{"id":"court_ctb_249_8","court":"CTB","case_no":"22-50073","doc_number":249,"sub_number":8,"doc_type":"ORDER","filed_date":"2022-04-10","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
--------------------------------------------------------------------X | | |\n|------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|\n| In re:
Ho Wan Kwok, | Debtor.1
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: | Chapter 11
Case No. 22-50073 (JAM)
Hearing Date: April 13, 2022
Hearing Time: 10:00 A.M. (ET)
Docket Nos.: 117, 160, 168, 172, 179 |\n| | | | |\n\n## **OMNIBUS REPLY OF DEBTOR IN SUPPORT OF ENTRY OF ORDER APPROVING DIP FACILITIES**\n\n Mr. Ho Wan Kwok, the debtor and debtor-in-possession (\"Mr. Kwok\" or the \"Debtor\") in the above-captioned chapter 11 case, by and through his undersigned counsel, respectfully files this reply (the \"Reply\") in support of *Debtor's Motion for Entry of Interim and Final DIP Orders (I) Authorizing the Debtor to Obtain Unsecured, Subordinated Postpetition Financing and (II) Scheduling Interim and Final Hearings, and (III) Granting Related Relief* [Docket No. 117] (the \"DIP Motion\") and in response to the objections and limited objections filed by the United States Trustee for Region 2 at Docket No. 160 (the \"UST Objection\" filed by the \"United States Trustee\"), the Official Committee of Unsecured Creditors at Docket No. 168 (the \"UCC Objection\" filed by the \"Committee\"), Creditors Rui Ma and Weican Meng at Docket No. 172 (the \"Creditors Objection\" filed by the \"Individual Creditors\"), and Pacific Alliance Asia Opportunity Fund L.P. at Docket No. 179 (the \"PAX Objection\" filed by \"PAX;\" the foregoing collectively, the \"Objections\" filed by the \"Objectors\"). In support of this Reply, the Debtor submits the revised\n\n1 The Debtor is known by the following names: Guo Wengui; Miles Guo; Miles Kwok; and Ho Wan Kwok.\n\nproposed order attached hereto as **Exhibit A** (the \"Revised Proposed Order\"), with changes shown at **Exhibit B**, and the revised DIP Loan Agreement attached hereto as **Exhibit C** (the \"Revised DIP Loan Agreement\") with changes shown at **Exhibit D**, and respectfully states as follows:\n\n### **PRELIMINARY STATEMENT**\n\n1. This Chapter 11 Case commenced with substantial litigation presented to this Court. The Debtor wants to utilize the proceedings to resolve his personal liabilities. There will be a substantial cost to do so, which his family is willing to bear in the form of a substantially below-market DIP Loan. The Objectors point to the Events of Default on the loan, among other concerns, as evidence of an effort by the Debtor and the DIP Lender to influence the Chapter 11 Case.\n\n2. To this, the Debtor admits that he does, of course, wish to influence the course of this case, exactly as required of all chapter 11 debtors: to confirm a chapter 11 plan that provides substantial benefit to all holders of valid claims, and is otherwise fair and reasonable, and in the interim to take those steps to fund that plan process and conduct this case in a responsible manner in all respects in compliance with the Bankruptcy Code. And, the Debtor is fortunate here to have obtained financing to do just that, on terms that are fair and highly beneficial to the estate. The Debtor's goals here are entirely appropriate: to permit a fair investigation of his financial affairs (including by an appointed examiner and an official committee), to resolve his liabilities through confirmation of a chapter 11 plan, and to stay a free man so that he is safe from severe harm and can administer his estate. There is simply nothing wrong with requesting that his family provide financing, on a subordinated basis, to fund what is required. The terms provided here are\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 3 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 3 of 75\n\nsubstantially more generous than those routinely approved by courts, even where, as here, the proposed lender is an insider of the debtor.\n\n3. Notwithstanding that the financing, as initially proposed, was fair in all respects, having considered the filed objections, the Debtor has requested, and the DIP Lender and other persons and entities associated with the Debtor's family have agreed, to a number of amendments to address concerns raised in the Objections and related recent filings. These include the following:\n\n- a. The Debtor has filed a proposed plan of reorganization (the \"Plan\"). The Plan provides for the *Lady May* itself to be contributed to fund distributions to holders of allowed claims against the Debtor.\n- b. Likewise contemporaneously, the owner of the *Lady May* has filed or will file with the Court certain documents describing the vessel's current condition and whereabouts and providing assurance that the vessel will be placed within the jurisdiction of this Court, at substantial cost to the owner.\n- c. The revisions to the Proposed Order and DIP Loan Agreement include, among other things, that:\n\t- i. Events of Default have been removed and replaced by defined \"Termination Events,\" the occurrence of which cannot be subject to reasonable dispute;\n\t- ii. The DIP Lender will provide, unfettered, an additional \\$1,000,000 to the Debtor's Estate, which shall not be utilized for payment of administrative claims and professional fees, and otherwise without usage restriction – squarely satisfying the concern that there is no unfettered cash in this estate, even before below-market financing and the very substantial committed plan funding;\n\t- iii. The DIP Lender shall not have any rights to administrative or other priority claims, and continues to assert or obtain no liens to secure the millions of dollars to be loaned;\n\t- iv. The proceeds of each draw upon the DIP Facility will be held by the Debtor DIP loan will be held in a debtor-in-possession account and disbursed by the Debtor at the direction of the Court;\n\t- v. The Committee's rights to be heard are expressly preserved;\n\t- vi. The Revised Proposed Order does not include findings of good faith; and\n\nvii. The proceeds of interim draws on the DIP Loan shall be available to pay all approved fees of estate professionals.\n\n4. With these changes, and for the reasons further discussed below, the Debtor and the DIP lender clearly demonstrate their good faith and fairness to the Debtor, his estate, and his creditors in proposing the DIP Facility. The DIP Motion should be granted.\n\n## **REPLY**\n\n## **I. The DIP Motion Reflects the Debtor and His Family's Good Faith Intention to Confirm a Plan of Reorganization and Should Be Approved.**\n\n5. The Objectors generally contend that the proposed DIP Facility is inappropriate, unnecessary, and should not be approved. Particularly in light of the revised relief proposed herein, each of these objections is without merit and should be overruled.\n\n## **A. The DIP Motion Provides the Only Avenue to Fund Plan Confirmation.**\n\n6. The Debtor filed this Chapter 11 Case, in his own words, to: \"(a) create a single forum to orderly address the various competing claims asserted against me; (b) afford stakeholders an efficient opportunity to investigate my assets, liabilities, and financial affairs, given what I perceive to be misunderstandings in that regard; (c) establish what assets are estate property and, in turn, available for distribution to holders of allowed claims; and, hopefully (d) reach consensus with my creditors on a fair and equitable resolution of claims and distribution of assets pursuant to a Chapter 11 plan.\" Kwok Declaration ¶3. Additionally and specifically, the Debtor specifically aims to avoid imprisonment, which would frustrate the purposes of this Case and possibly endanger his life. *Id.* ¶4, 24 FN11.\n\n7. This case cannot proceed, and the rights of all creditors be protected against a race against PAX to the courthouse, without post-petition financing. Estate professionals cannot be paid from the gifts of non-Debtors, and would not invest their time and effort upon the promise of such gifts. To that end, the Debtor has requested various wholly customary relief from this Court:\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 5 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 5 of 75\n\nrequesting post-petition financing, retention of professionals, interim compensation procedures and so on. The recently filed Plan additionally evidences the Debtor's good faith attempt to provide value to creditors, with his family's assistance, to resolve his financial difficulties. None of the relief requested by the Debtor is unusual in and of itself, aside from the unusually generous terms agreed by the DIP Lender.\n\n8. The Debtor supports an investigation to be conducted by an independent Examiner not chosen by or affiliated with any party. *See* Docket No. 180 (response to United States Trustee's request for appointment). The Debtor supports and welcomes an independent and \"reasoned vetting of all pertinent demonstrable case facts, without prejudicing any creditor's economic rights—except to the extent that any unsecured creditor hope[s] to jump ahead in payment priority.\" Kwok Declaration ¶4.\n\n9. PAX has requested, variously, dismissal of the Chapter 11 Case, appointment of a Chapter 11 Trustee, and relief from the automatic stay. Its efforts are incompatible with the efforts of the Debtor to propose and confirm a plan that protects the rights of all of his creditors.\n\n10. Plainly, either PAX is right about the Debtor and his assets and behavior, or the Debtor is. The Debtor is asking that his family be permitted to finance an investigation by an independent professional so that the Court can make a determination regarding his assets and conduct and whether the Debtor can confirm a plan of reorganization. The DIP Motion outlines a path to such a determination, without obligating the DIP Lender to finance a case if it can go no farther—with the exception, per recent revisions to the requested relief, that the DIP Lender will provide the Debtor's Estate one million dollars (\\$1,000,000) to fund further litigation or distributions that might be utilized in that event.\n\n11. The Objectors, however, would have the Court pre-judge the dispute, even before taking evidence and making the types of findings that would be required to prematurely determine the outcome of this Chapter 11 Case.\n\n12. The Objections are not appropriate. The Debtor should have the opportunity to pursue a resolution of his financial affairs before this Court, in full compliance with the Code.\n\n## **B. Subject to Revisions Proposed Herein, The Events of Default Proposed are Entirely Fair.**\n\n13. All of the Objectors oppose the approval of DIP Loan Events of Default that include, among others, (i) an award of stay relief to PAX, (ii) the Chapter 11 Case is dismissed or converted, (iii) there shall be appointed a chapter 11 trustee, or (iv) the Court shall terminate plan exclusivity. *See* UST Objection p. 9; UCC Objection ¶1; Creditors Objection ¶3; PAX Objection ¶10.\n\n14. Several of the Objections complain that certain Events of Default were overly subjective, thus granting the Debtor and DIP Lender case control. Setting aside the Debtor's disagreement therewith, these Events of Default have been removed. There is no subjectivity to any of the remaining Events of Default.\n\n15. As noted above: the defined Events of Default would each render impossible the stated aims of the Debtor to finance a reasoned vetting of the case facts and confirm a chapter 11 plan of reorganization. No Debtor would propose unlimited financing to be made available to attack him and his family while he is imprisoned. Likewise, no DIP Lender would agree to finance a case indefinitely with no hope of confirming a Plan or having its debt repaid. [1](#page-5-0) Regardless, the\n\n1 It is of course possible that a plan would be proposed by a non-debtor and confirmed upon appointment of a chapter 11 trustee or termination of plan exclusivity. It is highly unlikely that any such Plan would be acceptable to the Debtor or the DIP Lender, as the only foreseeable source of near-term consideration for creditors under any Plan would be a voluntary contribution from the Debtor's family.\n\nDebtor and DIP Lender have agreed to extend an \"Estate Contribution Loan\" of \\$1,000,000, thus providing the Estate the option of continuing investigation and litigation and/or making distributions following a Termination Event.\n\n16. The Debtor agrees that the proposed financing should be evaluated as if the DIP Lender were an insider, and the Court should of course review the entire fairness of the transaction.[1](#page-6-0) But to say that a lender must continue to finance a case once it cannot be repaid and its non-monetary aims are rendered impossible is not unfair. It is not the same as granting a party control over a case. If that were so, courts would not *routinely* approve debtor-in-possession financing including case milestones and other events of default similar, if not identical, to that proposed here. And yet they do, even in transactions with purported insiders, and even where the purported insider is granted security interests and administrative priority claims. *See, e.g., In re LATAM Airlines Group S.A.*, 620 B.R. 722, 816 (Bankr. S.D.N.Y. 2020) (approving insider DIP loan with events of default including failure to meet case milestones, appointment of chapter 11 trustee, etc.); *In re Dean & DeLuca New York, Inc.*, Case No. 20-10916, Docket No. 77 (Bankr. S.D.N.Y. May 13, 2020) (approving DIP loan from party alleged by official committee as an insider, over committee's objection, with secured and administrative superpriority status, and events of default including failure to meet milestones, proposal of plan without repayment in full, dismissal without repayment in full).\n\n17. In support of the Objections, the Objectors cite numerous cases that are not analogous. For instance, various parties cite *Ames Dept. Stores, Inc.*, 115 BR. 34 (S.D.N.Y. 1990)\n\n1 The checklist filed with the Motion identified the DIP Lender as not being an insider because the DIP Lender is not an insider within the express meaning of the term pursuant to 11 U.S.C. §101(31) and the checklist provided under the Local Rules does not further clarify the term. However, the DIP Motion expressly identified the DIP Lender as an entity controlled by the Debtor's son. ¶2. The Debtor does not dispute that the DIP Lender is an insider and that the Court should apply the legal standard appropriate to transactions with insiders.\n\nfor the proposition that the Court should not approve financing requests that \"tilt the conduct of the bankruptcy case\" and \"leverage the Chapter 11 process by preventing motions by parties-ininterest from being decided on their merits.\" In its ruling, the *Ames* court noted the danger of prepetition lenders' excess influence over the debtor, which may have limited ability to negotiate terms. *Ames*, like the similarly oft-cited *In re Tenny Village Co.*, 104 B.R. 562, 567-70 (Bankr. D.N.H. 1989), was concerned with case-control provisions that directed the terms of reorganization, altered or violated fiduciary duties to the estate and creditors, and dictated a plan \"specially crafted for the benefit of\" a particular creditor. *See Ames*, 115 B.R. at 38 (quoting *Tenny Village*, 104 B.R. at 568).\n\n18. The ruling in *Ames* discourages courts from approving \"sub rosa plans where the terms of the loan include concessions…unauthorized under, or in conflict with, provisions under the Bankruptcy Code.\" *In re LATAM Airlines Group S.A.*, 620 B.R. 722, 816 (Bankr. S.D.N.Y. 2020) (citing *In re Belk Props., LLC*, 421 B.R. 221, 225-26 (Bankr. N.D. Miss. 2009); *In re Chevy Devco*, 78 B.R. 585, 589 (Bankr. C.D. Cal. 1987)). Nothing in the DIP Motion or any Proposed Order prevents any issue from being decided by this Court on the merits. Nothing in the DIP Motion sets the terms for any plan of reorganization. The DIP Lender's refusal to continue funding a Chapter 11 Case once repayment becomes unfeasible is (i) again, entirely customary, and (ii) does not dictate the terms of any plan or other conduct in this Case.\n\n19. Similarly, Objectors cite *In re Barbara K. Enters., Inc.*, No. 08-11474 (MG), 2008 WL 2439649 (Bankr. S.D.N.Y. June 16, 2008), which holds that financing should not \"unfairly cede control\" of the case. As PAX notes, *Barbara K. Enters* concerned a business entity that had no meaningful business plan or prospects for reorganization. 2008 WL 2439649 \\*15. While the Debtor is not a business, he does have a plan of reorganization, which is now on file and provides meaningful recoveries for creditors. Likewise, PAX cites *Norris Square Civic Ass'n v. St. Mary Hospital (In re St. Mary Hospital)*, 86 B.R. 393, 401-03 (Bankr. E.D. Pa. 1988), a case which PAX itself concedes concerned the granting of superpriority liens on unencumbered assets. The Objectors' own citations demonstrate the inapplicability of these cases.\n\n20. The concerns expressed in *Ames*, *Tenny Village*, and *Barbara K. Enters* expressly address the multitude of cases where a DIP lender exerts too much control over the case. *See Ames*, 115 B.R. at 38. They are hardly apposite where a debtor's empathetic family members extend loans *without* customary case-influencing measures often approved by the courts, such as security interests and administrative priority claims over all estate assets. With the addition of \\$1,000,000 in no-strings-attached financing of the Estate outside of the proposed financing of professional and administrative costs, it cannot be fairly stated that the terms of the DIP Loan provide any restriction whatsoever on the decisions this Court or the representatives of the Estate can make in this Chapter 11 Case.\n\n21. The Debtor should have an opportunity to attempt reorganization.\n\n## **II. The Objections Filed by PAX and Others Contain False and Misleading Statements.**\n\n## **A. PAX's Accusations Regarding the Purpose of the Facility Mislead the Court and Contradict the Record.**\n\n22. PAX describes the DIP Motion as an effort to \"borrow \\$8,000,000 from his family to defend purported assets of \\$3,850.\" PAX Objection ¶2. The statement is blatantly misleading, given the Debtor's disclosure of unliquidated litigation assets, but regardless, PAX asks the Court to infer from its statement that the Debtor's disclosures are false and that he and his family are paying to protect their wealth. *See id.* But the Debtor is in danger of imprisonment. Of course, given that fact, the Court might draw the inference that the Debtor's family is trying to protect the\n\n# **DEBTOR 08**\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 10 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 10 of 75\n\nDebtor from imprisonment, and finance a reasoned vetting of disputes over property they consider their own.\n\n23. PAX's statements here, and elsewhere in its Objection, ignore the transparent and uncontroverted record of why this case was filed: to permit resolution of the Debtor's affairs, including by investigating and establishing which assets are his own and distributing appropriate property to creditors. The Debtor believes that he cannot accomplish any such aims if he is imprisoned. *See* Kwok Declaration ¶¶ 3-4, 24 FN 11.\n\n24. PAX notes that the Debtor intends to pay creditors in full, and suggests that he and his family do so. The Debtor's proposed plan provides for tens of millions of dollars to be paid to creditors, if in fact there are valid claims to that extent. Determining how much each creditor is owed takes time and money. The Debtor's family has offered to finance the proceedings, including by placing at risk assets of non-Debtors, on condition that the Debtor himself be physically able to participate in the proceedings and administer his estate as is his right and duty.\n\n25. The Debtor cannot reasonably do so if he is imprisoned. Moreover, the Debtor has stated that he believes \"the CCP would have me assassinated at the earliest possible opportunity if [I were] imprisoned.\" Kwok Declaration, ¶4. PAX has brought litigation against the Debtor and sought rulings that could result in the Debtor's imprisonment.\n\n26. PAX is entitled to contest the reasonability or truthfulness of the Debtor's beliefs, which the Debtor has acknowledged. *Id.* (\"I do not suggest that the Court or any party-in-interest now accept my views.\") But PAX is not entitled to pre-judgment of property disputes, or to have this Court ignore PAX's role in catalyzing these cases.\n\n## **B. The Objectors Misconstrue the Lender's Right to Recover Funds.**\n\n27. Certain Objectors, notably not including the Committee, argue that the DIP Facility abuses the bankruptcy process by providing an administrative claim to the DIP Lender upon a\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 11 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 11 of 75\n\nfinding of default. UST Objection p. 9 FN 3; Creditors Objection ¶9; PAX Objection ¶10-11. The United States Trustee even asks the Court to protect the Estate against a super-priority administrative claim on chapter 5 causes of action. UST Objection p. 9 FN 3.\n\n28. Respectfully, the Objectors' complaints are overblown if not outright misleading. As the Committee rightly observes, \"The DIP Loan seeks only a superpriority administrative expense for any 'Undisbursed DIP Loans' … which would likely never come into effect.\" Committee Objection ¶14 FN 6.\n\n29. Regardless, the purportedly offending provisions have been removed. The Revised Proposed Order and DIP Loan Agreement do not provide for any security interest or administrative priority claim, even solely to recover undisbursed funds. Quite the opposite, they provide for the extension of an *additional*, unrestricted loan of \\$1,000,000, providing the Estate extraordinary flexibility even after a Termination Event.\n\n## **III. The Debtor Has Proposed Revisions to the Interim DIP Order That Resolve the Various Concerns and Limited Objections of the Objectors.**\n\n30. The Objectors raise additional concerns, which the Debtor with consent of the DIP Lender has endeavored to resolve by the submission of a Revised Proposed Order, attached hereto as Exhibit A. The concerns raised by the Objectors and proposed resolutions are as shown in the table below.\n\n| OBJECTION | | RESPONSE AND PROPOSED | | |\n|------------------------------------------------------------------------------------------------------|-------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|-----------|--|\n| | | RESOLUTION | | |\n| The Events of Default and
Remedies provision
provide the DIP Lender
excessive case control. | UST p. 9
Creds. ¶¶ 3-4
UCC ¶¶ 14-17
PAX ¶ 10 | Events of Default have been
removed and replaced by
defined \"Termination Events,\"
the occurrence of which is not
subjective. | RDLA 8.01 | |\n\n| The DIP Lender should
not be granted an
administrative priority
claim. | UST ¶
16, p. 9
FN 3
Creds. ¶9
PAX ¶10-11 | The DIP Lender's right to
recover undisbursed funds has
been removed. | RDLA 8.02 |\n|------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|\n| The Interim DIP Order
inappropriately restricts
funding to ordinary course
professionals. | UST ¶
21
UCC ¶ 23 | When the Motion was initially
filed, the Debtor requested the
matter be heard on shortened
notice on March 28, 2022 so
that the Debtor could retain and
pay ordinary course
professionals to preserve his
valuable litigation assets. Dkt.
No. 118. The Court set the
hearing on interim relief for
April 13, 2022. More time
having now passed and estate
professionals having invested
significant time and effort in
litigation, the Debtor now
agrees with the Objectors, and
has proposed through revisions
to the Order, that proceeds of
the DIP Facility should be
available to pay approved fees
of all estate professionals. | RPO ¶7 |\n| The Interim DIP Order
designates proceeds to
Debtor and Committee
professionals and provides
inadequate protection for
chapter 11 quarterly fees. | UST ¶
22 | The Revised DIP Loan
Agreement allocates amounts
for U.S. Trustee fees. | RDLA
2.01(d) |\n| The Interim DIP Order
terms are binding on future
trustees. | UST ¶
23 | This provision is customary
and
no changes have been made.
The basis for objection, if any,
is not clear. | |\n| Monies loaned are
protected by the terms of
the order and not subject to
change, challenge,
vacation, etc. | UST ¶
23 | This provision is customary and
no changes have been made.
The basis for objection, if any,
is not clear. | |\n\n| The DIP Loan is governed
by New York law and
disputes are to be heard in
New York courts. | UST ¶
24 | The Interim DIP Order has
been revised to provide for
resolution by the Bankruptcy
Court pursuant to Connecticut
law. | RDLA 9.04
RPO ¶19 |\n|------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|\n| The Motion leaves it up to
the Debtor and insider
Lender to determine the
budget themselves. | Creds. ¶
5 | The revised materials do not
require the submission of or
compliance with a budget;
rather, the Debtor will request
funds as necessary to pay estate
professional fees and other
approved administrative
expenses. | |\n| Paragraph 15 of the
Interim DIP Order should
be expanded to preserve
rights and protect against a
waiver of rights for the
Committee. | UCC ¶
24 | The Interim DIP Order has
been revised as proposed by the
Committee. | RPO ¶15 |\n| The Court should not enter
a good faith finding or
similar order. | UCC ¶¶ 18-24
Creds. ¶ 7
PAX ¶ 18 | The Debtor disagrees but
consents to remove the findings
on an interim basis. | |\n| The maturity of the DIP
Facility upon confirmation
gives the DIP Lender
excessive control. | Creds. ¶ 6(b) | This is a customary provision
that does not grant the DIP
Lender excessive control. Any
Plan must set forth treatment of
the DIP Lender's claims, and
the Debtor intends to do so.
But the DIP Lender's claims
absent default are not
administrative priority and will
not be classified as such;
moreover, as an insider, the
DIP Lender's vote will not be
counted for purposes of class
voting or cramdown. | |\n| The DIP Motion omits the
DIP Lender's status as an
insider. | UCC ¶¶ 8, 11
PAX ¶¶ 4-5 | The DIP Motion and other case
documents clearly identify the
DIP Lender as an entity
controlled by the Debtor's son;
the Debtor agrees the DIP
Lender is an insider. | |\n\n| The DIP Motion should be | UCC ¶ 8 | The Debtor agrees
and | |\n|-----------------------------|------------------|--------------------------------|--|\n| adjudicated under a | UST p. 8 | respectfully suggests that the | |\n| standard applicable to | PAX ¶¶ 4-5 | proposed loan is substantially | |\n| transactions with insiders. | Creds. ¶¶ 26-27. | below market and entirely fair | |\n| | | to the Debtor, his estate and | |\n| | | creditors. | |\n| | | | |\n\n## **CONCLUSION**\n\nWHEREFORE, the Debtor respectfully requests that the Court enter a final order approving the DIP Motion on an interim basis, overruling the Objections, and granting such other and further relief as the Court deems just and proper.\n\nDated: April 10, 2022\n\n## **BROWN RUDNICK LLP**\n\nBy: /s/ *William R. Baldiga* BROWN RUDNICK LLP 185 Asylum Street Hartford, CT 06103 Attn: Dylan Kletter, Esq. Telephone: (860) 509-6500 Facsimile: (860) 509-6653 Email: dkletter@brownrudnick.com\n\nSeven Times Square New York, NY 10036 Attn: William R. Baldiga, Esq. (*pro hac*) Attn: Bennett S. Silverberg, Esq. (*pro hac*) Attn: Uriel Pinelo, Esq. (*pro hac*) Telephone: (212) 209-4800 Facsimile: (212) 209-4801 Email: wbaldiga@brownrudnick.com bsilverberg@brownrudnick.com upinelo@brownrudnick.com\n\n## **EXHIBIT A**\n\n## **REVISED PROPOSED INTERIM DIP ORDER**\n\n## **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\nIn re:\n\nHo Wan Kwok,\n\nChapter 11\n\n: : : : : : :\n\nCase No. 22-50073 (JAM)\n\nDebtor. [1](#page-15-0)\n\n: --------------------------------------------------------------------X\n\n--------------------------------------------------------------------X\n\n## **INTERIM ORDER (I) AUTHORIZING DEBTOR TO OBTAIN UNSECURED, SUBORDINATED POSTPETITION FINANCING, (II) SCHEDULING FINAL HEARING, AND (III) GRANTING RELATED RELIEF**\n\nUpon the motion dated March 21, 2022 (the \"DIP Financing Motion\")[2](#page-15-1) of the abovecaptioned debtor-in-possession (the \"Debtor\") in the above-referenced chapter 11 case (the \"Chapter 11 Case\") seeking the entry of an Interim DIP Order and Final DIP Order authorizing the Debtor to obtain postpetition financing from Golden Spring (New York) Ltd. (\"GSNY\" or \"DIP Lender\"), scheduling and approving the form and method of notice for a final hearing pursuant to Rules 2002, 4001 and 9014 of the Federal Rules of Bankruptcy Procedure (as amended, the \"Bankruptcy Rules\") and Rules 2002-1, 4001-3, 9006-1, and 9013-1 of the Local Bankruptcy Rules for the District of Connecticut (the \"Local Rules\"), and granting related relief.\n\nThis Court having reviewed the DIP Financing Motion, the *Declaration of Mr. Ho Wan Kwok in Support of the Chapter 11 Case and Certain Motions*, and all matters brought to the Court's attention at the interim hearing, which was held on April 13, 2022 (the \"Interim Hearing\"); and after considering all of the pleadings filed with this Court; and after consideration\n\n1 Debtor is known by the following names: Guo Wengui; Miles Guo; Miles Kwok; and Ho Wan Kwok.\n\n2 Capitalized terms used in this Interim DIP Order, unless defined herein, shall have the meanings given such terms in the DIP Financing Motion or the DIP Loan Agreement (as defined in the DIP Financing Motion).\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 17 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 17 of 75\n\nof the evidence presented on the record at the Interim Hearing; and the Court having found that due and sufficient notice of the DIP Financing Motion and the Interim Hearing was provided by the Debtor in accordance with Bankruptcy Rules 2002 and 4001(b)(1) and Local Rule 4001-2 and 9013-2; and it appearing that the relief requested in the DIP Financing Motion, to the extent granted by this Interim DIP Order, is fair and reasonable and in the best interests of the Debtor, his estate, creditors, and all parties-in-interest, and is a sound and prudent exercise of the Debtor's business judgment; and after due deliberation and consideration, the Court makes the following findings of fact and conclusions of law (to the extent any findings of fact constitute conclusions of law, they are adopted as such, and *vice versa*):\n\n### **THE COURT HEREBY FINDS AND DETERMINES:**\n\nA. Petition Date. On February 15, 2022 (the \"Petition Date\"), the Debtor filed a voluntary petition for relief with this Court commencing the Chapter 11 Case. The Debtor is a debtor-in-possession pursuant to sections 1107 and 1108 of the Bankruptcy Code.\n\nB. Other Estate Parties. No trustee or examiner has been appointed in this Chapter 11 Case. On March 21, 2022, the Office of the United States Trustee for the District of Connecticut (the \"U.S. Trustee\") appointed the official committee of unsecured creditors (the \"Committee\" pursuant to section 1102 of the Bankruptcy Code.\n\nC. Jurisdiction; Core Proceeding; Venue. The Court has subject matter jurisdiction over this Chapter 11 Case, the parties, and the Debtor's property pursuant to 28 U.S.C. §§ 157(a)-(b) and 1334. This is a core proceeding pursuant to 28 U.S.C. § 157(b). Venue of this Chapter 11 Case and the DIP Financing Motion in this District is proper pursuant to 28 U.S.C. §§ 1408 and 1409.\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 18 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 18 of 75\n\nD. Notice. The Interim Hearing was held on April 13, 2022 pursuant to Bankruptcy Rule 4001 and Local Rule 9013-2, and the notice provided by the Debtor of the Interim Hearing and the relief requested in the DIP Financing Motion, was, under the circumstances, due and sufficient and complies with section 102(1) of the Bankruptcy Code, Bankruptcy Rules 2002, 4001(c), and 4001(d), and the Local Rules of this Court, and no other notice of the relief sought at the Interim Hearing was necessary or required.\n\nE. Immediate Financing Need. An ongoing need exists for the Debtor to obtain financing of the type sought herein, to maximize the value of the estate by liquidating certain litigation claims and seeking confirmation of a plan of reorganization under chapter 11 of the Bankruptcy Code. The Debtor is unable to obtain financing in the form of a credit facility with terms preferable to those extended by the DIP Lender. Within the timeframe required by the need to avoid irreparable harm, the Debtor can best obtain financing in the amounts required upon the terms extended by the DIP Lender.\n\nF. DIP Facility. The Debtor has requested that the DIP Lender establish a facility in favor of the Debtor (the \"DIP Facility\") pursuant to which the Debtor may obtain one or more loans (each, a \"DIP Loan\" and collectively, the \"DIP Loans\") through multiple advances in the aggregate principal amount of US\\$9,000,000, subject to the terms and limitations set forth herein and in the DIP Loan Agreement. The initial DIP Loan shall be made no later than two (2) business days following entry of this Interim DIP Order, in an initial principal amount equal to \\$2,000,000 (the \"Interim DIP Loan\") and, thereafter, DIP Loans shall be made in subsequent advances, as may be required from time to time in accordance with the terms of the DIP Loan Documents; provided that (a) the aggregate principal amount of all Subsequent DIP Loans outstanding, after giving effect to any Subsequent DIP Loan and Estate Contribution Loan, shall\n\n# **DEBTOR 08**\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 19 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 19 of 75\n\nnot exceed \\$3,000,000 prior to the entry of the Final DIP Order, and (b) the proceeds of the DIP Facility (other than the proceeds of the Estate Contribution Loan (as defined in the DIP Loan Agreement)) shall be used by the Debtor in accordance with this Interim DIP Order and the DIP Loan Documents (as hereinafter defined), solely for the purposes and amounts set forth herein.\n\nG. Estate Contribution Loan. The Estate Contribution Loan, as defined in the DIP Loan Agreement shall be made no later than two (2) business days following entry of this Interim DIP Order, in a principal amount equal to \\$1,000,000 (the \"Estate Contribution Loan\").\n\nH. Good Cause. Based upon the record presented at the Interim Hearing and the record of the case, it appears that good cause has been shown for the entry of this Interim DIP Order. The entry of this Interim DIP Order will preserve the assets of the Debtor's estate for the benefit of creditors, and is in the best interests of the Debtor and his creditors. The terms of the proposed financing appear fair and reasonable, reflect the Debtor's exercise of prudent business judgment, and are supported by reasonably equivalent value and fair consideration.\n\n## **NOW, THEREFORE, IT IS HEREBY ORDERED, ADJUDGED AND DECREED**, **AS FOLLOWS:**\n\n1. **Disposition.** The DIP Financing Motion is hereby granted on an interim basis to the extent and subject to the terms set forth herein with the foregoing findings incorporated herein by reference. Any objections to the DIP Financing Motion that have not previously been withdrawn or resolved are hereby reserved to the Final Hearing, without prejudice to any partyin-interest's rights to raise further objections. This Interim DIP Order shall be valid, binding on all parties-in-interest, and fully effective immediately upon entry. The term of this Interim DIP Order and the DIP Loan Documents authorized hereunder shall expire, and the DIP Loan made pursuant to the DIP Loan Agreement shall mature and become due and payable in accordance with the terms of the DIP Loan Agreement.\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 20 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 20 of 75\n\n2. **Good Cause.** The ability of the Debtor to obtain financing is vital to the estate of the Debtor and his creditors, so that the Debtor can maximize the value of his estate and confirm a plan of reorganization. The Debtor's estate will be irreparably harmed if this Interim DIP Order is not entered. Good cause has, therefore, been shown for the relief sought in the DIP Financing Motion.\n\n3. **Authorization of Borrowing.** The Debtor's execution of the DIP Loan Documents is hereby authorized, ratified and affirmed. Upon entry of this Interim DIP Order, the Debtor is immediately authorized to (a) execute the DIP Loan Documents; (b) obtain the DIP Loans pursuant to the DIP Loan Documents; and (c) satisfy all conditions precedent and perform all obligations hereunder and thereunder in accordance with the terms hereof and thereof. The DIP Lender shall not have any obligation or responsibility to monitor the Debtor's use of the DIP Loans and may rely upon the Debtor's representations that the use thereof is in accordance with the requirements of this Interim DIP Order, the DIP Loan Documents, and Bankruptcy Rule 4001(c)(2). The Interim DIP Loan shall be due and payable, and shall be paid, by the Debtor in accordance with the requirements of this Interim DIP Order and the DIP Loan Documents. The Debtor is hereby authorized and directed to pay the foregoing, in accordance with the terms of the DIP Loan Documents and this Interim DIP Order, without the necessity of the Debtor or the DIP Lender filing any further application with the Court for approval or payment thereof.\n\n4. **Authority to Execute and Deliver Necessary Documents.** The DIP Loan Documents shall constitute valid and binding obligations of the Debtor, enforceable against the Debtor in accordance with their terms with respect to the Interim DIP Loan. In furtherance of the provisions of paragraph 3 of this Interim DIP Order, the Debtor is authorized and directed to do and perform all acts, to make, execute, and deliver all instruments and documents to the\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 21 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 21 of 75\n\nextent required by the DIP Loan Documents, in each case as may be necessary or, in the opinion of the DIP Lender, desirable to give effect to any of the terms and conditions of the DIP Loan Documents, or as otherwise required or contemplated by the DIP Loan Documents.\n\n5. **Amendments and Modifications.** Upon entry of this Interim DIP Order, the Debtor and the DIP Lender shall not implement any amendments to or modifications of any of the DIP Loan Documents (in accordance with the terms of the applicable DIP Loan Documents) absent further Order of the Court.\n\n### 6. **Permitted Uses of Loan Proceeds and Cash Collateral.**\n\n(a) On Friday of each calendar week after the entry of this Interim DIP Order (commencing on the first Friday following the entry of this Interim DIP Order), each professional firm retained by the Debtor, the Committee and any examiner then appointed shall deliver to the Debtor, the DIP Lender and the Committee a report of fee and/or cost accruals from the preceding week (the \"Accrual Report\"). The first Accrual Report from each party shall include a report of all unpaid post-Petition Date fees and/or cost accruals.\n\n(b) The proceeds of each DIP Loan shall be remitted to the Debtor Account, as defined in the DIP Loan Agreement. In no event shall the Debtor maintain any cash or other funds in any deposit account or securities or investment account other than the Debtor Account. The Debtor may disburse amounts from the Debtor Account (other than amounts constituting proceeds of the Estate Contribution Loan) solely to the extent necessary to pay or pay into the the Authorized Disbursements authorized in paragraph 7(a) of this Interim DIP Order and the DIP Loan Documents.\n\n(c) The Debtor shall provide each monthly bank statement of the Debtor Account to the DIP Lender, the Committee and the United States Trustee. The Debtor's Disbursement\n\n# **DEBTOR 08**\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 22 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 22 of 75\n\nReport shall include a copy of the bank statements of the Debtor Account and Disbursement Account for the applicable reporting period.\n\n(e) No proceeds of any DIP Loan made pursuant to this Order may be used to pay any claims for services rendered or fees incurred by any party or professional in furtherance of any claim, counterclaim, action, proceeding, application, motion, objection, defense or other contested matter, the purpose of which is to seek or the result of which would be to obtain any order, judgment, determination, declaration or similar relief: (i) invalidating, setting aside, avoiding or subordinating, in whole or in part, this Order or the DIP Loan approved by this Order; or (ii) preventing, hindering or otherwise delaying, whether directly or indirectly, the exercise by the DIP Lender of any of its rights and remedies under this Order and/or the DIP Loan Documents; (iii) for money damages or equitable relief from DIP Lender; (iv) objecting to DIP Lender's claim or claims arising in connection with the DIP Loans in this bankruptcy case. The DIP Lender shall retain its rights as a party in interest to object to any claims of any of the Carve Out Professionals.\n\n(f) No proceeds of the Interim DIP Loan or any other DIP Loan shall be used to pay or reimburse the DIP Lender for any costs, expenses or indemnification in connection with the DIP Facility.\n\n### 7. **Fees and Expenses of Professional Persons.**\n\n(a) Except as otherwise set forth herein, the Debtor is authorized to use proceeds of the DIP Loan solely for purposes authorized by this Interim DIP Order and by the DIP Loan Agreement, or an order of this Court, including to pay such professional compensation and expense reimbursements, administrative priority claims, court fees, and United States Trustee fees as may be required to be paid by the Debtor and/or authorized and approved by the Court, as\n\n# **DEBTOR 08**\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 23 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 23 of 75\n\napplicable (together, the \"Authorized Disbursements\"). Notwithstanding any other provision of this Interim DIP Order, the proceeds of the Estate Contribution Loan shall not be used to pay any Authorized Disbursements or any other fee or expense of the Debtor or the Estate absent further order of this Court.\n\n(b) The Debtor shall be authorized to make Authorized Disbursements of the proceeds of the Interim DIP Loan prior to entry of the Final DIP Order. Notwithstanding anything to the contrary in this or any other order or the DIP Loan Documents, the Authorized Disbursements shall not be subject to the control of the DIP Lender*.*\n\n(c) The DIP Lender shall not have any duty to ensure that the Debtor discharges any of his obligations under subparagraphs (a) and (b) of this paragraph. Notwithstanding anything to the contrary contained in this Interim DIP Order, the rights of the DIP Lender shall be subject and subordinate to the claims of all other creditors of the Debtor existing as of the Petition Date. Without limiting the foregoing, neither the Debtor nor any of his prepetition creditors shall have any claim to or interest in the amounts on deposit in the Debtor Account; provided, however, that to the extent any Pending Disbursements become disallowed or ordered to be disgorged by final order of the Court, or remain in the Debtor Account following full payment of all allowed Professional Fees and Expenses (the \"Excess DIP Funds\"), such Excess DIP Funds shall be paid over and delivered as specified in the DIP Loan Documents and/or orders of the Court as applicable.\n\n(d) Nothing in this Interim DIP Order shall preclude the DIP Lender from asserting any objections to professional fees and expenses sought to be paid under the provisions of sections 330, 331 and 503 of the Bankruptcy Code.\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 24 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 24 of 75\n\n8. **Termination Events; Remedies.** (a) Upon or after a written notice to the Debtor, the Committee and the U.S. Trustee of the occurrence of a \"Termination Event\" under (and as defined in) the DIP Loan Agreement, and upon or after the filing of notice of the occurrence of such Termination Event with the Bankruptcy Court: (i) the DIP Lender shall be fully authorized, in its sole discretion, to charge interest at the default rate set forth in the DIP Loan Agreement, provided, the DIP Lender shall provide notice to the U.S. Trustee of its election to charge interest at the default rate; and (ii) the DIP Lender's commitment to make any subsequent DIP Loans pursuant to the DIP Loan Agreement shall be terminated, excluding, for the avoidance of doubt, the DIP Lender's obligation to fund any Escrow Funding Loan or Estate Contribution Loan required to be made pursuant to the terms of the DIP Loan Documents.\n\n(b) The rights, remedies, powers and privileges conferred upon the DIP Lender pursuant to this Interim DIP Order shall be in addition to and cumulative with those contained in the DIP Loan Documents, provided, however, nothing in this Interim DIP Order shall be construed to grant any security interest or priority repayment rights to DIP Lender in respect of any DIP Loan Obligations.\n\n10. **Subsequent Reversal or Modification.** Consistent with section 364(e) of the Bankruptcy Code, if any or all of the provisions of this Interim DIP Order are hereafter reversed, modified, vacated or stayed on appeal, that action will not affect:\n\n(a) the validity of any obligation, indebtedness, or liability granted or incurred by the Debtor to the DIP Lender prior to the effective date of such stay, modification, or vacation; or\n\n(b) the validity or enforceability of any action taken pursuant to this Interim DIP Order.\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 25 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 25 of 75\n\nNotwithstanding any such reversal, stay, modification, or vacatur, any postpetition indebtedness, obligation, or liability incurred by the Debtor to the DIP Lender under the DIP Loan Documents prior to the effective date of such action shall be governed in all respects by the original provisions of this Interim DIP Order, and the DIP Lender shall be entitled to all of the rights, remedies, privileges, benefits, and priorities granted herein and pursuant to the DIP Loan Documents, with respect to any such indebtedness, obligation, or liability. All amounts advanced under the DIP Loan Documents are advanced in reliance upon this Interim DIP Order, and, therefore, the indebtedness resulting from such advance prior to the effective date of any stay, modification, or vacatur of this Interim DIP Order cannot be deprived of the benefit under this Interim DIP Order or the DIP Loan Documents, as a result of any subsequent order in the Chapter 11 Case, or any superseding case, of the Debtor.\n\n11. **No Deemed Control.** By consenting to this Interim DIP Order and extending the DIP Loan, the DIP Lender shall not be deemed to be in control of the Debtor or to be acting as a \"responsible person,\" \"managing agent\" or \"owner or operator\" (as such terms are defined in the United States Comprehensive Environmental Response, Compensation and Liability Act, as amended, or any similar state or federal statute).\n\n12. **Successors and Assigns.** The provisions of this Interim DIP Order shall be binding upon and inure to the benefit of all parties-in-interest in the Chapter 11 case, including, without limitation, the DIP Lender, the Debtor and his respective successors and assigns, and shall inure to the benefit of the DIP Lender, the Debtor and their respective successors and assigns, including, without limitation, any trustee, examiner, responsible officer, estate administrator or representative, or similar person appointed in a case for the Debtor under any chapter of the Bankruptcy Code or in any successor proceeding, whether under the Bankruptcy\n\n# **DEBTOR 08**\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 26 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 26 of 75\n\nCode or otherwise. In no event shall the DIP Lender have any obligation to make the DIP Loan at the direction of any chapter 7 or chapter 11 trustee appointed or elected for the estate of the Debtor.\n\n13. **Binding Nature of Agreement.** Each of the DIP Loan Documents to which the Debtor are and will become parties shall constitute legal, valid and binding obligations of the Debtor, enforceable in accordance with their terms. The DIP Loan Documents have been or shall be properly executed and delivered to the DIP Lender by the Debtor.\n\n14. **Priority of Terms.** To the extent of any conflict between or among the express terms or provisions of any of the DIP Loan Documents, the DIP Financing Motion, any order of this Court, or any other agreements, the terms and provisions of this Interim DIP Order shall govern and control.\n\n15. **No Waiver.** This Interim DIP Order shall not be construed in any way as a waiver or relinquishment of any rights that the Debtor, the DIP Lender, the Committee, or any other Estate representative may have to bring or be heard on any matter brought before this Court.\n\n16. **Adequate Notice.** The notice given by the Debtor of the Interim Hearing was given in accordance with Bankruptcy Rules 2002 and 4001(c)(2) and the local rules of this Court. Under the circumstances, no further notice of the request for relief granted at the Interim Hearing is required. Promptly after the entry of this Interim DIP Order, the Debtor shall mail, by first class mail, a copy of this Interim DIP Order to the Notice Parties and shall file a certificate of service regarding same with the Clerk of the Court. Such service shall constitute good and sufficient notice of the Interim DIP Order.\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 27 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 27 of 75\n\n17. **Entry of Order.** This Interim DIP Order shall take effect immediately upon execution hereof, notwithstanding the possible application of Bankruptcy Rules 4001(a)(3), 6004(g), 7062, 9014, or otherwise, and the Clerk of the Court is hereby directed to enter this Interim DIP Order on the Court's docket in this Chapter 11 Case.\n\n### 18. **Final Hearing.**\n\n(a) The Final Hearing to consider entry of the Final DIP Order and final approval of the DIP Facility is scheduled for [●], 2022, at [●] (ET) at the United States Bankruptcy Court for the District of Connecticut.\n\n(b) On or before two business days after entry of this Interim DIP Order, the Debtor shall serve, by United States mail, first-class postage prepaid, notice of the entry of this Interim DIP Order and of the Final Hearing (the \"Final Hearing Notice\"), together with copies of this Interim DIP Order and the Motion, on the Notice Parties and to any other party that has filed a request for notices with this Court prior thereto. The Final Hearing Notice shall state that any party in interest objecting to the entry of the proposed Final DIP Order shall file written objections with the Clerk of the Court no later than [●] at [●] (ET), which objections shall be served so that the same are received on or before such date by the Notice Parties and any such other party entitled to receive notice pursuant to Bankruptcy Rule 2002.\n\n19. **Retention of Jurisdiction.** The Court has and will retain jurisdiction to enforce this Interim DIP Order according to its terms.\n\nDated:\n\nBridgeport, Connecticut\n\n### UNITED STATES BANKRUPTCY JUDGE\n\n64666136 v7\n\n# **DEBTOR 08**\n\n## **EXHIBIT B**\n\n## **REDLINE OF REVISED PROPOSED INTERIM DIP ORDER**\n\n**DEBTOR 08**\n\n## **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n| --------------------------------------------------------------------X | | | | |\n|-----------------------------------------------------------------------|-----------|----|-------------|-------------------------|\n| In re: | | | :
: | Chapter 11 |\n| Ho Wan Kwok, | | | :
:
: | Case No. 22-50073 (JAM) |\n| | Debtor. 1 | | :
: | Date:
Time: |\n| --------------------------------------------------------------------X | | | : | |\n| | | 1. | | |\n\n## 2. **INTERIM ORDER (I) AUTHORIZING DEBTOR TO OBTAIN UNSECURED, SUBORDINATED POSTPETITION FINANCING, (II) SCHEDULING FINAL HEARING, AND (III) GRANTING RELATED RELIEF**\n\nUpon the motion dated March 2221, 2022 (the \"DIP Financing Motion\")2 of the abovecaptioned debtor-in-possession (the \"Debtor\") in the above-referenced chapter 11 case (the \"Chapter 11 Case\") seeking the entry of an Interim DIP Order and Final DIP Order authorizing the Debtor to obtain postpetition financing from Golden Spring (New York) Ltd. (\"GSNY\" or \"DIP Lender\"), scheduling and approving the form and method of notice for a final hearing pursuant to Rules 2002, 4001 and 9014 of the Federal Rules of Bankruptcy Procedure (as amended, the \"Bankruptcy Rules\") and Rules 2002-1, 4001-3, 9006-1, and 9013-1 of the Local Bankruptcy Rules for the District of Connecticut (the \"Local Rules\"), and granting related relief.\n\nThis Court having reviewed the DIP Financing Motion, the *Declaration of Mr. Ho Wan Kwok in Support of the Chapter 11 Case and Certain Motions*, and all matters brought to the Court's attention at the interim hearing, which was held on [●]April 13, 2022 (the \"Interim\n\n1 Debtor is known by the following names: Guo Wengui; Miles Guo; Miles Kwok; and Ho Wan Kwok.\n\n2 Capitalized terms used in this Interim DIP Order, unless defined herein, shall have the meanings given such terms in the DIP Financing Motion or the DIP Loan Agreement (as hereinafter defined in the DIP Financing Motion).\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 30 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 30 of 75\n\nHearing\"); and after considering all of the pleadings filed with this Court; and after consideration of the evidence presented on the record at the Interim Hearing; and the Court having found that due and sufficient notice of the DIP Financing Motion and the Interim Hearing was provided by the Debtor in accordance with Bankruptcy Rules 2002 and 4001(b)(1) and Local Rule 4001-2 and 9013-2; and it appearing that the relief requested in the DIP Financing Motion, to the extent granted by this Interim DIP Order, is fair and reasonable and in the best interests of the Debtor, his estate, creditors, and all parties-in-interest, and is a sound and prudent exercise of the Debtor's business judgment; and after due deliberation and consideration, the Court makes the following findings of fact and conclusions of law (to the extent any findings of fact constitute conclusions of law, they are adopted as such, and *vice versa*):\n\n## **THE COURT HEREBY FINDS AND DETERMINES:**\n\nA. Petition Date. On February 15, 2022 (the \"Petition Date\"), the Debtor filed a voluntary petition for relief with this Court commencing the Chapter 11 Case. The Debtor is a debtor-in-possession pursuant to sections 1107 and 1108 of the Bankruptcy Code.\n\nB. Other Estate Parties. No trustee or examiner has been appointed in this Chapter 11 Case. On March 21, 2022, the Office of the United States Trustee for the District of Connecticut (the \"U.S. Trustee\") appointed the official committee of unsecured creditors (the \"Committee\" pursuant to section 1102 of the Bankruptcy Code.\n\nC. Jurisdiction; Core Proceeding; Venue. The Court has subject matter jurisdiction over this Chapter 11 Case, the parties, and the Debtor's property pursuant to 28 U.S.C. §§ 157(a)-(b) and 1334. This is a core proceeding pursuant to 28 U.S.C. § 157(b). Venue of this Chapter 11 Case and the DIP Financing Motion in this District is proper pursuant to 28 U.S.C. §§ 1408 and 1409.\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 31 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 31 of 75\n\nD. Notice. The Interim Hearing was held on April 13, 2022 pursuant to Bankruptcy Rule 4001 and Local Rule 9013-2, and the notice provided by the Debtor of the Interim Hearing and the relief requested in the DIP Financing Motion, was, under the circumstances, due and sufficient and complies with section 102(1) of the Bankruptcy Code, Bankruptcy Rules 2002, 4001(c), and 4001(d), and the Local Rules of this Court, and no other notice of the relief sought at the Interim Hearing was necessary or required.\n\nE. Immediate Financing Need. An ongoing need exists for the Debtor to obtain financing of the type sought herein, to maximize the value of the estate by liquidating certain litigation claims and seeking confirmation of a plan of reorganization under chapter 11 of the Bankruptcy Code. The Debtor is unable to obtain financing in the form of a credit facility with terms preferable to those extended by the DIP Lender. Within the timeframe required by the need to avoid irreparable harm, the Debtor can best obtain financing in the amounts required upon the terms extended by the DIP Lender.\n\nF. DIP Facility. The Debtor has requested that the DIP Lender establish a facility in favor of the Debtor (the \"DIP Facility\") pursuant to which the Debtor may obtain a loan (theone or more loans (each, a \"DIP Loan\" and collectively, the \"DIP Loans\") through multiple advances in the aggregate principal amount of US\\$8,000,000; the9,000,000, subject to the terms and limitations set forth herein and in the DIP Loan Agreement. The initial DIP Loan shall be made, upon no later than two (2) business days following entry of this Interim DIP LoanOrder, in an initial principal amount of USequal to \\$2,000,000 (the \"Interim DIP Loan\") and, upon thereafter, DIP Loans shall be made in subsequent advances, as may be required from time to time in accordance with the terms of the DIP Loan Documents; provided that (a) the aggregate principal amount of all Subsequent DIP Loans outstanding, after giving effect to any Subsequent DIP\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 32 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 32 of 75\n\nLoan and Estate Contribution Loan, shall not exceed \\$3,000,000 prior to the entry of the Final DIP Order, up to three subsequent advances each in the amount of US\\$2,000,000 upon request (each, a \"Subsequent DIP Loan\"); provided thatand (b) the proceeds of suchthe DIP Facility (other than the proceeds of the Estate Contribution Loan (as defined in the DIP Loan Agreement)) shall be used by the Debtor in accordance with this Interim DIP Order and the DIP Loan Documents (as hereinafter defined), solely for the purposes and amounts set forth in the Budget (as hereinafter defined)herein.\n\nG. Estate Contribution Loan. The Estate Contribution Loan, as defined in the DIP Loan Agreement shall be made no later than two (2) business days following entry of this Interim DIP Order, in a principal amount equal to \\$1,000,000 (the \"Estate Contribution Loan\").\n\nH. G. Good Cause. Based upon the record presented at the Interim Hearing and the record of the case, it appears that good cause has been shown for the entry of this Interim DIP Order. The entry of this Interim DIP Order will preserve the assets of the Debtor's estate for the benefit of creditors, and is in the best interests of the Debtor and his creditors. The terms of the proposed financing appear fair and reasonable, reflect the Debtor's exercise of prudent business judgment, and are supported by reasonably equivalent value and fair consideration.\n\nH. Good Faith. Based upon the record presented at the Interim Hearing, the DIP Loan Documents have been negotiated in good faith between the Debtor and DIP Lender. Therefore, all extensions of credit to the Debtor pursuant to the DIP Loan Documents shall be deemed to have been made by the DIP Lender in good faith within the meaning of section 364(e) of the Bankruptcy Code.\n\n**NOW, THEREFORE, IT IS HEREBY ORDERED, ADJUDGED AND DECREED**, **AS FOLLOWS:**\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 33 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 33 of 75\n\n1. **Disposition.** The DIP Financing Motion is hereby granted on an interim basis to the extent and subject to the terms set forth herein with the foregoing findings incorporated herein by reference. Any objections to the DIP Financing Motion that have not previously been withdrawn or resolved are hereby reserved to the Final Hearing, without prejudice to any partyin-interest's rights to raise further objections. This Interim DIP Order shall be valid, binding on all parties-in-interest, and fully effective immediately upon entry. The term of this Interim DIP Order and the DIP Loan Documents authorized hereunder shall expire, and the DIP Loan made pursuant to the DIP Loan Agreement shall mature and become due and payable in accordance with the terms of the DIP Loan Agreement.\n\n2. **Good Cause.** The ability of the Debtor to obtain financing is vital to the estate of the Debtor and his creditors, so that the Debtor can maximize the value of his estate and confirm a plan of reorganization. The Debtor's estate will be irreparably harmed if this Interim DIP Order is not entered. Good cause has, therefore, been shown for the relief sought in the DIP Financing Motion.\n\n3. **Good Faith.** Based upon the pleadings and the record presented at the Interim Hearing, the DIP Loan Documents and this Interim DIP Order have been negotiated in good faith between the Debtor and the DIP Lender. The terms of the DIP Loan Documents described in this Interim DIP Order, including, without limitation, the interest rates and fees payable pursuant to the DIP Loan Documents, are fair and reasonable, reflect the Debtor's exercise of prudent business judgment consistent with the Debtor's fiduciary duties, and are supported by reasonably equivalent value and fair consideration. Any DIP Loan and/or other financial accommodations made to the Debtor by the DIP Lender pursuant to this Interim DIP Order and the DIP Loan Documents shall be deemed to have been extended by the DIP Lender in good\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 34 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 34 of 75\n\nfaith, as that term is used in section 364(e) of the Bankruptcy Code, and the DIP Lender shall be entitled to all protections afforded thereunder.\n\n43. **Authorization of Borrowing.** The Debtor's execution of the DIP Loan Documents is hereby authorized, ratified and affirmed. Upon entry of this Interim DIP Order, the Debtor is immediately authorized to (a) execute the DIP Loan Documents; (b) obtain the Interim DIP LoanLoans pursuant to the DIP Loan Documents; and (c) satisfy all conditions precedent and perform all obligations hereunder and thereunder in accordance with the terms hereof and thereof. The DIP Lender shall not have any obligation or responsibility to monitor the Debtor's use of the Interim DIP LoanLoans and may rely upon the Debtor's representations that the use thereof is in accordance with the requirements of this Interim DIP Order, the DIP Loan Documents, and Bankruptcy Rule 4001(c)(2). The Interim DIP Loan shall be due and payable, and shall be paid, by the Debtor in accordance with the requirements of thethis Interim DIP Order and the DIP Loan Documents. The Debtor is hereby authorized and directed to pay the foregoing, in accordance with the terms of the DIP Loan Documents and this Interim DIP Order, without the necessity of the Debtor or the DIP Lender filing any further application with the Court for approval or payment thereof.\n\n54. **Authority to Execute and Deliver Necessary Documents.** The DIP Loan Documents shall constitute valid and binding obligations of the Debtor, enforceable against the Debtor in accordance with their terms with respect to the Interim DIP Loan. In furtherance of the provisions of paragraph 43 of this Interim DIP Order, the Debtor is authorized and directed to do and perform all acts, to make, execute, and deliver all instruments and documents to the extent required by the DIP Loan Documents, in each case as may be necessary or, in the opinion\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 35 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 35 of 75\n\nof the DIP Lender, desirable to give effect to any of the terms and conditions of the DIP Loan Documents, or as otherwise required or contemplated by the DIP Loan Documents.\n\n65. **Amendments and Modifications.** Upon entry of thethis Interim DIP Order, the Debtor and the DIP Lender shall not implement any amendments to andor modifications of any of the DIP Loan Documents (in accordance with the terms of the applicable DIP Loan Documents), until such time that the DIP Financing Motion is considered at the Final Hearing and entry of the Final DIP Orderabsent further Order of the Court.\n\n## 76. **Budget; Permitted Uses of Loan Proceeds and Cash Collateral.**\n\n(a) On the first day of each calendar month subsequent to the entry of this Interim DIP Order, the Debtor shall deliver to the DIP Lender and the official committee of unsecured creditors an updated budget and a report in form and substance reasonably acceptable to the DIP Lender, reporting all disbursements Debtor made for the preceding month.\n\n(ba) On Friday of each calendar week subsequent toafter the entry of this Interim DIP Order (commencing on the first Friday following the entry of this Interim DIP Order), each professional firm retained by the Debtor, the official Committee of unsecured creditors,and any examiner then appointed, and any other party seeking payment from the Debtor's estate on an administrative priority basis shall deliver to the Debtor, the DIP Lender and the Committee a report of fee and/or cost accruals from the preceding week. (the \"Accrual Report\"). The first Accrual Report from each party shall include a report of all unpaid post-Petition Date fees and/or cost accruals.\n\n(cb) Except as otherwise set forth in this Interim DIP Order, if applicable, the InterimThe proceeds of each DIP Loan proceeds shall be remitted to the \"Debtor Account\" maintained by Verdolino & Lowey, PC (\"V&L\"), as defined in the DIP Loan Agreement. In no\n\n# **DEBTOR 08**\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 36 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 36 of 75\n\nevent shall the Debtor maintain any cash or other funds in any deposit account or securities or investment account other than the Debtor Account. The Debtor may disburse amounts from the Debtor Account only at the direction of Craig Jalbert of V&L and(other than amounts constituting proceeds of the Estate Contribution Loan) solely to the extent necessary to pay the Permitted Paymentsor pay into the the Authorized Disbursements authorized in paragraph 87(a) of this Interim DIP Order and the DIP Loan Documents.\n\n(c) The Debtor shall provide each monthly bank statement of the Debtor Account to the DIP Lender, the Committee and the United States Trustee. The Debtor's Disbursement Report shall include a copy of the bank statements of the Debtor Account and Disbursement Account for the applicable reporting period.\n\n(e) No proceeds of any DIP Loan made pursuant to this Order may be used to pay any claims for services rendered or fees incurred by any party or professional in furtherance of any claim, counterclaim, action, proceeding, application, motion, objection, defense or other contested matter, the purpose of which is to seek or the result of which would be to obtain any order, judgment, determination, declaration or similar relief: (i) invalidating, setting aside, avoiding or subordinating, in whole or in part, this Order or the DIP Loan approved by this Order; or (ii) preventing, hindering or otherwise delaying, whether directly or indirectly, the exercise by the DIP Lender of any of its rights and remedies under this Order and/or the DIP Loan Documents; (iii) for money damages or equitable relief from DIP Lender; (iv) objecting to DIP Lender's claim or claims arising in connection with the DIP Loans in this bankruptcy case. The DIP Lender shall retain its rights as a party in interest to object to any claims of any of the Carve Out Professionals.\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 37 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 37 of 75\n\n(df) No proceeds of the Interim DIP Loan or any Subsequentother DIP Loan shall be used to pay or reimburse the DIP Lender for any costs, expenses or indemnification in connection with the DIP Facility.\n\n## 87. **Fees and Expenses of Professional Persons.**\n\n(a) Except as otherwise set forth herein, the Debtor is authorized to use proceeds of the DIP Loan solely for purposes authorized by this Interim DIP Order and by the DIP Loan Agreement, or an order of this Court, including to pay such professional compensation and expense reimbursements, administrative priority claims, court fees, and United States Trustee fees as may be required to be paid by the Debtor and/or authorized and approved by the Court, as applicable (together, the \"Authorized Disbursements\"); provided, however, that . Notwithstanding any other provision of this Interim DIP Order, the proceeds of the Interim DIP Loan shall only be used to pay the administrative expenses of ordinary course professionals of the Debtor (which shall exclude, for the avoidance of doubt, Brown Rudnick LLP, V&L, and Stretto, Inc.) and, until entry of the Final DIP Order, may not be used to pay the expenses of professionals of the Debtor other than ordinary course professionals (collectively, the \"Permitted Payments\")Estate Contribution Loan shall not be used to pay any Authorized Disbursements or any other fee or expense of the Debtor or the Estate absent further order of this Court.\n\n(b) The Debtor is directed, for so long as no Carve-Out Event (as defined below) has occurred and is continuing, to deposit, when provided by the Budget, into an escrow account (the \"Disbursement Escrow\") maintained by V&L on behalf of the Debtor, the amounts of any Permitted Payments not yet paid (the \"Pending Disbursements\"). Such amounts shall remain in escrow pending authorization and paymentshall be authorized to make Authorized Disbursements of the proceeds of the Interim DIP Loan prior to entry of the Final DIP Order.\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 38 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 38 of 75\n\nNotwithstanding anything to the contrary in this or any other order or the DIP Loan Documents, the Permitted PaymentsAuthorized Disbursements shall not be subject to the control of the DIP Lender unless and to the extent of any residual cash in the Disbursement Escrow after either disapproval or approval and satisfaction of all Authorized Disbursements and Pending Disbursements*.* So long as the DIP Lender has not delivered a notice of Carve-Out Event, the Debtor shall be authorized to fund the Disbursement Escrow in accordance with the DIP Loan Documents. Except as otherwise set forth in subparagraph (e) of this paragraph, the Debtor shall be authorized to remit payment from Disbursement Escrow from time to time (whether or not a notice of Carve-Out Event has been delivered) pursuant to procedures authorized by, or orders of, the Court.*.*\n\n(c) The DIP Lender shall not have any duty to ensure that the Debtor discharges any of his obligations under subparagraphs (a) and (b) of this paragraph. Notwithstanding anything to the contrary contained in this Interim DIP Order, the rights of the DIP Lender shall be subject and subordinate to the rights of any party entitled to payment fromclaims of all other creditors of the Debtor held in the Disbursement Escrow. Accordinglyexisting as of the Petition Date. Without limiting the foregoing, neither the Debtor nor any of his prepetition creditors shall have any claim to or interest in the amounts on deposit in the Disbursement EscrowDebtor Account; provided, however, that to the extent any Pending Disbursements or other amounts that are escrowed subsequently become disallowed or ordered to be disgorged by final order of the Court, or remain in escrowthe Debtor Account following full payment of all allowed Professional Fees and Expenses (the \"Excess EscrowDIP Funds\"), such Excess EscrowDIP Funds shall be paid over and delivered to the Debtor and applied as specified in the DIP Loan Documents and/or orders of the Court as applicable.\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 39 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 39 of 75\n\n(d) Nothing in this Interim DIP Order shall preclude the DIP Lender from asserting any objections to professional fees and expenses sought to be paid under the provisions of sections 330, 331 and 503 of the Bankruptcy Code.\n\n(e) Notwithstanding anything to the contrary in this Interim DIP Order, if a Carve-Out Event occurs, the Debtor shall not pay any further amounts into the Disbursement Escrow until such Carve-Out Event has been cured or waived in writing by the DIP Agent.\n\n98. **Termination Events of Default; Remedies.** (a) Upon or after a written notice to the Debtor of a violation of any provision of this Interim DIP Order that in the DIP Lender's reasonable discretion has an adverse effect on the DIP Lender or, the Committee and the U.S. Trustee of the occurrence of ana \"Termination Event of Default\" under (and as defined in) the DIP Loan Agreement, and upon or after the filing of notice of the occurrence of such Termination Event with the Bankruptcy Court: (i) the DIP Lender shall be fully authorized, in its sole discretion, to, without providing any prior notice thereof, accelerate the DIP Loan Obligations under the DIP Loan Documents, charge interest at the default rate set forth in the DIP Loan Agreement, and subject to the following sentences, decline to issue any Subsequent DIP Loan requested by the Debtor; and (ii) following the expiration of three business days from the date of such written notice to the Debtor, the Debtor's right to use any remaining amounts received on account of the DIP Loan Obligations (the \"Proceeds\") pursuant to the Budget shall expire and the Debtor shall no longer, pursuant to this Interim DIP Order, the DIP Loan Documents, or otherwise, be authorized to use the Proceeds. Thereafter, the DIP Lender may seek a finding by this Court upon notice and a hearing that a violation of the Interim DIP Order or an Event of Default has occurred. Upon such finding, the DIP Lender may demand and shall be entitled to immediate remittance of any Proceeds held by the Debtor less US\\$500,000 and\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 40 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 40 of 75\n\nexcluding all amounts in the Disbursement Escrow Account (the \"Carve-Out\"), and DIP Lender may otherwise take any appropriate action and exercise all applicable remedies under the DIP Loan Documents and applicable law that may be necessary or deemed appropriate by the DIP Lender to collect the DIP Loan Obligations, to proceed against or realize the Proceeds as if this Chapter 11 case or any superseding Chapter 7 case were not pending and otherwise to enforce the DIP Loan Documents or this Interim DIP Order. provided, the DIP Lender shall provide notice to the U.S. Trustee of its election to charge interest at the default rate; and (ii) the DIP Lender's commitment to make any subsequent DIP Loans pursuant to the DIP Loan Agreement shall be terminated, excluding, for the avoidance of doubt, the DIP Lender's obligation to fund any Escrow Funding Loan or Estate Contribution Loan required to be made pursuant to the terms of the DIP Loan Documents.\n\n(b) The rights, remedies, powers and privileges conferred upon the DIP Lender pursuant to this Interim DIP Order shall be in addition to and cumulative with those contained in the DIP Loan Documents, provided, however, that with the exception of the preceding subparagraphs authorizing remittance of Proceeds held by the Debtor upon a violation of this Interim DIP Order or an Event of Default, nothing in this Interim DIP Order shall be construed to grant any security interest or priority repayment rights to DIP Lender in respect of any DIP Loan Obligations.\n\n10. **Subsequent Reversal or Modification.** Consistent with section 364(e) of the Bankruptcy Code, if any or all of the provisions of this Interim DIP Order are hereafter reversed, modified, vacated or stayed on appeal, that action will not affect:\n\n(a) the validity of any obligation, indebtedness, or liability granted or incurred by the Debtor to the DIP Lender prior to the effective date of such stay, modification, or vacation; or\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 41 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 41 of 75\n\n(b) the validity or enforceability of any action taken pursuant to this Interim DIP Order.\n\nNotwithstanding any such reversal, stay, modification, or vacatur, any postpetition indebtedness, obligation, or liability incurred by the Debtor to the DIP Lender under the DIP Loan Documents prior to the effective date of such action shall be governed in all respects by the original provisions of this Interim DIP Order, and the DIP Lender shall be entitled to all of the rights, remedies, privileges, benefits, and priorities granted herein and pursuant to the DIP Loan Documents, with respect to any such indebtedness, obligation, or liability. All amounts advanced under the DIP Loan Documents are advanced in reliance upon this Interim DIP Order, and, therefore, the indebtedness resulting from such advance prior to the effective date of any stay, modification, or vacatur of this Interim DIP Order cannot be deprived of the benefit under this Interim DIP Order or the DIP Loan Documents, as a result of any subsequent order in the Chapter 11 Case, or any superseding case, of the Debtor.\n\n11. **No Deemed Control.** By consenting to this Interim DIP Order and extending the DIP Loan, the DIP Lender shall not be deemed to be in control of the Debtor or to be acting as a \"responsible person,\" \"managing agent\" or \"owner or operator\" (as such terms are defined in the United States Comprehensive Environmental Response, Compensation and Liability Act, as amended, or any similar state or federal statute).\n\n#### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 42 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 42 of 75\n\n12. **Successors and Assigns.** The provisions of this Interim DIP Order shall be binding upon and inure to the benefit of all parties-in-interest in the Chapter 11 case, including, without limitation, the DIP Lender, the Debtor and his respective successors and assigns, and shall inure to the benefit of the DIP Lender, the Debtor and their respective successors and assigns, including, without limitation, any trustee, examiner, responsible officer, estate administrator or representative, or similar person appointed in a case for the Debtor under any chapter of the Bankruptcy Code or in any successor proceeding, whether under the Bankruptcy Code or otherwise. In no event shall the DIP Lender have any obligation to make the DIP Loan at the direction of any chapter 7 or chapter 11 trustee appointed or elected for the estate of the Debtor.\n\n13. **Binding Nature of Agreement.** Each of the DIP Loan Documents to which the Debtor are and will become parties shall constitute legal, valid and binding obligations of the Debtor, enforceable in accordance with their terms. The DIP Loan Documents have been or shall be properly executed and delivered to the DIP Lender by the Debtor.\n\n### 14. **Priority of Terms; Budget.**\n\n**.** (a) To the extent of any conflict between or among the express terms or provisions of any of the DIP Loan Documents, the DIP Financing Motion, any order of this Court, or any other agreements, the terms and provisions of this Interim DIP Order shall govern and control.\n\n(b) For the avoidance of doubt, notwithstanding anything to the contrary in this Interim DIP Order, any of the DIP Loan Documents, or any other order entered by this Court or any other court of competent jurisdiction at any time and from time to time, the Debtor shall not make any disbursements other than those set forth in the Budget. Without limiting the\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 43 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 43 of 75\n\nforegoing, notwithstanding any relief granted in any other order entered by the Court, but subject to the terms and conditions of this Interim DIP Order, the Debtor shall not make any expenditures authorized by such orders unless, and to the extent that, such expenditures are encompassed by and expressly included in this Interim DIP Order, the DIP Loan Documents, and the Budget.\n\n15. **No Waiver.** This Interim DIP Order shall not be construed in any way as a waiver or relinquishment of any rights that the Debtor or, the DIP Lender, the Committee, or any other Estate representative may have to bring or be heard on any matter brought before this Court.\n\n16. **Adequate Notice.** The notice given by the Debtor of the Interim Hearing was given in accordance with Bankruptcy Rules 2002 and 4001(c)(2) and the local rules of this Court. Under the circumstances, no further notice of the request for relief granted at the Interim Hearing is required. Promptly after the entry of this Interim DIP Order, the Debtor shall mail, by first class mail, a copy of this Interim DIP Order to the Notice Parties and shall file a certificate of service regarding same with the Clerk of the Court. Such service shall constitute good and sufficient notice of the Interim DIP Order.\n\n17. **Entry of Order.** This Interim DIP Order Order shall take effect immediately upon execution hereof, notwithstanding the possible application of Bankruptcy Rules 4001(a)(3), 6004(g), 7062, 9014, or otherwise, and the Clerk of the Court is hereby directed to enter this Interim DIP Order on the Court's docket in this Chapter 11 Case.\n\n## 18. **Final Hearing.**\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 44 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 44 of 75\n\n(a) The Final Hearing to consider entry of the Final DIP Order and final approval of the DIP Facility is scheduled for [●], 2022, at [●] (ET) at the United States Bankruptcy Court for the District of Connecticut.\n\n(b) On or before two business days after entry of this Interim DIP Order, the Debtor shall serve, by United States mail, first-class postage prepaid, notice of the entry of this Interim DIP Order and of the Final Hearing (the \"Final Hearing Notice\"), together with copies of this Interim DIP Order and the Motion, on the Notice Parties and to any other party that has filed a request for notices with this Court prior thereto. The Final Hearing Notice shall state that any party in interest objecting to the entry of the proposed Final DIP Order shall file written objections with the Clerk of the Court no later than [●] at [●] (ET), which objections shall be served so that the same are received on or before such date by the Notice Parties and any such other party entitled to receive notice pursuant to Bankruptcy Rule 2002.\n\n19. **Retention of Jurisdiction.** The Court has and will retain jurisdiction to enforce this Interim DIP Order according to its terms.\n\nDated:\n\nBridgeport, Connecticut\n\nUNITED STATES BANKRUPTCY JUDGE\n\n64666136 v7\n\n| Summary report:
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4/10/2022 2:24:19 PM | | |\n|--------------------------------------------------------------------------------------------------------------|-----|--|\n| Style name: Standard | | |\n| Intelligent Table Comparison: Active | | |\n| Original filename: Interim DIP order.docx | | |\n| Modified DMS: i | | |\n| Changes: | | |\n| Add | 86 | |\n| Delete | 84 | |\n| Move From | 9 | |\n| Move To | 9 | |\n| Table Insert | 0 | |\n| Table Delete | 0 | |\n| Table moves to | 0 | |\n| Table moves from | 0 | |\n| Embedded Graphics (Visio, ChemDraw, Images etc.) | 0 | |\n| Embedded Excel | 0 | |\n| Format changes | 0 | |\n| Total Changes: | 188 | |\n\n## **EXHIBIT C**\n\n## **REVISED DIP LOAN AGREEMENT**\n\n## **DEBTOR-IN-POSSESSION CREDIT AGREEMENT**\n\n**DEBTOR-IN-POSSESSION CREDIT AGREEMENT,** dated as of April [13], 2022 (as amended, restated, supplemented or otherwise modified from time to time, this \"**Agreement**\"), by and among **HO WAN KWOK (a/k/a Miles Kwok, a/k/a Miles Guo, a/k/a Wengui Guo)**, an individual, as borrower (the \"**Debtor**\") and **GOLDEN SPRING (NEW YORK) LTD.**, as lender hereunder (\"**Lender**\").\n\n### **BACKGROUND**\n\nA. On February 15, 2022 (the \"**Petition Date**\"), the Debtor filed a voluntary case under Chapter 11 of the Bankruptcy Code pending in the United States Bankruptcy Court for the District of Connecticut, Bridgeport Division (the **\"Bankruptcy Court**\"), Case No. 22-50073 (JAM) (the \"**Chapter 11 Case**\"), and the Debtor has retained possession of his assets as debtor-in-possession.\n\nB. In connection with the Chapter 11 Case, the Debtor has requested that the Lender provide him with a debtor-in-possession term loan facility in an aggregate principal amount not to exceed \\$9,000,000.00 (the \"**DIP Facility**\"). All of the Debtor's obligations under the DIP Facility are to be unsecured and shall be subordinated in right to payment to the claims of all other creditors of the Debtor existing as of the Petition Date. The Lender is willing to extend such credit under the DIP Facility to the Debtor on the terms and subject to the conditions set forth herein.\n\nC. This Agreement and the rights and obligations of the Lender and Debtor hereunder shall be subject to approval of the Bankruptcy Court in the Chapter 11 Case pursuant to the Financing Orders (as defined herein).\n\n**NOW, THEREFORE,** in consideration of the mutual covenants and undertakings herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:\n\n## **Section 1. DEFINITIONS**\n\n1.01. As used in this Agreement, the following terms shall have the meanings set forth below:\n\n**Accrual Report** has the meaning assigned thereto in Section 5.01(b).\n\n**Authorized Disbursements** shall have the meaning given to such term in Section 2.04.\n\n**Bankruptcy Code** shall mean the United States Bankruptcy Code, being Title 11 of the United States Code, as enacted in 1978, as the same has heretofore been or may hereafter be amended, recodified, modified, or supplemented, together with all rules, regulations and interpretations thereunder or related thereto.\n\n**Bankruptcy Court** has the meaning assigned thereto in the recitals to this Agreement.\n\n**Business Day** shall mean any day that is not Saturday, Sunday or a Legal Holiday as such term is defined in Rule 9006(a)(6) of the Federal Rules of Bankruptcy Procedure.\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 48 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 48 of 75\n\n**Closing Date** shall mean the date that this Agreement has been duly executed by the parties hereto and delivered to each other and the conditions of Section 3.01 have been satisfied or waived.\n\n**Debtor** shall have the meaning set forth in the preamble of this Agreement.\n\n**Debtor Account** shall mean the segregated deposit account established by the Debtor into which the proceeds of the DIP Loans shall be deposited.\n\n**Default Rate** shall have the meaning assigned to such term in Section 2.03.\n\n**DIP Commitment** shall mean the commitment of the Lender to make DIP Loans (other than the Interim DIP Commitment) pursuant to Section 2.01 in an aggregate principal amount not to exceed \\$8,000,000.\n\n**DIP Facility** shall have the meaning set forth in the recitals to this Agreement.\n\n**DIP Loan Documents** shall mean this Agreement, the Financing Orders, and each other document, instrument and certificate executed from time to time in connection with this Agreement, as may be renewed, amended, restated, extended, increased or supplemented from time to time.\n\n**DIP Loan Obligations** shall mean each DIP Loan and all other advances and extensions of credit made or to be made by the Lender to the Debtor, or to others for the Debtor's account, pursuant to this Agreement from time to time, including, without limitation, all PIK Interest and all Out-of-Pocket-Expenses (including all amounts capitalized pursuant to Section 7.01), whether such obligation is absolute or contingent, joint or several, matured or unmatured, direct or indirect and whether the Debtor is liable to the Lender for such indebtedness as principal, surety, endorser, guarantor or otherwise.\n\n**DIP Loans** shall have the meaning given to such term in Section 2.01(d).\n\n**Disbursement Escrow** shall have the meaning given to such term in Section 2.04.\n\n**Escrow Funding Loan** shall have the meaning given to such term in Section 2.01(d).\n\n**Estate Contribution Commitment** shall mean the commitment of the Lender to fund a loan for use by the Debtor's estate upon the occurrence of a Termination Event in an aggregate principal amount of \\$1,000,000.\n\n**Estate Contribution Loan** shall have the meaning given to such term in Section 2.01(b).\n\n**Final Financing Order** shall mean the final order entered by the Bankruptcy Court (i) authorizing the Debtor to obtain post-petition financing pursuant to this Agreement and (ii) granting certain related relief on a final basis, as the same may be amended, modified or supplemented from time to time with the express written consent of the Lender.\n\n**Financing Orders** shall mean the Interim Financing Order and the Final Financing Order.\n\n**Interim DIP Commitment** shall mean the commitment of the Lender to fund the Interim DIP Loan in an aggregate principal amount of \\$2,000,000.\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 49 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 49 of 75\n\n**Interim DIP Loan** shall have the meaning assigned to such term in Section 2.01.\n\n**Interim Financing Order** shall mean the interim order entered by the Bankruptcy Court (i) authorizing the Debtor to obtain post-petition financing pursuant to this Agreement and (ii) granting certain related relief on an interim basis, as the same may be amended, modified or supplemented from time to time with the express written consent of the Lender.\n\n**Letter of Credit** has the meaning assigned to such term in Section 2.06.\n\n**Maturity Date** shall mean the earliest of (i) eighteen months after the Closing Date and (ii) the effective date of any plan of reorganization of the Debtor.\n\n**Out-of-Pocket Expenses** shall mean (a) all reasonable out-of-pocket expenses of DIP Lender (i) associated with the preparation, execution, delivery and administration of the DIP Loan Documents and any amendment or waiver with respect thereto (including reasonable fees, disbursements and other charges of counsel) and (ii) incurred by DIP Lender in connection with the Chapter 11 Case; and (b) all out-of-pocket expenses of DIP Lender (including the fees, disbursements and other charges of counsel in connection with the enforcement of the DIP Loan Documents).\n\n**Person** shall mean any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity.\n\n**Petition Date** shall have the meaning provided for in the recitals of this Agreement.\n\n**PIK Interest** shall have the meaning given to such term in Section 2.02.\n\n**Professional Fees Escrow** shall mean an amount equal to all accrued but unpaid professional compensation and expense reimbursements of the Debtor's professionals, the Committee's professionals or the professionals of any examiner that have been incurred or accrued prior to the occurrence of a Termination Event *plus* \\$500,000.\n\n**Replacement Letter of Credit** means a replacement letter of credit in form and substance satisfactory to Debtor in its sole and absolute discretion that is issued by a commercial bank that is a member of the New York Clearing House Association acceptable to Debtor in its sole and absolute discretion, and at a minimum having a long-term issuer credit rating from S&P Global Ratings of \"A\" or higher, or a comparable rating from Moody's Investors Service.\n\n**Subsequent DIP Loan** shall have the meaning assigned to such term in Section 2.01.\n\n**Termination Event** shall have the meaning provided for in Section 8.01 of this Agreement.\n\n## **Section 2. DIP LOAN**\n\n2.01. DIP Loans.\n\n(a) Interim DIP Loan. No later than two (2) Business Days following entry of the Interim Financing Order, the Lender shall, subject to the terms and conditions of this Agreement and the Interim\n\n# **DEBTOR 08**\n\nFinancing Order, make a loan to the Debtor in an aggregate principal amount equal to the Interim DIP Commitment (the \"**Interim DIP Loan**\").\n\n(b) No later than two (2) Business Days following entry of the Interim Financing Order, the Lender shall, subject to the terms and conditions of this Agreement and the Interim Financing Order, make a loan to the Debtor in an aggregate principal amount equal to the Estate Contribution Commitment (the \"**Estate Contribution Loan**\").\n\n(c) Subsequent Draws. Subject to the conditions hereof, the Lender shall fund, no later than two (2) Business Days following delivery of the Accrual Reports for such week, a loan (each such loan being, a \"**Subsequent DIP Loan**\") in an amount equal to the excess, if any, of (x) the sum of (1) the unpaid accruals reflected in all Accrual Reports for such week, (2) all other Authorized Disbursements accrued or incurred since delivery of the last Accrual Reports and (3) \\$100,000 *over* (y) the funds on deposit in the Disbursement Escrow on the date of delivery of such Accrual Reports. All DIP Loan Obligations shall become immediately due and payable on the Maturity Date. Except as set forth in Section 2.06(c), amounts repaid at any time to the Lender may not be reborrowed.\n\n(d) Draws Following a Termination Event. Upon the occurrence of a Termination Event, to the extent the aggregate remaining proceeds of each Subsequent DIP Loan maintained in the Debtor Account and the Disbursement Escrow, as of the date of the occurrence of such Termination Event, are insufficient to fund the Professional Fees Escrow, the Lender shall make an additional loan (the \"**Escrow Funding Loan**\", together with the Interim DIP Loan, and each Subsequent DIP Loan, the \"**DIP Loans**\") in an aggregate principal amount sufficient to permit the funding of the Professional Fees Escrow from the Debtor Account.\n\n(e) Notwithstanding anything in this Section 2.01 to the contrary, in no event shall (x) the aggregate principal amount of Subsequent DIP Loans made prior to entry of the Final Financing Order exceed \\$3,000,000, (y) the aggregate principal amount of the DIP Loans (other than the Interim DIP Loan) made, or required to be made, pursuant to this Section 2.01 exceed the DIP Commitment or (z) the aggregate principal amount of the Interim DIP Loan exceed the Interim DIP Commitment. The following condition shall apply to the DIP Commitment: (x) at all times prior to the occurrence of a Termination Event there shall remain (after giving effect to any Subsequent DIP Loan) availability under the DIP Commitment an amount equal to \\$80,000 (the \"**U.S. Trustee Sub-Limit**\"), which amount shall be reserved and available solely to fund the fees of the U.S. Trustee; and (y) the aggregate principal amount of all DIP Loans (other than the Interim DIP Loan) used to fund professional fees and expenses of the Debtor's professionals shall not exceed 50% of the DIP Commitment and the aggregate principal amount of all DIP Loans (other than the Interim DIP Loan) used to fund all professional fees of the Committee or any examiner shall not exceed 50% of the DIP Commitment, in each case, after reducing the DIP Committee to reserve availability for the U.S. Trustee Sub-Limit.\n\n2.02. Interest Rate; Interest Payments. The outstanding principal amount of the DIP Loans shall bear interest at a per annum rate equal to five percent (5.0%) (the \"**Interest Rate**\"). Accrued interest shall be payable in-kind on the last day of each calendar quarter by capitalizing, compounding and adding the accrued amount thereof to the principal amount of the DIP Loans then outstanding (such interest, \"**PIK Interest**\") for so long as any portion of the DIP Loans remain outstanding; provided, however, that in the event of any repayment or prepayment of any portion of the DIP Loans, accrued interest on the principal amount being repaid or prepaid shall be payable cash on the date of such repayment or prepayment.\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 51 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 51 of 75\n\n2.03. Default Interest. Notwithstanding the foregoing, (i) if any principal of, or interest on, the DIP Loans or any fee or other amount payable by the Debtor hereunder or under any other DIP Loan Document is not paid when due, such overdue amount shall bear interest at a rate per annum equal to two percent (2.0%) plus the Interest Rate (the \"**Default Rate**\"); and (ii) during the occurrence and continuance of a Termination Event , the Lender may, at its option, by notice to the Debtor, declare that the DIP Loans any other amounts outstanding hereunder shall bear interest at the Default Rate as provided in the preceding paragraphs of this Section.\n\n2.04. Use of Proceeds; Disbursements from Debtor Account. The proceeds of the DIP Loans shall be deposited into the Debtor Account and, other than the proceeds of the Interim DIP Loan and the Estate Contribution Loan and subject to entry of the Final Financing Order and approval of by the Bankruptcy Court of an escrow agreement to be submitted in connection therewith, may be disbursed by the Debtor to into an escrow account (the \"**Disbursement Escrow**\") maintained by Brown Rudnick LLP (\"**Brown Rudnick**\") in an amount equal to all accrued but unpaid professional compensation and expense reimbursements, administrative priority claims, court fees, and U.S. Trustee fees as may be required to be paid by the Debtor and/or authorized and approved by the Bankruptcy Court, as applicable, including all accruals set forth in the Accrual Reports (collectively, \"**Authorized Disbursements**\"). The proceeds of the Interim DIP Loan shall be used by the Debtor in its discretion to the extent permitted by orders of the Bankruptcy Court. The proceeds of the DIP Loans will not be utilized to pay for ordinary living expenses of the Debtor.Alternatively, subject to entry of a Final Financing Order so permitting, the proceeds of the DIP Loans may be deposited into the Debtor Account or other approved account designated as the Disbursement Escrow.\n\n2.05. All payments due by the Debtor under this Agreement, whether for principal, interest, fees, costs, indemnities, expenses or otherwise, shall be payable in United States dollars in accordance with the wire instructions provided by Lender to Debtor, without setoff, counterclaim or other deduction of any kind.\n\n## 2.06. Standby Letter of Credit.\n\n(a) As additional credit support for the Lender's obligations to fund the DIP Loans (other than the Interim DIP Loan), the Lender shall, no later than ten (10) Business Days after the entry of the Interim Financing Order (as such date may be extended by the Debtor in its sole and absolute discretion) caused to be delivered to the Debtor, at the Lender's sole cost and expense, a clean, \"multi-draw\" irrevocable and unconditional standby letter of credit issued in favor of the Debtor with an initial face amount equal to \\$8,000,000 from a bank which is a member of the New York Clearing House Association and is otherwise satisfactory to the Debtor (the \"**Issuer**\"), which letter of credit shall (w) be for a term commencing on the Closing Date (or, if such letter of credit is not delivered on the Closing Date, commencing not later than ten (10) Business Days after entry of the Interim Financing Order) and expiring at least three hundred sixtyfive (365) days after the date of issuance of such letter of credit and which shall include \"evergreen\" provisions under which the Issuer agrees that such letter of credit shall renew automatically on such date of expiration for consecutive additional terms of three hundred sixty-five (365) days unless the Debtor has, at least sixty (60) days prior to the then applicable expiration date, received written notice from the Issuer expressly stating that such letter of credit will not be so renewed on the date of expiry (a \"**Cancellation Notice**\"), (z) provide that the Debtor may draw on such letter of credit at any time, or from time to time, upon written request delivered to Issuer and without any requirement that the Debtor deliver the original letter of credit or any other documentation to effect such draws, (y) provide that such letter of credit is freely\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 52 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 52 of 75\n\nassignable by the Debtor and (z) otherwise contain terms and conditions satisfactory to the Debtor in its sole and absolute discretion (such letter of credit, together with one or more Replacement Letters of Credit, being the \"**Letter of Credit**\"). The Letter of Credit shall be held by the Debtor as security for the performance by the Lender of its obligations under this Agreement and the other DIP Loan Documents. Notwithstanding the foregoing, the requirements of this paragraph may be waived by the Debtor with the approval of the Bankruptcy Court.\n\n(b) Upon the failure of the Lender to fund any DIP Loan (other than the Interim DIP Loan and Estate Contribution Loan), the Debtor shall be entitled to draw upon the Letter of Credit to fund any such DIP Loan without prior notice to, or consent of, the DIP Lender, and without requiring that the Debtor first provide notice to, or make demand for such payment from, the Lender**.**\n\n(c) The Lender further agrees that following the Issuer's sending a Cancellation Notice, the Debtor may draw the full remaining undrawn amount of the Letter of Credit and deposit such amount in the Debtor Account, and the proceeds of such draw may be used in accordance with Section 2.04; provided, that upon receipt by the Debtor of a Replacement Letter of Credit satisfying the requirement set forth in Section 2.06(a), the Debtor shall return to the Lender any funds drawn from the Letter of Credit and remaining in the Debtor Account at the time of receipt of the Replacement Letter of Credit. Any draw on the Letter of Credit under this Section 2.06(c) shall not constitute the making of a DIP Loan, nor shall reduce the DIP Commitment; *provided,* however, that the disbursements of any such drawn amount from the Debtor Account to the Disbursement Escrow in accordance with the Section 2.04 shall constitute the making of a DIP Loan in an amount equal to such disbursed amount.\n\n(d)\n\n(e) The Lender hereby covenants and agrees not to oppose, contest or otherwise interfere with any attempt by the Debtor to draw on the Letter of Credit.\n\n## **Section 3. CONDITIONS TO EFFECTIVENESS AND FUNDING**\n\n3.01. Conditions to the Funding of the Interim DIP Loan. The obligation of the Lender to make the Interim DIP Loan is subject to the satisfaction by Debtor or waiver by Lender of the following conditions precedent:\n\n(a) Each DIP Loan Document shall be in form and substance reasonably satisfactory to the Lender, and shall have been duly executed by the Debtor and any other necessary parties and delivered to the Lender;\n\n(b) The Interim Financing Order shall be in full force and effect and shall not have been stayed,\n\n# **DEBTOR 08**\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 53 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 53 of 75\n\nvacated, reversed, amended or otherwise modified without the prior written consent of the Lender in its sole and absolute discretion;\n\n(c) The Debtor Account shall have been established; and\n\n(d) No Termination Event shall have occurred and be continuing or result after giving effect to the making of the Interim DIP Loan.\n\n3.02. Conditions to the Funding of each Subsequent DIP Loan. The obligation of the Lender to make each Subsequent DIP Loan is subject to the satisfaction by the Debtor or waiver by Lender of the following conditions precedent:\n\n(a) The Interim Financing Order or, following entry of the Final Financing Order, the Final Financing Order, shall be in full force and effect and shall not have been stayed, vacated, reversed, amended or otherwise modified without the prior written consent of the Lender in its sole and absolute discretion;\n\n(b) No Termination Event shall have occurred and be continuing or result after giving effect to the making of such Subsequent DIP Loan;\n\n(c) If such Subsequent DIP Loan is made prior to entry of the Final Financing Order, the aggregate principal amount of all Subsequent DIP Loans then outstanding, after giving effect to the making of such Subsequent DIP Loan, shall not exceed \\$3,000,000; and\n\n(d) The aggregate principal amount of all DIP Loans made pursuant to Section 2.01 then outstanding shall and after giving effect to the making of such Subsequent DIP Loan shall not exceed the DIP Commitment (after giving effect to the U.S. Trustee Sub-Limit).\n\n3.03. Conditions to the Funding of the Escrow Funding Loan. The obligation of the Lender to make the Escrow Funding Loan is subject to the satisfaction of the following conditions precedent:\n\n(a) The Financing Orders shall be in full force and effect and shall not have been stayed, vacated, reversed, amended or otherwise modified without the prior written consent of the Lender in its sole and absolute discretion;\n\n(b) A Termination Event shall have occurred and be continuing;\n\n(c) The proceeds of each Subsequent DIP Loan remaining in the Debtor Account and the Disbursement Escrow shall be insufficient fund the Professional Fees Escrow; and\n\n(d) The aggregate principal amount of all DIP Loans made pursuant to Section 2.01 then outstanding and after giving effect to the making of the Escrow Funding Loan shall not exceed the DIP Commitment.\n\n## **Section 4. REPRESENTATIONS AND WARRANTIES.**\n\nThe Debtor represents and warrants to the Lender that:\n\n4.01. Authorization; Enforceability. Subject to any restrictions arising on account of the\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 54 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 54 of 75\n\nDebtor's status as \"debtor\" under the Bankruptcy Code, the Debtor has all requisite legal capacity to enter into this Agreement and the other DIP Loan Documents. Upon entry of the Financing Orders, this Agreement and each other DIP Loan Document shall constitute a legal, valid and binding obligation of the Debtor, enforceable against the Debtor in accordance with its terms, subject to any restrictions arising on account of the Debtor's status as a \"debtor\" under the Bankruptcy Code and subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.\n\n4.02. Approvals; No Conflicts. Subject to entry of the Financing Orders, this Agreement and the other DIP Loan Documents do not require any consent or approval of, registration or filing with, or any other action by, any governmental authority or any other third Person, nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any DIP Loan Document, except such as have been obtained or made and are in full force and effect.\n\n## **Section 5. REPORTING.**\n\n## 5.01. Reporting.\n\n(a) On the tenth (10th) day of each calendar month (or, if such day is not a Business Day, on the immediately preceding day that is a Business Day), commencing on May 10, 2022, the Debtor shall deliver to the Lender a report, setting forth all disbursements Debtor from the Debtor Account to the Disbursement Escrow made for the preceding month.\n\n(b) On Friday of each calendar week after the entry of this Interim DIP Order (commencing on the first Friday following the entry of this Interim DIP Order), each professional firm retained by the Debtor, the Committee and any examiner then appointed shall deliver to the Debtor, the Lender and the Committee a report of fee and/or cost accruals from the preceding week (each, an \"**Accrual Report**\" and, collectively, the \"**Accrual Reports**\").\n\n5.02. Information. If reasonably requested by Lender, the Debtor will furnish to the Lender such financial reports and information in such detail as shall be reasonably satisfactory to the Lender.\n\n## **Section 6. MILESTONES**.\n\n6.01. [Reserved.]\n\n## **Section 7. EXPENSE REIMBURSEMENT; INDEMNITY.**\n\n7.01. The Debtor shall reimburse or pay the Lender for all Out-of-Pocket Expenses, which expenses shall be paid in-kind by capitalizing, compounding and adding the amount thereof to the principal amount of the DIP Loans.The Debtor hereby agrees to indemnify and hold harmless the Lender, and the officers, directors, members, managers, employees, attorneys and agents of the Lender (each an \"**Indemnified Party**\") from, and holds each of them harmless against, (a) any and all losses, liabilities, obligations, claims, actions, damages, costs and expenses (including reasonable attorney's fees) insofar as such losses, liabilities, obligations, claims, actions, damages, costs, fees or expenses are with respect to the DIP Loans and DIP Loan Documents, except and to the extent that the same results solely and directly\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 55 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 55 of 75\n\nfrom the gross negligence or willful misconduct of such Indemnified Party. The Debtor hereby agrees that this indemnity shall survive termination of this Agreement.\n\n## **Section 8. TERMINATION EVENTS**\n\n8.01. Notwithstanding anything hereinabove to the contrary, each of the following shall constitute a \"**Termination Event**\":\n\n(a) the Bankruptcy Court shall enter an order granting relief from the automatic stay in connection with PAX v. Kwok, Index No. 652077/2017 (N.Y. Sup.) (the \"**PAX Litigation**\"), and/or the United States District Court for the Southern District of New York shall deny a motion to transfer venue of the PAX Litigation;\n\n(b) without the consent of the DIP Lender, the Chapter 11 Case is dismissed or converted to a case under chapter 7 of the Bankruptcy Code or the Debtor shall file a motion or other pleading seeking the dismissal of the Chapter 11 Case or seeking conversion of the Chapter 11 Case to a case under chapter 7 of the Bankruptcy Code;\n\n(c) there shall be appointed a chapter 11 trustee, or the Debtor shall file a motion or other pleading seeking such appointment; or\n\n(d) the Bankruptcy Court shall terminate the Debtor's exclusive right to file a plan of reorganization pursuant to section 1121(b) of the Bankruptcy Code.\n\n8.02. Remedies.\n\n(a) Subject to the Financing Orders, upon the occurrence and during the continuance of a Termination Event, the Lender's commitment to fund any DIP Loans pursuant to Section 2.01(c) shall terminate and the Lender shall have no obligation to make any additional DIP Loans (other than the Escrow Funding Loan required to be made pursuant to Section 2.01(d)).\n\n(b) In the event the Chapter 11 Case is dismissed, absent contrary direction contained in an order of the Bankruptcy Court, the Debtor shall return to the DIP Lender any proceeds of the DIP Loans remaining in the Debtor Account.\n\n## **Section 9. MISCELLANEOUS**\n\n9.01. This Agreement and the other DIP Loan Documents constitute the entire agreement between the Debtor and the Lender with respect to the matters contained herein and therein; supersede any prior agreements; can be waived or changed only by a writing signed by each party hereto or thereto, and shall bind and benefit each party hereto or thereto and their respective successors and assigns, and any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.\n\n9.02. In no event shall the Debtor, upon demand by the Lender for payment of any DIP Loan Obligations, by acceleration of the maturity thereof or otherwise, be obligated to pay interest and fees in excess of the amount permitted by law and the Lender shall never be entitled to receive, charge or apply, as interest on any DIP Loan Obligations, any amount in excess of the maximum amount of interest\n\n# **DEBTOR 08**\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 56 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 56 of 75\n\npermissible under applicable law. If the Lender ever receives, collects or applies any such excess, it shall be deemed a partial repayment of principal and treated as such; and if principal is paid in full, any remaining excess shall be refunded to the Debtor. This paragraph shall control every other provision hereof and each other DIP Loan Document.\n\n9.03. If any provision hereof or of any other agreement made in connection herewith is held to be illegal or unenforceable, such provision shall be fully severable, and the remaining provisions of the applicable agreement shall remain in full force and effect and shall not be affected by such provision's severance.\n\n## 9.04. GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS.\n\n(a) THIS AGREEMENT AND THE OTHER DIP LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CONNECTICUT AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE.\n\n(b) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND THE OTHER DIP LOAN DOCUMENTS TO WHICH IT IS A PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE JURISDICTION OF THE BANKRUPTCY COURT AND IF THE BANKRUPTCY COURT DOES NOT HAVE (OR ABSTAINS FROM) JURISDICTION, ANY CONNECTICUT STATE COURT SITTING IN HARTFORD COUNTY AND THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF CONNECTICUT; PROVIDED, HOWEVER, THAT NOTHING CONTAINED HEREIN OR IN ANY OTHER DIP LOAN DOCUMENT WILL PREVENT ANY PARTY FROM BRINGING ANY ACTION TO ENFORCE ANY AWARD OR JUDGMENT OR EXERCISE ANY RIGHT UNDER THE DIP LOAN DOCUMENTS IN ANY OTHER FORUM IN WHICH JURISDICTION CAN BE ESTABLISHED. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.\n\n9.05. Notices. Except as otherwise herein provided, any notice or other communication required hereunder shall be in writing (provided that, any electronic communications including electronic mail shall constitute a notice or communication in writing), and shall be deemed to have been validly served, given or delivered when (i) hand delivered, (i) in the case of any electronic communications, the day sent, (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, or (iv) three Business Days after deposit in the United States mails, with proper first class postage prepaid, return receipt requested, and addressed to the party to be notified or to such other address as any party hereto may designate for itself by like notice, as follows:\n\n(a) if to the Lender, at:\n\nGolden Spring (New York) Ltd. 162 E 64th St. New York, NY 10065\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 57 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 57 of 75\n\nAttention: Email: admin@gsnyus.com\n\nWith a copy to:\n\nEmail: arethusaf@protonmail.com\n\n- and -\n\nCohn Birnbaum & Shea, P.C. 100 Pearl Street, Hartford, CT 06103 Attention: Scott D. Rosen Email srosen@cbshealaw.com\n\n(b) if to the Debtor, to\n\n373 Taconic Road Greenwich, CT 06831\n\nWith a copy to:\n\nBrown Rudnick LLP Seven Times Square New York, NY 10036 Attention: William R. Baldiga Email : wbaldiga@brownrudnick.com Email : Attention: Bennett S. Silverberg Email bsilverberg@brownrudnick.com\n\n9.06. In the event of any inconsistency between the terms of any Financing Order, on the one hand, and this Agreement and the other DIP Loan Documents, on the other hand, the terms of such Financing Order shall control.\n\n[SIGNATURE PAGES FOLLOW]\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 58 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 58 of 75\n\nIN WITNESS WHEREOF, the parties hereto have caused this Agreement to be effective, executed, accepted and delivered as of the date first set forth above by their proper and duly authorized officers as of the date set forth above.\n\n## **DEBTOR:**\n\nHo Wan Kwok (a/k/a Miles Kwok a/k/a Miles Guo a/k/a Wengui Guo)\n\n## **LENDER:**\n\n### **GOLDEN SPRING (NEW YORK) LTD.**\n\n| By: |\n|-------|\n| Name: |\n| |\n\nTitle: 64669999 v3 64669999 v4\n\n## **EXHIBIT D**\n\n## **REDLINE OF REVISED DIP LOAN AGREEMENT**\n\n75\n\nBR DRAFT 4/9/2022\n\n## **DEBTOR-IN-POSSESSION CREDIT AGREEMENT**\n\n**DEBTOR-IN-POSSESSION CREDIT AGREEMENT,** dated as of March 11April [13], 2022 (as amended, restated, supplemented or otherwise modified from time to time, this \"**Agreement**\"), by and among **HO WAN KWOK (a/k/a Miles Kwok, a/k/a Miles Guo, a/k/a Wengui Guo)**, an individual, as borrower (the \"**Debtor**\") and **GOLDEN SPRING (NEW YORK) LTD.**, as lender hereunder (\"**Lender**\").\n\n## **BACKGROUND**\n\nA. On February 15, 2022 (the \"**Petition Date**\"), the Debtor filed a voluntary case under Chapter 11 of the Bankruptcy Code pending in the United States Bankruptcy Court for the District of Connecticut, Bridgeport Division (the **\"Bankruptcy Court**\"), Case No. 22-50073 (JAM) (the \"**Chapter 11 Case**\"), and the Debtor has retained possession of his assets as debtor-in-possession.\n\nB. In connection with the Chapter 11 Case, the Debtor has requested that the Lender provide him with a debtor-in-possession term loan facility in an aggregate principal amount not to exceed \\$8,000,000.009,000,000.00 (the \"**DIP Facility**\"). All of the Debtor's obligations under the DIP Facility are to be unsecured and shall be subordinated in right to payment to the claims of all other creditors of the Debtor existing as of the Petition Date. The Lender is willing to extend such credit under the DIP Facility to the Debtor on the terms and subject to the conditions set forth herein.\n\nC. This Agreement and the rights and obligations of the Lender and Debtor hereunder shall be subject to approval of the Bankruptcy Court in the Chapter 11 Case pursuant to the Financing Orders (as defined herein).\n\n**NOW, THEREFORE,** in consideration of the mutual covenants and undertakings herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:\n\n## **Section 1. DEFINITIONS**\n\n1.01. As used in this Agreement, the following terms shall have the meanings set forth below:\n\n**Accrual Report** has the meaning assigned thereto in Section 5.01(b).\n\n**Authorized Disbursements** shall have the meaning given to such term in Section 2.04.\n\n**Bankruptcy Code** shall mean the United States Bankruptcy Code, being Title 11 of the United States Code, as enacted in 1978, as the same has heretofore been or may hereafter be amended, recodified, modified, or supplemented, together with all rules, regulations and interpretations thereunder or related thereto.\n\n**Bankruptcy Court** has the meaning assigned thereto in the recitals to this Agreement.\n\n**Business Day** shall mean any day that is not Saturday, Sunday or a Legal Holiday as such term is defined\n\nin Rule 9006(a)(6) of the Federal Rules of Bankruptcy Procedure.\n\n**Closing Date** shall mean the date that this Agreement has been duly executed by the parties hereto and delivered to each other and the conditions of Section 3.01 have been satisfied or waived.\n\n## **Closing Date DIP Loan** shall have the meaning assigned to such term in Section 2.01.\n\n**Debtor** shall have the meaning set forth in the preamble of this Agreement.\n\n**Debtor Account** shall mean the segregated deposit account established onby the Debtor's behalf under which Craig Jalbert, of Verdolino & Lowey, PC (\"**Verdolino**\"), shall be the sole authorized signatory andDebtor into which the proceeds of the DIP Loans shall be deposited.\n\n**Default** shall mean any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.\n\n**Default Rate** shall have the meaning assigned to such term in Section 2.03.\n\n**DIP Commitment** shall mean the commitment of the Lender to make DIP Loans (other than the Interim DIP Commitment) pursuant to Section 2.01 in an aggregate principal amount not to exceed \\$8,000,000.\n\n**DIP Facility** shall have the meaning set forth in the recitals to this Agreement.\n\n**DIP Loan Documents** shall mean this Agreement, the Financing Orders, and each other document, instrument and certificate executed from time to time in connection with this Agreement, as may be renewed, amended, restated, extended, increased or supplemented from time to time.\n\n**DIP Loan Obligations** shall mean each DIP Loan, the proceeds of which have been disbursed in accordance with Section 2.04 and Section 8.02(a), and all other advances and extensions of credit made or to be made by the Lender to the Debtor, or to others for the Debtor's account, pursuant to this Agreement from time to time, including, without limitation, all PIK Interest and all Out-of-Pocket-Expenses (including all amounts capitalized pursuant to Section 7.01), whether such obligation is absolute or contingent, joint or several, matured or unmatured, direct or indirect and whether the Debtor is liable to the Lender for such indebtedness as principal, surety, endorser, guarantor or otherwise.\n\n**DIP Loans** shall have the meaning given to such term in Section 2.01(d).\n\n**Event of DefaultDisbursement Escrow** shall have the meaning provided forgiven to such term in Section 8.01 of this Agreement2.04.\n\n**Escrow Funding Loan** shall have the meaning given to such term in Section 2.01(d).\n\n**Estate Contribution Commitment** shall mean the commitment of the Lender to fund a loan for use by the Debtor's estate upon the occurrence of a Termination Event in an aggregate principal amount of \\$1,000,000.\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 62 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 62 of 75\n\nBR DRAFT 4/9/2022\n\n## **Estate Contribution Loan** shall have the meaning given to such term in Section 2.01(b).\n\n**Final Financing Order** shall mean the final order entered by the Bankruptcy Court (i) authorizing the Debtor to obtain post-petition financing pursuant to this Agreement and (ii) granting certain related relief on a final basis, as the same may be amended, modified or supplemented from time to time with the express written consent of the Lender.\n\n**Financing Orders** shall mean the Interim Financing Order and the Final Financing Order.\n\n**Initial Budget** shall mean a budget agreed to by the Debtor and the Lender, setting forth in reasonable detail the projected Permitted Payments for the six-month period commencing with the month in which the Closing Date occurs.\n\n**Interim DIP Commitment** shall mean the commitment of the Lender to fund the Interim DIP Loan in an aggregate principal amount of \\$2,000,000.\n\n**Interim DIP Loan** shall have the meaning assigned to such term in Section 2.01.\n\n**Interim Financing Order** shall mean the interim order entered by the Bankruptcy Court (i) authorizing the Debtor to obtain post-petition financing pursuant to this Agreement and (ii) granting certain related relief on an interim basis, as the same may be amended, modified or supplemented from time to time with the express written consent of the Lender.\n\n**Letter of Credit** has the meaning assigned to such term in Section 2.06.\n\n**Maturity Date** shall mean the earliest of (i) eighteen months after the Closing Date, and (ii) the effective date of any plan of reorganization of the Debtor, and (iii) the acceleration of the DIP Loan Obligations pursuant to Section 8.02.\n\n**Out-of-Pocket Expenses** shall mean (a) all reasonable out-of-pocket expenses of DIP Lender (i) associated with the preparation, execution, delivery and administration of the DIP Loan Documents and any amendment or waiver with respect thereto (including reasonable fees, disbursements and other charges of counsel) and (ii) incurred by DIP Lender in connection with the Chapter 11 Case; and (b) all out-of-pocket expenses of DIP Lender (including the fees, disbursements and other charges of counsel in connection with the enforcement of the DIP Loan Documents).\n\n**Person** shall mean any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity.\n\n**Permitted Payments** shall have the meaning given to such term in Section 2.04.\n\n**Petition Date** shall have the meaning provided for in the recitals of this Agreement.\n\n**PIK Interest** shall have the meaning given to such term in Section 2.02.\n\n**Professional Fees Escrow** shall have the meaning given to such term in Section 8.02.\n\n**Professional Fees Escrow** shall mean an amount equal to all accrued but unpaid professional compensation and expense reimbursements of the Debtor's professionals, the Committee's professionals or the professionals of any examiner that have been incurred or accrued prior to the occurrence of a Termination Event *plus* \\$500,000.\n\n**Replacement Letter of Credit** means a replacement letter of credit in form and substance satisfactory to Debtor in its sole and absolute discretion that is issued by a commercial bank that is a member of the New York Clearing House Association acceptable to Debtor in its sole and absolute discretion, and at a minimum having a long-term issuer credit rating from S&P Global Ratings of \"A\" or higher, or a comparable rating from Moody's Investors Service.\n\n**Subsequent DIP Loan** shall have the meaning assigned to such term in Section 2.01.\n\n**VerdolinoTermination Event** shall have the meaning given to such term under the definition of \"Debtor Account\"provided for in Section 8.01 of this Agreement.\n\n## **Section 2. DIP LOAN**\n\n2.01. DIP Loans.\n\n(a) Closing DateInterim DIP Loan. On the Closing DateNo later than two (2) Business Days following entry of the Interim Financing Order, the Lender shall, subject to the terms and conditions of this Agreement and the Interim Financing Order, make a term loan to the Debtor in an aggregate principal amount equal to \\$2,000,000.00the Interim DIP Commitment (the \"**Closing DateInterim DIP Loan**\").\n\n(b) No later than two (2) Business Days following entry of the Interim Financing Order, the Lender shall, subject to the terms and conditions of this Agreement and the Interim Financing Order, make a loan to the Debtor in an aggregate principal amount equal to the Estate Contribution Commitment (the \"**Estate Contribution Loan**\").\n\n(c) (b) Subsequent Draws. Subject to the conditions hereof, the Debtor may request no more than three (3) additional term loans, each in a principal amount of \\$2,000,000.00 (each such term loan, a \"**Subsequent DIP Loan**\"), pursuant to a written notice (which may be by email) by Verdolino to the Lender that the accrued and unpaid Permitted Payments are projected to exceed the aggregate proceeds of the Closing Date DIP Loan and any Subsequent DIP Loan remaining in the Debtor Account (a \"**Draw Request**\").Lender shall fund, no later than two (2) Business Days following receipt of any Draw Request, the Lender shall fund thedelivery of the Accrual Reports for such week, a loan (each such loan being, a \"**Subsequent DIP Loan** in accordance with Section 2.04\") in an amount equal to the excess, if any, of (x) the sum of (1) the unpaid accruals reflected in all Accrual Reports for such week, (2) all other Authorized Disbursements accrued or incurred since delivery of the last Accrual Reports and (3) \\$100,000 *over* (y) the funds on deposit in the Disbursement Escrow on the date of delivery of such Accrual Reports. All DIP Loan Obligations shall become immediately due and payable on the Maturity Date. Except as set forth in Section 2.06(c), amounts repaid at any time to the Lender may not be reborrowed.\n\n(d) (c) Draws Following ana Termination Event of Default. Upon the occurrence of ana\n\nTermination Event of Default that has not been waived by the Lender, to the extent the aggregate remaining proceeds of the Closing Date DIP Loans and each Subsequent DIP Loan maintained in the Debtor Account and the Disbursement Escrow, as of the date of the occurrence of such Termination Event of Default, are insufficient to fund the Professional Fees Escrow, the Lender shall make an additional DIP loan (the \"**Escrow Funding Loan**\", and together with the Closing DateInterim DIP LoansLoan, and each Subsequent DIP LoansLoan, the \"**DIP Loans**\") in an aggregate principal amount sufficient to permit hethe funding of the Professional Fees Escrow from the Debtor Account in accordance with Section 8.02.\n\n(e) (d) Notwithstanding anything in this Section 2.01 to the contrary, (i) during the period commencing upon entry of the Interim Financing Order butin no event shall (x) the aggregate principal amount of Subsequent DIP Loans made prior to the entry of the Final Financing Order, the maximum aggregate principal amount of all DIP Loans to be drawn by the Debtor shall be limited to \\$2,000,000 and (ii) in no event shallexceed \\$3,000,000, (y) the aggregate principal amount of the DIP Loans (other than the Interim DIP Loan) made, or required to be made, pursuant to this Section 2.01 exceed the DIP Commitment. or (z) the aggregate principal amount of the Interim DIP Loan exceed the Interim DIP Commitment. The following condition shall apply to the DIP Commitment: (x) at all times prior to the occurrence of a Termination Event there shall remain (after giving effect to any Subsequent DIP Loan) availability under the DIP Commitment an amount equal to \\$80,000 (the \"**U.S. Trustee Sub-Limit**\"), which amount shall be reserved and available solely to fund the fees of the U.S. Trustee; and (y) the aggregate principal amount of all DIP Loans (other than the Interim DIP Loan) used to fund professional fees and expenses of the Debtor's professionals shall not exceed 50% of the DIP Commitment and the aggregate principal amount of all DIP Loans (other than the Interim DIP Loan) used to fund all professional fees of the Committee or any examiner shall not exceed 50% of the DIP Commitment, in each case, after reducing the DIP Committee to reserve availability for the U.S. Trustee Sub-Limit.\n\n2.02. Interest Rate; Interest Payments. The outstanding principal amount of the DIP Loans shall bear interest at a per annum rate equal to five percent (5.0%) (the \"**Interest Rate**\"). Accrued interest shall be payable in-kind on the last day of each calendar quarter by capitalizing, compounding and adding the accrued amount thereof to the principal amount of the DIP Loans then outstanding (such interest, \"**PIK Interest**\") for so long as any portion of the DIP Loans remain outstanding; provided, however, that in the event of any repayment or prepayment of any portion of the DIP Loans, accrued interest on the principal amount being repaid or prepaid shall be payable cash on the date of such repayment or prepayment; provided, that any remittance of Undisbursed DIP Loans pursuant to Section 8.01 shall not constitute a repayment or prepayment and shall not be subject to the requirements of this sentence.\n\n2.03. Default Interest. Notwithstanding the foregoing, (i) if any principal of, or interest on, the DIP Loans or any fee or other amount payable by the Debtor hereunder or under any other DIP Loan Document is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest at a rate per annum equal to two percent (2.0%) plus the Interest Rate (the \"**Default Rate**\"); and (ii) during the occurrence and continuance of an Event of Default other than an Event of Default resulting from the circumstances described in clause (i) of this Section 2.03a Termination Event , the Lender may, at its option, by notice to the Debtor, declare that the DIP Loans any other amounts outstanding hereunder shall bear interest at the Default Rate as provided in the preceding paragraphs of this Section.\n\n75\n\nBR DRAFT 4/9/2022\n\n2.04. Use of Proceeds; Disbursements from Debtor Account. The proceeds of the DIP Loans shall be deposited into the Debtor Account. So long as no Event of Default shall have occurred and be continuing, and, other than the proceeds of the Closing DateInterim DIP Loan and each Subsequent DIP Loan shall be disbursed from time to time by Verdolino to fund (x) the Debtor's administrative expenses, including professional fees of the Debtor in an aggregate amount not to exceed \\$4,000,000 and (y) to fund the professional fees of any official creditors committee or any examiner (if appointed), the quarterly fees of the United States Trustee and the fees of the Bankruptcy Court in an aggregate amount not to exceed \\$4,000,000; *provided* that the proceeds of the Closing Date DIP Loan, shall only be used to pay the administrative expenses of ordinary course professionals of the Debtor (which shall exclude, for the avoidance of doubt, Brown Rudnick LLP, Verdolino and Stretto) and, until entry of the Final Financing Order, may not be used to pay the expenses of professionals of the Debtor other than ordinary course professionalsthe Estate Contribution Loan and subject to entry of the Final Financing Order and approval of by the Bankruptcy Court of an escrow agreement to be submitted in connection therewith, may be disbursed by the Debtor to into an escrow account (the \"**Disbursement Escrow**\") maintained by Brown Rudnick LLP (\"**Brown Rudnick**\") in an amount equal to all accrued but unpaid professional compensation and expense reimbursements, administrative priority claims, court fees, and U.S. Trustee fees as may be required to be paid by the Debtor and/or authorized and approved by the Bankruptcy Court, as applicable, including all accruals set forth in the Accrual Reports (collectively, the \"**Permitted PaymentsAuthorized Disbursements**\"). The proceeds of the Interim DIP Loan shall be used by the Debtor in its discretion to the extent permitted by orders of the Bankruptcy Court. The proceeds of the DIP Loans will not be utilized to pay for ordinary living expenses of the Debtor.Upon the occurrence of an Event of DefaultAlternatively, subject to entry of a Final Financing Order so permitting, the proceeds of the DIP Loans shall only be used in accordance with Section 8.02may be deposited into the Debtor Account or other approved account designated as the Disbursement Escrow.\n\n2.05. All payments due by the Debtor under this Agreement, whether for principal, interest, fees, costs, indemnities, expenses or otherwise, shall be payable in United States dollars in accordance with the wire instructions provided by Lender to Debtor, without setoff, counterclaim or other deduction of any kind.\n\n## 2.06. Standby Letter of Credit.\n\n(a) As additional credit support for the Lender's obligations to fund the DIP Loans (other than the Interim DIP Loan), the Lender shall, no later than ten (10) Business Days after the entry of the Interim Financing Order (as such date may be extended by the Debtor in its sole and absolute discretion) caused to be delivered to the Debtor, at the Lender's sole cost and expense, a clean, \"multi-draw\" irrevocable and unconditional standby letter of credit issued in favor of the Debtor with an initial face amount equal to \\$8,000,000 from a bank which is a member of the New York Clearing House Association and is otherwise satisfactory to the Debtor (the \"**Issuer**\"), which letter of credit shall (w) be for a term commencing on the Closing Date (or, if such letter of credit is not delivered on the Closing Date, commencing not later than ten (10) Business Days after entry of the Interim Financing Order) and expiring at least three hundred sixty-five (365) days after the date of issuance of such letter of credit and which shall include \"evergreen\" provisions under which the Issuer agrees that such letter of credit shall renew automatically on such date of expiration for consecutive additional terms of three hundred sixtyfive (365) days unless the Debtor has, at least sixty (60) days prior to the then applicable expiration date, received written notice from the Issuer expressly stating that such letter of credit will not be so renewed\n\non the date of expiry (a \"**Cancellation Notice**\"), (z) provide that the Debtor may draw on such letter of credit at any time, or from time to time, upon written request delivered to Issuer and without any requirement that the Debtor deliver the original letter of credit or any other documentation to effect such draws, (y) provide that such letter of credit is freely assignable by the Debtor and (z) otherwise contain terms and conditions satisfactory to the Debtor in its sole and absolute discretion (such letter of credit, together with one or more Replacement Letters of Credit, being the \"**Letter of Credit**\"). The Letter of Credit shall be held by the Debtor as security for the performance by the Lender of its obligations under this Agreement and the other DIP Loan Documents. Notwithstanding the foregoing, the requirements of this paragraph may be waived by the Debtor with the approval of the Bankruptcy Court.\n\n(b) Upon the failure of the Lender to fund any DIP Loan (other than the Interim DIP Loan and Estate Contribution Loan), the Debtor shall be entitled to draw upon the Letter of Credit to fund any such DIP Loan without prior notice to, or consent of, the DIP Lender, and without requiring that the Debtor first provide notice to, or make demand for such payment from, the Lender**.**\n\n(c) The Lender further agrees that following the Issuer's sending a Cancellation Notice, the Debtor may draw the full remaining undrawn amount of the Letter of Credit and deposit such amount in the Debtor Account, and the proceeds of such draw may be used in accordance with Section 2.04; provided, that upon receipt by the Debtor of a Replacement Letter of Credit satisfying the requirement set forth in Section 2.06(a), the Debtor shall return to the Lender any funds drawn from the Letter of Credit and remaining in the Debtor Account at the time of receipt of the Replacement Letter of Credit. Any draw on the Letter of Credit under this Section 2.06(c) shall not constitute the making of a DIP Loan, nor shall reduce the DIP Commitment; *provided,* however, that the disbursements of any such drawn amount from the Debtor Account to the Disbursement Escrow in accordance with the Section 2.04 shall constitute the making of a DIP Loan in an amount equal to such disbursed amount.\n\n(d) If any Letter of Credit will expire, or if any Issuer shall have delivered a Cancellation Notice, the Lender shall replace such Letter of Credit by delivering to the Debtor a Replacement Letter of Credit at least thirty (30) days prior to the expiration date of the then effective Letter of Credit in accordance with the terms of this Section 2.06. If any Letter of Credit Issuer's credit rating is reduced below the requisite level specified above, or if the financial condition of such Issuer changes in any other materially adverse way, or if Debtor believes such Issuer is in a condition that it may soon become insolvent or placed into receivership, then the Lender within thirty (30) days of the Debtor's written request deliver to the Debtor a Replacement Letter of Credit with an issuing bank acceptable to the Debtor and otherwise satisfying the requirements of Section 2.06(a).\n\n(e) The Lender hereby covenants and agrees not to oppose, contest or otherwise interfere with any attempt by the Debtor to draw on the Letter of Credit.\n\n## **Section 3. CONDITIONS TO EFFECTIVENESS AND FUNDING**\n\n3.01. 3.02. Conditions to the Funding of the Closing DateInterim DIP Loan. The obligation of the Lender to make the Closing DateInterim DIP Loan is subject to the satisfaction by Debtor or waiver by Lender of the following conditions precedent:\n\n(a) Each DIP Loan Document shall be in form and substance reasonably satisfactory to the Lender, and shall have been duly executed by the Debtor and any other necessary parties and delivered to the Lender;\n\n(b) The Interim Financing Order shall be in full force and effect and shall not have been stayed, vacated, reversed, amended or otherwise modified without the prior written consent of the Lender in its sole and absolute discretion;\n\n(c) The Debtor Account shall have been established; and\n\n(d) The Debtor shall have delivered the Initial Budget; and\n\n(d) (e) No Termination Event of Default shall have occurred and be continuing or result after giving effect to the making of the Closing DateInterim DIP Loan.\n\n3.02. Conditions to the Funding of each Subsequent DIP Loan. The obligation of the Lender to make each Subsequent DIP Loan is subject to the satisfaction by the Debtor or waiver by Lender of the following conditions precedent:\n\n(a) The Interim Financing OrdersOrder or, following entry of the Final Financing Order, the Final Financing Order, shall be in full force and effect and shall not have been stayed, vacated, reversed, amended or otherwise modified without the prior written consent of the Lender in its sole and absolute discretion;\n\n(b) No Termination Event of Default shall have occurred and be continuing or result after giving effect to the making of such Subsequent DIP Loan; and\n\n(c) If such Subsequent DIP Loan is made prior to entry of the Final Financing Order, the aggregate principal amount of all Subsequent DIP Loans then outstanding, after giving effect to the making of such Subsequent DIP Loan, shall not exceed \\$3,000,000; and\n\n(d) (c) The aggregate principal amount of all DIP Loans made pursuant to Section 2.01 then outstanding shall and after giving effect to the making of such Subsequent DIP Loan shall not exceed the DIP Commitment (after giving effect to the U.S. Trustee Sub-Limit).\n\n3.03. Conditions to the Funding of the Escrow Funding Loan. The obligation of the Lender to make the Escrow Funding Loan is subject to the satisfaction of the following conditions precedent:\n\n(a) The Financing Orders shall be in full force and effect and shall not have been stayed, vacated, reversed, amended or otherwise modified without the prior written consent of the Lender in its sole and absolute discretion;\n\n(b) AnA Termination Event of Default shall have occurred and be continuing;\n\n(c) The proceeds of the Closing Date DIP Loan and each Subsequent DIP Loan remaining in the Debtor Account and the Disbursement Escrow shall be insufficient fund the Professional Fees Escrow in accordance with Section 8.02; and\n\n(d) The aggregate principal amount of all DIP Loans made pursuant to Section 2.01 then outstanding and after giving effect to the making of the Escrow Funding Loan shall not exceed the DIP Commitment.\n\n## **Section 4. REPRESENTATIONS AND WARRANTIES.**\n\nThe Debtor represents and warrants to the Lender that:\n\n4.01. Authorization; Enforceability. Subject to any restrictions arising on account of the Debtor's status as \"debtor\" under the Bankruptcy Code, the Debtor has all requisite legal capacity to enter into this Agreement and the other DIP Loan Documents. Upon entry of the Financing Orders, this Agreement and each other DIP Loan Document shall constitute a legal, valid and binding obligation of the Debtor, enforceable against the Debtor in accordance with its terms, subject to any restrictions arising on account of the Debtor's status as a \"debtor\" under the Bankruptcy Code and subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.\n\n4.02. Approvals; No Conflicts. Subject to entry of the Financing Orders, this Agreement and the other DIP Loan Documents do not require any consent or approval of, registration or filing with, or any other action by, any governmental authority or any other third Person, nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any DIP Loan Document, except such as have been obtained or made and are in full force and effect.\n\n## **Section 5. REPORTING.**\n\n## 5.01. BudgetReporting.\n\n(a) On the first day of each calendar month, commencing on May 1, 2022, the Debtor shall deliver to the Lender an updated budget, setting forth in reasonable detail, the projected Permitted Payments for the six-month period commencing with the date such budget is delivered. Each budget delivered by the Debtor pursuant to this Section 5.01(a) shall be presumed acceptable to the Lender unless the Lender shall object to such updated budget in writing within three (3) days following delivery thereof.\n\n(a) On the tenth (10th) day of each calendar month (or, if such day is not a Business Day, on the immediately preceding day that is a Business Day), commencing on May 10, 2022, the Debtor shall deliver to the Lender a report, setting forth all disbursements Debtor from the Debtor Account to the Disbursement Escrow made for the preceding month.\n\n(b) Estate professionals (including but not limited to professionalsOn Friday of each calendar week after the entry of this Interim DIP Order (commencing on the first Friday following the entry of this Interim DIP Order), each professional firm retained by the Debtor, any official committee, and/or any examiner) shall provide weekly fee accrual reports to DIP Lender in accordance with the terms of the Financing Orders.the Committee and any examiner then appointed shall deliver to the Debtor, the Lender and the Committee a report of fee and/or cost accruals from the preceding week (each, an \"**Accrual Report**\" and, collectively, the \"**Accrual Reports**\").\n\n5.02. Information. If reasonably requested by Lender, the Debtor will furnish to the Lender such financial reports and information in such detail as shall be reasonably satisfactory to the Lender.\n\n## **Section 6. MILESTONES**.\n\n6.01. [Reserved.]\n\n6.01. The Debtor shall take or complete the following milestone by the following date:\n\n(a) Within 45 of the entry of the Interim Financing Order, the Bankruptcy Court shall have entered the Final Financing Order.\n\n## **Section 7. EXPENSE REIMBURSEMENT; INDEMNITY.**\n\n7.01. The Debtor shall reimburse or pay the Lender for all Out-of-Pocket Expenses, which expenses shall be paid in-kind by capitalizing, compounding and adding the amount thereof to the principal amount of the DIP Loans.The Debtor hereby agrees to indemnify and hold harmless the Lender, and the officers, directors, members, managers, employees, attorneys and agents of the Lender (each an \"**Indemnified Party**\") from, and holds each of them harmless against, (a) any and all losses, liabilities, obligations, claims, actions, damages, costs and expenses (including reasonable attorney's fees) insofar as such losses, liabilities, obligations, claims, actions, damages, costs, fees or expenses are with respect to the DIP Loans and DIP Loan Documents, except and to the extent that the same results solely and directly from the gross negligence or willful misconduct of such Indemnified Party. The Debtor hereby agrees that this indemnity shall survive termination of this Agreement.\n\n### **Section 8. TERMINATION EVENTS OF DEFAULT AND REMEDIES**\n\n8.01. Notwithstanding anything hereinabove to the contrary, each of the following shall constitute ana \"**Termination Event of Default**\":\n\n(a) (i) if a Default occurs in the due and punctual payment of the principal of the DIP Loans (including any PIK Interest or other amounts capitalized pursuant to Section 7.01) when and as the same shall become due and payable pursuant to the terms of this Agreement, whether on the Maturity Date or otherwise and (ii) if a Default occurs in the due and punctual payment of any other amounts payable to the Lender within fifteen (15) Business Days after the date on which the same shall be come due and payable;\n\n(b) a breach by the Debtor in the performance or observation of any of the covenants set forth in Sections 5.01 or 6.01;\n\n(c) a breach by the Debtor in the performance or observation of any other covenant set forth in this Agreement or any other DIP Loan Documents not set forth in clauses (a) and (b) of this Section 8.01 and the same remains uncured within sixty (60) days after the occurrence thereof;\n\n(d) breach by the Debtor of any warranty, representation or covenant contained herein or in any other DIP Loan Document and the same remains unremedied for a period of sixty (60) days from the date of such breach;\n\n(a) (e) the Bankruptcy Court shall enter an order granting relief from the automatic stay in connection with PAX v. Kwok, Index No. 652077/2017 (N.Y. Sup.) (the \"**PAX Litigation**\"), and/or the\n\nUnited States District Court for the Southern District of New York shall deny a motion to transfer venue of the PAX Litigation;\n\n(b) (f) without the consent of the DIP Lender, the Chapter 11 Case is dismissed or converted to a case under chapter 7 of the Bankruptcy Code or the Debtor shall file a motion or other pleading seeking the dismissal of the Chapter 11 Case or seeking conversion of the Chapter 11 Case to a case under chapter 7 of the Bankruptcy Code;\n\n(c) (g) there shall be appointed a chapter 11 trustee, or the Debtor shall file a motion or other pleading seeking such appointment; or\n\n(d) (h) the Bankruptcy Court shall terminate the Debtor's exclusive right to file a plan of reorganization pursuant to section 1121(b) of the Bankruptcy Code.\n\n### 8.02. Remedies.\n\n(a) Subject to the Financing Orders, upon the occurrence and during the continuance of an Event of Default which has not been waived by the Lender, (i) the Lender may declare by written notice to the Debtor that all DIP Loan Obligations are immediately due and payable, (ii) subject to, and without limiting, the Lender's obligation to fund the Escrow Funding Loana Termination Event, the Lender's commitment to fund any DIP Loans pursuant to Section 2.01(c), the DIP Commitment shall terminate and the Lender shall have no obligation to make any additional DIP Loans, (iii) Verdolino shall disburse from the Debtor Account to an escrow account the lesser of (x) an amount equal to fees and expenses incurred or accrued and pending applications for Debtor's professionals and any official committee of unsecured creditors incurred in the Chapter 11 Case prior the occurrence of such Event of Default, plus \\$500,000 and (y) the aggregate undisbursed DIP Loan Proceeds maintained in the Debtor Account (the \"**Professional Fees Escrow**\") and (iv) all proceeds of the DIP Loans deposited in the Debtor Account which have not been disbursed for payment of Permitted Payments in accordance with Section 2.04 or the funding of the Professional Fees Escrow in accordance with this Section 8.02(a) (the \"**Undisbursed DIP Loans**\"), if any, shall be immediately remitted and returned to the Lender and shall, upon such remittance, be deemed a payment by the Debtor of a portion of the DIP Loans in an amount equal to the Undisbursed DIP Loans.(other than the Escrow Funding Loan required to be made pursuant to Section 2.01(d)).\n\n(b) Solely in order to facilitate the return of Undisbursed DIP Loans in accordance with clause (iv) of Section 8.02(a), upon the occurrence of an Event of Default which has not been waived by the Lender, the Lender shall be automatically granted an administrative expense claim having priority over any or all other administrative expenses of any kind specified in Section 503(b), 506(c), and 507(b)In the event the Chapter 11 Case is dismissed, absent contrary direction contained in an order of the Bankruptcy Code, in an amount equal to the UndisbursedCourt, the Debtor shall return to the DIP Lender any proceeds of the DIP Loans remaining in the Debtor Account.\n\n8.03. No delay or omission of the Lender to exercise any right or remedy hereunder, whether before or after the happening of any Event of Default, shall impair any such right or shall operate as a waiver thereof or as a waiver of any such Event of Default. No single or partial exercise by the Lender of any right or remedy precludes any other or further exercise thereof, or precludes any other right or remedy.\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 71 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 71 of 75\n\nBR DRAFT 4/9/2022\n\n8.04. Application of Proceeds. Subject to the Financing Orders (including, for the avoidance of doubt, the rights of creditors of the Debtor existing as of the Petition Date), after the occurrence of an Event of Default (or after the DIP Loan Obligations have automatically become immediately due and payable), any amounts received on account of the DIP Loan Obligations shall be applied by Lender in the following order:\n\n*First*, to Lender for the payment of that portion of the DIP Loan Obligations constituting fees, indemnification claims, expenses and other amounts including fees, charges and disbursements of counsel;\n\n*Second*, to Lender for the payment of that portion of the DIP Loan Obligations constituting accrued and unpaid interest on the DIP Loans;\n\n*Third*, to Lender for the payment of that portion of the DIP Loan Obligations constituting unpaid principal of the DIP Loans; and\n\n*Last*, the balance, if any, after all of the DIP Loan Obligations (other than indemnification obligations that expressly survive pursuant to the terms of this Agreement) have been indefeasibly paid in full, to Debtor's bankruptcy estate or as otherwise required by law.\n\n## **Section 9. MISCELLANEOUS**\n\n9.01. This Agreement and the other DIP Loan Documents constitute the entire agreement between the Debtor and the Lender with respect to the matters contained herein and therein; supersede any prior agreements; can be waived or changed only by a writing signed by each party hereto or thereto, and shall bind and benefit each party hereto or thereto and their respective successors and assigns, and any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.\n\n9.02. In no event shall the Debtor, upon demand by the Lender for payment of any DIP Loan Obligations, by acceleration of the maturity thereof or otherwise, be obligated to pay interest and fees in excess of the amount permitted by law and the Lender shall never be entitled to receive, charge or apply, as interest on any DIP Loan Obligations, any amount in excess of the maximum amount of interest permissible under applicable law. If the Lender ever receives, collects or applies any such excess, it shall be deemed a partial repayment of principal and treated as such; and if principal is paid in full, any remaining excess shall be refunded to the Debtor. This paragraph shall control every other provision hereof and each other DIP Loan Document.\n\n9.03. If any provision hereof or of any other agreement made in connection herewith is held to be illegal or unenforceable, such provision shall be fully severable, and the remaining provisions of the applicable agreement shall remain in full force and effect and shall not be affected by such provision's severance.\n\n### 9.04. GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS.\n\n(a) THIS AGREEMENT AND THE OTHER DIP LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF 75\n\nBR DRAFT 4/9/2022\n\n## NEW YORKCONNECTICUT AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE.\n\n(b) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND THE OTHER DIP LOAN DOCUMENTS TO WHICH IT IS A PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE JURISDICTION OF THE BANKRUPTCY COURT AND IF THE BANKRUPTCY COURT DOES NOT HAVE (OR ABSTAINS FROM) JURISDICTION, ANY UNITED STATES FEDERAL COURT OR NEW YORKCONNECTICUT STATE COURT SITTING IN NEW YORKHARTFORD COUNTY AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND APPELLATE COURTS FROM ANY THEREOFCONNECTICUT; PROVIDED, HOWEVER, THAT NOTHING CONTAINED HEREIN OR IN ANY OTHER DIP LOAN DOCUMENT WILL PREVENT ANY PARTY FROM BRINGING ANY ACTION TO ENFORCE ANY AWARD OR JUDGMENT OR EXERCISE ANY RIGHT UNDER THE DIP LOAN DOCUMENTS IN ANY OTHER FORUM IN WHICH JURISDICTION CAN BE ESTABLISHED. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.\n\n9.05. Notices. Except as otherwise herein provided, any notice or other communication required hereunder shall be in writing (provided that, any electronic communications including electronic mail shall constitute a notice or communication in writing), and shall be deemed to have been validly served, given or delivered when (i) hand delivered, (i) in the case of any electronic communications, the day sent, (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, or (iv) three Business Days after deposit in the United States mails, with proper first class postage prepaid, return receipt requested, and addressed to the party to be notified or to such other address as any party hereto may designate for itself by like notice, as follows:\n\n(a) if to the Lender, at:\n\nGolden Spring (New York) Ltd. 162 E 64th St. New York, NY 10065 Attention: Email: admin@gsnyus.com\n\nWith a copy to:\n\nEmail: arethusaf@protonmail.com\n\n- and -\n\nCohn Birnbaum & Shea, P.C. 100 Pearl Street, Hartford, CT 06103 Attention: Scott D. Rosen Email srosen@cbshealaw.com\n\n75\n\nBR DRAFT 4/9/2022\n\n(b) if to the Debtor, to\n\n373 Taconic Road Greenwich, CT 06831\n\nWith a copy to:\n\nBrown Rudnick LLP Seven Times Square New York, NY 10036 New York, NY 10036 Attention: William R. Baldiga Email : wbaldiga@brownrudnick.com Email : Attention: Bennett S. Silverberg Email bsilverberg@brownrudnick.combsilverberg@ brownrudnick.com Attention: Steven D. Pohl Email spohl@brownrudnick.com\n\n9.06. In the event of any inconsistency between the terms of any Financing Order, on the one hand, and this Agreement and the other DIP Loan Documents, on the other hand, the terms of such Financing Order shall control.\n\n## [SIGNATURE PAGES FOLLOW]\n\n### Case 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 74 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 74 of 75\n\nBR DRAFT 4/9/2022\n\nIN WITNESS WHEREOF, the parties hereto have caused this Agreement to be effective, executed, accepted and delivered as of the date first set forth above by their proper and duly authorized officers as of the date set forth above.\n\n## **DEBTOR:**\n\nHo Wan Kwok (a/k/a Miles Kwok a/k/a Miles Guo a/k/a Wengui Guo)\n\n### **LENDER:**\n\n### **GOLDEN SPRING (NEW YORK) LTD.**\n\n| By: | |\n|--------|--|\n| Name: | |\n| Title: | |\n\n64528892 v864669999 v3\n\n| Summary report:
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(ET)\n案卷编号：117、160、168、172、179\n\n债务人为支持作出批准 DIP 融资安排裁定而提交的综合答复\n\n上述标题所示第11章案件中的债务人兼自行管理债务人 Ho Wan Kwok（郭文贵）（“Kwok 先生”或“债务人”），通过其下述签署的律师，谨此提交本答复（“答复”），以支持《债务人关于作出临时及最终 DIP 裁定的动议：(I) 授权债务人取得无担保、次级的破产申请后融资；(II) 安排临时及最终听证；及 (III) 授予相关救济》[案卷编号 117]（“DIP 动议”），并答复 United States Trustee for Region 2（第二区美国受托人）在案卷编号 160 提交的异议（“UST 异议”，由“United States Trustee”提交）、Official Committee of Unsecured Creditors（无担保债权人官方委员会）在案卷编号 168 提交的异议（“UCC 异议”，由“委员会”提交）、债权人 Rui Ma 和 Weican Meng 在案卷编号 172 提交的异议（“债权人异议”，由“个人债权人”提交），以及 Pacific Alliance Asia Opportunity Fund L.P. 在案卷编号 179 提交的异议（“PAX 异议”，由“PAX”提交；前述异议合称由“异议人”提交的“异议”）。为支持本答复，债务人提交随附作为附件 A 的修订后拟议裁定（“修订后拟议裁定”），其修改内容载于附件 B；以及随附作为附件 C 的修订后 DIP 贷款协议（“修订后 DIP 贷款协议”），其修改内容载于附件 D，并谨陈述如下：\n\n1 债务人还以如下姓名为人所知：Guo Wengui；Miles Guo；Miles Kwok；以及 Ho Wan Kwok。\n\n初步陈述\n\n1. 本第11章案件启动时即有大量诉讼事项提交本院。债务人希望利用本程序解决其个人债务。为此将产生重大费用，其家人愿意以一笔显著低于市场水平的 DIP 贷款的形式承担该等费用。异议人援引该贷款项下的违约事件以及其他疑虑，作为债务人和 DIP 贷款人试图影响本第11章案件的证据。\n\n2. 对此，债务人承认，其当然确实希望影响本案的进程，这正是所有第11章债务人被要求做的：确认一项第11章计划，使所有有效债权持有人获得实质利益，并在其他方面公平合理；且在此期间，采取措施为该计划程序提供资金，并在全面遵守《破产法典》的情况下，以各方面负责任的方式处理本案。而且，债务人在此幸运地获得了融资，以实现上述目的，其条件对破产财产公平且极为有利。债务人在此的目标完全适当：允许对其财务事项进行公平调查（包括由获任命的审查员和官方委员会进行的调查），通过确认一项第11章计划解决其债务，并保持自由之身，以使其免受严重伤害并能够管理其破产财产。请求其家人以次级方式提供融资，为所需事项提供资金，并无任何不当。此处提供的条件\n\nCase 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 3 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 3 of 75\n\n比法院通常批准的条件宽厚得多，即便如本案所示，拟议贷款人为债务人的内部人，亦是如此。\n\n3. 尽管最初拟议的融资在各方面均属公平，债务人在考虑已提交的异议后，已请求 DIP 贷款人及与债务人家人有关联的其他个人和实体同意作出多项修改，以回应异议及相关近期提交文件中提出的关切。这些修改包括以下内容：\n\n- a. 债务人已提交一项拟议重整计划（“计划”）。该计划规定，将出资 Lady May 本身，以为对债务人享有获准债权的持有人进行分配提供资金。\n- b. 同时，Lady May 的所有人已向或将向本院提交某些文件，说明该船舶目前的状况和所在地，并保证该船舶将被置于本院管辖范围内，费用由该所有人承担且数额重大。\n- c. 对拟议裁定及 DIP 贷款协议的修订包括但不限于：\n\t- i. 已删除违约事件，并以已定义的“终止事件”取代；该等事件的发生不可能存在合理争议；\n\t- ii. DIP 贷款人将不受限制地向债务人的破产财产额外提供 $1,000,000，该款项不得用于支付管理债权和专业人士费用，且在其他方面不受用途限制——即使在低于市场水平的融资和数额极大的承诺计划资金之前，也直接消除了本破产财产不存在不受限制现金这一疑虑；\n\t- iii. DIP 贷款人不应享有任何管理债权或其他优先债权，且继续不主张或取得任何留置权，以担保拟出借的数百万美元；\n\t- iv. 根据 DIP 融资安排每次提取的款项将由债务人持有，DIP 贷款将存放于自行管理债务人账户中，并由债务人依本院指示予以支付；\n\t- v. 委员会获得陈述意见的权利得到明确保留；\n\t- vi. 修订后拟议裁定不包含善意认定；以及\n\nvii. DIP 贷款临时提取的款项可用于支付破产财产专业人士的全部获准费用。\n\n4. 经上述变更，并基于下文进一步讨论的理由，债务人和 DIP 贷款人清楚表明，其提出 DIP 融资安排时对债务人、其破产财产及其债权人具有善意且公平。应当准许 DIP 动议。\n\n答复\n\nI. DIP 动议反映债务人及其家人确认重整计划的善意意图，应予批准。\n\n5. 异议人总体主张，拟议 DIP 融资安排不适当、无必要且不应获准。特别是鉴于本文提出的修订后救济，每一项该等异议均无根据，应予驳回。\n\nA. DIP 动议提供为确认计划提供资金的唯一途径。\n\n6. 债务人用其自己的话说，提交本第11章案件是为了：“(a) 建立一个单一平台，有序处理针对我提出的各种相互竞争的债权；(b) 鉴于我认为在该等事项上存在误解，使利益相关方有高效机会调查我的资产、债务及财务事项；(c) 确定哪些资产属于破产财产，进而可供向获准债权持有人分配；以及，希望 (d) 根据一项第11章计划，就债权的公平合理解决及资产分配与我的债权人达成共识。”Kwok 声明 ¶3。此外且具体而言，债务人尤其旨在避免被监禁，因为这将妨碍本案目的的实现，并可能危及其生命。同上 ¶4、24 FN11。\n\n7. 如无破产申请后融资，本案无法继续进行，也无法保护所有债权人的权利，使其免受 PAX 抢先向法院寻求救济的影响。破产财产专业人士不能从非债务人的赠与中获得报酬，也不会仅凭该等赠与的承诺投入其时间和努力。为此，债务人已向本院请求多项完全惯常的救济：\n\nCase 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 5 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 5 of 75\n\n请求破产申请后融资、聘任专业人士、临时报酬程序等等。近期提交的计划还表明，债务人在其家人的协助下，善意尝试向债权人提供价值，以解决其财务困境。债务人请求的任何救济本身均不异常，除 DIP 贷款人同意的异常宽厚条件外。\n\n8. 债务人支持由一名不由任何一方选定或与任何一方关联的独立审查员进行调查。见案卷编号 180（对 United States Trustee 请求任命的答复）。债务人支持并欢迎对所有相关、可证实的案件事实进行独立且“审慎的审查，同时不损害任何债权人的经济权利——除非任何无担保债权人希望在偿付优先顺序上抢先。”Kwok 声明 ¶4。\n\n9. PAX 曾分别请求驳回本第11章案件、任命一名第11章受托人，以及解除自动中止的救济。其努力与债务人为提出并确认一项保护其所有债权人权利的计划所作的努力不相容。\n\n10. 显然，要么 PAX 对债务人、其资产和行为的判断正确，要么债务人的判断正确。债务人请求允许其家人为独立专业人士的调查提供资金，以便本院能够就其资产和行为，以及债务人能否确认一项重整计划作出裁定。DIP 动议概述了通往该裁定的路径，但并不要求 DIP 贷款人在案件无法再继续推进时为该案件提供融资——但根据近期对所请求救济作出的修订，DIP 贷款人将向债务人的破产财产提供一百万美元（$1,000,000），用于为进一步诉讼或在该情形下可能进行的分配提供资金。\n\n11. 然而，异议人会要求本院预先裁断争议，甚至在取得证据和作出为过早确定本第11章案件结果所需类型的认定之前即如此。\n\n12. 该等异议并不适当。债务人应有机会在本院面前，在全面遵守《法典》的情况下，寻求解决其财务事项。\n\nB. 在遵守本文提出的修订的前提下，拟议违约事件完全公平。\n\n13. 所有异议人均反对批准 DIP 贷款违约事件，其中包括：(i) 向 PAX 授予解除中止救济，(ii) 本第11章案件被驳回或转换，(iii) 任命一名第11章受托人，或 (iv) 本院终止计划排他权。见 UST 异议第 9 页；UCC 异议 ¶1；债权人异议 ¶3；PAX 异议 ¶10。\n\n14. 数项异议主张，某些违约事件过于主观，从而赋予债务人和 DIP 贷款人对案件的控制权。暂且不论债务人对此持有异议，该等违约事件已被删除。其余任何违约事件均不具有主观性。\n\n15. 如上所述：每一项已定义的违约事件均会使债务人为案件事实进行审慎审查提供资金并确认一项第11章重整计划的既定目标无法实现。任何债务人都不会提出无限融资，以便在其被监禁期间可用来攻击其本人及其家人。同样，任何 DIP 贷款人也不会同意无限期为案件提供融资，而对确认一项计划或收回其债务毫无希望。[1] 无论如何，\n\n1 当然，在任命一名第11章受托人或终止计划排他权后，非债务人仍有可能提出并确认一项计划。任何该等计划极不可能为债务人或 DIP 贷款人所接受，因为在任何计划下，债权人在近期内唯一可预见的对价来源将是债务人家人的自愿出资。\n\n债务人和DIP贷款人已同意提供一笔金额为$1,000,000的“破产财产出资借款”，从而使破产财产可选择在终止事件发生后继续进行调查和诉讼，和/或作出分配。\n\n16. 债务人同意，拟议融资应当视同DIP贷款人为内部人而进行评估，法院当然应审查该交易的整体公平性。[1] 但是，认为贷款人在其无法获得偿还且其非金钱目标无法实现后必须继续为案件提供融资，并非不公平。这不同于授予一方对案件的控制权。若非如此，法院就不会例行批准包括案件里程碑及其他违约事件的占有债务人融资，而该等条款与本案所提议的条款相似，即使并非完全相同。然而，法院确实如此，即使在与所谓内部人的交易中也是如此，且即使该所谓内部人被授予担保权益和行政优先债权亦然。参见，例如，In re LATAM Airlines Group S.A., 620 B.R. 722, 816 (Bankr. S.D.N.Y.（纽约南区破产法院） 2020)（批准向内部人提供的DIP借款，其违约事件包括未达到案件里程碑、指定chapter 11受托人等）；In re Dean & DeLuca New York, Inc.（纽约迪恩与德卢卡公司）, Case No. 20-10916, Docket No. 77 (Bankr. S.D.N.Y. May 13, 2020)（批准由官方委员会指称为内部人的一方提供的DIP借款，驳回委员会的异议，并赋予担保及行政超级优先地位；其违约事件包括未达到里程碑、提出未获全额偿还的计划、在未获全额偿还的情况下驳回案件）。\n\n17. 为支持异议，异议方援引了许多并不类似的案件。例如，各方援引 Ames Dept. Stores, Inc.（艾姆斯百货公司）, 115 B.R. 34 (S.D.N.Y. 1990)\n\n1 随动议提交的核对清单认定DIP贷款人不是内部人，因为根据11 U.S.C. §101(31)中该术语的明示含义，DIP贷款人并非内部人，且根据地方法规提供的核对清单未进一步阐明该术语。然而，DIP动议明确将DIP贷款人认定为由债务人之子控制的实体。¶2。债务人不争议DIP贷款人是内部人，亦不争议法院应适用适用于与内部人交易的法律标准。\n\n以主张法院不应批准“左右破产案件进行方式”并“通过阻止利害关系方提出的动议依其实体理由获得裁决而利用Chapter 11程序”的融资请求。在其裁决中，Ames法院指出，破产申请前贷款人对债务人施加过度影响存在危险，而债务人可能缺乏谈判条款的能力。Ames案与同样经常被援引的 In re Tenny Village Co., 104 B.R. 562, 567-70 (Bankr. D.N.H.（新罕布什尔地区破产法院） 1989) 一样，所关注的是控制案件的条款：该等条款指示重组条款，改变或违反对破产财产和债权人的信义义务，并规定一项“专门为”特定债权人利益而制定的计划。参见 Ames, 115 B.R. at 38（引述 Tenny Village, 104 B.R. at 568）。\n\n18. Ames案的裁决不鼓励法院批准“隐性计划，即借款条款包含……根据《破产法》未获授权或与其规定相冲突的让步”。In re LATAM Airlines Group S.A., 620 B.R. 722, 816 (Bankr. S.D.N.Y. 2020)（援引 In re Belk Props., LLC, 421 B.R. 221, 225-26 (Bankr. N.D. Miss.（密西西比北区破产法院） 2009)；In re Chevy Devco, 78 B.R. 585, 589 (Bankr. C.D. Cal.（加利福尼亚中区破产法院） 1987)）。DIP动议或任何拟议命令均未阻止本法院依实体理由裁决任何争议。DIP动议未就任何重组计划设定条款。DIP贷款人在偿还变得不可行后拒绝继续为Chapter 11案件提供资金，(i) 再次说明，这完全符合惯例；且 (ii) 不规定本案中任何计划或其他行为的条款。\n\n19. 同样，异议方援引 In re Barbara K. Enters., Inc., No. 08-11474 (MG), 2008 WL 2439649 (Bankr. S.D.N.Y. June 16, 2008)，该案认为融资不应“不公平地让渡”案件控制权。正如PAX指出，Barbara K. Enters案涉及一个没有任何实质性商业计划或重组前景的商业实体。2008 WL 2439649 *15。债务人虽非企业，但其确有一项重组计划，该计划现已提交，并为债权人提供实质性受偿。同样，PAX援引 Norris Square Civic Ass'n v. St. Mary Hospital (In re St. Mary Hospital), 86 B.R. 393, 401-03 (Bankr. E.D. Pa.（宾夕法尼亚东区破产法院） 1988)，而PAX自己也承认，该案涉及对未设负担资产授予超级优先留置权。异议方自身援引的判例证明了这些案件不适用。\n\n20. Ames、Tenny Village和Barbara K. Enters案所表达的关切，明确针对DIP贷款人对案件施加过多控制的众多案件。参见 Ames, 115 B.R. at 38。在债务人富有同情心的家庭成员提供借款、且并未采用法院经常批准的惯常影响案件措施（例如对所有破产财产资产的担保权益和行政优先债权）的情况下，这些判例几乎不具相关性。在拟议的专业人员及行政成本融资之外，额外提供金额为$1,000,000、无附加条件的破产财产融资后，不能公平地认为DIP借款条款对本法院或破产财产代表可在本Chapter 11案件中作出的决定施加任何限制。\n\n21. 债务人应当有机会尝试重组。\n\nII. PAX及其他方提交的异议包含虚假和误导性陈述。\n\nA. PAX关于融资安排目的的指控误导法院并与记录相矛盾。\n\n22. PAX将DIP动议描述为试图“向其家人借入$8,000,000，以维护据称价值$3,850的资产”。PAX Objection ¶2。鉴于债务人已披露未变现的诉讼资产，该陈述明显具有误导性；但无论如何，PAX要求法院从其陈述中推断债务人的披露不实，且债务人及其家人正在支付费用以保护其财富。参见同上。但债务人面临被监禁的危险。当然，鉴于该事实，法院可以推断债务人的家人正试图保护\n\n债务人 08\nCase 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 10 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 10 of 75\n\n债务人免于监禁，并为对其认为属于自身的财产争议进行有理有据的审查提供资金。\n\n23. PAX在此处及其异议书其他部分的陈述，无视本案为何提起的透明且无争议的记录：为使债务人的事务得以解决，包括通过调查和确定哪些资产属于其本人，以及向债权人分配适当财产。债务人认为，如其被监禁，其无法实现任何该等目标。参见 Kwok Declaration（郭文贵声明） ¶¶ 3-4, 24 FN 11。\n\n24. PAX指出债务人拟全额偿付债权人，并暗示债务人及其家人正在如此行事。债务人提出的计划规定，若确有相应数额的有效债权，则向债权人支付数千万美元。确定每名债权人获欠多少款项需要时间和金钱。债务人的家人已提出为该程序提供资金，包括使非债务人的资产承担风险，条件是债务人本人能够实际参与该程序，并依其权利和义务管理其破产财产。\n\n25. 如债务人被监禁，其无法合理地如此行事。此外，债务人称其相信，“如果[其]被监禁，中共将会在最早可能的时机将[其]暗杀。”Kwok Declaration, ¶4。PAX已对债务人提起诉讼，并寻求可能导致债务人被监禁的裁决。\n\n26. PAX有权质疑债务人信念的合理性或真实性，债务人对此已予承认。同上（“我并非建议法院或任何利害关系方现在接受我的观点。”）。但PAX无权对财产争议作出预先裁断，亦无权要求本法院忽视PAX在促成这些案件中的作用。\n\nB. 异议方误解贷款人收回资金的权利。\n\n27. 某些异议方，尤其不包括委员会，主张DIP融资安排在发生违约认定后向DIP贷款人提供行政债权，因而滥用了破产程序。UST Objection p. 9 FN 3；Creditors Objection ¶9；PAX Objection ¶10-11。United States Trustee（美国受托人）甚至要求法院保护破产财产，使其免受针对chapter 5诉因的超级优先行政债权影响。UST Objection p. 9 FN 3。\n\n28. 恕言，异议方的申诉即使不是彻底误导，也属夸大其词。正如委员会正确指出：“DIP借款仅就任何‘未拨付的DIP借款’寻求一项超级优先行政费用……而该费用很可能永远不会生效。”Committee Objection ¶14 FN 6。\n\n29. 无论如何，被指有问题的条款已被删除。修订后的拟议命令和DIP借款协议均未规定任何担保权益或行政优先债权，即使仅为收回未拨付资金亦然。恰恰相反，它们规定额外提供一笔金额为$1,000,000、不受限制的借款，即使在终止事件发生后，亦赋予破产财产非同寻常的灵活性。\n\nIII. 债务人已提议对临时DIP命令作出修订，以解决异议方提出的各项关切及有限异议。\n\n30. 异议方提出了其他关切，债务人在征得DIP贷款人同意后，已通过提交作为附件A附于本文件的修订后拟议命令，努力予以解决。异议方提出的关切及拟议解决方案如下表所示。\n\n异议 回应及拟议解决方案\n\n违约事件及救济条款赋予DIP贷款人过度的案件控制权。 UST p. 9\nCreds. ¶¶ 3-4\nUCC ¶¶ 14-17\nPAX ¶ 10 违约事件已被删除，并由明确界定的“终止事件”取代；其发生不具有主观性。 RDLA 8.01\n\n不应向DIP贷款人授予行政优先债权。 UST ¶ 16, p. 9\nFN 3\nCreds. ¶9\nPAX ¶10-11 DIP贷款人收回未拨付资金的权利已被删除。 RDLA 8.02\n\n临时DIP命令不当地将资金限制于正常经营过程中的专业人员。 UST ¶\n\nUCC ¶ 23 动议最初提交时，债务人请求于 March 28, 2022 以缩短通知期限审理该事项，以便债务人能够聘用并支付日常经营专业人士的费用，从而保全其宝贵的诉讼资产。Dkt. No. 118。本院将临时救济听证会定于 April 13, 2022。现已过去更多时间，且财产专业人士已在诉讼中投入大量时间和精力，债务人现同意异议人的意见，并已通过对命令的修订提议，DIP Facility 的所得款项应可用于支付所有财产专业人士获批准的费用。 RPO ¶7\n\n临时 DIP 命令将所得款项指定给债务人和委员会的专业人士，并且对 chapter 11 季度费用提供的充分保护不足。 UST ¶ 22 经修订的 DIP 贷款协议为 U.S. Trustee 费用分配金额。 RDLA 2.01(d)\n\n临时 DIP 命令的条款对未来受托人具有约束力。 UST ¶ 23 该条款属惯常规定，且未作任何修改。如有异议，其依据并不明确。\n\n所借款项受该命令条款保护，不得被变更、质疑、撤销等。 UST ¶ 23 该条款属惯常规定，且未作任何修改。如有异议，其依据并不明确。\n\nDIP 贷款受纽约州法律管辖，争议应由纽约州法院审理。 UST ¶ 24 临时 DIP 命令已修订，规定依照康涅狄格州法律由破产法院解决争议。 RDLA 9.04\nRPO ¶19\n\n该动议将预算的确定留给债务人和内部人贷款人自行决定。 Creds. ¶ 5 经修订的材料不要求提交或遵守预算；相反，债务人将视需要请求资金，以支付财产专业人士费用及其他获批准的行政费用。\n\n临时 DIP 命令第 15 段应予扩展，以保留委员会的权利并防止其权利被视为放弃。 UCC ¶ 24 临时 DIP 命令已按委员会提议作出修订。 RPO ¶15\n\n本院不应作出善意认定或类似命令。 UCC ¶¶ 18-24\nCreds. ¶ 7\nPAX ¶ 18 债务人不同意，但同意在临时基础上删除该等认定。\n\nDIP Facility 在确认时到期赋予 DIP 贷款人过度控制权。 Creds. ¶ 6(b) 这是惯常条款，并未赋予 DIP 贷款人过度控制权。任何计划均须规定对 DIP 贷款人债权的处理方式，债务人拟如此办理。但是，在不存在违约的情况下，DIP 贷款人的债权不享有行政优先权，且不会被如此分类；此外，作为内部人，DIP 贷款人的投票在类别投票或强制批准目的下不予计入。\n\nDIP 动议遗漏了 DIP 贷款人作为内部人的身份。 UCC ¶¶ 8, 11\nPAX ¶¶ 4-5 DIP 动议及其他案件文件明确表明，DIP 贷款人是由债务人之子控制的实体；债务人同意 DIP 贷款人为内部人。\n\nDIP 动议应当 UCC ¶ 8 债务人同意，并\n依据适用于 UST p. 8 谨此建议，拟议贷款实质上\n与内部人交易的标准予以裁决。 PAX ¶¶ 4-5 低于市场水平，且对债务人、其财产及债权人完全公平。\nCreds. ¶¶ 26-27.\n\n结论\n\n因此，债务人谨请求本院作出最终命令，在临时基础上批准 DIP 动议，驳回各项异议，并给予本院认为公正和适当的其他及进一步救济。\n\n日期：April 10, 2022\nBROWN RUDNICK LLP（布朗·拉德尼克律师事务所）\n\n签署人：/s/ William R. Baldiga BROWN RUDNICK LLP 185 Asylum Street Hartford, CT 06103 收件人：Dylan Kletter, Esq. 电话：(860) 509-6500 传真：(860) 509-6653 电子邮箱：dkletter@brownrudnick.com\n\nSeven Times Square New York, NY 10036 收件人：William R. Baldiga, Esq. (pro hac) 收件人：Bennett S. Silverberg, Esq. (pro hac) 收件人：Uriel Pinelo, Esq. (pro hac) 电话：(212) 209-4800 传真：(212) 209-4801 电子邮箱：wbaldiga@brownrudnick.com bsilverberg@brownrudnick.com upinelo@brownrudnick.com\n\n附件 A\n\n经修订的拟议临时 DIP 命令\n\nUNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION（美国康涅狄格联邦破产法院布里奇波特分院）\n\n关于：\n\nHo Wan Kwok（郭文贵），\n\nChapter 11\n\nCase No. 22-50073 (JAM)\n\n债务人。 [1]\n\n：--------------------------------------------------------------------X\n\n临时命令：（I）授权债务人取得无担保、次级的申请后融资，（II）安排最终听证会，以及（III）给予相关救济\n\n兹因上述标题所示的占有中的债务人（以下简称“债务人”）于 March 21, 2022 提交的动议（以下简称“DIP 融资动议”）[2]，在上述所涉 chapter 11 案件（以下简称“Chapter 11 案件”）中，请求作出临时 DIP 命令和最终 DIP 命令，授权债务人从 Golden Spring (New York) Ltd.（纽约金泉有限公司）（以下简称“GSNY”或“DIP 贷款人”）取得申请后融资，依照《联邦破产程序规则》第 2002、4001 和 9014 条（经修订，以下简称“破产规则”）以及《康涅狄格地区地方法院破产规则》第 2002-1、4001-3、9006-1 和 9013-1 条（以下简称“地方法院规则”）安排最终听证会并批准其通知形式和方式，以及给予相关救济。\n\n本院已审阅 DIP 融资动议、Ho Wan Kwok 先生支持 Chapter 11 案件及若干动议的声明，以及于 April 13, 2022 举行的临时听证会（以下简称“临时听证会”）中提请本院注意的所有事项；并审议了向本院提交的所有书状；并审议了在临时听证会记录中提交的证据；且本院认定，债务人依照破产规则第 2002 条和第 4001(b)(1) 条以及地方法院规则第 4001-2 和 9013-2 条，就 DIP 融资动议和临时听证会作出了适当且充分的通知；且显示，DIP 融资动议所请求的救济，在本临时 DIP 命令所准许的范围内，公平合理，符合债务人、其财产、债权人及所有利害关系方的最佳利益，并且是对债务人商业判断的合理且审慎的行使；经适当审议和考虑后，本院作出如下事实认定和法律结论（在任何事实认定构成法律结论的范围内，均作为法律结论予以采纳，反之亦然）：\n\n1 债务人亦以下列名称为人所知：Guo Wengui；Miles Guo；Miles Kwok；以及 Ho Wan Kwok。\n\n2 本临时 DIP 命令中使用但未在此定义的大写术语，应具有 DIP 融资动议或 DIP 贷款协议（定义见 DIP 融资动议）中赋予该等术语的含义。\n\n案件 22-50073 文件 198 于 04/10/22 提交 于 04/10/22 21:41:27 录入 第 17 页，共 75 页 案件 22-50073 文件 249-8 于 04/22/22 提交 于 04/22/22 16:44:32 录入 第 17 页，共 75 页\n\n本院据此认定并裁定：\n\nA. 申请日期。于 February 15, 2022（以下简称“申请日期”），债务人向本院提交了自愿申请，启动本 Chapter 11 案件。债务人依据《破产法典》第 1107 和 1108 条为占有中的债务人。\n\nB. 其他财产主体。本 Chapter 11 案件中尚未指定受托人或审查员。于 March 21, 2022，Office of the United States Trustee for the District of Connecticut（康涅狄格地区美国受托人办公室，以下简称“U.S. Trustee”）依据《破产法典》第 1102 条指定了无担保债权人正式委员会（以下简称“委员会”）。\n\nC. 管辖权；核心程序；审判地。本院依据 28 U.S.C. §§ 157(a)-(b) and 1334，对本 Chapter 11 案件、各方当事人及债务人的财产具有事项管辖权。本案依据 28 U.S.C. § 157(b) 属于核心程序。本 Chapter 11 案件及 DIP 融资动议在本地区的审判地依据 28 U.S.C. §§ 1408 and 1409 适当。\n\n案件 22-50073 文件 198 于 04/10/22 提交 于 04/10/22 21:41:27 录入 第 18 页，共 75 页 案件 22-50073 文件 249-8 于 04/22/22 提交 于 04/22/22 16:44:32 录入 第 18 页，共 75 页\n\nD. 通知。临时听证会依照破产规则第 4001 条及地方法院规则第 9013-2 条于 April 13, 2022 举行；在当时情形下，债务人就临时听证会及 DIP 融资动议所请求救济作出的通知适当且充分，并符合《破产法典》第 102(1) 条、破产规则第 2002、4001(c) 和 4001(d) 条以及本院地方法院规则，且对于临时听证会所寻求的救济，无须或不要求作出其他通知。\n\nE. 立即融资需求。债务人持续需要取得本文件所寻求类型的融资，以通过变现若干诉讼请求并寻求确认一项依据《破产法典》chapter 11 提出的重整计划，实现财产价值最大化。债务人无法以比 DIP 贷款人提供的条款更优惠的信贷安排形式取得融资。在避免不可弥补损害所要求的期限内，债务人能够以 DIP 贷款人提供的条款，最有效地取得所需金额的融资。\n\nF. DIP Facility。债务人已请求 DIP 贷款人为债务人设立一项融资安排（以下简称“DIP Facility”），据此债务人可通过多次拨款取得一笔或多笔贷款（每笔以下简称“DIP 贷款”，合称“DIP 贷款”），本金总额为 US$9,000,000，但须遵守本命令及 DIP 贷款协议规定的条款和限制。首笔 DIP 贷款应于本临时 DIP 命令作出后不迟于两（2）个营业日内发放，其初始本金金额为 $2,000,000（以下简称“临时 DIP 贷款”）；此后，可根据 DIP 贷款文件的条款不时按需要通过后续拨款发放 DIP 贷款；但前提是：（a）在本最终 DIP 命令作出前，在计入任何后续 DIP 贷款和财产出资贷款的影响后，所有未偿还后续 DIP 贷款的本金总额不得超过 $3,000,000；以及（b）DIP Facility 的所得款项（财产出资贷款的所得款项除外（定义见 DIP 贷款协议））应由债务人依照本临时 DIP 命令及 DIP 贷款文件（定义如下）使用，仅用于本命令所规定的目的及金额。\n\nDEBTOR 08\n\n案件 22-50073 文件 198 于 04/10/22 提交 于 04/10/22 21:41:27 录入 第 19 页，共 75 页 案件 22-50073 文件 249-8 于 04/22/22 提交 于 04/22/22 16:44:32 录入 第 19 页，共 75 页\n\nG. 财产出资贷款。DIP 贷款协议所定义的财产出资贷款，应于本临时 DIP 命令作出后不迟于两（2）个营业日内发放，本金金额为 $1,000,000（以下简称“财产出资贷款”）。\n\nH. 正当理由。根据临时听证会提交的记录及本案记录，显示作出本临时 DIP 命令具有正当理由。作出本临时 DIP 命令将为债权人的利益保全债务人财产的资产，并符合债务人及其债权人的最佳利益。拟议融资的条款看来公平合理，反映债务人审慎行使商业判断，并有合理等值价值及公平对价支持。\n\n因此，现命令、裁定并判决如下：\n\n1. 裁定。特此在临时基础上准许 DIP 融资动议，但以本裁定所载条款为限并受其约束，且前述认定通过援引纳入本裁定。对于此前尚未撤回或解决的任何针对 DIP 融资动议的异议，特此保留至最终听证会处理，不损害任何利害关系方提出进一步异议的权利。本临时 DIP 裁定自录入之日起即刻有效，对所有利害关系方均具有约束力，并立即完全生效。本临时 DIP 裁定及据此获授权的 DIP 贷款文件的期限应届满；根据 DIP 贷款协议作出的 DIP 贷款应依照 DIP 贷款协议的条款到期并应予支付。\n\n案件 22-50073 文件 198 提交于 04/10/22 录入于 04/10/22 21:41:27 第 20 页，共 75 页 案件 22-50073 文件 249-8 提交于 04/22/22 录入于 04/22/22 16:44:32 第 20 页，共 75 页\n\n2. 充分理由。债务人取得融资的能力对于债务人及其债权人的破产财产至关重要，从而使债务人能够最大化其破产财产的价值并确认重整计划。如本临时 DIP 裁定未获录入，债务人的破产财产将遭受不可弥补的损害。因此，已证明存在充分理由给予 DIP 融资动议所请求的救济。\n\n3. 借款授权。特此授权、追认并确认债务人签署 DIP 贷款文件。于本临时 DIP 裁定录入后，债务人即获授权：(a) 签署 DIP 贷款文件；(b) 根据 DIP 贷款文件取得 DIP 贷款；以及 (c) 根据本裁定及相关文件的条款，满足所有先决条件并履行本裁定项下及相关文件项下的一切义务。DIP 贷款人无义务或责任监督债务人对 DIP 贷款的使用，并可依赖债务人关于该等使用符合本临时 DIP 裁定、DIP 贷款文件及《破产程序规则》4001(c)(2)要求的陈述。临时 DIP 贷款应由债务人依照本临时 DIP 裁定及 DIP 贷款文件的要求到期并支付。特此授权并指示债务人依照 DIP 贷款文件及本临时 DIP 裁定的条款支付前述款项，无须债务人或 DIP 贷款人就批准或支付该等款项另行向本院提交任何申请。\n\n4. 签署及交付必要文件的权限。就临时 DIP 贷款而言，DIP 贷款文件应构成债务人有效且具有约束力的义务，并可依其条款向债务人执行。为推进本临时 DIP 裁定第 3 段的规定，特此授权并指示债务人采取及履行一切行为，并在 DIP 贷款文件要求的范围内制作、签署及交付一切文书和文件；在每一情形下，如为使 DIP 贷款文件的任何条款和条件生效所必需，或 DIP 贷款人认为适宜，或 DIP 贷款文件另有要求或设想，均应如此办理。\n\n案件 22-50073 文件 198 提交于 04/10/22 录入于 04/10/22 21:41:27 第 21 页，共 75 页 案件 22-50073 文件 249-8 提交于 04/22/22 录入于 04/22/22 16:44:32 第 21 页，共 75 页\n\n5. 修订和修改。本临时 DIP 裁定录入后，除非本院另行作出裁定，债务人和 DIP 贷款人不得对任何 DIP 贷款文件实施任何修订或修改（依照适用 DIP 贷款文件的条款）。\n\n6. 贷款收益和现金担保物的允许用途。\n\n(a) 在本临时 DIP 裁定录入后的每个日历周的星期五（自本临时 DIP 裁定录入后的第一个星期五起），债务人、委员会及届时获任命的任何审查员所聘用的每一家专业服务机构，均应向债务人、DIP 贷款人和委员会提交一份关于前一周费用及/或成本应计额的报告（“应计报告”）。各方提交的第一份应计报告应包括关于所有未支付的申请日后费用及/或成本应计额的报告。\n\n(b) 每笔 DIP 贷款的收益应汇入 DIP 贷款协议所定义的债务人账户。在任何情况下，债务人均不得在债务人账户以外的任何存款账户、证券账户或投资账户中持有任何现金或其他资金。债务人仅可在支付或存入本临时 DIP 裁定第 7(a) 段及 DIP 贷款文件授权的获准支出所必需的范围内，从债务人账户支出款项（构成破产财产出资贷款收益的款项除外）。\n\n(c) 债务人应向 DIP 贷款人、委员会和美国受托人提供债务人账户的每月银行对账单。债务人的支出报告应包括适用报告期间内债务人账户和支出账户银行对账单的副本。\n\n债务人 08\n\n案件 22-50073 文件 198 提交于 04/10/22 录入于 04/10/22 21:41:27 第 22 页，共 75 页 案件 22-50073 文件 249-8 提交于 04/22/22 录入于 04/22/22 16:44:32 第 22 页，共 75 页\n\n(e) 根据本裁定作出的任何 DIP 贷款收益，均不得用于支付任何一方或专业人士因推进任何请求权、反请求权、诉讼、程序、申请、动议、异议、抗辩或其他争议事项而提供的服务或发生的费用；该等事项的目的在于寻求或其结果将是获得任何命令、判决书、认定、宣告或类似救济：(i) 全部或部分使本裁定或本裁定批准的 DIP 贷款无效、撤销、规避或从属；或 (ii) 直接或间接阻止、妨碍或以其他方式延迟 DIP 贷款人行使其在本裁定及/或 DIP 贷款文件项下的任何权利和救济；(iii) 向 DIP 贷款人请求金钱损害赔偿或衡平法救济；(iv) 对 DIP 贷款人在本破产案件中因 DIP 贷款而产生的请求权提出异议。DIP 贷款人应保留其作为利害关系方对任何除外专业人士请求权提出异议的权利。\n\n(f) 临时 DIP 贷款或任何其他 DIP 贷款的收益均不得用于支付或补偿 DIP 贷款人与 DIP 融资安排有关的任何成本、费用或赔偿款项。\n\n7. 专业人士的费用和支出。\n\n(a) 除非本裁定另有规定，债务人获授权仅将 DIP 贷款收益用于本临时 DIP 裁定、DIP 贷款协议或本院命令授权的用途，包括支付债务人须支付及/或经本院授权和批准的专业报酬和费用补偿、行政优先请求权、法院费用和美国受托人费用（视情况适用）（合称“获准支出”）。尽管本临时 DIP 裁定有任何其他规定，未经本院进一步裁定，破产财产出资贷款的收益不得用于支付任何获准支出或债务人或破产财产的任何其他费用或支出。\n\n债务人 08\n\n案件 22-50073 文件 198 提交于 04/10/22 录入于 04/10/22 21:41:27 第 23 页，共 75 页 案件 22-50073 文件 249-8 提交于 04/22/22 录入于 04/22/22 16:44:32 第 23 页，共 75 页\n\n(b) 债务人获授权在最终 DIP 裁定录入前，以临时 DIP 贷款收益支付获准支出。尽管本裁定、任何其他裁定或 DIP 贷款文件有任何相反规定，获准支出不受 DIP 贷款人控制。\n\n(c) DIP 贷款人无义务确保债务人履行本段第 (a) 和 (b) 分项下的任何义务。尽管本临时 DIP 裁定载有任何相反规定，DIP 贷款人的权利应受制于并从属于截至申请日存在的债务人所有其他债权人的请求权。在不限制前述规定的情况下，债务人及其任何申请日前债权人均无权就债务人账户中存入的款项提出任何请求权或享有任何权益；但条件是，如任何待支出款项被本院最终裁定不予准许或命令返还，或在所有获准专业费用和支出全部支付后仍留在债务人账户中（“超额 DIP 资金”），则该等超额 DIP 资金应视情况按照 DIP 贷款文件及/或本院命令的规定予以支付和交付。\n\n(d) 本临时 DIP 裁定中的任何规定均不得妨碍 DIP 贷款人对根据《破产法典》第 330、331 和 503 条规定请求支付的专业费用和支出提出任何异议。\n\n案件 22-50073 文件 198 提交于 04/10/22 录入于 04/10/22 21:41:27 第 24 页，共 75 页 案件 22-50073 文件 249-8 提交于 04/22/22 录入于 04/22/22 16:44:32 第 24 页，共 75 页\n\n8. 终止事件；救济。(a) 在向债务人、委员会和美国受托人发出书面通知，告知 DIP 贷款协议项下（并按其定义）的“终止事件”已经发生后，及在向破产法院提交该终止事件已发生的通知后：(i) DIP 贷款人应完全获授权自行决定按 DIP 贷款协议规定的违约利率计收利息；但 DIP 贷款人应向美国受托人通知其选择按违约利率计收利息；以及 (ii) DIP 贷款人根据 DIP 贷款协议作出任何后续 DIP 贷款的承诺应予终止；为免生疑问，不包括 DIP 贷款人根据 DIP 贷款文件条款必须提供资金的任何托管资金贷款或破产财产出资贷款的义务。\n\n(b) DIP 贷款人根据本临时 DIP 裁定享有的权利、救济、权力和特权，应为 DIP 贷款文件所载权利、救济、权力和特权之外的附加权利，并与其累计适用；但本临时 DIP 裁定中的任何规定均不得解释为就任何 DIP 贷款义务向 DIP 贷款人授予任何担保权益或优先受偿权利。\n\n10. 后续撤销或修改。根据《破产法典》第 364(e) 条，如本临时 DIP 裁定的任何或全部规定此后在上诉中被撤销、修改、废止或中止，该等行为不影响：\n\n(a) 债务人在该等中止、修改或废止生效日前授予 DIP 贷款人或对其承担的任何义务、债务或责任的有效性；或\n\n(b) 根据本临时 DIP 裁定采取的任何行动的有效性或可执行性。\n\n案件 22-50073 文件 198 提交于 04/10/22 录入于 04/10/22 21:41:27 第 25 页，共 75 页 案件 22-50073 文件 249-8 提交于 04/22/22 录入于 04/22/22 16:44:32 第 25 页，共 75 页\n\n尽管存在任何该等撤销、中止、修改或废止，在该等行动生效日期之前，债务人根据DIP贷款文件对DIP贷款人产生的任何申请后债务、义务或责任，在所有方面均应受本临时DIP命令原条款的管辖；就任何该等债务、义务或责任而言，DIP贷款人均有权享有本命令及DIP贷款文件所授予的全部权利、救济、特权、利益及优先权。根据DIP贷款文件预付的所有金额，均系依赖本临时DIP命令而预付；因此，在本临时DIP命令任何中止、修改或废止的生效日期之前因该等预付而产生的债务，不得因债务人第11章案件中的任何后续命令或任何后续案件，而被剥夺本临时DIP命令或DIP贷款文件项下的利益。\n\n11. 不视为控制。DIP贷款人同意本临时DIP命令并发放DIP贷款，不应被视为控制债务人，亦不应被视为作为“责任人”、“管理代理人”或“所有人或经营人”行事（该等术语定义见经修订的美国《综合环境应对、赔偿和责任法》或任何类似的州或联邦法规）。\n\n12. 继受人及受让人。本临时DIP命令的条款应对第11章案件中的所有利害关系方具有约束力，并使其受益，包括但不限于DIP贷款人、债务人及其各自的继受人和受让人；并应使DIP贷款人、债务人及其各自的继受人和受让人受益，包括但不限于依据《破产法》任何章节或在任何后续程序中为债务人指定的任何受托人、审查员、负责官员、财产管理人或代表，或类似人员，无论该等程序是否依据《破产法》进行。DIP贷款人在任何情况下均无义务根据为债务人财产指定或选出的任何第7章或第11章受托人的指示发放DIP贷款。\n\n13. 协议的约束力。债务人现为或将成为当事方的各项DIP贷款文件，均构成债务人的合法、有效且具有约束力的义务，并可依其条款执行。债务人已经或将适当地签署并向DIP贷款人交付DIP贷款文件。\n\n14. 条款的优先性。若任何DIP贷款文件、DIP融资动议、本院任何命令或任何其他协议的明示条款或规定之间存在任何冲突，本临时DIP命令的条款和规定应予管辖并具有控制力。\n\n15. 不放弃。本临时DIP命令不得以任何方式解释为债务人、DIP贷款人、委员会或任何其他财产代表放弃或舍弃其可能拥有的、就提交本院审理的任何事项提出或获得审理的任何权利。\n\n16. 充分通知。债务人就临时听证会发出的通知，系依照《破产规则》2002和4001(c)(2)以及本院地方法则作出。根据具体情况，无须就临时听证会上获准的救济请求进一步通知。本临时DIP命令作出后，债务人应立即通过一级邮件向通知对象邮寄本临时DIP命令副本，并就此向法院书记员提交送达证明。该等送达应构成本临时DIP命令的适当且充分通知。\n\n案件 22-50073 文件 198 提交 04/10/22 登记 04/10/22 21:41:27 第 27 页，共 75 页 案件 22-50073 文件 249-8 提交 04/22/22 登记 04/22/22 16:44:32 第 27 页，共 75 页\n\n17. 命令的作出。尽管《破产规则》4001(a)(3)、6004(g)、7062、9014或其他规定可能适用，本临时DIP命令应于签署时立即生效，特此指示法院书记员将本临时DIP命令登记于本第11章案件的法院案卷中。\n\n18. 最终听证会。\n\n(a) 为审议作出最终DIP命令及最终批准DIP融资安排而举行的最终听证会，定于2022年[●] [●] (ET)在康涅狄格联邦破产法院举行。\n\n(b) 本临时DIP命令作出后两个工作日内或之前，债务人应通过已预付一级邮资的美国邮件，向通知对象以及此前已向本院提交通知请求的任何其他当事方送达本临时DIP命令作出的通知及最终听证会通知（“最终听证会通知”），并附上本临时DIP命令及动议的副本。最终听证会通知应载明，任何反对作出拟议最终DIP命令的利害关系方，须不迟于[●] [●] (ET)向法院书记员提交书面异议；该等异议应予送达，以便通知对象及根据《破产规则》2002有权接收通知的任何该等其他当事方于该日期当日或之前收到。\n\n19. 保留管辖权。本院现有并将保留依照其条款执行本临时DIP命令的管辖权。\n\n日期：\n\n康涅狄格州布里奇波特\n美国破产法官\n\n64666136 v7\n债务人 08\n附件 B\n修订后拟议临时DIP命令的红线稿\n\n债务人 08\n美国康涅狄格联邦破产法院 布里奇波特分院\n\n关于： ：\n： 第11章\nHo Wan Kwok（郭文贵）， ：\n：\n： 案件编号 22-50073 (JAM)\n债务人。1 ：\n： 日期：\n时间：\n--------------------------------------------------------------------X ：\n1.\n2. 临时命令：(I) 授权债务人取得无担保、次级申请后融资，(II) 安排最终听证会，以及 (III) 批准相关救济\n\n兹因上述标题所列作为债务人占有人的债务人（“债务人”）于上述所涉第11章案件（“第11章案件”）中提出日期为 March 22, 2022 的动议（“DIP融资动议”）2，请求作出临时DIP命令和最终DIP命令，授权债务人从 Golden Spring (New York) Ltd.（“GSNY”或“DIP贷款人”）取得申请后融资；根据经修订的《联邦破产程序规则》（“破产规则”）2002、4001和9014以及《康涅狄格地区破产地方法则》（“地方法则”）2002-1、4001-3、9006-1和9013-1，安排最终听证会并批准其通知格式和方式；并批准相关救济。\n\n本院已审阅DIP融资动议、Ho Wan Kwok先生支持第11章案件及若干动议的声明，以及于 [●]April 13, 2022 举行的临时听证会（“临时听证会”）中提请本院注意的全部事项；并已审议向本院提交的全部诉状；并已审议在临时听证会上记录在案的证据；且本院已认定，债务人依照《破产规则》2002和4001(b)(1)以及地方法则4001-2和9013-2，就DIP融资动议和临时听证会提供了适当且充分的通知；且DIP融资动议中所请求的救济，在本临时DIP命令准许的范围内，显属公平合理，且符合债务人、其财产、债权人及所有利害关系方的最佳利益，并系债务人对其商业判断的审慎且合理行使；经适当审议和考虑后，本院作出以下事实认定及法律结论（在任何事实认定构成法律结论的范围内，应将其作为法律结论予以采纳，反之亦然）：\n\n本院特此认定并裁定：\n\nA. 申请日。于 February 15, 2022（“申请日”），债务人向本院提交自愿救济申请，从而启动第11章案件。债务人根据《破产法》第1107和1108条为债务人占有人。\n\nB. 其他财产当事方。本第11章案件中尚未指定受托人或审查员。于 March 21, 2022，康涅狄格地区美国受托人办公室（“美国受托人”）根据《破产法》第1102条指定无担保债权人正式委员会（“委员会”）。\n\nC. 管辖权；核心程序；审判地。本院根据28 U.S.C. §§ 157(a)-(b)和1334，对本第11章案件、当事方及债务人的财产拥有事项管辖权。根据28 U.S.C. § 157(b)，本案属于核心程序。根据28 U.S.C. §§ 1408和1409，本第11章案件及DIP融资动议在本地区的审判地适当。\n\n案件 22-50073 文件 198 提交 04/10/22 登记 04/10/22 21:41:27 第 31 页，共 75 页 案件 22-50073 文件 249-8 提交 04/22/22 登记 04/22/22 16:44:32 第 31 页，共 75 页\n\nD. 通知。临时听证会根据《破产规则》4001和地方法则9013-2于 April 13, 2022 举行，并且债务人就临时听证会及DIP融资动议所请求救济提供的通知，在具体情况下属适当且充分，并符合《破产法》第102(1)条、《破产规则》2002、4001(c)和4001(d)以及本院地方法则；无需或不要求就临时听证会上寻求的救济作出其他通知。\n\nE. 立即融资需求。债务人持续需要取得本命令所寻求类型的融资，以通过清算某些诉讼请求及寻求确认《破产法》第11章项下重组计划，最大化财产价值。债务人无法以较DIP贷款人提供的条款更为有利的信用额度形式获得融资。在避免不可弥补损害所要求的期限内，债务人能够以DIP贷款人提供的条款，最有效地获得所需金额的融资。\n\nF. DIP融资安排。债务人已请求DIP贷款人为债务人设立一项融资安排（“DIP融资安排”），据此债务人可通过多次预付款取得一笔或多笔贷款（每笔均称为“DIP贷款”，合称“DIP贷款”），本金总额为 US$9,000,000，但须遵守本命令及DIP贷款协议所载条款和限制。初始DIP贷款应于本临时DIP命令作出后不迟于两个 (2) 工作日内发放，初始本金金额等于 $2,000,000（“临时DIP贷款”）；此后，应依照DIP贷款文件的条款，按不时需要通过后续预付款发放DIP贷款；但条件是，所有未偿还后续DIP贷款的本金总额，在使任何后续DIP贷款生效后，\n\n贷款及遗产出资贷款，在最终DIP命令作出前不得超过$3,000,000；应请求可随后分三次预支，每次金额为US$2,000,000（各称为“一笔后续DIP贷款”）；但前提是，(b) DIP融资安排的所得款项（遗产出资贷款（定义见DIP贷款协议）的所得款项除外）应由债务人依照本临时DIP命令及DIP贷款文件（定义如下）使用，且仅用于本命令所载预算（定义如下）中规定的用途及金额。\n\nG. 遗产出资贷款。DIP贷款协议中定义的遗产出资贷款，应在本临时DIP命令作出后不迟于两（2）个营业日内发放，本金金额为$1,000,000（“遗产出资贷款”）。\n\nG. 正当理由。根据临时听证会上提交的记录及本案记录，看来已有充分正当理由作出本临时DIP命令。作出本临时DIP命令将为债权人的利益保全债务人破产财产的资产，并且符合债务人及其债权人的最佳利益。拟议融资的条款看来公平合理，反映了债务人审慎的商业判断，并有合理等值价值及公平对价支持。\n\nH. 善意。根据临时听证会上提交的记录，债务人与DIP贷款人已就DIP贷款文件进行了善意协商。因此，根据DIP贷款文件向债务人提供的所有信贷展期，均应视为DIP贷款人在《破产法》第364(e)条含义内善意作出的信贷展期。\n\n因此，现命令、裁定并判决如下：\n\n案件 22-50073 文件 198 提交日期 04/10/22 登记日期 04/10/22 21:41:27 第 33 页，共 75 页 案件 22-50073 文件 249-8 提交日期 04/22/22 登记日期 04/22/22 16:44:32 第 33 页，共 75 页\n\n1. 处理。本院现暂时批准DIP融资动议，但以本命令所载条款为限并受其约束，且上述认定通过援引并入本命令。此前未被撤回或解决的对DIP融资动议的任何异议，现保留至最终听证会处理，且不影响任何利害关系方提出进一步异议的权利。本临时DIP命令自作出之日起立即有效，对所有利害关系方具有约束力，并完全生效。根据本命令获授权的本临时DIP命令及DIP贷款文件的期限将届满，且根据DIP贷款协议作出的DIP贷款将依照DIP贷款协议的条款到期并应予偿还。\n\n2. 正当理由。债务人获得融资的能力对于债务人的破产财产及其债权人至关重要，使债务人能够最大化其破产财产的价值并确认一项重组计划。如不作出本临时DIP命令，债务人的破产财产将遭受不可弥补的损害。因此，已证明DIP融资动议所请求救济具有正当理由。\n\n3. 善意。根据书面文件及临时听证会上提交的记录，债务人与DIP贷款人已就DIP贷款文件及本临时DIP命令进行了善意协商。本临时DIP命令所述DIP贷款文件的条款，包括但不限于根据DIP贷款文件应支付的利率及费用，均属公平合理，反映了债务人依其受托义务作出的审慎商业判断，并有合理等值价值及公平对价支持。DIP贷款人根据本临时DIP命令及DIP贷款文件向债务人作出的任何DIP贷款和/或其他财务便利，应视为DIP贷款人在《破产法》第364(e)条所称的善意下提供，且DIP贷款人有权获得该条规定的一切保护。\n\n案件 22-50073 文件 198 提交日期 04/10/22 登记日期 04/10/22 21:41:27 第 34 页，共 75 页 案件 22-50073 文件 249-8 提交日期 04/22/22 登记日期 04/22/22 16:44:32 第 34 页，共 75 页\n\n4. 借款授权。现授权、追认并确认债务人签署DIP贷款文件。本临时DIP命令作出后，债务人立即获授权：(a) 签署DIP贷款文件；(b) 根据DIP贷款文件获得临时DIP贷款；以及(c) 根据本命令及DIP贷款文件的条款，满足本命令及该等文件项下的所有先决条件并履行所有义务。DIP贷款人无义务或责任监督债务人对临时DIP贷款的使用，并可依赖债务人的陈述，即该等使用符合本临时DIP命令、DIP贷款文件及《破产程序规则》第4001(c)(2)条的要求。临时DIP贷款应由债务人依照本临时DIP命令及DIP贷款文件的要求到期偿还并予以支付。现授权并指示债务人依照DIP贷款文件及本临时DIP命令的条款支付上述款项，无须债务人或DIP贷款人再向法院提出任何申请以批准或支付该等款项。\n\n5. 签署和交付必要文件的权限。就临时DIP贷款而言，DIP贷款文件应构成债务人的有效且具有约束力的义务，并可依其条款对债务人强制执行。为落实本临时DIP命令第4段的规定，现授权并指示债务人作出及履行一切行为，并在DIP贷款文件所要求的范围内制作、签署及交付一切文书和文件，在各情况下均以实施DIP贷款文件的任何条款和条件所必需或DIP贷款人认为适当者为限，或按DIP贷款文件另行要求或设想办理。\n\n案件 22-50073 文件 198 提交日期 04/10/22 登记日期 04/10/22 21:41:27 第 35 页，共 75 页 案件 22-50073 文件 249-8 提交日期 04/22/22 登记日期 04/22/22 16:44:32 第 35 页，共 75 页\n\n6. 修订和修改。本临时DIP命令作出后，债务人与DIP贷款人不得对任何DIP贷款文件实施任何修订和/或修改（依照适用DIP贷款文件的条款），直至最终听证会审议DIP融资动议并作出最终DIP命令，除非法院另有命令。\n\n7. 预算；贷款所得款项及现金担保物的许可用途。\n\n(a) 在本临时DIP命令作出后的每个日历月第一日，债务人应向DIP贷款人及无担保债权人正式委员会提交一份更新后的预算及一份形式和实质上合理地为DIP贷款人所接受的报告，报告债务人在前一月作出的所有支出。\n\n(b) 在本临时DIP命令作出后每个日历周的星期五（自本临时DIP命令作出后的第一个星期五开始），债务人聘用的每家专业机构、无担保债权人正式委员会、届时获任命的任何审查员，以及任何寻求从债务人破产财产中按行政优先权基础获得付款的其他方，均应向债务人、DIP贷款人及委员会提交一份载明前一周费用和/或成本累计额的报告（“累计报告”）。各方提交的首份累计报告应包括关于所有未支付的申请日后费用和/或成本累计额的报告。\n\n(c) 除本临时DIP命令另有规定外，如适用，每笔DIP贷款的所得款项应汇入由Verdolino & Lowey, PC（Verdolino & Lowey专业公司，“V&L”）维持的“债务人账户”，该账户定义见DIP贷款协议。在任何情况下，债务人均不得在债务人账户以外的任何存款账户、证券账户或投资账户中保有任何现金或其他资金。债务人仅可依V&L的Craig Jalbert（克雷格·贾尔伯特）的指示，从债务人账户中支出款项（遗产出资贷款所得款项除外），且仅在支付本临时DIP命令第8(a)段及DIP贷款文件授权的许可付款或授权支出所必需的范围内支出。\n\n债务人 08\n\n案件 22-50073 文件 198 提交日期 04/10/22 登记日期 04/10/22 21:41:27 第 36 页，共 75 页 案件 22-50073 文件 249-8 提交日期 04/22/22 登记日期 04/22/22 16:44:32 第 36 页，共 75 页\n\n(c) 债务人应向DIP贷款人、委员会及美国受托人提供债务人账户的每份月度银行对账单。债务人的支出报告应包括适用报告期间内债务人账户及支出账户银行对账单的副本。\n\n(e) 根据本命令作出的任何DIP贷款的所得款项，不得用于支付任何一方或专业人士因推进任何请求、反请求、诉讼、程序、申请、动议、异议、抗辩或其他争议事项而提供服务或发生费用的任何索赔；该等事项的目的在于寻求或者其结果将是获得任何命令、判决、认定、宣告或类似救济：(i) 全部或部分使本命令或本命令批准的DIP贷款无效、予以撤销、规避或从属化；或(ii) 直接或间接阻止、妨碍或以其他方式延迟DIP贷款人行使其在本命令和/或DIP贷款文件项下的任何权利及救济；(iii) 向DIP贷款人请求金钱损害赔偿或衡平救济；(iv) 对DIP贷款人在本破产案件中因DIP贷款而产生的一项或多项索赔提出异议。DIP贷款人保留其作为利害关系方对任何剥离专业人士提出的任何索赔提出异议的权利。\n\n案件 22-50073 文件 198 提交日期 04/10/22 登记日期 04/10/22 21:41:27 第 37 页，共 75 页 案件 22-50073 文件 249-8 提交日期 04/22/22 登记日期 04/22/22 16:44:32 第 37 页，共 75 页\n\n(f) 临时DIP贷款或任何后续DIP贷款的所得款项，不得用于向DIP贷款人支付或偿还与DIP融资安排有关的任何成本、费用或赔偿款。\n\n8. 专业人士的费用和开支。\n\n(a) 除本命令另有规定外，现授权债务人仅将DIP贷款所得款项用于本临时DIP命令、DIP贷款协议或本院命令授权的用途，包括支付债务人须支付和/或经法院授权及批准的专业人士报酬及费用补偿、行政优先权索赔、法院费用和美国受托人费用（合称“授权支出”）；但条件是，尽管本临时DIP命令有任何其他规定，临时DIP贷款的所得款项仅可用于支付债务人日常业务专业人士的行政费用（为免生疑，该等专业人士不包括Brown Rudnick LLP（Brown Rudnick律师事务所）、V&L及Stretto, Inc.（Stretto公司）），且在最终DIP命令作出前，不得用于支付债务人除日常业务专业人士以外的专业人士的费用（合称“许可付款”）。在未经本院进一步命令的情况下，遗产出资贷款不得用于支付任何授权支出或债务人或破产财产的任何其他费用或开支。\n\n(b) 债务人应被指示，在未发生且持续存在任何Carve-Out Event（“预留款事件”，定义见下文）的期间内，于预算规定时，将任何尚未支付的Permitted Payments（“允许支付”）款项（“Pending Disbursements（待支付款项）”）存入由V&L代表债务人维持的托管账户（“Disbursement Escrow（支出托管账户）”）。该等款项应继续托管，等待授权和支付；在最终DIP命令作出前，V&L应有权使用临时DIP贷款的收益作出Authorized Disbursements（经授权支出）。\n\n案件 22-50073 文书 198 于 04/10/22 提交，于 04/10/22 21:41:27 登记，第 38 页，共 75 页；案件 22-50073 文书 249-8 于 04/22/22 提交，于 04/22/22 16:44:32 登记，第 38 页，共 75 页\n\n尽管本命令、任何其他命令或DIP Loan Documents（DIP贷款文件）中有任何相反规定，Permitted Payments及Authorized Disbursements不受DIP Lender（DIP贷款人）控制，除非且仅限于在所有Authorized Disbursements及Pending Disbursements被拒绝，或获批准并得到清偿后，Disbursement Escrow中留有剩余现金的范围内。只要DIP贷款人尚未送达Carve-Out Event通知，债务人即有权按照DIP贷款文件向Disbursement Escrow注入资金。除本段第(e)项另有规定外，债务人有权不时依照法院授权的程序或法院命令，从Disbursement Escrow汇付款项（无论是否已送达Carve-Out Event通知）。\n\n(c) DIP贷款人无义务确保债务人履行本段第(a)项和第(b)项下的任何义务。尽管本临时DIP命令中有任何相反规定，DIP贷款人的权利应受制于并从属于债务人截至申请日存在的所有其他债权人的债权。因此，债务人及其任何申请前债权人均不应对存入Disbursement Escrow／Debtor Account（债务人账户）的款项享有任何请求权或权益；但是，如任何Pending Disbursements或其他托管款项其后被法院最终命令否决或命令返还，或在全部获准的Professional Fees and Expenses（专业人员费用和支出）付清后仍留在托管账户／Debtor Account中的款项（“Excess Escrow／DIP Funds（超额托管／DIP资金）”），则该等Excess Escrow／DIP Funds应支付并交付给债务人，并视情况依照DIP贷款文件和／或法院命令所规定的方式使用。\n\n案件 22-50073 文书 198 于 04/10/22 提交，于 04/10/22 21:41:27 登记，第 39 页，共 75 页；案件 22-50073 文书 249-8 于 04/22/22 提交，于 04/22/22 16:44:32 登记，第 39 页，共 75 页\n\n(d) 本临时DIP命令中的任何规定，均不妨碍DIP贷款人对依据《破产法典》第330、331及503条规定寻求支付的专业人员费用和支出提出任何异议。\n\n(e) 尽管本临时DIP命令中有任何相反规定，如发生Carve-Out Event，在该Carve-Out Event被DIP Agent（DIP代理人）治愈或以书面方式豁免之前，债务人不得再向Disbursement Escrow支付任何款项。\n\n98. 终止违约事件；救济措施。(a) 在向债务人发出关于违反本临时DIP命令任何规定的书面通知时或之后，如DIP贷款人合理酌情认为该等违反对DIP贷款人产生不利影响；或者，在向委员会（Committee）及美国受托人（U.S. Trustee）发出DIP Loan Agreement（DIP贷款协议）项下（及其中定义的）“Termination Event of Default（终止违约事件）”发生的通知时或之后；以及在向破产法院（Bankruptcy Court）提交该等终止违约事件发生的通知时或之后：(i) DIP贷款人应完全有权自行酌情，无需事先发出任何通知，加速DIP贷款文件项下的DIP贷款义务，按DIP贷款协议规定的违约利率计收利息，并在遵守下述句子的前提下，拒绝发放债务人请求的任何Subsequent DIP Loan（后续DIP贷款）；及(ii) 自向债务人发出该书面通知之日起满三个营业日后，债务人依照预算使用因DIP贷款义务收到的任何剩余款项（“Proceeds（收益）”）的权利即告终止，且债务人不再根据本临时DIP命令、DIP贷款文件或其他规定获授权使用该等收益。此后，DIP贷款人可经通知和听证，向本法院申请认定已发生违反临时DIP命令或违约事件。经作出该等认定后，DIP贷款人可要求并有权立即收取债务人持有的任何收益，扣除US$500,000并排除Disbursement Escrow Account（支出托管账户）中的全部款项（“Carve-Out（预留款）”）；DIP贷款人还可采取任何适当行动，并行使DIP贷款文件和适用法律项下所有适用救济措施，以收取DIP贷款义务、就收益采取行动或实现收益，如同本第11章案件或任何替代的第7章案件未在审理中一样，并以其他方式执行DIP贷款文件或本临时DIP命令。\n\n案件 22-50073 文书 198 于 04/10/22 提交，于 04/10/22 21:41:27 登记，第 40 页，共 75 页；案件 22-50073 文书 249-8 于 04/22/22 提交，于 04/22/22 16:44:32 登记，第 40 页，共 75 页\n\n但DIP贷款人应向美国受托人通知其选择按违约利率计收利息；及(ii) DIP贷款人根据DIP贷款协议作出任何后续DIP贷款的承诺应终止；为免生疑问，不包括DIP贷款人根据DIP贷款文件条款必须提供任何Escrow Funding Loan（托管资金贷款）或Estate Contribution Loan（财产贡献贷款）的义务。\n\n(b) 本临时DIP命令赋予DIP贷款人的权利、救济措施、权力及特权，应为DIP贷款文件中所载权利、救济措施、权力及特权的补充和累积；但是，除前述各项授权在违反本临时DIP命令或发生违约事件时汇付债务人持有收益的分项外，本临时DIP命令中的任何规定均不得解释为就任何DIP贷款义务向DIP贷款人授予任何担保权益或优先偿还权。\n\n10. 后续撤销或修改。根据《破产法典》第364(e)条，如本临时DIP命令的任何或全部规定日后在上诉中被撤销、修改、废止或中止，该等行动不影响：\n\n(a) 债务人在该等中止、修改或废止生效日期之前向DIP贷款人授予或产生的任何义务、债务或责任的有效性；或\n\n案件 22-50073 文书 198 于 04/10/22 提交，于 04/10/22 21:41:27 登记，第 41 页，共 75 页；案件 22-50073 文书 249-8 于 04/22/22 提交，于 04/22/22 16:44:32 登记，第 41 页，共 75 页\n\n(b) 根据本临时DIP命令采取的任何行动的有效性或可执行性。\n\n尽管有任何该等撤销、中止、修改或废止，债务人在该等行动生效日期之前根据DIP贷款文件向DIP贷款人产生的任何申请后债务、义务或责任，在所有方面均应受本临时DIP命令原有规定的管辖；就任何该等债务、义务或责任而言，DIP贷款人应有权享有本命令及DIP贷款文件所授予的全部权利、救济措施、特权、利益及优先权。DIP贷款文件项下预付的所有款项，均系依赖本临时DIP命令而预付；因此，因该等预付而在本临时DIP命令任何中止、修改或废止生效日期之前产生的债务，不得因第11章案件中债务人任何后续命令或任何替代案件，而被剥夺本临时DIP命令或DIP贷款文件项下的利益。\n\n11. 不视为控制。DIP贷款人同意本临时DIP命令并发放DIP贷款，并不应被视为控制债务人，亦不应被视为以“responsible person（责任人）”、“managing agent（管理代理人）”或“owner or operator（所有人或经营人）”的身份行事（该等术语定义见经修订的《美国综合环境应对、赔偿与责任法》或任何类似的州或联邦法规）。\n\n案件 22-50073 文书 198 于 04/10/22 提交，于 04/10/22 21:41:27 登记，第 42 页，共 75 页；案件 22-50073 文书 249-8 于 04/22/22 提交，于 04/22/22 16:44:32 登记，第 42 页，共 75 页\n\n12. 继受人和受让人。本临时DIP命令的规定应对第11章案件中的所有利害关系方具有约束力，并应使其受益，包括但不限于DIP贷款人、债务人及其各自的继受人和受让人；并应使DIP贷款人、债务人及其各自的继受人和受让人受益，包括但不限于根据《破产法典》任何章节或任何后续程序（无论根据《破产法典》或其他规定）在债务人案件中获任命的任何受托人、审查员、责任官员、财产管理人或代表，或类似人员。在任何情况下，DIP贷款人均无义务按照为债务人财产获任命或选举产生的任何第7章或第11章受托人的指示发放DIP贷款。\n\n13. 协议的约束力。债务人作为当事方或将成为当事方的每一份DIP贷款文件，均构成债务人的合法、有效且具有约束力的义务，并可依其条款执行。DIP贷款文件已经或将由债务人妥为签署并交付给DIP贷款人。\n\n14. 条款优先性；预算。\n\n(a) 如任何DIP贷款文件、DIP Financing Motion（DIP融资动议）、本法院任何命令或任何其他协议的明示条款或规定之间存在任何冲突，本临时DIP命令的条款和规定应予管辖并控制。\n\n(b) 为免生疑问，尽管本临时DIP命令、任何DIP贷款文件，或本法院或任何其他有管辖权法院在任何时间不时作出的任何其他命令中有任何相反规定，债务人不得作出预算所列以外的任何支出。在不限制前述规定的前提下，尽管法院作出的任何其他命令授予任何救济，但须遵守本临时DIP命令的条款和条件，债务人不得作出该等命令授权的任何支出，除非且仅限于该等支出被本临时DIP命令、DIP贷款文件及预算涵盖并明确列入其中。\n\n案件 22-50073 文书 198 于 04/10/22 提交，于 04/10/22 21:41:27 登记，第 43 页，共 75 页；案件 22-50073 文书 249-8 于 04/22/22 提交，于 04/22/22 16:44:32 登记，第 43 页，共 75 页\n\n15. 不构成放弃。本临时DIP命令不得以任何方式解释为债务人、DIP贷款人、委员会或任何其他财产代表放弃或让与其可能拥有的、就提交本法院的任何事项提出申请或获得陈述意见的任何权利。\n\n16. 充分通知。债务人就临时听证会发出的通知符合《联邦破产程序规则》2002和4001(c)(2)以及本院地方法则。在此情形下，无需就临时听证会上获准的救济请求进一步发出通知。本临时DIP命令录入后，债务人应立即以平邮信件向通知当事方邮寄本临时DIP命令副本，并就此向法院书记员提交送达证明。该等送达构成对本临时DIP命令的适当且充分通知。\n\n17. 命令录入。本临时DIP命令应于签署后立即生效，不论《联邦破产程序规则》4001(a)(3)、6004(g)、7062、9014或其他规定可能适用与否；兹命令法院书记员将本临时DIP命令录入本第11章案件的法院案卷。\n\n18. 最终听证会。\n\nCase 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 44 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 44 of 75\n\n(a) 审议录入最终DIP命令及最终批准DIP融资安排的最终听证会，定于2022年[●]月[●]日[●]（ET），在United States Bankruptcy Court for the District of Connecticut（美国康涅狄格地区联邦破产法院）举行。\n\n(b) 在本临时DIP命令录入后两个营业日当日或之前，债务人应以美国邮政平信、预付邮资的方式，向通知当事方以及此前已向本院提交通知请求的任何其他当事方送达本临时DIP命令录入及最终听证会的通知（“最终听证会通知”），并附上本临时DIP命令和该动议的副本。最终听证会通知应载明，任何反对录入拟议最终DIP命令的利害关系方，须不迟于[●]日[●]（ET）向法院书记员提交书面异议；该等异议应予送达，以使通知当事方及根据《联邦破产程序规则》2002有权接收通知的任何该等其他当事方于该日期当日或之前收到。\n\n19. 保留管辖权。本院现有并将保留依其条款执行本临时DIP命令的管辖权。\n\n日期：\n\n康涅狄格州布里奇波特\n\n美国联邦破产法官\n\n64666136 v7\n\n摘要报告：\nLitera® Change-Pro for Word 10.8.2.11 文档比较完成于\n4/10/2022 2:24:19 PM\n\n样式名称：标准\n智能表格比较：启用\n原始文件名：Interim DIP order.docx\n修改后的DMS：i\n变更：\n新增 86\n删除 84\n移自 9\n移至 9\n插入表格 0\n删除表格 0\n表格移至 0\n表格移自 0\n嵌入图形（Visio、ChemDraw、图像等） 0\n嵌入Excel 0\n格式变更 0\n变更总数： 188\n附件C\n修订后的DIP贷款协议\n占有债务人信贷协议\n\n占有债务人信贷协议，日期为2022年4月[13]日（经不时修订、重述、补充或以其他方式修改，本“协议”），由HO WAN KWOK（郭文贵，亦称Miles Kwok、Miles Guo及Wengui Guo），作为借款人的自然人（“债务人”），与GOLDEN SPRING (NEW YORK) LTD.（纽约金泉有限公司），作为本协议项下的贷款人（“贷款人”）共同订立。\n\n背景\n\nA. 2022年2月15日（“申请日”），债务人在United States Bankruptcy Court for the District of Connecticut, Bridgeport Division（美国康涅狄格地区联邦破产法院布里奇波特分部）（“破产法院”）提起一宗根据《破产法典》第11章进行的自愿案件，案号22-50073 (JAM)（“第11章案件”），且债务人作为占有债务人继续占有其资产。\n\nB. 就第11章案件而言，债务人已请求贷款人向其提供一项本金总额不超过$9,000,000.00的占有债务人定期贷款融资安排（“DIP融资安排”）。债务人在DIP融资安排项下的所有义务均为无担保义务，且其受偿权应劣后于申请日存在的债务人所有其他债权人的债权。贷款人愿意按照本协议规定的条款和条件向债务人提供该等DIP融资安排项下的信贷。\n\nC. 本协议以及贷款人和债务人在本协议项下的权利和义务，应根据融资命令（定义见本协议）在第11章案件中获得破产法院批准。\n\n因此，鉴于本协议所载的相互约定和承诺以及其他合法且有价值的对价，双方特此确认已收到该等对价且其充分性无异议，兹协议如下：\n\n第1条 定义\n\n1.01. 在本协议中，下列术语具有如下含义：\n\n“应计报告”具有第5.01(b)条赋予该术语的含义。\n\n“获授权支付款项”具有第2.04条赋予该术语的含义。\n\n“破产法典”系指1978年颁布的《美国法典》第11编，即《美国破产法典》，经此前或此后不时修订、重新编纂、修改或补充，并包括其项下或与其相关的所有规则、条例及解释。\n\n“破产法院”具有本协议序言所赋予的含义。\n\n“营业日”系指并非星期六、星期日或《联邦破产程序规则》第9006(a)(6)条所定义的法定假日的任何一日。\n\nCase 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 48 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 48 of 75\n\n“交割日”系指本协议已由双方正式签署并相互交付，且第3.01条规定的条件已获满足或豁免之日。\n\n“债务人”具有本协议序言所载的含义。\n\n“债务人账户”系指由债务人设立的隔离存款账户，DIP贷款所得款项应存入该账户。\n\n“违约利率”具有第2.03条赋予该术语的含义。\n\n“DIP承诺”系指贷款人根据第2.01条作出DIP贷款（临时DIP承诺除外）的承诺，本金总额不超过$8,000,000。\n\n“DIP融资安排”具有本协议背景条款所载的含义。\n\n“DIP贷款文件”系指本协议、融资命令以及不时就本协议签署的每份其他文件、文书和证明，并可不时续期、修订、重述、延期、增加或补充。\n\n“DIP贷款义务”系指贷款人根据本协议不时向债务人作出或将作出的每笔DIP贷款及所有其他垫款和信贷展期，或为债务人账户向其他人作出或将作出的每笔垫款和信贷展期，包括但不限于所有实物支付利息和所有实际支出费用（包括根据第7.01条资本化的所有金额），无论该等义务是绝对的或或有的、共同的或分别的、到期的或未到期的、直接的或间接的，亦无论债务人就该等债务是作为本金债务人、保证人、背书人、担保人或以其他身份对贷款人承担责任。\n\n“DIP贷款”具有第2.01(d)条赋予该术语的含义。\n\n“付款托管”具有第2.04条赋予该术语的含义。\n\n“托管注资贷款”具有第2.01(d)条赋予该术语的含义。\n\n“财产贡献承诺”系指贷款人在终止事件发生时为债务人财产使用而提供贷款的承诺，本金总额为$1,000,000。\n\n“财产贡献贷款”具有第2.01(b)条赋予该术语的含义。\n\n“最终融资命令”系指破产法院作出的最终命令，该命令(i)授权债务人依本协议获得申请后融资，及(ii)最终授予某些相关救济；该命令可经贷款人明确书面同意不时修订、修改或补充。\n\n“融资命令”系指临时融资命令和最终融资命令。\n\n“临时DIP承诺”系指贷款人为临时DIP贷款提供资金的承诺，本金总额为$2,000,000。\n\nCase 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 49 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 49 of 75\n\n“临时DIP贷款”具有第2.01条赋予该术语的含义。\n\n“临时融资命令”系指破产法院作出的临时命令，该命令(i)授权债务人依本协议获得申请后融资，及(ii)临时授予某些相关救济；该命令可经贷款人明确书面同意不时修订、修改或补充。\n\n“信用证”具有第2.06条赋予该术语的含义。\n\n“到期日”系指下列日期中最早者：(i)交割日后十八个月，及(ii)债务人任何重整计划的生效日。\n\n“实际支出费用”系指：(a) DIP贷款人就下列事项产生的一切合理实际支出费用：(i)编制、签署、交付和管理DIP贷款文件，以及与其相关的任何修订或豁免（包括律师的合理费用、支出和其他收费）；及(ii) DIP贷款人就第11章案件产生的费用；以及(b) DIP贷款人的所有实际支出费用（包括执行DIP贷款文件所产生的律师费用、支出和其他收费）。\n\n“人”系指任何自然人、公司、有限责任公司、信托、合资企业、协会、公司、合伙企业、政府机关或其他实体。\n\n“申请日”具有本协议背景条款所载的含义。\n\n“实物支付利息”具有第2.02条赋予该术语的含义。\n\n“专业人士费用托管”系指在终止事件发生前已产生或应计的债务人专业人士、委员会专业人士或任何审查员专业人士的一切已应计但未支付的专业报酬和费用偿还，加上$500,000。\n\n“替代信用证”系指由债务人依其独立且绝对酌情权认为在形式和实质上均可接受的、纽约清算所协会成员商业银行出具的替代信用证，该商业银行应由债务人依其独立且绝对酌情权接受，并且至少具有S&P Global Ratings（标普全球评级）给予的“A”或更高长期发行人信用评级，或Moody's Investors Service（穆迪投资者服务公司）给予的可比评级。\n\n“后续DIP贷款”具有第2.01条赋予该术语的含义。\n\n“终止事件”具有本协议第8.01条所载的含义。\n\n第2条 DIP贷款\n\n2.01. DIP贷款。\n\n(a) 临时DIP贷款。在临时融资命令录入后不迟于两个(2)营业日，贷款人应在遵守本协议和临时融资命令的条款及条件的前提下，向债务人提供一笔本金总额等于临时DIP承诺的贷款（“临时DIP贷款”）。\n\n(b) 在临时融资命令录入后不迟于两个(2)营业日，贷款人应在遵守本协议和临时融资命令的条款及条件的前提下，向债务人提供一笔本金总额等于财产贡献承诺的贷款（“财产贡献贷款”）。\n\n(c) 后续提款。以本协议所载条件为限，贷方应于交付该周的应计报告后不迟于二（2）个营业日内，发放一笔贷款（每笔该等贷款均称为“后续DIP贷款”），金额等于：(x) 以下各项之和超过 (y) 于交付该等应计报告之日在支付托管账户中存放的资金（如有）的部分：(1) 该周所有应计报告所反映的未支付应计款项，(2) 自交付最近一次应计报告以来产生或发生的所有其他获授权支付款项，以及 (3) \\$100,000。所有DIP贷款义务均应于到期日立即到期应付。除第2.06(c)节规定外，任何时候偿还给贷方的款项不得再次借入。\n\n(d) 终止事件发生后的提款。发生终止事件后，如截至该终止事件发生之日，债务人账户及支付托管账户中留存的每笔后续DIP贷款的剩余所得款项总额不足以向专业费用托管账户注资，贷方应额外发放一笔贷款（称为“托管注资贷款”；该贷款连同临时DIP贷款及每笔后续DIP贷款，统称为“DIP贷款”），其本金总额应足以使得能够从债务人账户向专业费用托管账户注资。\n\n(e) 尽管本第2.01节有任何相反规定，在任何情况下，(x) 于最终融资命令作出前发放的后续DIP贷款本金总额不得超过 \\$3,000,000，(y) 根据本第2.01节已发放或须发放的DIP贷款（临时DIP贷款除外）本金总额不得超过DIP承诺额度，或 (z) 临时DIP贷款本金总额不得超过临时DIP承诺额度。DIP承诺额度应适用下列条件：(x) 在终止事件发生前的任何时候，DIP承诺额度项下均应保留（在计及任何后续DIP贷款后）等于 \\$80,000 的可用额度（“美国受托人次级限额”）；该金额应予保留，并仅可用于支付美国受托人的费用；以及 (y) 用于支付债务人专业人士专业费用及开支的所有DIP贷款（临时DIP贷款除外）本金总额不得超过DIP承诺额度的50%，且用于支付委员会或任何审查员全部专业费用的所有DIP贷款（临时DIP贷款除外）本金总额不得超过DIP承诺额度的50%；在每种情况下，均应在从DIP承诺额度中扣减为美国受托人次级限额保留的可用额度后计算。\n\n2.02. 利率；利息支付。DIP贷款的未偿还本金应按年利率百分之五（5.0%）（“利率”）计息。只要DIP贷款的任何部分仍未偿还，应计利息应于每个日历季度的最后一日通过将其应计金额资本化、复利计息并加入当时未偿还DIP贷款本金的方式以实物支付（该等利息称为“PIK利息”）；但前提是，如偿还或提前偿还DIP贷款的任何部分，则就被偿还或提前偿还的本金金额所应计的利息，应于该偿还或提前偿还之日以现金支付。\n\n2.03. 违约利息。尽管有前述规定，(i) 如DIP贷款的任何本金或利息，或债务人根据本协议或任何其他DIP贷款文件应付的任何费用或其他金额，于到期时未获支付，则该逾期金额应按年利率等于百分之二（2.0%）加利率的利率计息（“违约利率”）；以及 (ii) 在终止事件发生并持续期间，贷方可自行选择，通过向债务人发出通知，宣布DIP贷款及本协议项下任何其他未偿还金额应按本节前述段落规定的违约利率计息。\n\n2.04. 所得款项用途；从债务人账户支付。DIP贷款所得款项应存入债务人账户，且除临时DIP贷款及遗产财产出资贷款的所得款项外，在最终融资命令作出且破产法院批准就此提交的托管协议后，债务人可将其支付至由 Brown Rudnick LLP（布朗·拉德尼克律师事务所）维持的托管账户（“支付托管账户”），金额等于债务人须支付及/或经破产法院授权并批准的所有已应计但未支付的专业报酬和费用偿还、行政优先权请求、法院费用及美国受托人费用（视情况而定），包括应计报告中列明的所有应计款项（统称为“获授权支付款项”）。临时DIP贷款所得款项应由债务人在破产法院命令允许的范围内自行酌定使用。DIP贷款所得款项不得用于支付债务人的日常生活开支。或者，在允许如此进行的最终融资命令作出后，DIP贷款所得款项可存入债务人账户或指定为支付托管账户的其他获批准账户。\n\n2.05. 债务人根据本协议到期应付的所有款项，无论为本金、利息、费用、成本、赔偿、开支或其他款项，均应按照贷方向债务人提供的电汇指示，以美元支付，不得抵销、提出反请求或作出任何其他形式的扣减。\n\n2.06. 备用信用证。\n\n(a) 作为对贷方为DIP贷款（临时DIP贷款除外）提供资金义务的额外信用支持，贷方应不迟于临时融资命令作出后十（10）个营业日内（该日期可由债务人自行全权酌定延长），促使向债务人交付一份由 New York Clearing House Association（纽约清算所协会）成员且在其他方面令债务人满意的银行（“开证行”）以债务人为受益人签发的、初始票面金额等于 \\$8,000,000 的清洁、“多次提款”不可撤销且无条件的备用信用证，相关费用全部由贷方自行承担；该信用证应：(w) 期限自交割日开始（或者，如该信用证未于交割日交付，则不迟于临时融资命令作出后十（10）个营业日开始），并于该信用证签发之日后至少三百六十五（365）日届满，且应包括“自动续展”条款，据此开证行同意，该信用证应于该届满日自动续展连续的额外三百六十五（365）日期限，除非债务人已于当时适用的届满日之前至少六十（60）日收到开证行的书面通知，明确说明该信用证将不会于届满日如此续展（“取消通知”）；(z) 规定债务人可随时或不时地，在向开证行送达书面请求后，根据该信用证提款，而无需债务人为进行该等提款交付信用证正本或任何其他文件；(y) 规定该信用证可由债务人自由转让；以及 (z) 在其他方面包含债务人自行全权酌定满意的条款和条件（该信用证连同一份或多份替代信用证，称为“信用证”）。债务人应持有该信用证，作为贷方履行其在本协议及其他DIP贷款文件项下义务的担保。尽管有前述规定，经破产法院批准，债务人可豁免本段的要求。\n\n(b) 如贷方未能为任何DIP贷款（临时DIP贷款及遗产财产出资贷款除外）提供资金，债务人有权根据信用证提款，为该等DIP贷款提供资金，无需事先通知DIP贷方或取得其同意，且无需债务人首先通知贷方或要求贷方支付该等款项。\n\n(c) 贷方进一步同意，在开证行发出取消通知后，债务人可提取信用证全部剩余未提取金额，并将该金额存入债务人账户，且该等提款所得款项可依照第2.04节使用；但前提是，债务人收到符合第2.06(a)节所列要求的替代信用证后，应向贷方返还在收到替代信用证时已从信用证提款且仍留存在债务人账户中的任何资金。根据本第2.06(c)节从信用证提款，不构成发放DIP贷款，亦不减少DIP承诺额度；但前提是，根据第2.04节，任何该等已提取金额从债务人账户支付至支付托管账户，应构成发放一笔金额等于该支付金额的DIP贷款。\n\n(d)\n\n(e) 贷方特此承诺并同意，不反对、争议或以其他方式干扰债务人根据信用证提款的任何尝试。\n\n第3节 生效及提供资金的条件\n\n3.01. 为临时DIP贷款提供资金的条件。贷方发放临时DIP贷款的义务，以债务人满足或贷方豁免下列先决条件为前提：\n\n(a) 每份DIP贷款文件的形式和实质内容均应在合理程度上令贷方满意，并应已由债务人及任何其他必要方正式签署并交付给贷方；\n\n(b) 临时融资命令应完全有效，且未经贷方自行全权酌定事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(c) 债务人账户应已设立；以及\n\n(d) 不得已发生并持续任何终止事件，或在计及临时DIP贷款的发放后导致任何终止事件发生。\n\n3.02. 为每笔后续DIP贷款提供资金的条件。贷方发放每笔后续DIP贷款的义务，以债务人满足或贷方豁免下列先决条件为前提：\n\n(a) 临时融资命令，或者在最终融资命令作出后，最终融资命令，应完全有效，且未经贷方自行全权酌定事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(b) 不得已发生并持续任何终止事件，或在计及该后续DIP贷款的发放后导致任何终止事件发生；\n\n(c) 如该等后续DIP贷款在最终融资命令作出前发放，则在该等后续DIP贷款发放后，届时所有未偿还后续DIP贷款的本金总额不得超过$3,000,000；以及\n\n(d) 根据第2.01条发放的所有DIP贷款届时未偿还的本金总额，以及在该等后续DIP贷款发放后，均不得超过DIP承诺额（在考虑美国受托人子限额后）。\n\n3.03. 托管资金贷款发放的条件。出借人发放托管资金贷款的义务，以满足下列先决条件为前提：\n\n(a) 融资命令应持续完全有效，且未经出借人自行及绝对酌情决定事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(b) 终止事件已经发生并持续存在；\n\n(c) 债务人账户和支出托管账户中剩余的每笔后续DIP贷款收益，不足以为专业费用托管账户提供资金；以及\n\n(d) 根据第2.01条发放的所有DIP贷款届时未偿还的本金总额，以及在托管资金贷款发放后，均不得超过DIP承诺额。\n\n第4条 陈述与保证。\n\n债务人向出借人陈述并保证：\n\n4.01. 授权；可执行性。在不违反因债务人根据《破产法》所具有“债务人”身份而产生的任何限制的前提下，债务人具有订立本协议及其他DIP贷款文件所需的一切法律行为能力。在融资命令作出后，本协议及各其他DIP贷款文件均应构成债务人的合法、有效且具有约束力的义务，并可依其条款对债务人强制执行，但须遵守因债务人根据《破产法》所具有“债务人”身份而产生的任何限制，及普遍影响债权人权利的适用破产、无力偿债、重组、延期偿付或其他法律，并受衡平法一般原则约束，无论该等原则是在衡平程序还是普通法程序中予以考虑。\n\n4.02. 批准；无冲突。以融资命令作出为前提，本协议及其他DIP贷款文件无需取得任何政府机关或任何其他第三方的同意或批准、向其登记或备案，或采取任何其他行动；任何DIP贷款文件的有效性或可执行性亦无需取得该等同意、批准、登记、备案或其他行动，但已经取得或完成且持续完全有效者除外。\n\n第5条 报告。\n\n5.01. 报告。\n\n(a) 自2022年5月10日开始，于每个日历月的第十（10）日（或如该日并非营业日，则于紧接在前的营业日），债务人应向出借人提交一份报告，载明前一个月债务人自债务人账户向支出托管账户作出的所有付款。\n\n(b) 在本临时DIP命令作出后的每个日历周的星期五（自本临时DIP命令作出后的第一个星期五开始），债务人、委员会及届时获任命的任何审查员所聘任的每一家专业机构，均应向债务人、出借人及委员会提交一份前一周费用和／或成本累计报告（各称“一份累计报告”，合称“累计报告”）。\n\n5.02. 信息。如出借人合理要求，债务人将向出借人提供出借人合理满意的、具有合理详细程度的财务报告及信息。\n\n第6条 里程碑。\n\n6.01. [保留。]\n\n第7条 费用偿付；赔偿。\n\n7.01. 债务人应就所有实际支出费用向出借人偿付或支付，该等费用应通过资本化、复利计算并将其金额加入DIP贷款本金金额的方式进行实物支付。债务人特此同意，就与DIP贷款及DIP贷款文件有关的任何及一切损失、负债、义务、索赔、诉讼、损害、成本及费用（包括合理的律师费），向出借人及出借人的高级职员、董事、成员、经理、雇员、律师和代理人（各称“受偿方”）作出赔偿并使其免受损害，且使其中每一方免受该等损失、负债、义务、索赔、诉讼、损害、成本、费用或开支的损害，但该等损失、负债、义务、索赔、诉讼、损害、成本、费用或开支完全且直接因该受偿方的重大过失或故意不当行为所致的范围除外。债务人特此同意，本赔偿义务在本协议终止后仍然有效。\n\n第8条 终止事件\n\n8.01. 尽管本协议此前有任何相反规定，下列各项均构成“终止事件”：\n\n(a) 破产法院作出命令，就PAX v. Kwok（PAX诉郭文贵案），Index No. 652077/2017 (N.Y. Sup.)（“PAX诉讼”）准予解除自动中止，和／或United States District Court for the Southern District of New York（美国纽约南区联邦地区法院）驳回移送PAX诉讼管辖地的动议；\n\n(b) 未经DIP出借人同意，第11章案件被驳回或转换为《破产法》第7章案件，或者债务人提出动议或其他诉状，寻求驳回第11章案件或寻求将第11章案件转换为《破产法》第7章案件；\n\n(c) 第11章受托人被任命，或者债务人提出动议或其他诉状寻求该等任命；或\n\n(d) 破产法院根据《破产法》第1121(b)条终止债务人提交重组计划的专属权利。\n\n8.02. 救济。\n\n(a) 在遵守融资命令的前提下，于终止事件发生并持续期间，出借人根据第2.01(c)条为任何DIP贷款提供资金的承诺应终止，且出借人没有义务发放任何额外DIP贷款（根据第2.01(d)条必须发放的托管资金贷款除外）。\n\n(b) 如第11章案件被驳回，除非破产法院的命令载有相反指示，债务人应向DIP出借人返还债务人账户中剩余的任何DIP贷款收益。\n\n第9条 其他规定\n\n9.01. 本协议及其他DIP贷款文件构成债务人与出借人就本协议及其中所载事项达成的完整协议；取代任何先前协议；仅可通过本协议或其签署方各方签署的书面文件予以豁免或变更，并对本协议或其签署方各方及其各自的继承人和受让人具有约束力并使其受益，且任何该等豁免或同意仅在作出该等豁免或同意的具体情形下及为其具体目的而有效。\n\n9.02. 在任何情况下，债务人均无义务因出借人要求支付任何DIP贷款义务、加速该等义务到期或其他原因，支付超过法律允许金额的利息和费用；出借人亦绝无权就任何DIP贷款义务收取、索取或适用超过适用法律允许的最高利息金额的任何金额作为利息。若出借人曾收到、收取或适用任何该等超额金额，该超额金额应被视为对本金的部分偿还并按此处理；如本金已获全额偿还，任何剩余超额金额应退还债务人。本段应优先于本协议的所有其他规定及各其他DIP贷款文件。\n\n9.03. 如本协议或与本协议有关而订立的任何其他协议的任何条款被认定为违法或不可执行，该条款应可完全分割，适用协议的其余条款应持续完全有效，且不受该条款分割的影响。\n\n9.04. 准据法；管辖权；同意送达法律文书。\n\n(a) 本协议及其他DIP贷款文件应受Connecticut（康涅狄格州）法律管辖，并依该等法律解释；在适用范围内，亦应受《破产法》管辖并依其解释。\n\n(b) 本协议各方特此不可撤销且无条件地，就其自身及其财产，在与其作为一方当事人的本协议及其他DIP贷款文件有关的任何法律诉讼或程序中，或就与此相关的任何判决的承认及执行，服从破产法院的专属管辖；如破产法院不具有管辖权（或放弃行使管辖权），则服从坐落于Hartford County（哈特福德县）的任何康涅狄格州法院及United States District Court for the District of Connecticut（美国康涅狄格地区联邦地区法院）的专属管辖；但本协议或任何其他DIP贷款文件中的任何规定，均不得阻止任何一方在能够确立管辖权的任何其他审理机构提起任何诉讼，以执行任何裁决或判决，或行使DIP贷款文件项下的任何权利。各方特此不可撤销地放弃其现在或将来可能对在上述各自管辖区域提起任何该等诉讼或程序所提出的任何异议，包括对审理地点的异议或基于不方便法院原则提出的异议。\n\n9.05. 通知。除非本协议另有规定，本协议项下要求作出的任何通知或其他通信均应以书面形式作出（但任何电子通信，包括电子邮件，均应构成书面通知或通信），并应在下列时间被视为已有效送达、作出或交付：(i) 专人递交时；(ii) 就任何电子通信而言，发出当日；(iii) 存入全国认可的隔夜递送服务后一（1）个营业日；或(iv) 存入已预付适当一级邮资、要求回执的美国邮政后三个营业日，并寄送至应获通知的一方，或本协议任何一方可通过同类通知为其自身指定的其他地址，具体如下：\n\n(a) 如通知出借人，地址为：\n\nGolden Spring (New York) Ltd.（金泉〈纽约〉有限公司）\n162 E 64th St.\nNew York, NY 10065\n\n收件人：电子邮件：admin@gsnyus.com\n\n抄送：\n\n电子邮件：arethusaf@protonmail.com\n\n- 以及 -\n\nCohn Birnbaum & Shea, P.C.\n100 Pearl Street, Hartford, CT 06103\n收件人：Scott D. Rosen（斯科特·D·罗森）\n电子邮件：srosen@cbshealaw.com\n\n(b) 如通知债务人，地址为：\n\n373 Taconic Road\nGreenwich, CT 06831\n\n抄送：\n\nBrown Rudnick LLP（布朗·拉德尼克律师事务所）\nSeven Times Square\nNew York, NY 10036\n收件人：William R. Baldiga（威廉·R·巴尔迪加）\n电子邮件：wbaldiga@brownrudnick.com\n电子邮件：\n收件人：Bennett S. Silverberg（贝内特·S·西尔弗伯格）\n电子邮件：bsilverberg@brownrudnick.com\n\n9.06. 如任何融资命令的条款与本协议及其他DIP贷款文件的条款之间存在任何不一致，应以该融资命令的条款为准。\n\n[签署页随后附上]\n\n兹证明，本协议各方已促使其适当且经正式授权的高级管理人员于上述首次载明之日，使本协议生效、签署、接受并交付。\n\n债务人：\n\nHo Wan Kwok（郭文贵）（又名 Miles Kwok、又名 Miles Guo、又名 Wengui Guo）\n\n贷款人：\n\nGOLDEN SPRING (NEW YORK) LTD.（金泉〔纽约〕有限公司）\n\n签署人：\n\n姓名：\n\n职务：64669999 v3 64669999 v4\n\n附件 D\n\n修订后 DIP 贷款协议的修订痕迹版\n\nBR 草案 4/9/2022\n\n占有债务人信贷协议\n\n占有债务人信贷协议，日期为 March 11April [13], 2022（经不时修订、重述、补充或以其他方式修改，本“协议”），由作为借款人的个人 HO WAN KWOK（郭文贵）（又名 Miles Kwok、又名 Miles Guo、又名 Wengui Guo）（“债务人”）与本协议项下作为贷款人的 GOLDEN SPRING (NEW YORK) LTD.（金泉〔纽约〕有限公司）（“贷款人”）共同订立。\n\n背景\n\nA. 于 February 15, 2022（“申请日”），债务人根据《破产法》第 11 章，在 United States Bankruptcy Court for the District of Connecticut, Bridgeport Division（美国康涅狄格联邦破产法院布里奇波特分院）（“破产法院”）提起一宗自愿案件，案号为 Case No. 22-50073 (JAM)（“第 11 章案件”），且债务人已作为占有债务人继续占有其资产。\n\nB. 就第 11 章案件而言，债务人已请求贷款人向其提供本金总额不超过 \\$8,000,000.009,000,000.00 的占有债务人定期贷款额度（“DIP 额度”）。债务人在 DIP 额度项下的所有义务均为无担保义务，并应在受偿权上劣后于申请日时债务人的所有其他债权人的债权。贷款人愿意按照本协议载明的条款并受其所载条件的约束，向债务人提供 DIP 额度项下的该等信贷。\n\nC. 本协议及贷款人和债务人在本协议项下的权利和义务，应受破产法院根据融资命令（定义见本协议）在第 11 章案件中作出的批准所约束。\n\n因此，鉴于本协议所载的相互承诺和约定以及其他良好且有价值的对价，双方特此确认已收到该等对价且其充分性已获确认，本协议各方兹约定如下：\n\n第 1 条 定义\n\n1.01. 本协议中使用的下列术语具有如下所载含义：\n\n“应计报告”具有第 5.01(b) 条赋予该术语的含义。\n\n“授权支付”具有第 2.04 条赋予该术语的含义。\n\n“破产法”系指经 1978 年制定的《美国破产法》，即《美国法典》第 11 编，以及此前已经或日后可能经修订、重新编纂、修改或补充的该法，连同据此或与之相关的一切规则、条例及解释。\n\n“破产法院”具有本协议前言部分赋予该术语的含义。\n\n“营业日”系指并非星期六、星期日或《联邦破产程序规则》第 9006(a)(6) 条所定义的法定假日的任何日子。\n\n“交割日”系指本协议已由本协议各方正式签署并相互交付，且第 3.01 条所列条件已获满足或豁免之日。\n\n“交割日 DIP 贷款”具有第 2.01 条赋予该术语的含义。\n\n“债务人”具有本协议前言部分所载的含义。\n\n“债务人账户”系指由债务人代表设立的独立存款账户，Verdolino & Lowey, PC（“Verdolino”）的 Craig Jalbert 应为该账户的唯一获授权签字人，且 DIP 贷款所得款项应存入该债务人账户。\n\n“违约”系指构成违约事件的任何事件或情形，或经通知、时间经过或两者兼具后，如未获补救或豁免即将构成违约事件的任何事件或情形。\n\n“违约利率”具有第 2.03 条赋予该术语的含义。\n\n“DIP 承诺”系指贷款人根据第 2.01 条作出 DIP 贷款（不包括临时 DIP 承诺）的承诺，本金总额不超过 \\$8,000,000。\n\n“DIP 额度”具有本协议前言部分所载的含义。\n\n“DIP 贷款文件”系指本协议、融资命令，以及不时就本协议签署的每一其他文件、文书及证明书，且该等文件可不时续展、修订、重述、延长、增加或补充。\n\n“DIP 贷款义务”系指每一笔 DIP 贷款，其所得款项已根据第 2.04 条及第 8.02(a) 条支付，以及贷款人不时根据本协议向债务人或为债务人账户向他人作出或将作出的所有其他垫款和信贷展期，包括但不限于所有实物支付利息及所有实际支出费用（包括根据第 7.01 条资本化的所有金额）；无论该等义务是绝对的还是或有的、连带的还是分别的、到期的还是未到期的、直接的还是间接的，亦无论债务人就该等债务是作为主债务人、保证人、背书人、担保人或以其他身份向贷款人承担责任。\n\n“DIP 贷款”具有第 2.01(d) 条赋予该术语的含义。\n\n“违约事件支付托管”具有本协议第 8.01 条第 2.04 条赋予该术语的含义。\n\n“托管注资贷款”具有第 2.01(d) 条赋予该术语的含义。\n\n“破产财团出资承诺”系指贷款人承诺在终止事件发生时，为债务人破产财团的使用提供一笔本金总额为 \\$1,000,000 的贷款。\n\nCase 22-50073 Doc 198 Filed 04/10/22 Entered 04/10/22 21:41:27 Page 62 of 75 Case 22-50073 Doc 249-8 Filed 04/22/22 Entered 04/22/22 16:44:32 Page 62 of 75\n\nBR 草案 4/9/2022\n\n“破产财团出资贷款”具有第 2.01(b) 条赋予该术语的含义。\n\n“最终融资命令”系指破产法院作出的最终命令，该命令：(i) 授权债务人根据本协议取得申请后融资；及 (ii) 最终授予某些相关救济；该命令可在取得贷款人明确书面同意的情况下不时修订、修改或补充。\n\n“融资命令”系指临时融资命令及最终融资命令。\n\n“初始预算”系指债务人与贷款人商定的预算，该预算以合理详细的程度列明自交割日所在月份起六个月期间的预计获准付款。\n\n“临时 DIP 承诺”系指贷款人作出临时 DIP 贷款的承诺，本金总额为 \\$2,000,000。\n\n“临时 DIP 贷款”具有第 2.01 条赋予该术语的含义。\n\n“临时融资命令”系指破产法院作出的临时命令，该命令：(i) 授权债务人根据本协议取得申请后融资；及 (ii) 临时授予某些相关救济；该命令可在取得贷款人明确书面同意的情况下不时修订、修改或补充。\n\n“信用证”具有第 2.06 条赋予该术语的含义。\n\n“到期日”系指以下最早发生之日：(i) 交割日后十八个月；(ii) 债务人任何重整计划的生效日；及 (iii) 根据第 8.02 条加速到期 DIP 贷款义务之日。\n\n“实际支出费用”系指：(a) DIP 贷款人因以下事项发生的一切合理实际支出费用：(i) 编制、签署、交付和管理 DIP 贷款文件以及与其有关的任何修订或豁免（包括律师的合理费用、支出及其他收费）；及 (ii) DIP 贷款人就第 11 章案件发生的费用；以及 (b) DIP 贷款人的一切实际支出费用（包括与执行 DIP 贷款文件有关的律师费用、支出及其他收费）。\n\n“人士”系指任何自然人、公司、有限责任公司、信托、合资企业、协会、企业、合伙企业、政府机关或其他实体。\n\n“获准付款”具有第 2.04 条赋予该术语的含义。\n\n“申请日”具有本协议前言部分赋予该术语的含义。\n\n“实物支付利息”具有第 2.02 条赋予该术语的含义。\n\n“专业费用托管”具有第 8.02 条赋予该术语的含义。\n\n“专业费用托管”系指等同于债务人的专业人士、委员会的专业人士或任何审查员的专业人士在终止事件发生前已发生或累计但尚未支付的所有专业报酬及费用偿还，加上 \\$500,000 的金额。\n\n“替代信用证”系指由商业银行开具的替代信用证，其形式及内容由债务人自行全权酌定为满意；该商业银行须为 New York Clearing House Association（纽约清算所协会）的成员，并由债务人自行全权酌定为可接受，且至少具有 S&P Global Ratings（标普全球评级）授予的“A”或更高的长期发行人信用评级，或 Moody's Investors Service（穆迪投资者服务公司）授予的可比评级。\n\n“后续 DIP 贷款”具有第 2.01 条赋予该术语的含义。\n\n“Verdolino终止事件”具有本协议第 8.01 条中“债务人账户”定义赋予该术语的含义。\n\n第 2 条 DIP 贷款\n\n2.01. DIP 贷款。\n\n(a) 交割日临时 DIP 贷款。不迟于临时融资命令作出后两 (2) 个营业日，贷款人应在符合本协议及临时融资命令的条款和条件的前提下，向债务人发放一笔本金总额等于 \\$2,000,000.00 临时 DIP 承诺的定期贷款（“交割日临时 DIP 贷款”）。\n\n(b) 不迟于临时融资命令作出后两 (2) 个营业日，贷款人应在符合本协议及临时融资命令的条款和条件的前提下，向债务人发放一笔本金总额等于破产财团出资承诺的贷款（“破产财团出资贷款”）。\n\n(c) (b) 后续提款。在符合本协议条件的前提下，债务人可要求不超过三 (3) 笔额外定期贷款，每笔本金金额为 \\$2,000,000.00（每笔该等定期贷款称为“一笔后续 DIP 贷款”），其方式为 Verdolino 向贷款人发出书面通知（可通过电子邮件），说明累计且未支付的获准付款预计将超过债务人账户中交割日 DIP 贷款及任何后续 DIP 贷款的剩余所得款项总额（“提款请求”）。贷款人应不迟于收到任何提款请求后两 (2) 个营业日，在收到该周应计报告后，按照第 2.04 条向贷款人发放一笔贷款（每笔该等贷款称为“一笔后续 DIP 贷款”），金额等于：(x) 下列金额之和：(1) 该周所有应计报告所反映的未支付应计款项，(2) 自提交上一次应计报告以来已累计或发生的所有其他授权支付，及 (3) \\$100,000，超过 (y) 于提交该等应计报告之日在支付托管账户中存放的资金的差额（如有）。所有 DIP 贷款义务应于到期日立即到期应付。除第 2.06(c) 条另有规定外，任何时候向贷款人偿还的金额不得再次借入。\n\n(d) (c) 违约终止事件发生后的提款。于发生一项\n\n在未获贷款人豁免的终止违约事件发生时，如截至该终止违约事件发生之日，债务人账户和付款托管账户中留存的交割日临时 DIP 贷款及各笔后续 DIP 贷款的合计剩余款项不足以为专业费用托管账户提供资金，则贷款人应提供一笔额外的 DIP 贷款（“托管资金贷款”，连同交割日临时 DIP 贷款及各笔后续 DIP 贷款，统称“DIP 贷款”），其本金总额应足以使债务人账户能够根据第 8.02 节为专业费用托管账户提供资金。\n\n(e) (d) 尽管本第 2.01 节有任何相反规定，(i) 自临时融资命令作出之日起，在最终融资命令作出前所发放的后续 DIP 贷款本金总额在任何情况下均不得超过 $2,000,000，债务人可提取的全部 DIP 贷款本金总额最高应限于 $3,000,000；(ii) 根据本第 2.01 节已发放或须发放的 DIP 贷款（临时 DIP 贷款除外）本金总额在任何情况下均不得超过 DIP 承诺额度，且临时 DIP 贷款本金总额不得超过临时 DIP 承诺额度。DIP 承诺额度应适用下列条件：(x) 在终止事件发生前的任何时候，在计入任何后续 DIP 贷款后，DIP 承诺额度下应保留等同于 $80,000 的可用额度（“美国受托人子限额”），该金额应予保留，并仅可用于支付美国受托人的费用；及 (y) 用于支付债务人专业人士专业费用及开支的全部 DIP 贷款（临时 DIP 贷款除外）本金总额不得超过 DIP 承诺额度的 50%，用于支付委员会或任何审查员全部专业费用的全部 DIP 贷款（临时 DIP 贷款除外）本金总额不得超过 DIP 承诺额度的 50%，每种情况下均应在扣减 DIP 委员会以预留美国受托人子限额的可用额度后计算。\n\n2.02. 利率；利息支付。DIP 贷款未偿本金应按年利率百分之五（5.0%）（“利率”）计息。在 DIP 贷款的任何部分仍未偿还期间，应于每个日历季度最后一日通过将其应计金额资本化、复利计算并计入当时未偿 DIP 贷款本金的方式，以实物支付应计利息（该等利息称为“PIK 利息”）；但如偿还或提前偿还 DIP 贷款的任何部分，则就被偿还或提前偿还的本金所应计的利息，应于该偿还或提前偿还之日以现金支付；但根据第 8.01 节汇付未拨付的 DIP 贷款，不构成偿还或提前偿还，且不受本句规定的约束。\n\n2.03. 违约利息。尽管有前述规定，(i) 如 DIP 贷款的任何本金或利息，或债务人根据本协议或任何其他 DIP 贷款文件应付的任何费用或其他款项，在到期时（无论是在约定到期日、加速到期时或其他情形下）未获支付，则该等逾期金额应按年利率百分之二（2.0%）加利率（“违约利率”）计息；及 (ii) 在第 2.03 节第 (i) 款所述情形导致的违约事件以外的违约事件或终止事件发生并持续期间，贷款人可自行选择，通过向债务人发出通知，宣布 DIP 贷款及本协议项下任何其他未偿款项应按本节前述各段规定的违约利率计息。\nBR 草案 4/9/2022\n\n2.04. 款项用途；从债务人账户支出。DIP 贷款所得款项应存入债务人账户。只要未发生且未持续发生任何违约事件，交割日临时 DIP 贷款及各笔后续 DIP 贷款所得款项应由 Verdolino（韦尔多利诺）不时拨付，用于：(x) 支付债务人的行政开支，包括债务人专业费用，合计金额不得超过 $4,000,000；及 (y) 支付任何正式债权人委员会或任何审查员（如获任命）的专业费用、美国受托人的季度费用及破产法院的费用，合计金额不得超过 $4,000,000；但交割日 DIP 贷款所得款项仅可用于支付债务人正常业务过程专业人士的行政开支（为免疑义，该等人士不包括 Brown Rudnick LLP（布朗·拉德尼克律师事务所）、Verdolino 和 Stretto），且在最终融资命令作出前，不得用于支付债务人正常业务过程专业人士以外的专业人士的费用；遗产出资贷款在最终融资命令作出并经破产法院批准拟就此提交的托管协议后，可由债务人拨付至由 Brown Rudnick LLP（“Brown Rudnick”）维持的托管账户（“付款托管账户”），金额应等于债务人须支付及/或经破产法院授权和批准的全部应计未付专业报酬和费用偿还、行政优先权债权、法院费用及美国受托人费用（视情况而定），包括应计报告中列明的全部应计款项（统称“允许付款/获授权支出”）。临时 DIP 贷款所得款项可由债务人在破产法院命令允许的范围内自行使用。DIP 贷款所得款项不得用于支付债务人的日常生活开支。发生违约事件时，或者，在允许作出该等安排的最终融资命令作出后，DIP 贷款所得款项仅可根据第 8.02 节使用，且可存入债务人账户或指定为付款托管账户的其他获批准账户。\n\n2.05. 债务人根据本协议应付的所有款项，无论为本金、利息、费用、成本、赔偿、开支或其他款项，均应按照贷款人向债务人提供的电汇指示，以美元支付，不得抵销、提出反诉或作出任何其他形式的扣减。\n\n2.06. 备用信用证。\n\n(a) 作为贷款人履行其为 DIP 贷款（临时 DIP 贷款除外）提供资金义务的额外信用支持，贷款人应最迟于临时融资命令作出后十（10）个营业日内（该日期可由债务人自行全权决定延长），自费促使向债务人交付一份以债务人为受益人、初始票面金额为 $8,000,000 的清洁式、可多次提款、不可撤销且无条件的备用信用证，该信用证应由纽约清算所协会（New York Clearing House Association）成员且在其他方面令债务人满意的银行签发（“开证行”）。该信用证应：(w) 期限自交割日开始（如该信用证未于交割日交付，则最迟自临时融资命令作出后十（10）个营业日开始），并于该信用证签发之日后至少三百六十五（365）日届满，且应包含“常青”条款，据此开证行同意，除非债务人在当时适用到期日前至少六十（60）日收到开证行的书面通知，明确说明该信用证将不予续期，否则该信用证应于该到期日自动续期，连续每次延长三百六十五（365）日；\n\n于到期日不予续期（“取消通知”）；(z) 规定债务人可随时或不时向开证行递交书面请求，对该信用证提款，而无需债务人为进行该等提款交付信用证正本或任何其他文件；(y) 规定该信用证可由债务人自由转让；及 (z) 在其他方面包含债务人自行全权决定认为满意的条款和条件（该信用证连同一份或多份替代信用证，统称“信用证”）。债务人应持有信用证，作为贷款人履行其在本协议及其他 DIP 贷款文件项下义务的担保。尽管有前述规定，本款要求可经破产法院批准由债务人豁免。\n\n(b) 如贷款人未能为任何 DIP 贷款（临时 DIP 贷款和遗产出资贷款除外）提供资金，债务人有权对信用证提款，以为该等 DIP 贷款提供资金，无需事先通知或取得 DIP 贷款人的同意，也无需债务人先向贷款人发出通知或要求其支付该等款项。\n\n(c) 贷款人进一步同意，在开证行发出取消通知后，债务人可提取信用证的全部剩余未提款金额，并将该金额存入债务人账户，该等提款所得款项可根据第 2.04 节使用；但在债务人收到符合第 2.06(a) 节规定的替代信用证后，债务人应将其收到替代信用证时从信用证提取并仍留存在债务人账户中的任何资金返还给贷款人。债务人根据本第 2.06(c) 节对信用证作出的任何提款，不构成发放 DIP 贷款，亦不减少 DIP 承诺额度；但从债务人账户根据第 2.04 节将任何该等已提款金额拨付至付款托管账户，应构成发放一笔金额等于该等已拨付金额的 DIP 贷款。\n\n(d) 如任何信用证将届满，或任何开证行已发出取消通知，贷款人应根据本第 2.06 节条款，最迟于当时有效信用证到期日前三十（30）日，向债务人交付替代信用证，以替代该信用证。如任何信用证开证行的信用评级降至上述规定水平以下，或该开证行的财务状况以任何其他重大不利方式发生变化，或债务人认为该开证行处于可能很快无力偿债或被置于接管状态的情形，则贷款人应于收到债务人的书面请求后三十（30）日内，向债务人交付由债务人接受的开证银行签发且在其他方面符合第 2.06(a) 节要求的替代信用证。\n\n(e) 贷款人特此承诺并同意，不反对、争议或以其他方式干扰债务人对信用证提款的任何尝试。\n\n第 3 节 生效及融资条件\n\n3.01. 3.02. 交割日临时 DIP 贷款融资条件。贷款人发放交割日临时 DIP 贷款的义务，须以债务人满足或贷款人豁免下列先决条件为前提：\n\n(a) प्रत्येक DIP Loan Document均应在形式和实质内容上合理地令Lender满意，并应已由Debtor及任何其他必要方适当签署并交付给Lender；\n\n(b) Interim Financing Order应完全有效，且未经Lender自行全权酌定并事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(c) Debtor Account应已设立；且\n\n(d) Debtor应已交付Initial Budget；且\n\n(d) (e) 不应发生且持续存在Termination Event of Default，亦不应因发放Closing Date Interim DIP Loan而导致发生Termination Event of Default。\n\n3.02. 发放每笔Subsequent DIP Loan的条件。Lender发放每笔Subsequent DIP Loan的义务，以Debtor满足或Lender豁免下列先决条件为前提：\n\n(a) Interim Financing Order，或在作出Final Financing Order后，Final Financing Order，应完全有效，且未经Lender自行全权酌定并事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(b) 不应发生且持续存在Termination Event of Default，亦不应因发放该Subsequent DIP Loan而导致发生Termination Event of Default；且\n\n(c) 如该Subsequent DIP Loan于作出Final Financing Order前发放，则在计入该Subsequent DIP Loan的发放后，当时所有未偿Subsequent DIP Loans的本金总额不得超过\\$3,000,000；且\n\n(d) (c) 根据第2.01节发放的所有当时未偿DIP Loans的本金总额，以及在计入该Subsequent DIP Loan的发放后，不得超过DIP Commitment（在计入U.S. Trustee Sub-Limit后）。\n\n3.03. 发放Escrow Funding Loan的条件。Lender发放Escrow Funding Loan的义务，以满足下列先决条件为前提：\n\n(a) Financing Orders应完全有效，且未经Lender自行全权酌定并事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(b) 应已发生且持续存在Termination Event of Default；\n\n(c) Debtor Account及Disbursement Escrow中剩余的Closing Date DIP Loan和每笔Subsequent DIP Loan的款项，应不足以按照第8.02节为Professional Fees Escrow提供资金；且\n\n(d) 根据第2.01节发放的所有当时未偿DIP Loans的本金总额，以及在计入Escrow Funding Loan的发放后，不得超过DIP Commitment。\n第4节。陈述与保证。\n\nDebtor向Lender作出如下陈述与保证：\n\n4.01. 授权；可执行性。除因Debtor根据Bankruptcy Code具有“debtor”身份而产生的任何限制外，Debtor具有订立本协议及其他DIP Loan Documents所需的一切法定行为能力。在作出Financing Orders后，本协议及各其他DIP Loan Document均构成Debtor的合法、有效及具有约束力的义务，并可依其条款对Debtor强制执行，但须受因Debtor根据Bankruptcy Code具有“debtor”身份而产生的任何限制、普遍影响债权人权利的适用破产、资不抵债、重整、延期偿付或其他法律，以及衡平法一般原则的约束，无论该等原则是在衡平法程序还是普通法程序中予以考虑。\n\n4.02. 批准；无冲突。以作出Financing Orders为前提，本协议及其他DIP Loan Documents无需取得任何政府机关或任何其他第三方的任何同意或批准、向其进行登记或备案，或采取任何其他行动；任何DIP Loan Document的有效性或可执行性亦不需要任何该等同意、批准、登记、备案或其他行动，但已经取得或完成且完全有效者除外。\n第5节。报告。\n5.01. Budget报告。\n\n(a) 自May 1, 2022起，于每个日历月的第一日，Debtor应向Lender交付一份更新后的预算，合理详细地载明自交付该预算之日起六个月期间内预计的Permitted Payments。除非Lender在交付后三（3）日内以书面形式对该更新后的预算提出异议，否则Debtor根据本第5.01(a)节交付的每份预算均应推定为Lender可接受。\n\n(a) 自May 10, 2022起，于每个日历月的第十（10）日（或者，如该日不是Business Day，则于紧接其前的Business Day），Debtor应向Lender交付一份报告，载明前一个月自Debtor Account向Disbursement Escrow作出的所有付款。\n\n(b) 在作出本Interim DIP Order后的每个日历周星期五（自作出本Interim DIP Order后的第一个星期五起），由Debtor、任何official committee及/或任何examiner聘用的每家专业服务机构，以及当时获委任的Committee和任何examiner，应向Debtor、Lender及Committee交付一份载明前一周费用及/或成本累计额的报告（各称为“Accrual Report”，合称为“Accrual Reports”）。\n\n5.02. 信息。如Lender提出合理要求，Debtor将向Lender提供Lender合理满意的、具有合理详细程度的财务报告及信息。\n第6节。里程碑。\n\n6.01. [保留。]\n\n6.01. Debtor应于下列日期前采取或完成下列里程碑：\n\n(a) 于作出Interim Financing Order后45日内，Bankruptcy Court应已作出Final Financing Order。\n第7节。费用偿付；赔偿。\n\n7.01. Debtor应向Lender偿还或支付所有Out-of-Pocket Expenses，该等费用应通过资本化、复利计息并将其金额加入DIP Loans本金金额的方式以实物支付。Debtor特此同意，就与DIP Loans及DIP Loan Documents有关的任何及所有损失、责任、义务、请求、诉讼、损害赔偿、成本及费用（包括合理的律师费），向Lender及Lender的高级职员、董事、成员、经理、雇员、律师和代理人（各称为“Indemnified Party”）作出赔偿并使其免受损害，且使其中每一方免受该等损害；但因该Indemnified Party的重大过失或故意不当行为单独且直接导致的范围除外。Debtor特此同意，该赔偿义务在本协议终止后继续有效。\n第8节。终止违约事件及救济\n\n8.01. 尽管本协议上述任何相反规定，下列各项均构成“Termination Event of Default”：\n\n(a) (i) 如DIP Loans本金（包括根据第7.01节资本化的任何PIK Interest或其他金额）在根据本协议条款到期应付时，无论在Maturity Date或其他日期，到期未及时支付；以及(ii)如任何其他应付给Lender的金额在到期应付之日起十五（15）个Business Days内到期未及时支付；\n\n(b) Debtor违反履行或遵守第5.01节或第6.01节规定的任何承诺；\n\n(c) Debtor违反履行或遵守本协议或任何其他DIP Loan Documents中规定、但未列于本第8.01节(a)和(b)款的任何其他承诺，且该等违约自发生之日起六十（60）日内未获补救；\n\n(d) Debtor违反本协议或任何其他DIP Loan Document所载的任何保证、陈述或承诺，且该等违约自违约之日起六十（60）日内未获补救；\n\n(a) (e) Bankruptcy Court作出一项命令，就PAX v. Kwok（郭文贵）, Index No. 652077/2017 (N.Y. Sup.)（“PAX Litigation”）准许解除自动中止，及/或\n\nUnited States District Court for the Southern District of New York（纽约南区美国联邦地区法院）驳回转移PAX Litigation审判地的动议；\n\n(b) (f) 未经DIP Lender同意，Chapter 11 Case被驳回或转换为根据Bankruptcy Code第7章进行的案件，或Debtor提交寻求驳回Chapter 11 Case或寻求将Chapter 11 Case转换为根据Bankruptcy Code第7章进行的案件的动议或其他诉状；\n\n(c) (g) 获委任一名第11章受托人，或Debtor提交寻求该等委任的动议或其他诉状；或\n\n(d) (h) Bankruptcy Court根据Bankruptcy Code第1121(b)节终止Debtor提交重整计划的专属权利。\n8.02. 救济。\n\n(a) 在遵守Financing Orders的前提下，如发生并持续存在Lender未予豁免的Event of Default，(i) Lender可向Debtor发出书面通知，宣布所有DIP Loan Obligations立即到期应付，(ii) 在遵守且不限制Lender为Escrow Funding Loan提供资金的义务的前提下，发生Termination Event时，Lender根据第2.01(c)节为任何DIP Loans提供资金的承诺应终止，DIP Commitment应终止，且Lender没有义务发放任何额外DIP Loans，(iii) Verdolino（韦尔多利诺）应从Debtor Account向一个托管账户支付以下两者中较低的金额：(x) Debtor的专业人士及任何official committee of unsecured creditors在发生该Event of Default前于Chapter 11 Case中已发生或累计并待申请的费用和开支，加上\\$500,000，及(y)存放于Debtor Account中的未支付DIP Loan Proceeds总额（“Professional Fees Escrow”）；以及(iv)所有存入Debtor Account且尚未按照第2.04节用于支付Permitted Payments或按照本第8.02(a)节用于为Professional Fees Escrow提供资金的DIP Loans款项（“Undisbursed DIP Loans”），如有，应立即汇付并返还给Lender，并且在该等汇付后，应被视为Debtor偿还了金额等于Undisbursed DIP Loans的部分DIP Loans。（第2.01(d)节要求发放的Escrow Funding Loan除外）。\n\n(b) 仅为便利按照第8.02(a)节(iv)款返还Undisbursed DIP Loans，如发生Lender未予豁免的Event of Default，Lender应自动获得一项行政费用债权，该债权优先于Bankruptcy Code第503(b)、506(c)及507(b)节规定的任何或所有其他种类的行政费用。如Chapter 11 Case被驳回，在Court的命令未作出相反指示的情况下，Debtor应向DIP Lender返还Debtor Account中剩余的任何DIP Loans款项。\n\n8.03. 无论在任何违约事件发生之前或之后，贷款人未行使或延迟行使其在本协议项下的任何权利或救济，均不应损害该等权利，亦不应构成对该等权利或任何该等违约事件的放弃。贷款人对任何权利或救济的任何一次或部分行使，均不排除对其作出任何其他或进一步行使，亦不排除任何其他权利或救济。\n\n案件 22-50073 文件 198 提交于 04/10/22 登记于 04/10/22 21:41:27 第 71 页，共 75 页 案件 22-50073 文件 249-8 提交于 04/22/22 登记于 04/22/22 16:44:32 第 71 页，共 75 页\n\nBR 草稿 4/9/2022\n\n8.04. 收款的适用。以融资命令（包括为免生疑问，截至申请日已存在的债务人债权人的权利）为限，在发生违约事件后（或在 DIP 贷款义务已自动立即到期应付后），就 DIP 贷款义务收取的任何金额，应由贷款人按以下顺序适用：\n\n第一，支付给贷款人，用于清偿构成费用、赔偿请求、开支及其他金额的该部分 DIP 贷款义务，包括律师的费用、收费及支出；\n\n第二，支付给贷款人，用于清偿构成 DIP 贷款应计未付利息的该部分 DIP 贷款义务；\n\n第三，支付给贷款人，用于清偿构成 DIP 贷款未付本金的该部分 DIP 贷款义务；以及\n\n最后，在所有 DIP 贷款义务（根据本协议条款明确继续有效的赔偿义务除外）已不可撤销地全额清偿后，如有余额，则支付给债务人的破产财产，或按法律另有要求的方式处理。\n\n第9节 杂项\n\n9.01. 本协议及其他 DIP 贷款文件构成债务人与贷款人之间就本协议及该等文件所载事项达成的完整协议；取代任何先前协议；仅可通过由本协议或该等文件各方签署的书面文件予以放弃或变更，并对本协议或该等文件各方及其各自的继承人和受让人具有约束力并使其受益；任何该等放弃或同意仅在作出该等放弃或同意的特定情形下及为特定目的而有效。\n\n9.02. 在任何情况下，债务人在贷款人要求支付任何 DIP 贷款义务时，无论通过加速其到期日或其他方式，均无义务支付超过法律允许金额的利息及费用；贷款人亦永无权就任何 DIP 贷款义务收取、征收或适用超过适用法律所允许最高利息金额的任何金额作为利息。如贷款人曾收取、征收或适用任何该等超额金额，该等金额应视为对本金的部分偿还并按此处理；如本金已全额支付，任何剩余超额金额应退还给债务人。本段应优先于本协议及各其他 DIP 贷款文件中的任何其他规定。\n\n9.03. 如本协议或与本协议相关订立的任何其他协议中的任何条款被认定为非法或不可执行，该条款应可完全分割，适用协议的其余条款应继续具有完全效力，且不受该条款被分割的影响。\n\n9.04. 准据法；管辖权；同意送达法律程序文件。\n\n(a) 本协议及其他 DIP 贷款文件应受 CONNECTICUT 州法律以及在适用范围内《破产法》的管辖，并据其解释。\n\n(b) 本协议各方特此不可撤销且无条件地，就其作为当事方的与本协议及其他 DIP 贷款文件有关的任何法律诉讼或程序，或就任何与此相关判决的承认及执行，为其自身及其财产接受破产法院的专属管辖；如破产法院不具有管辖权（或不行使管辖权），则接受位于 HARTFORD COUNTY 的任何美国联邦法院或 CONNECTICUT 州法院，以及 Connecticut District Court（康涅狄格联邦地区法院）及其任何上诉法院的专属管辖；但本协议或任何其他 DIP 贷款文件中的任何内容均不妨碍任何一方在可确立管辖权的任何其他法院提起任何诉讼，以执行任何裁决或判决，或行使 DIP 贷款文件项下的任何权利。本协议各方特此不可撤销地放弃其现在或将来可能对在该等相应管辖区提起任何该等诉讼或程序提出的任何异议，包括对审判地的异议或基于不方便法院原则提出的异议。\n\n9.05. 通知。除非本协议另有规定，根据本协议要求作出的任何通知或其他通信均应采用书面形式（但任何电子通信，包括电子邮件，均构成书面通知或通信），并应在下列时间被视为已有效送达、作出或交付：(i) 专人递送时；(ii) 就任何电子通信而言，发送当日；(iii) 向全国公认的隔夜递送服务机构交寄后一（1）个营业日；或 (iv) 向美国邮政交寄后三个营业日，邮资预付并采用适当的一类邮件，要求回执，寄送给应获通知的一方，或寄送至本协议任何一方可通过类似通知为其自身指定的其他地址，具体如下：\n\n(a) 如通知贷款人，地址为：\n\nGolden Spring (New York) Ltd.（纽约金泉有限公司）\n162 E 64th St.\nNew York, NY 10065\n收件人：\n电子邮件：admin@gsnyus.com\n\n副本发送至：\n\n电子邮件：arethusaf@protonmail.com\n\n- 以及 -\n\nCohn Birnbaum & Shea, P.C.\n100 Pearl Street, Hartford, CT 06103\n收件人：Scott D. Rosen\n电子邮件：srosen@cbshealaw.com\n\nBR 草稿 4/9/2022\n\n(b) 如通知债务人，地址为：\n\n373 Taconic Road\nGreenwich, CT 06831\n\n副本发送至：\n\nBrown Rudnick LLP\nSeven Times Square\nNew York, NY 10036\nNew York, NY 10036\n收件人：William R. Baldiga\n电子邮件：wbaldiga@brownrudnick.com\n电子邮件：\n收件人：Bennett S. Silverberg\n电子邮件：bsilverberg@brownrudnick.com\nbsilverberg@ brownrudnick.com\n收件人：Steven D. Pohl\n电子邮件：spohl@brownrudnick.com\n\n9.06. 如任何融资命令的条款与本协议及其他 DIP 贷款文件的条款存在任何不一致，应以该融资命令的条款为准。\n\n［签署页随后附上］\n\n案件 22-50073 文件 198 提交于 04/10/22 登记于 04/10/22 21:41:27 第 74 页，共 75 页 案件 22-50073 文件 249-8 提交于 04/22/22 登记于 04/22/22 16:44:32 第 74 页，共 75 页\n\nBR 草稿 4/9/2022\n\n兹证明，本协议各方已促使其适格且经正式授权的高级职员自上述首次载明日期起，使本协议生效、签署、接受并交付。\n\n债务人：\n\nHo Wan Kwok（郭文贵，亦称 Miles Kwok、Miles Guo、Wengui Guo）\n\n贷款人：\n\nGOLDEN SPRING (NEW YORK) LTD.\n\n签署人：\n\n姓名：\n职务：\n\n64528892 v864669999 v3\n\n汇总报告：\nLitera® Change-Pro for Word 10.8.2.11 文档比较完成于\n4/10/2022 2:02:30 PM\n\n样式名称：标准\n智能表格比较：启用\n原始文件名：EXHIBIT D - Ho Wan Kwok_DIP Credit Agreement.docx\n修改后的 DMS：i\n变更：\n增加 130\n删除 132\n移出 14\n移入 14\n插入表格 0\n删除表格 0\n表格移入 0\n表格移出 0\n嵌入式图形（Visio、ChemDraw、图像等） 0\n嵌入式 Excel 0\n格式变更 0\n变更总数： 290","key_entities":["Je","CIPA","Kwok","Guo","Ho Wan Kwok","Miles Guo","CCP"],"ecf_references":[{"doc_number":198,"court":"CTB"}],"word_count":26333,"status":"published","published_at":"2022-04-10 00:00:00","created_at":"2022-04-10","updated_at":"2026-08-23 22:23:06"}