免生疑问，除预留款项、获准的SN高级债务债权及在获准范围内的其他SN高级债务外，DIP债权不应服从于或与此前在第11章案件中或根据《破产法典》提起的任何继受案件（包括但不限于根据《破产法典》第7章提起的任何案件）中已授予、今后授予或设立的任何债权享有同等顺位，且该DIP债权应维持本文件规定的优先权，直至本文件项下及DIP Credit Agreement（DIP信贷协议）项下的所有义务均已全额清偿。如本DIP Order（DIP命令）或其任何规定在上诉或其他情况下被撤销、推翻或修改，DIP债权应有权获得《破产法典》第364(e)条的充分保护。\n\n5. DIP担保物。DIP担保物系指并包括以下财产及该等财产的收益：(a) Genever US（Genever美国）在以下各项中的权益：(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的收益（“借款人诉讼请求”），包括但不限于 Genever US 在 Bankruptcy Court（破产法院）针对 AIG Property Casualty Company（AIG财产意外保险公司）提起、标题为《Genever Holdings LLC根据《破产法典》第105及363条和《破产规则》第7001条，就AIG Property Casualty Company在多份保险单项下违约及确认判决而提起的诉状》且登记为 Adv. Proc. No. 23-05007 中 Docket No. 1 的对抗程序（“AIG诉讼”）；(c) 以DIP借款人名义持有于存款账户中的任何及一切资金，包括但不限于 Cash Deposit（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)条提出的任何撤销诉讼，或该等撤销诉讼的收益。\n\n6. DIP留置权。作为DIP Loans（DIP贷款）的担保，并且仅服从于预留款项，自本DIP命令录入之日起生效并自动得到适当完善，且无须由DIP贷款人签署、登记、完善或提交文件，亦无须 DIP Agent（DIP代理人）占有或控制任何DIP担保物或对其进行控制，特此向DIP贷款人授予以下有效、具有约束力、持续、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) 高级留置权。根据《破产法典》第364(c)(2)条，就于或截至 Petition Date（申请日）未以其他方式受留置权约束的DIP担保物，设立有效、具有约束力、可执行、已完全完善的第一顺位担保权益和留置权。为免生疑问：\n\n1. Sherry Netherland First Lien（Sherry Netherland第一留置权）以及 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”，与Sherry Netherland第一留置权合称“Sherry Netherland高级留置权”）均为有效且已妥善完善，并在所有方面（包括支付方面）均优先于DIP贷款人就DIP担保物及其收益所获授的担保权益和留置权。\n\n2. 在预留款项的限制下，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）享有第一顺位担保权益，包括但不限于借款人诉讼请求（包括AIG诉讼）及Genever BVI在Genever US中的所有权权益。尽管有前述规定，Sherry Netherland 仅有权就AIG诉讼的任何收益（但不包括任何其他借款人诉讼请求）主张衡平法留置权。如主张该等衡平法留置权，该被主张的衡平法留置权的有效性、可执行性和优先权应由有管辖权的法院根据适用的破产法及非破产法确定（动议方认为破产法院将拥有唯一及专属管辖权，而Sherry Netherland保留所有权利），并保留各方就此享有的一切权利。\n\n(b) 劣后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、具有约束力、可执行、已完全完善的次级担保权益和留置权：(i) 于或截至申请日受申请日紧接此前存在的有效、已完善且不可撤销的高级留置权约束的DIP担保物；或 (ii) 根据《破产法典》第546(b)条所允许而受已完善留置权约束的DIP担保物。为免生疑问，DIP留置权应劣后于Sherry Netherland高级留置权。\n\n(c) 不交叉担保。授予各DIP借款人财产上的DIP留置权仅担保该借款人的义务。\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 因授予本文件所述担保权益和留置权而违反专有租约。\n\n7. 如任何DIP命令或其任何规定在上诉或其他情况下被撤销、推翻或修改，DIP留置权应有权获得《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。特此在必要范围内修改自动中止，以允许DIP借款人及作为DIP贷款人代表的 Trustee（受托人），视情况而定，在同一时间或不同时间采取以下任何或全部行动，且在每种情况下无须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，以确认并完善本文件授予的留置权和担保权益；(ii) 授予DIP留置权并承担本文件规定的所有负债和义务；以及 (iii) 发生违约后，按照DIP信贷协议行使DIP贷款人的一切权利和救济。为免生疑问，并如DIP信贷协议所规定，除非及直至获准的SN高级债务债权及在获准范围内的其他SN高级债务已获全额支付，DIP贷款人不得通过请求止赎或其他执行行动，就实现全部或部分合作公寓权益或现金保证金以收取DIP信贷协议项下产生的任何义务而采取任何执行行动。\n\n9. 根据DIP命令授予的权利的保留。\n\n(a) 除预留款项及DIP信贷协议所允许者外，在任何DIP贷款尚未偿还期间，不得允许任何优先于或与DIP债权或DIP留置权享有同等顺位的债权或留置权；且除非本DIP命令另有明确规定，DIP留置权不得：(i) 服从于或劣后于根据《破产法典》第551条为DIP借款人破产财团利益而撤销并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，劣后于或与任何其他留置权或担保权益享有同等顺位。\n\n(b) 在本DIP命令中，“违约事件”一词系指存在：(i) 任何违约事件（定义见并根据DIP信贷协议）；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条或其他规定作出任何驳回任何第11章案件的命令：(i) DIP债权、DIP留置权及与前述事项有关的任何债权应继续完全有效并维持其优先权，直至所有DIP贷款均获全额清偿（且尽管有该等驳回，该DIP债权和DIP留置权仍具有约束力）；(ii) DIP命令授予的其他权利，包括与预留款项有关的权利，不受影响；以及 (iii) 尽管有该等驳回，本院仍保留管辖权，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撤销、修改、废止或中止，DIP贷款人就DIP贷款而言，应有权享有《破产法》第364(e)条、本DIP命令及DIP信贷协议所授予的一切权利、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贷款人依DIP信贷协议条款获授的所有其他权利和救济，应继续有效，且不得因下列情形而被修改、损害或解除：(i) 作出命令，将任何第11章案件转换为《破产法》第7章项下案件、驳回任何第11章案件或终止对第11章案件的合并管理，或因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》第1141(d)(4)条，DIP借款人放弃就任何剩余DIP贷款获得任何免责。DIP信贷协议的条款和规定应在这些第11章案件中、在如这些第11章案件不再进行合并管理时的任何后续案件中，以及在《破产法》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贷款人依DIP信贷协议条款获授的一切其他权利和救济，应继续完全有效，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担保物的灭失或损害。本DIP命令、DIP信贷协议或与这些交易有关的任何其他文件中的任何内容，均不得以任何方式被解释或理解为向受托人施加或允许向其施加任何责任，该等责任系因DIP贷款人或DIP借款人就其重组工作所进行的破产申请前或破产申请后活动而产生的任何索赔。\n\n11. 获准的SN优先债务债权。The Sherry Netherland（谢里·内瑟兰德）依据专有租赁协议及其他公司文件所享有的、应付予The Sherry Netherland的未付款项拖欠额之破产申请前债权，特此获准作为金额为\\$1,096,186.54的破产申请前有担保债权；该金额不受动议方提出异议或反对，亦不得由The Sherry Netherland修订或补充（“获准的SN优先债务债权”）。\n\n12. 支付某些破产申请后费用的授权。Genever US（Genever美国公司）获授权同意支付，且DIP贷款人经由并依受托人的酌情决定获授权垫付资金，以支付：(i) The Sherry Netherland律师合理的破产申请后费用；及(ii) 在审理地移送日后已经或继续向Genever US提供服务的Genever US专业人士的费用。在依本段付款前，Genever US应向法院提交通知，并附上适用发票。利害关系方随后将有十四（14）日对该等发票提出异议。如未及时向法院提出异议，Genever US获授权无需进一步法院命令即可支付该等发票。如及时提出任何异议，(i) Genever US及受影响的专业人士可于其后七（7）日内就该等异议提交答复；及(ii) Genever US应支付不受该等异议约束的费用和开支部分。在各方之间无法协商解决异议的范围内，法院将就该事项作出裁决。\n\n13. 本命令或动议中的任何内容均不构成、亦不得被解释为，就依据专有租赁协议及其他公司文件已经产生或可能产生的任何主张的破产申请后金额之准许或优先顺位作出认定或放弃，包括但不限于因公寓火灾而产生的索赔；各方就该等破产申请后索赔所享有的一切权利均获完全保留。\n\n14. DIP命令优先适用。如本DIP命令的条款与DIP信贷协议或本法院作出的任何其他命令的条款之间存在任何不一致，应以本DIP命令的条款为准。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包含的任何授权，均应符合并受制于本DIP命令和DIP信贷协议所规定的要求。\n\n15. 约束效力；继受人及受让人。DIP信贷协议及本DIP命令的条款，包括本命令中的所有认定，对第11章案件中的所有利害关系方均具有约束力，包括但不限于DIP借款人、受托人、DIP贷款人、委员会、在第11章案件中指定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\n16. 不构成放弃。DIP贷款人在行使其根据DIP信贷协议或本DIP命令（视情况而定）享有的权利和救济时的任何迟延或未行使，均不构成对DIP贷款人据此或其他方面享有的任何权利之全部或部分放弃。\n\n17. 生效。本DIP命令应构成事实认定和法律结论，并应于作出后立即生效且可完全执行。尽管《破产程序规则》4001(a)(3)、6004(h)、6006(d)、7062或9014条，或任何地方法规，或《联邦民事诉讼规则》第62(a)条另有规定，本DIP命令应于作出时立即生效并可执行，且本DIP命令的执行或生效不得中止。\n\n18. 标题。本命令所用的章节标题仅为便利起见，不得影响对本DIP命令的解释，亦不得在解释本DIP命令时予以考虑。\n\n19. 破产程序规则。动议的内容满足《破产程序规则》4001和6004条的要求，分别以适用者为限。\n\n20. 不产生第三方权利。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\n21. 必要行动。DIP借款人、受托人和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\n22. 通知。本DIP命令作出后三（3）个营业日内，DIP借款人应将本DIP命令副本送达已获DIP听证会通知的各方、已向本法院提交通知请求的任何一方，以及委员会的律师。\n\n附件1\n\nDIP信贷协议","key_entities":["Je","Kwok","Ho Wan Kwok","Despins","Guo","Paul Hastings","CIPA","Miles Guo"],"ecf_references":[],"word_count":10625,"status":"published","published_at":null,"created_at":null,"updated_at":"2026-08-23 21:08:41"}