{"id":"court_ctb_404_31","court":"CTB","case_no":"22-50073","doc_number":404,"sub_number":31,"doc_type":"ORDER","filed_date":"2022-05-20","title":"EXHIBIT PAX 31 Debtor's Motion for Entry of Interim and Final DIP Orders (I) Authorizing the Debtor to Obtain Unsecured,","summary_zh":null,"summary_en":null,"body_en":"# **EXHIBIT PAX 31**\n\nDebtor'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\n\n## **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n--------------------------------------------------------------------X In re: Ho Wan Kwok, Debtor.1 : : : : : : : : Chapter 11 Case No. 22-50073 (JAM) Date: Time: --------------------------------------------------------------------X\n\n## **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**\n\nMr. 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, hereby files this motion (the \"Motion\"), for entry of an interim order substantially in the form attached hereto as Exhibit A (the \"Interim DIP Order\") and a final order in the form attached hereto as Exhibit B (the \"Final DIP Order,\" and together with the Interim DIP Order, the \"DIP Orders\") granting the relief described below. In support of this Motion, the Debtor submits and incorporates (i) the *Declaration of Mr. Ho Wan Kwok in Support of the Chapter 11 Case and Certain Motions* (the \"Kwok Declaration\") [Docket No. 107]; (ii) a version of *Appendix H – Checklist for Motions and Orders Pertaining to the Use of Cash Collateral and Post-Petition Financing*, as required by Local Bankruptcy Rule 4001-3, attached as Exhibit C hereto; and (iii) a copy of the proposed *Debtor-In-Possession Credit Agreement* (the \"DIP Loan Agreement\"), attached as Exhibit D hereto. In further support of the Motion, Mr. Kwok states as follows:\n\n1 The Debtor is known by the following names: Guo Wengui; Miles Guo; Miles Kwok; and Ho Wan Kwok.\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 3 of Case 22-50073 Doc 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 2 of 70 71\n\n#### **PRELIMINARY STATEMENT**\n\n1. The Debtor herein seeks approval of eight million dollars (\\$8,000,000) in postpetition financing. The proposed financing is structured on an unsecured basis, subordinated to the claims of the Debtor's prepetition creditors, and without any administrative or other priority repayment rights. In effect, the loan is proposed to be repaid if and only if all allowed claims of the Debtor's creditors are paid in full or otherwise satisfied pursuant to the terms of a plan.\n\n2. The proposed lender, Golden Spring (New York) Ltd. (the \"DIP Lender\"), is an entity owned and controlled by the Debtor's son. Having considered the circumstances, the Debtor requested, and the DIP Lender agreed, that the DIP Financing would be for the benefit of all estate professionals, without imposing any lien or priority rights that could potentially prejudice the interests of the Debtor's creditors. An additional condition of the loan is that the Debtor's proposed financial advisor, Verdolino & Lowey, P.C. (\"V&L\"), shall take receipt of the loan proceeds and shall be the sole authorized signatory for disbursement of funds in accordance with the Budget.\n\n3. The Debtor believes that the proposed financing is on the best terms available. Given these generous terms, the Debtor believes that any attempt to obtain financing from another source on competitive terms would be a waste of resources and futile, and as discussed below, the ordinary postpetition financing provisions of the Bankruptcy Code do not expressly apply. The Debtor further believes that the proposed financing is being extended in good faith, does not prejudice any of his creditors rights or interests, is in the best interests of his estate, and should therefore be approved.\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 4 of Case 22-50073 Doc 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 3 of 70 71\n\n#### **RELIEF REQUESTED**\n\n4. By this Motion, pursuant to sections 105, 363 and 364 of title 11 of the United States Code, 11 U.S.C. §§ 101, *et seq.* (as amended, the \"Bankruptcy Code\"), Rules 2002, 4001, 6004, and 9014 of the Federal Rules of Bankruptcy Procedure (the \"Bankruptcy Rules\"), and Rules 2002-1, 4001-3, 9006-1, and 9013-1 of the Local Rules of the United States Bankruptcy Court for the District of Connecticut (the \"Local Rules\"), Mr. Kwok seeks the entry of the Interim DIP Order authorizing him to obtain postpetition financing on a very limited basis as set forth herein.\n\n5. In addition, Mr. Kwok requests that the Court schedule a final hearing (the \"Final Hearing\") to consider the relief requested herein on a final basis and entry of the Final DIP Order.\n\n#### **JURISDICTION, VENUE, AND PREDICATES FOR RELIEF**\n\n6. This Court has jurisdiction to consider this Motion under 28 U.S.C. §§ 157 and 1334 and the *Standing Order of Reference* from the United States District Court for the District of Connecticut (as amended). This is a core proceeding under 28 U.S.C. § 157(b). Venue of this Chapter 11 Case and this Motion is proper in this District under 28 U.S.C. §§ 1408 and 1409.\n\n7. The statutory predicates for the relief requested herein are sections 105(a), 363, and 364 of the Bankruptcy Code, Bankruptcy Rules 2002, 4001, 6004 and 9014, and Local Rules 2002-1, 4001-3, 9006-1, and 9013-1.\n\n#### **BACKGROUND**\n\n8. On February 15, 2022 (the \"Petition Date\"), the Debtor commenced the Chapter 11 Case by filing a voluntary petition for relief under Chapter 11 of Title 11 of the Bankruptcy Code.\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 5 of Case 22-50073 Doc 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 4 of 70 71\n\n9. The Debtor is a debtor-in-possession pursuant to Bankruptcy Code sections 1107(a) and 1108.\n\n10. 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 pursuant to section 1102 of the Bankruptcy Code.\n\n11. The Debtor's general background is provided in the Kwok Declaration and incorporated herein. He is an outspoken Chinese political dissident and a prominent Chinese pro-democracy activist. Over the years, he has amassed a following on various digital and media platforms where he shares his personal views and opinions concerning the People's Republic of China (the \"PRC\") and other world affairs. His views and opinions on the Chinese Communist Party (the \"CCP\"), as the ruling party of the PRC, have been influenced by his living through the Tiananmen Square Massacre of 1989, his subsequent imprisonment in China following political activism against CCP officials, and his direct knowledge of and personal experiences involving high-level CCP corruption. He currently lives in the United States, where his asylum application remains pending.\n\n12. The Debtor is a named party as a plaintiff, defendant or co-defendant in over 30 active cases pending all over the world, including the United States, the United Kingdom, the British Virgin Islands, and Canada – the majority of these suits remain active here in the United States. *See* SOFA [ECF No. 77]. Prepetition, the Debtor was actively prosecuting several litigations, two of which now comprise some of the estate's more significant assets:\n\n- a. **The UBS Claim**: Before the Royal Courts of Justice in the United Kingdom, the Debtor (along with certain co-plaintiffs) asserted a claim against UBS AG (London Branch) (\"UBS\"). In this action, the claimants assert more than \\$500 million of damages related to negligent misrepresentation and advice by UBS in connection with the Debtor's attempt to cause the acquisition of, and acquire certain shares issued by, a Chinese financial institution, Haitong, in 2015. As recently as February 9, 2022, the Debtor prevailed on a jurisdictional challenge and the claim remains before the courts of the United Kingdom.\n- b. **The Clark Hill Claim**: The Debtor asserted claims against the law firm Clark Hill PLC and one of its members, Thomas K. Ragland (together, \"Clark Hill\"). This lawsuit is currently pending in the United States District Court for the District of Columbia. The Debtor is seeking \\$50 million in compensatory damages, and additional punitive damages, against Clark Hill for breach of duties of legal representation.\n\n*See* Kwok Declaration at Section III, ¶ 32.\n\n13. Prior to the Petition Date, the Debtor's son funded his legal fees to prosecute\n\nthese litigation claims, through loan advances to be repaid from anticipated recoveries.\n\n## **EFFORTS TO OBTAIN FINANCING, GOOD FAITH**\n\n14. The Debtor filed for Chapter 11 relief to: (a) create a single forum to orderly address the various competing claims asserted against him; (b) afford stakeholders an efficient opportunity to investigate his assets, liabilities, and financial affairs; (c) establish what assets are estate property and, in turn, available for distribution to holders of allowed claims; and, to (d) reach consensus with his creditors on a fair and equitable resolution of claims and distribution of assets pursuant to a Chapter 11 plan.\n\n15. For the Debtor to conduct his Chapter 11 case, he requires financing for, among other budgeted items, the retention and employment of estate professionals. Accordingly, after the Petition Date, the Debtor asked his son to extend additional credit to that end.\n\n16. In requesting such financing, the Debtor was mindful that certain parties have already opposed, and may continue to oppose, both specific relief requested in this Motion and\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 7 of Case 22-50073 Doc 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 6 of 70 71\n\nthe Debtor's broader attempts to restructure his finances through this Chapter 11 case. Having no desire to further impose on the rights of his creditors to any assets of the estate, the Debtor requested that any financing be on terms that could not prejudice the interests of his creditors or raise suspicion of impropriety. The key terms of the Debtor's request, subject to certain exceptions set forth herein, were that: (i) the financing be on a fully unsecured basis; (ii) the financing be subordinated in priority to the claims of all prepetition creditors; and (iii) the loan proceeds be held and administered solely by a third-party professional with significant experience in Chapter 11 restructuring, subject to a budget.\n\n17. The DIP Lender, an entity controlled by the Debtor's son, has agreed to extend the DIP Financing, on the terms requested by the Debtor and as described in further detail below. The Debtor reasonably believes that he has no other prospects or sources to fund this Chapter 11 Case; indeed, the terms of the financing to be extended are so unusually generous that pursuit of financing from any alternative source would waste the Debtor's resources. No DIP Loan proceeds will be used to pay or reimburse the DIP Lender for any costs, expenses, or indemnification in connection with the DIP Facility. Accordingly, the Debtor submits that the loan is offered in good faith and that the relief requested is in the best interest of his Chapter 11 estate, his creditors, and other parties in interest.\n\n#### **SUMMARY OF FINANCING TERMS**\n\n18. Bankruptcy Rule 4001(c)(1)(B) and Local Rule 4001-3 require that a motion for authority to obtain postpetition financing summarize, and set out the location within the relevant documents, all material provisions of the proposed DIP Loan Agreement and form of order, including the interest rate, maturity, events of default, liens, borrowing limits and borrowing conditions. The principal terms of the DIP Facility are as follows:\n\n| Summary and Material Terms | | | |\n|-------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|--|\n| Borrower | Mr. Ho Wan Kwok | Introduction and
Recitals, p. 1 | |\n| DIP Lender | Golden Spring (New York) Ltd. | Introduction and
Recitals, p. 1 | |\n| Commitment | A term loan facility in an aggregate principal amount of
US\\$8,000,000 (the \"DIP Loan,\" and together with all
other obligations under the DIP facility, the \"DIP Loan
Obligations;\" such DIP facility, the \"DIP Facility\"). | Recital B, p. 1 | |\n| Availability and
Funding
Conditions | The DIP Loan shall be made, upon entry of the Interim
DIP Loan in an initial amount of US\\$2,000,000 (the
\"Interim DIP Loan\") and, upon 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\"). | 2.01, 3.01, 3.02 | |\n| | The DIP Facility and the advancing of the Interim DIP
Loan shall be conditioned upon the satisfaction of the
following conditions: | | |\n| | (a)
Each DIP Loan Document shall be in form and
substance
reasonably
satisfactory
to
the
DIP
Lender, and shall have been duly executed by the
Debtor
and
any
other
necessary
parties
and
delivered to the DIP Lender; | | |\n| | (b)
The Interim DIP 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 DIP Lender in its
sole and absolute discretion; | | |\n| | (c)
The DIP Lender shall have received the Initial
Budget; | | |\n| | (d)
The Debtor Account shall have been established;
and | | |\n| | (e)
No Event of Default shall have occurred and be
continuing or result after giving effect to the
making of such DIP Loan. | | |\n| | | | |\n\n| The obligation of the DIP Lender to make any Subsequent
DIP Loan is subject to satisfaction or waiver of the
following conditions: | |\n|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|\n| (a)
Entry of the Final DIP Order, which, together with
the Interim DIP Order, shall remain in full force
and effect, and shall not have been stayed, vacated,
reversed, amended or otherwise modified without
the prior written consent of the DIP Lender in its
sole and absolute discretion | |\n| (b)
No Event of Default shall have occurred and be
continuing
or
result
from
such
Subsequent
Funding; and | |\n| (c)
The aggregate principal amount of all DIP Loans
then outstanding shall and after giving effect to the
making of such Subsequent DIP Loan shall not
exceed the DIP Commitment. | |\n| In accordance with the terms of the DIP Facility, upon the
occurrence of an Event of Default, the DIP Lender shall be
obligated to fund an additional DIP Loan in an amount
sufficient to the Professional Fees Escrow, subject to
satisfaction of the following conditions: | |\n| (a)
The DIP 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| (b)
An Event of Default shall have occurred and be
continuing; | |\n| (c)
The proceeds of the Interim DIP Loan and each
Subsequent DIP Loan shall be insufficient to fund
the Professional Fees Escrow in accordance with
Section 8.02; and | |\n| (d)
The aggregate principal amount of all DIP Loans
then outstanding and after giving effect to the
making of the Escrow Funding Loan shall not
exceed the DIP Commitment. | |\n| | |\n\n| Budget / Use of
Proceeds | No proceeds of the DIP Loan shall be used to fund the
fees of the DIP Lender. The Debtor's administrative
expenses, including professional fees of the Debtor, any
official
creditors
committee,
or
any
examiner
(if
appointed), the quarterly fees of the United States Trustee
and the fees of the Bankruptcy Court, provided that the
aggregate disbursements for payment of: (i) the Debtor's
professional fees shall not exceed US\\$4,000,000; and (ii)
any official creditors committee,
or any examiner (if
appointed), the quarterly fees of the United States Trustee
and the fees of the Bankruptcy Court, collectively, shall
not exceed US\\$4,000,000; provided, however, that 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\").
The DIP Lender shall be entitled to remittance of certain
funds upon an Event of Default (see below).
On the first day of each calendar month, commencing on
May 1, 2022, the Debtor shall deliver to the DIP 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
shall
be
presumed
acceptable to the DIP Lender unless the DIP Lender
objects to such updated budget in writing within three (3)
days following delivery thereof. Estate professionals
(including, but not limited to, professionals retained by the
Debtor, any official committee, and/or any examiner) shall
provide weekly fee accrual reports to the DIP Lender in
accordance with the terms of the Interim DIP Order. | 2.04, 5.01
8.02
Interim Order, ¶¶
7,8
Final Order, ¶. 9. |\n|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|\n| Purpose | The proceeds of any DIP Loan shall be used to fund the
Debtor's administrative expenses (including the fees of the
Debtor's retained professionals) and other costs related to
the Chapter 11 Case.
Ordinary living expenses of the
Debtor will not be funded by the DIP Facility. | 2.04 |\n\n| Term and
Maturity
Interest Rate | The earliest of (i) eighteen months after the Closing Date,
(ii) the effective date of any plan of reorganization of the
Debtor, and (iii) the acceleration of the DIP Loan
Obligations pursuant to an event of default.
5.0% per annum, capitalized quarterly on the last day of
each quarter.
Additional 2.0% interest on amounts not
paid when due. | Definition, p. 3
2.01
8.01
8.02
2.02
2.03 |\n|-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|\n| Security and
Priority | All DIP Obligations will be unsecured and subordinated in
right to payment of the claims of all other creditors of the
Debtor existing as of the Petition Date, with the sole
exception that upon a finding of an Event of Default or
violation of the DIP Orders upon notice and hearing, the
DIP Lender shall have an allowed superpriority claim in
the amount of any Proceeds then held by the Debtor, and
the Debtor shall be authorized to remit all such Proceeds,
less the Carve-Out, to the DIP Lender. | Recital B, p. 1,
8.02(b),
Interim Order, ¶
8
Final Order, ¶. 9. |\n| Fees, Expenses,
and
Indemnification | The Debtor shall reimburse the DIP Lender only for Out
of-Pocket
Expenses
(including
reasonable
fees,
disbursement and other charges of counsel) in connection
with monitoring the Debtor's compliance with the terms
of the DIP Loan Agreement (the \"DIP Lender's Fees\"),
which the Debtor shall pay in-kind by capitalizing as
principal. The Debtor shall indemnify and hold harmless
the DIP Lender, and the officers, directors, members,
managers, employees, attorneys and agents of the DIP
Lender (each an \"Indemnified Party\") from, and holds
each of them harmless against, 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 Loan 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. | Definitions, p. 3
7.01 |\n| Events of
Default | (a) default in due and punctual payment of principal or
other amounts due;
(b)-(d) breach of covenants, warranties or other DIP Loan
Document provisions (including, e.g., compliance with
budget and reporting requirements, milestones, validity of
obligations, and other terms of the Agreement); | 8.01 |\n\n| | (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 United States District Court for the
Southern District of New York shall deny a motion to
transfer venue of the PAX Litigation; | |\n|-----------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|\n| | (f) without consent of the DIP Lender, the Chapter 11
Case is dismissed or converted to a case under chapter 7 of
Title 11, or the Debtor shall file a motion or other pleading
seeking such dismissal or conversion; | |\n| | (g) there shall be appointed a chapter 11 trustee, or the
Debtor shall file a motion or other pleading seeking such
appointment; and | |\n| | (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| Milestones | Not later than forty-five (45) days after filing the Motion,
the Bankruptcy Court shall have entered the Final DIP
Order. | 6.01 |\n| Effect on
Existing Liens,
Determinations
Thereon | Not applicable | |\n| Carve-out | Budgeted estate professional fees and expenses shall be
placed in escrow on a rolling basis for payment to
Professional Persons.
Upon an event of default or
violation of the DIP Orders, amounts escrowed plus
\\$500,000 may be used to satisfy allowed professional
claims. | Final Order ¶. 8. |\n| Cross
collateralization | Not applicable | |\n| Payments of
Pre-Petition
Debt | Not applicable | |\n| Equities of the
Case, 506(c) | Not applicable | |\n\n### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 13 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 12 of 70 71\n\n| Other
Conditions | No provision of the DIP Facility limits the DIP Lender's
obligations based upon the filing of any challenge, entry
of any order concerning the automatic stay, or any other
condition stated in Rule 4001(c) or Local Rule 4001-
3(a)(7). | |\n|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|\n| Joint Liability | Not applicable | |\n| of Debtors | | |\n| Funding of | Not applicable | |\n| Non-Debtor | | |\n| Affiliates | | |\n| Effect on | Not applicable | |\n| nonbankruptcy | | |\n| law, litigation | | |\n\n#### **BASIS FOR RELIEF**\n\n19. The Court should authorize Mr. Kwok, as an exercise of his sound business judgment, to obtain and enter into the DIP Financing as set forth herein. Although the financing terms are so generous that it is not clear which provision of the Bankruptcy Code authorizes the Court to approve it or provides a standard of cause for approval, the financing is clearly in the best interests of the estate and the Debtor and his creditors.\n\n20. The Debtor's request for financing approval is likely subject to the standards for approval of transactions set forth in sections 363 and/or 364 of the Bankruptcy Code.\n\n21. Section 364 of the Bankruptcy Code authorizes a debtor to obtain unsecured credit \"as an administrative expense\" either in the ordinary course or otherwise. 11 U.S.C. § 364(a)-(b). Likewise, section 364 permits the Court to authorize the obtaining of secured and superpriority postpetition financing. *Id.* § 364(c)-(d). However, although postpetition financing is procured through section 364 in nearly every instance in chapter 11 practice, no provision of section 364 addresses a request for postpetition financing that is neither secured nor entitled to priority (much less, as here, subordinated to the claims of prepetition creditors).\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 14 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 13 of 70 71\n\n22. Accordingly, it is not clear that section 364 applies to the present request for postpetition financing. As discussed below, the request may be more appropriately subject to section 363, governing \"use, [sale], or lease\" of property in the estate, in that the Debtor is simply incurring a liability that may ultimately require a use of estate property in satisfaction thereof, and the Debtor is requesting authority to use the loan proceeds as specified in the Budget and described herein. *See* 11 U.S.C. § 363(b).\n\n23. Additionally, section 105(a) of the Bankruptcy Code allows the Court to \"issue any order…that is necessary or appropriate to carry out the provisions of this title.\" Section 105(a) has been interpreted to expressly empower bankruptcy courts with broad equitable powers to \"craft flexible remedies that, while not expressly authorized by the Code, effect the result the Code was designed to obtain.\" *Official Comm. of Unsecured Creditors of Cybergenics Corp. ex rel. Cybergenics Corp. v. Chinery*, 330 F.3d 548, 568 (3d Cir. 2003) (*en banc*). The powers granted to the Court under section 105 are broadly designed to address relief of the type requested here—*i.e.*, relief so atypically generous to a debtor and his creditors that Congress did not draft the Bankruptcy Code with the expectation that it might ever occur.\n\n24. Under the circumstances of the financing proposed, and given the broad powers of the Court, the Debtor believes that the permissive standard of section 363 should apply and deference should be given to the Debtor's business judgment. Regardless, as further provided herein, the proposed financing satisfies any applicable standard.\n\n### **I. The Court Should Approve the Proposed Financing as an Exercise of the Debtor's Business Judgment.**\n\n25. A debtor should be authorized to use, sell or lease assets outside of the ordinary course of business pursuant to section 363 of the Bankruptcy Code and prior to obtaining a confirmed plan of reorganization if it demonstrates a sound business purpose for doing so. *See*, *e.g.*,\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 15 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 14 of 70 71\n\n*Official Comm. of Unsecured Creditors of LTV Aerospace & Def. Co. v. LTV Corp. (In re Chateaugay Corp.)*, 973 F.2d 141, 143-45 (2d Cir. 1992) (holding that a judge reviewing a section 363(b) application must find from the evidence presented a good business reason to grant such application); *see*, *e.g.*, *Licensing by Paolo, Inc. v. Sinatra (In re Gucci)*, 126 F.3d 380, 387 (2d Cir. 1997); *Comm. of Equity Sec. Holders v. Lionel Corp. (In re Lionel Corp.)*, 722 F.2d 1063, 1070-71 (2d Cir. 1983).\n\n26. Here, the Debtor has a clear business justification for entering into the proposed financing and undertaking related uses of estate property. The Debtor requires financing to, among other things, maximize value of the estate by employing ordinary course professionals to liquidate the Debtor's litigation assets, and restructuring professionals to negotiate and pursue confirmation of a plan of reorganization. These actions are not possible without financing, and it is not reasonable to imagine that any financing might be arranged on more preferable terms.\n\n27. Once a court has determined there is a sound business justification for a use of property outside of a plan, the court must also determine that (a) the debtor has provided the interested parties with adequate and reasonable notice, (b) the terms are fair and reasonable, and (c) the counterparty is proceeding in good faith. *See In re Gen. Motors Corp.*, 407 B.R. 463, 493- 94 (Bankr. S.D.N.Y. 2009); *In re Betty Owens Sch.*, No. 96 Civ. 3576 (PKL), 1997 U.S. Dist. LEXIS 5877, at \\*14 (S.D.N.Y. Apr. 16, 1997); *Polvay v. B.O. Acquisitions, Inc. (In re Betty Owens Sch., Inc.)*, No. 96 Civ. 3576 (PKL), 1997 WL 188127, at \\*4 (S.D.N.Y. Apr. 17, 1997).\n\n28. This Motion is being noticed to the Debtor's most significant creditors and the matter will be considered at the hearing thereon; accordingly, the Debtor submits that adequate and reasonable notice is being provided. Likewise and again, it cannot be reasonably asserted that the terms of financing offered are not fair and reasonable; indeed, the terms are deliberately generous so as to provide assurance to the Debtor's creditors that their interests will not be\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 16 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 15 of 70 71\n\nprejudiced by the Debtor's financing of this Chapter 11 case. The Debtor believes that the generous terms offered by the DIP Lender demonstrate ample good faith.\n\n### **II. Even Under the Strict Section 364 Standard, Postpetition Financing Should Be Approved.**\n\n29. Under the stricter standards of section 364(c), applicable where a debtor seeks to impose liens on property and thus potentially prejudice recoveries for prepetition unsecured creditors, bankruptcy courts still provide debtors considerable deference in acting in accordance with their sound business judgment in obtaining such credit. *See In re Barbara K. Enters., Inc.*, No. 08-11474, 2008 WL 2439649, at \\*14 (Bankr. S.D.N.Y. June 16, 2008) (explaining that courts defer to a debtor's business judgment \"so long as a request for financing does not 'leverage the bankruptcy process' and unfairly cede control of the reorganization to one party in interest\"); *In re Ames Dep't Stores, Inc.*, 115 B.R. 34, 40 (Bankr. S.D.N.Y. 1990) (\"[C]ases consistently reflect that the court's discretion under section 364 [of the Bankruptcy Code] is to be utilized on grounds that permit [a debtor's] reasonable business judgment to be exercised so long as the financing agreement does not contain terms that leverage the bankruptcy process and powers or its purpose is not so much to benefit the estate as it is to benefit a party-in-interest.\").\n\n30. Although not applicable in this instance, courts have articulated a three-part test to determine whether a debtor-in-possession is entitled to secured financing under section 364(c) of the Bankruptcy Code. Specifically, courts look to whether:\n\n- a. the debtor is unable to obtain unsecured credit under section 364(b) of the Bankruptcy Code, *i.e.*, by allowing a lender only an administrative claim;\n- b. the credit transaction is necessary to preserve the assets of the estate; and\n- c. the terms of the transaction are fair, reasonable, and adequate, given the circumstances of the debtor-borrower and proposed lenders.\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 17 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 16 of 70 71\n\n*See In re Ames Dep't Stores*, 115 B.R. at 37–40; *In re Los Angeles Dodgers, LLC*, 457 Bankr. 308, 312-13 (Bankr. D. Del. 2011).\n\n31. Here, the first prong of the test is not applicable, as the Debtor seeks approval of unsecured, subordinated financing, subject to the limited exceptions set forth herein.\n\n32. Again notwithstanding the strict inapplicability of the 364(c) test, the Debtor asserts that this stricter test is easily satisfied under the circumstances of this Chapter 11 Case.\n\n### **A. The DIP Financing Is Necessary to Preserve Estate Assets and Liquidate the Debtor's Liabilities.**\n\n33. As debtor-in-possession, the Debtor has a fiduciary duty to protect and maximize the value of his chapter 11 estate. *See, e.g.*, *In re Ames Dept. Stores*, 115 Bankr.. at 38 (with respect to postpetition credit, courts \"permit debtors-in-possession to exercise their basic business judgment consistent with their fiduciary duties\"); *In re Mushroom Transp. Co., Inc.*, 382 F.3d 325, 339 (3d Cir. 2004) (holding that a debtor-in-possession enjoys the powers that would otherwise vest in the bankruptcy trustee, which include, inter alia, a \"trustee's fiduciary duty to maximize the value of the bankruptcy estate.\") (internal citation and quotations marks omitted).\n\n34. Here, as discussed above, the assets of the estate are primarily the litigation claims brought by the Debtor, and the Debtor's liabilities are primarily litigation claims as well. The Debtor requires access to postpetition financing to continue his litigation, potentially to judgment, for the benefit of his creditors. Likewise, the Debtor requires financing to negotiate and achieve confirmation of a plan of reorganization. Without access to the DIP Financing, the Debtor will be unable to retain and compensate the attorneys currently prosecuting his litigation assets, and liabilities may similarly increase if the Debtor is unable to defend, settle, and/or litigate claims brought against him (either within this proceeding or, if stay relief is granted, in\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 18 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 17 of 70 71\n\nother venues). Thus, the Debtor's Chapter 11 estate may suffer immediate and irreparable harm if the DIP Financing is not granted.\n\n## **B. The Loan Terms Are More than Fair, and the Debtor Cannot Obtain DIP Financing On More Favorable Terms.**\n\n35. To satisfy the requirements of section 364(c) of the Bankruptcy Code, courts generally require \"only a showing of reasonable effort\" by a debtor to establish that credit was not available to a debtor on an unsecured or administrative expense basis. *In re YL W. 87th Holdings I LLC*, 423 B.R. 421, 441 (Bankr. S.D.N.Y. 2010); *see also In re Ames Dept. Stores, Inc.*, 115 B.R. 34, 40 (Bankr. S.D.N.Y. 1990) (\"[A] debtor must show that it has made a reasonable effort to seek other sources of credit available under section 364(a) & (b).\") (collecting cases); *In re Snowshoe Co., Inc.*, 789 F.2d 1085, 1088 (4th Cir. 1986) (applying a \"good faith effort\" standard to determine whether credit was not available to appointed trustee on less favorable terms). Under the \"reasonable effort\" standard, courts recognize that section 364(c) \"imposes no duty to seek credit from every possible lender before concluding that such credit is unavailable.\" *In re Snowshoe Co., Inc.*, 789 F.2d 1085, 1088 (4th Cir. 1986); *In re Republic Airways Holdings Inc.*, 16-10429(SHL), 2016 WL 2616717, at \\*10 (Bankr. S.D.N.Y. May 4, 2016) (\"The debtor is not required to 'seek credit from every possible source' but rather must demonstrate 'that it has made a reasonable effort to seek other sources of credit available under section 364(a) and (b).'\") (collecting cases) (internal citations and quotations marks omitted); *In re 495 Cent. Park Ave. Corp.*, 136 B.R. 626, 630 (Bankr. S.D.N.Y. 1992) (*citing In re Snowshoe*).\n\n36. Here, of course, the Debtor has obtained credit on an unsecured basis. Notwithstanding, even construing the 364(c) requirement as a requirement to seek competitive financing terms, the Debtor asserts that any such requirement is unwarranted. Terms such as\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 19 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 18 of 70 71\n\nthose proposed here—unsecured, subordinated, low-interest rates—are virtually unheard of in Chapter 11 practice. The Debtor respectfully submits that any effort to procure alternative financing on competitive terms would be a waste of estate resources.\n\n#### **III. The DIP Lender Should Be Deemed a Good Faith Lender.**\n\n37. Section 364(e) of the Bankruptcy Code protects a good faith lender's right to collect on loans extended to a debtor, and its right in any lien securing those loans, even if the authority of the debtor to obtain such loans or grant such liens is later reversed or modified on appeal. Although it is not clear that section 364 necessarily applies, the Debtor requests that analogous protections be afforded to the DIP Lender in this instance, if appropriate through the Court's powers under section 105(a).\n\n38. Specifically, section 364(e) provides that:\n\nThe reversal or modification on appeal of an authorization under this section [364 of the Bankruptcy Code] to obtain credit or incur debt, or of a grant under this section of a priority or a lien, does not affect the validity of any debt so incurred, or any priority or lien so granted, to an entity that extended such credit in good faith, whether or not such entity knew of the pendency of the appeal, unless such authorization and the incurring of such debt, or the granting of such priority or lien, were stayed pending appeal.\n\n39. Although the term \"good faith\" is not defined in the Bankruptcy Code, courts often look to case law under section 363(m). 7 Collier on Bankruptcy, 16th ed. ¶ 364.08, p. 37 (\"Section 364(e) is consistent with section 363(m), which provides similar protection to a buyer or lessee of property of the estate in a section 363 transaction.\"). Some courts interpret the term as \"the misconduct that would destroy a purchaser's good faith status at a judicial sale involves fraud, collusion between the purchaser and other bidders or the trustee, or an attempt to take grossly unfair advantage of other bidders*.\" In re Pan Am Corp.*, No. 91 CIV. 8319 (LMM), 1992 WL 154200, at \\*4 (S.D.N.Y. June 18, 1992) (*citing In re Rock Indus. Mach. Corp.*, 572 F.2d\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 20 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 19 of 70 71\n\n1195, 1198 (7th Cir. 1978)); *accord In re Gen. Growth Props., Inc.*, 423 B.R. 716, 722 (S.D.N.Y. 2010).\n\n40. Here, again, the Debtor believes that the DIP Facility embodies the most favorable terms on which he could obtain debtor-in-possession financing. The terms and conditions of the DIP Financing are fair and reasonable, and purposefully designed to avoid prejudice to the interests of any creditor. The proceeds of the DIP Facility will be used only for purposes that are permissible under the Bankruptcy Code, in accordance with the DIP Loan Documents and the DIP Budget, and administered by experienced restructuring professionals. Accordingly, the Court should find that the DIP Lender is a \"good faith\" lender within the meaning of section 364(e) of the Bankruptcy Code and is entitled to all of the protections afforded by that section\n\n### **REQUEST FOR HEARING AND AUTHORITY FOR INTERIM BORROWING UNDER THE DIP FACILITY**\n\n41. Rule 4001(c) of the Bankruptcy Rules provides that a final hearing on a motion to obtain credit pursuant to section 364 of the Bankruptcy Code may not be commenced earlier than 14 days after the service of such motion. Fed. R. Bankr. P. 4001(c). Upon request, however, this Court is empowered to conduct a preliminary expedited hearing on the motion and authorize the obtaining of credit to the extent necessary to avoid immediate and irreparable harm to a debtor's estate. *See* Local Rule 9013-2 (providing that any request for (i) entry of an order with less than seven (7) days' notice and (ii) prior to the earlier of the creditor's committee formation meeting or the Section 341 Creditors' Meeting, \"shall be confined to matters required to avoid irreparable harm to the assets of the estate and to maintain ongoing business operations and such other matters as the Court may deem appropriate.\").\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 21 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 20 of 70 71\n\n42. In examining requests for interim relief under this rule, courts apply the same business judgment standard applicable to other business decisions set forth above.\n\n43. Pursuant to Rule 4001(c) of the Bankruptcy Rules and Rule 9013-2 of the Local Rules, the Debtor respectfully requests that this Court conduct a preliminary hearing on the Motion and authorize the Debtor from the entry of the Interim DIP Order until the Final Hearing to obtain access to the US\\$2 million in proceeds of the Interim DIP Loan upon the date of entry of the Interim DIP Order to avoid immediate and irreparable harm to the Debtor's estates pending a final hearing on the Motion.\n\n44. As more fully set forth in the Kwok Declaration, unless the DIP Facility—limited only to the Interim DIP Loan—is approved on an interim basis as requested, the Debtor does not have sufficient liquidity (nor any material assets) to retain his prepetition attorneys and advisors prosecuting his litigation claims against UBS and Clark Hill and other pending litigations claims representing the estate's more significant assets—assets which may be necessary to formulate and potentially confirm a plan of reorganization. If the Debtor does not have immediate access to funding to ensure the continued services of these prepetition advisors, then their collective knowledge, expertise, and familiarity in connection with their prepetition work may be lost and this Chapter 11 estate will incur substantial additional and unnecessary expenses in educating and retaining replacement professionals necessary to preserve and continue prosecuting these valuable litigation claims. Thus, if the DIP Facility is not approved on an interim basis in the limited fashion set forth herein, then the Chapter 11 estate will be negatively impacted.\n\n## Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 22 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 21 of 70 71\n\n#### **REQUEST FOR A FINAL HEARING**\n\n45. Pursuant to Bankruptcy Rule 4001(c)(2), the Debtor requests that the Court set a date for the Final Hearing as soon as practicable, and fix a date and time prior to the Final Hearing for parties to file objections to approval of the Motion and entry of a Final DIP Order.\n\n#### **NOTICE**\n\n46. Notice of this Motion has been provided to the following parties, or, in lieu thereof, their counsel: (i) the U.S. Trustee; (ii) each of the Debtor's 20 largest unsecured creditors; (iii) the Internal Revenue Service; (iv) the United States Attorney's Office for the District of Connecticut; (v) the proposed DIP Lender; (vi) the official committee of unsecured creditors; and (vii) any such other party entitled to receive notice pursuant to Local Rule 2002. The Debtor submits that, in view of the facts and circumstances, such notice is sufficient and no other or further notice need be provided.\n\n#### **NO PRIOR REQUEST**\n\n47. No previous request for the relief sought herein has been made by the Debtor to this or any other court.\n\n**\"***Concluded on following page***\"**\n\n#### **CONCLUSION**\n\n**WHEREFORE**, the Debtor respectfully requests the entry of the Interim DIP Order, substantially in the form submitted herewith, (a) authorizing him to obtain the DIP Financing from the DIP Lender pursuant to the DIP Loan Agreement, (b) setting the Final Hearing on the Motion and entry of the Final DIP Order, and (c) granting the Debtor such other and further relief as the Court deems just and proper.\n\nDated: March 22, 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* pending) Attn: Bennett S. Silverberg, Esq. (*pro hac* pending) Attn: Uriel Pinelo, Esq. (*pro hac* pending) Telephone: (212) 209-4800 Facsimile: (212) 209-4801 Email: wbaldiga@brownrudnick.com bsilverberg@brownrudnick.com upinelo@brownrudnick.com\n\n## **EXHIBIT A**\n\n## **INTERIM DIP ORDER**\n\n## **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n--------------------------------------------------------------------X In re: Ho Wan Kwok, Debtor.1 : : : : : : : : Chapter 11 Case No. 22-50073 (JAM) Date: Time: --------------------------------------------------------------------X\n\n## **INTERIM ORDER (I) AUTHORIZING DEBTOR TO OBTAIN UNSECURED, SUBORDINATED POSTPETITION FINANCING, (II) SCHEDULING FINAL HEARING, AND (III) GRANTING RELATED RELIEF**\n\n Upon the motion dated March 22, 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 [●], 2022 (the \"Interim Hearing\"); and after considering all of the pleadings filed with this Court; and after consideration of the\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).\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 26 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 25 of 70 71\n\nevidence 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 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 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 27 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 26 of 70 71\n\nD. Notice. The Interim Hearing was held 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 (the \"DIP Loan\") through multiple advances in the aggregate principal amount of US\\$8,000,000; the DIP Loan shall be made, upon entry of this Interim DIP Loan, in an initial amount of US\\$2,000,000 (the \"Interim DIP Loan\") and, upon 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 that the proceeds of such DIP Facility 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).\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 28 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 27 of 70 71\n\nG. Good Cause. Based upon the record presented at the Interim Hearing, 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\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\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 29 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 28 of 70 71\n\na 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 faith, 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\n4. **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 Loan 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 Loan 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,\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 30 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 29 of 70 71\n\nby the Debtor in accordance with the requirements of the 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\n5. **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 4 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 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\n6. **Amendments and Modifications.** Upon entry of the Interim DIP Order, the Debtor and the DIP Lender shall not implement any amendments to and 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 Order.\n\n#### 7. **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#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 31 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 30 of 70 71\n\n(b) On Friday of each calendar week subsequent to the entry of this Interim DIP Order, each professional firm retained by the Debtor, the official committee of unsecured creditors, any examiner then appointed, and any other party seeking payment from the Debtor's estate on an administrative priority basis shall deliver to the DIP Lender a report of fee and/or cost accruals from the preceding week.\n\n(c) Except as otherwise set forth in this Interim DIP Order, if applicable, the Interim 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 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 only at the direction of Craig Jalbert of V&L and solely to the extent necessary to pay the Permitted Payments authorized in paragraph 8(a) of this Interim DIP Order and the DIP Loan Documents\n\n(d) No proceeds of the Interim DIP Loan or any Subsequent 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#### 8. **Fees and Expenses of Professional Persons.**\n\n(a) 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, 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 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\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 32 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 31 of 70 71\n\nthe 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\").\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 payment. Notwithstanding anything to the contrary in this or any other order or the DIP Loan Documents, the Permitted Payments 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 from the Debtor held in the Disbursement Escrow. Accordingly, neither the Debtor nor any of his creditors shall have any claim to or interest in the amounts on deposit in the Disbursement Escrow; provided, however,\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 33 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 32 of 70 71\n\nthat 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 escrow following full payment of all allowed Professional Fees and Expenses (the \"Excess Escrow Funds\"), such Excess Escrow 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(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\n9. **Events of Default; Remedies.** 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 occurrence of an \"Event of Default\" under (and as defined in) the DIP Loan Agreement: (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\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 34 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 33 of 70 71\n\nseek 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 excluding 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.\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(b) the validity or enforceability of any action taken pursuant to this Interim DIP Order.\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 35 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 34 of 70 71\n\n Notwithstanding 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 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\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 36 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 35 of 70 71\n\nthe 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 foregoing, 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 may have to bring or be heard on any matter brought before this Court.\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 37 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 36 of 70 71\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 (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\n\n## Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 38 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 37 of 70 71\n\nserved 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\n## **EXHIBIT B**\n\n## **FINAL DIP ORDER**\n\n| UNITED STATES BANKRUPTCY COURT
DISTRICT OF CONNECTICUT
BRIDGEPORT DIVISION
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Chapter 11 | | | | |\n| | Ho Wan Kwok, | :
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Case No. 22-50073 (JAM) | | | | |\n| | Debtor. 1
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Date:
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: | | | | |\n| | | FINAL ORDER (I) AUTHORIZING DEBTOR
TO OBTAIN UNSECURED, SUBORDINATED
POSTPETITION FINANCING AND (II) GRANTING RELATED RELIEF | | | | |\n\n Upon the motion dated March 21, 2022 (the \"DIP Financing Motion\")2 of the abovecaptioned debtor-in-possession (the \"Debtor\") in the above-referenced Chapter 11 case seeking the entry of an Interim DIP Order and this Final DIP Order authorizing the Debtor to obtain postpetition financing from Golden Spring (New York) Ltd. (the \"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 Rule 4001-3 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 final hearing, which was held on [●], 2022 (the \"Final Hearing\"); and after considering all of the pleadings filed with this Court; and after consideration of the evidence presented on the record at the Final Hearing; and the Court having found that due and\n\n1 The Debtor is known by the following names: Guo Wengui; Miles Guo; Miles Kwok; and Ho Wan Kwok.\n\n2 Capitalized terms used in this Final Order, unless defined herein, shall have the meanings given such terms in the DIP Financing Motion or the DIP Loan Agreement (as hereinafter defined).\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 41 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 40 of 70 71\n\nsufficient notice of the DIP Financing Motion and the Final Hearing was provided by the Debtor in accordance with Rules 2002, 4001(b)(1), 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 it appearing that the relief requested in the DIP Financing Motion, to the extent granted by this Final 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 pursuant to section 1102 of the Bankruptcy Code.\n\nC. Jurisdiction; Core Proceeding; Venue. The Court has subject matter jurisdiction over the 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 the 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 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 42 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 41 of 70 71\n\nD. Notice. The Final Hearing was held pursuant to Bankruptcy Rule 4001, and the notice provided by the Debtor of the Final Hearing and the relief requested in the 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 Final Hearing was necessary or required.\n\nE. 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 (the \"DIP Loan\") through multiple advances in the aggregate principal amount of \\$8,000,000; provided that the proceeds of such DIP Facility shall be used by the Debtor in accordance with this Final Order and the DIP Loan Documents (as hereinafter defined), solely for the purposes and amounts set forth in the Budget (as hereinafter defined).\n\nG. Good Cause. Based upon the record presented at the Final Hearing, it appears that good cause has been shown for the entry of this Final Order. The entry of this Final 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\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 43 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 42 of 70 71\n\nreasonable, 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 Final 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\n1. **Disposition.** The DIP Financing Motion is hereby granted on a final 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 overruled. This Final Order shall be valid, binding on all parties-ininterest, and fully effective immediately upon entry. The term of this Final Order and the DIP Loan Documents authorized hereunder shall expire, and the DIP Loan made pursuant to the DIP Loan Agreement and this Final Order 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 estates 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 Final 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 Final Hearing, the DIP Loan Documents and this Final Order have been negotiated in good faith\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 44 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 43 of 70 71\n\nbetween the Debtor and the DIP Lender. The terms of the DIP Loan Documents described in this Final 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 Final Order and the DIP Loan Documents shall be deemed to have been extended by the DIP Lender in good faith, 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\n4. **Authorization of Borrowing.** The Debtor's execution of the DIP Loan Documents is hereby authorized, ratified and affirmed. Upon entry of this Final Order, the Debtor is immediately authorized to (a) execute the DIP Loan Documents; (b) obtain the DIP Loan pursuant to the DIP Loan Documents and to incur any and all liabilities and obligations thereunder and to pay all interest, fees, costs, expenses (including attorneys' fees) and other obligations provided for under 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 Loan and may rely upon the Debtor's representations that the use thereof is in accordance with the requirements of this Final Order, the DIP Loan Documents, and Bankruptcy Rule 4001(c)(2). The DIP Loan shall be due and payable, and shall be paid, by the Debtor in accordance with the requirements of the Final Order and the DIP Loan Documents. All fees, previously paid and payable, expenses, and/or costs reimbursed or reimbursable under the DIP Loan Documents, this Final Order, or otherwise by the Debtor to the DIP Lender are hereby\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 45 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 44 of 70 71\n\nratified and approved. The Debtor is hereby authorized and directed to pay the foregoing, in accordance with the terms of the DIP Loan Documents and this Final Order, without the necessity of the Debtor or the DIP Lender filing any further application with the Court for approval or payment thereof. Upon payment of such fees, such fees shall be deemed fully earned, indefeasibly paid, and non-refundable.\n\n5. **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. In furtherance of the provisions of paragraph 4 of this Final 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 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\n6. **Amendments and Modifications.** The Debtor and the DIP Lender are hereby authorized to implement, in accordance with the terms of the DIP Loan Documents, any amendments to and modifications of any of the DIP Loan Documents (in accordance with the terms of the applicable DIP Loan Documents) without the need for further notice and hearing or any further order of the Court on the following conditions: (a) the amendment or modification must not constitute a material change to the terms of the DIP Loan Documents and (b) copies of the amendment or modification must be served upon counsel for the U.S. Trustee and the official committee of unsecured creditors at least one (1) business day before it is proposed to become effective. Any amendment or modification that constitutes a material change, to be effective, must be approved by the Court. For purposes of this paragraph, a \"material change\" shall\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 46 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 45 of 70 71\n\ninclude, without limitation, a change that operates to shorten the maturity of the DIP Facility, implement any case milestones or deadlines, increase the aggregate amount of the commitments under the DIP Facility, increase the rate of interest other than as currently provided in or contemplated by the DIP Loan Documents, impose covenants or defaults on the Debtor more onerous than such covenants or defaults in the DIP Loan Documents, and/or add specific Events of Default or enlarge the nature and extent of default remedies available to the DIP Lender following an Event of Default. For the avoidance of doubt, a waiver by the DIP Lender in writing of any covenant, condition or Event of Default under the DIP Loan Documents shall not constitute a material change.\n\n#### 7. **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 Final 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(b) On Friday of each calendar week subsequent to the entry of this Final Order, each professional firm retained by the Debtor, the official committee of unsecured creditors, any examiner then appointed, and any other party seeking payment from the Debtor's estate on an administrative priority basis shall deliver to the DIP Lender a report of fee and/or cost accruals from the preceding week.\n\n(c) Except as otherwise set forth in this Final Order, if applicable, all proceeds of the DIP Loan shall be remitted to the \"Debtor Account\" maintained by Verdolino & Lowey, P.C. (\"V&L\"), 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\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 47 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 46 of 70 71\n\nAccount. The Debtor may disburse amounts from the Debtor Account only at the direction of Craig Jalbert of V&L and solely to the extent necessary to pay the items authorized in this Final Order and the DIP Loan Documents.\n\n#### 8. **Fees and Expenses of Professional Persons.**\n\n(a) The Debtor is authorized to use proceeds of the DIP Loan solely for purposes authorized by this Final Order and by the DIP Loan Agreement, 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\").\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, (i) the amounts of any Authorized Disbursements not yet paid, and (ii) the amounts of any professional compensation and expense reimbursements, administrative priority claims, court fees, and United States Trustee fees requested to be paid but not yet authorized (\"Pending Disbursements\"). Such amounts shall remain in escrow pending authorization and payment. Notwithstanding anything to the contrary in this or any other order or the DIP Loan Documents, the Disbursement Escrow 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\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 48 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 47 of 70 71\n\nDisbursement 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 Final Order, the rights of the DIP Lender shall be subject and subordinate to the rights of any party entitled to payment from the Debtor held in the Disbursement Escrow. Accordingly, neither the Debtor nor any of his creditors shall have any claim to or interest in the amounts on deposit in the Disbursement Escrow; 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 escrow following full payment of all allowed Professional Fees and Expenses (the \"Excess Escrow Funds\"), such Excess Escrow 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(d) Nothing in this Final 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 Final 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\n9. **Events of Default; Remedies.** Upon or after a written notice to the Debtor of a violation of any provision of this Final Order that in the DIP Lender's reasonable discretion has an adverse effect on the DIP Lender or the occurrence of an \"Event of Default\" under (and as defined in) the DIP Loan Agreement: (i) the DIP Lender shall be fully authorized, in their sole\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 49 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 48 of 70 71\n\ndiscretion, 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 Funding 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 Final 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 Final 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 \\$500,000 and excluding 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 Final Order.\n\n(b) The rights, remedies, powers and privileges conferred upon the DIP Lender pursuant to this Final 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 Final Order or an Event of Default, nothing in this Final Order shall be construed to grant any security interest or priority repayment rights to DIP Lender in respect of any DIP Loan Obligations.\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 50 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 49 of 70 71\n\n10. **Subsequent Reversal or Modification.** Consistent with section 364(e) of the Bankruptcy Code, if any or all of the provisions of this Final 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 Final Order.\n\n Notwithstanding 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 Final 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 Final Order, and, therefore, the indebtedness resulting from such advance prior to the effective date of any stay, modification, or vacation of this Final Order cannot be deprived of the benefit under this Final 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 Final Order and extending the DIP Loan, the DIP Lender shall not be deemed to be in control of any 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 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 51 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 50 of 70 71\n\n12. **Successors and Assigns.** The provisions of this Final Order shall be binding upon all parties-in-interest in the Chapter 11 case, including, without limitation, the DIP Lender, the Debtor and their 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 any 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 any 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 Final Order shall govern and control.\n\n (b) For the avoidance of doubt, notwithstanding anything to the contrary in this Final 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 foregoing, notwithstanding any relief granted in any other order entered by the Court, but subject to the\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 52 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 51 of 70 71\n\nterms and conditions of this Final 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 Final Order, the DIP Loan Documents, and the Budget.\n\n15. **No Waiver.** This Final Order shall be construed in any way as a waiver or relinquishment of any rights that the Debtor or the DIP Lender 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 Final 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 Final Hearing is required. Promptly after the entry of this Final Order, the Debtor shall mail, by first class mail, a copy of this Final 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 Final Order.\n\n17. **Entry of Order.** This Final 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 Final Order on the Court's docket in this Chapter 11 case.\n\nDated:\n\nBridgeport, Connecticut\n\nUNITED STATES BANKRUPTCY JUDGE\n\n## **EXHIBIT C**\n\n6OJUFE4UBUFT#BOLSVQUDZ\\$PVSU %JTUSJDUPG\\$POOFDUJDVU -PDBM3VMFTPG#BOLSVQUDZ1SPDFEVSF\n\n**\"QQFOEJY)\\$IFDLMJTUGPS.PUJPOTBOE0SEFST 1FSUBJOJOHUPUIF6TFPG\\$BTI\\$PMMBUFSBMBOE 1PTU1FUJUJPO'JOBODJOH**\n\n#### Connecticut Local Form Checklist for Motions and Orders for Use of Cash Collateral and Post-Petition Financing (09/04/2018) Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 55 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 54 of 70 71\n\n## **CHECKLIST FOR MOTIONS AND ORDERS FOR USE OF CASH COLLATERAL AND POST- PETITION FINANCING**\n\nThis is to certify that the following checklist information reflects the substantive content of the motion and proposed order for use of cash collateral or for post-petition financing pursuant to 11 U.S.C. §§ 363 and/or 364 as indicated below:\n\n## **1. Identification of Proceeding:**\n\n- a. Preliminary motion/order\n- b. Final motion/order\n- c. Continuing use of cash collateral(§ 363)\n- d. New financing(§ 364)\n- e. Combination of§§ 363 and 364 financing\n- f. Emergency hearing (immediate and irreparable harm)\n\n## **2. Representations:**\n\n- a. Brief history of Debtor's businesses and status of Debtor's prior relationships with lender\n- b. Brief statement of purpose and necessity of financing\n- c. Brief statement oftype offinancing (i.e.) accounts receivable, inventory)\n- d. Are lender's pre-petition security interest(s) and liens deemed valid, fully perfected and non-avoidable?\n\n(i) Are there provisions to allow for objections to above?\n\n- e. Is there a post-petition financing agreement between lender and Debtor?\n- f. If there is an agreement, are lender's post-petition security interests and liens deemed valid, fully perfected and non-avoidable?\n- g. Has lender's non-cash collateral been appraised?\n- h. Insert date of latest appraisal.\n- i. Is Debtor's proposed budget attached?\n- j. Are all pre-petition loan documents identified?\n- k. Are pre-petition liens?\n- l. Are there pre-petition guaranties of debt?\n\n\n\n\n\n\n\n\n\n\n\n#### **3. Grant of Liens:** Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 56 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 55 of 70\n\n- a. Do post-petition liens secure pre-petition debts? 71\n\t- b. Is there cross-collateralization?\n\t- c. Is the priority of post-petition liens equal to or higher than existing liens?\n\t- d. Do post-petition liens have retroactive effect?\n\t- e. Are there restrictions on granting further liens or liens of equal or higher priority?\n\t- f. Is lender given liens on claims under§§ 506(c), 544-50 and§§ 522?\n\t\t- (i) Are lender's attorney's fees to be paid?\n\t\t\t- (ii) Are Debtor's attorney's fees excepted from § 506(c)?\n\t- g. Is lender given liens upon proceeds of causes of action under§§ 544, 547, and 548?\n\n## **4. Administrative Priority Claims:**\n\n- a. Is lender given an administrative priority?\n- b. Is administrative priority higher than § 507(a)?\n- Yes No N/A c. Is there a conversion of pre-petition secured claim to post-petition administrative claim by virtue of use of existing collateral?\n\n## **5. Adequate Protection(§ 361):**\n\n- a. Is there post-petition debt service?\n- b. Is there a replacement/additional § 361 (1) lien?\n- c. Is the lender's claim given super-priority?\n- d. Are there guaranties?\n- e. Is there adequate insurance coverage?\n\n## **6. Waiver/Release Claims v. Lender:**\n\n- a. Debtor waives or releases claims against lender, including, but not limited to, claims under§§ 506(c), 544-550, 552, and 553 ofthe Code?\n- b. Does the Debtor waive defenses to claim or liens of lender?\n- c. Is the proposed lender also the pre-petition lender?\n- d. New post-petition lender?\n- e. Is the lender an insider?\n\n| Yes
Yes | No
No | ✔
N/A
✔
N/A |\n|------------|----------|----------------------|\n| Yes
Yes | No
No | ✔
N/A
✔
N/A |\n| Yes | ✔
No | N/A |\n| Yes | No | ✔
N/A |\n\n\n\n\n\n✔\n\n| Yes | ✔ | No | | N/A |\n|-----|---|----|---|-----|\n| Yes | | No | ✔ | N/A |\n| Yes | ✔ | No | | N/A |\n| Yes | ✔ | No | | N/A |\n| Yes | | No | ✔ | N/A |\n\n\n\n#### **7. Modification of Stay:** Yes No N/A ✔ Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 57 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 56 of 70\n\n- a. Is any modified lift of stay allowed? 71\n- b. Will the automatic stay be lifted to permit lender to exercise self-help upon default without further order?\n- c. Are there any other remedies exercisable without further order of court?\n- d. Is there a provision that any future modification of order shall not affect status ofDebtor's post-petition obligations to lender? Yes No N/A\n\n## **8. Creditors' Committee**\n\n- a. Has creditors' committee been appointed?\n- b. Does creditors' committee consent?\n\n## **9. Restrictions on Parties in Interest:**\n\n- a. Is a plan proponent restricted in any manner, concerning modification of lender's rights, liens and/or causes?\n- b. Is the Debtor prohibited from seeking to enjoin the lender in pursuit of rights?\n- c. Is any party in interest prohibited from seeking to modify this order?\n- d. Is the entry of any order conditioned upon payment of debt to lender?\n- e. Is the order binding on subsequent trustee on conversion?\n\n## **10.** *Nunc Pro Tunc:*\n\na. Does any provision have retroactive effect?\n\n\n\n\n\n\n\n\n\n✔\n\n\n\nYes No N/A\n\n#### **11. Notice and Other Procedures:** Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 58 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 57 of 70 71\n\n- a. Is shortened notice requested?\n- b. Is service requested to shortened list?\n- c. Is time to respond to be shortened?\n- d. If final order sought, have 15 days elapsed since service of motion pursuant to FRBP 4001(b)(2)?\n- e. If preliminary order sought, is cash collateral necessary to avoid immediate and irreparable harm to the estate pending a final hearing?\n\t- f. Is a Certificate of Conference included?\n\t\t- g. Is a Certificate of Service included?\n- h. Is there verification of transmittal to U.S. Trustee included pursuant to FRBP 9034?\n\t- i. Has an agreement been reached subsequent to filing motion?\n- i. If so, has notice of the agreement been served pursuant to FRBP 4001 (d)(l)?\n- ii. Is the agreement in settlement of motion pursuant to FRBP 4001 (d)(4)?\n- iii. Does the motion afford reasonable notice of material provisions of the agreement pursuant to FRBP 4001(d)(4)?\n- iv. Does the motion provide for opportunity for hearing pursuant to FRBP 9014?\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n**Signed on**\n\nBy:\n\n## **EXHIBIT C**\n\n#### **DEBTOR-IN-POSSESSION CREDIT AGREEMENT**\n\n**DEBTOR-IN-POSSESSION CREDIT AGREEMENT,** dated as of March 22, 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 \\$8,000,000.00 (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**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**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## Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 61 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 60 of 70 71\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 on the Debtor's behalf under which Craig Jalbert, of Verdolino & Lowey, PC (\"**Verdolino**\"), shall be the sole authorized signatory and 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 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.\n\n**Event of Default** shall have the meaning provided for in Section 8.01 of this Agreement.\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 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\n\n## Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 62 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 61 of 70 71\n\nrelief 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**Maturity Date** shall mean the earliest of (i) eighteen months after the Closing Date, (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**Subsequent DIP Loan** shall have the meaning assigned to such term in Section 2.01.\n\n**Verdolino** shall have the meaning given to such term under the definition of \"Debtor Account\".\n\n**Section 2. DIP LOAN**\n\n2.01. DIP Loans.\n\n(a) Closing Date DIP Loan. On the Closing Date, 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 \\$2,000,000.00 (the \"**Closing Date DIP Loan**\").\n\n(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**\"). No later than two (2) Business Days following receipt of any Draw Request, the Lender shall fund the Subsequent DIP Loan in accordance with Section 2.04. All DIP Loan Obligations shall become immediately due and payable on the Maturity Date. Amounts repaid at any time to the Lender may not be reborrowed.\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 63 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 62 of 70 71\n\n(c) Draws Following an Event of Default. Upon the occurrence of an 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 as of the date of the occurrence of such 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 Date DIP Loans and each Subsequent DIP Loans, the \"**DIP Loans**\") in an aggregate principal amount sufficient to permit he funding of the Professional Fees Escrow from the Debtor Account in accordance with Section 8.02.\n\n(d) Notwithstanding anything in this Section 2.01 to the contrary, (i) during the period commencing upon entry of the Interim Financing Order but 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 shall the aggregate principal amount of the DIP Loans made, or required to be made, pursuant to this Section 2.01 exceed the DIP Commitment.\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 2.03, 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. So long as no Event of Default shall have occurred and be continuing, the proceeds of the Closing Date 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 professionals (collectively, the \"**Permitted Payments**\"). The proceeds of the DIP Loans will not be utilized to pay for ordinary living\n\n#### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 64 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 63 of 70 71\n\nexpenses of the Debtor.Upon the occurrence of an Event of Default, the proceeds of the DIP Loans shall only be used in accordance with Section 8.02.\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#### **Section 3. CONDITIONS TO EFFECTIVENESS AND FUNDING**\n\n3.02. Conditions to the Funding of the Closing Date DIP Loan. The obligation of the Lender to make the Closing Date 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;\n- (d) The Debtor shall have delivered the Initial Budget; and\n\n(e) No Event of Default shall have occurred and be continuing or result after giving effect to the making of the Closing Date 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 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) No 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) 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.\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,\n\nvacated, reversed, amended or otherwise modified without the prior written consent of the Lender in its sole and absolute discretion;\n\n(b) An 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 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\n5.01. Budget.\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(b) Estate professionals (including but not limited to professionals 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.\n\n### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 66 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 65 of 70 71\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. 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. EVENTS OF DEFAULT AND REMEDIES**\n\n8.01. Notwithstanding anything hereinabove to the contrary, each of the following shall constitute an \"**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(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\n### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 67 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 66 of 70 71\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(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(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(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\n8.02. 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 Loan 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.\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) of the Bankruptcy Code, in an amount equal to the Undisbursed DIP Loans.\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\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\n\n### Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 68 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 67 of 70 71\n\npayable), 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 NEW YORK 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 YORK STATE COURT SITTING IN NEW YORK COUNTY AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND APPELLATE COURTS FROM ANY THEREOF; 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 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\n\n## Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 70 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 69 of 70 71\n\nNew York, NY 10036 Attention: Bennett S. Silverberg Email bsilverberg@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 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 71 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 70 of 70 71","body_zh":"证物 PAX 31\n\n债务人关于作出临时及最终 DIP 命令的动议：(I) 授权债务人获得无担保、次级的申请后融资；(II) 安排临时及最终听证会；以及 (III) 给予相关救济\n美国康涅狄格地区破产法院布里奇波特分院\n\n--------------------------------------------------------------------X 关于：Ho Wan Kwok（郭文贵），债务人。1 : : : : : : : : 第11章案件 案号 22-50073 (JAM) 日期： 时间： --------------------------------------------------------------------X\n债务人关于作出临时及最终 DIP 命令的动议：(I) 授权债务人获得无担保、次级的申请后融资；(II) 安排临时及最终听证会；以及 (III) 给予相关救济\n\n上述标题所列第11章案件中的债务人及占有中的债务人 Ho Wan Kwok 先生（郭文贵）（“Kwok 先生”或“债务人”），通过其下列签署的代理律师，特此提交本动议（“本动议”），请求作出一项实质上采用随附本动议之证物 A 所列格式的临时命令（“临时 DIP 命令”），以及一项采用随附本动议之证物 B 所列格式的最终命令（“最终 DIP 命令”，与临时 DIP 命令合称“DIP 命令”），以给予下述救济。为支持本动议，债务人提交并援引：(i) Ho Wan Kwok 先生支持第11章案件及若干动议的声明（“Kwok 声明”）[Docket No. 107]；(ii) 按照当地破产规则 4001-3 的要求编制的《附录 H——有关现金担保物使用及申请后融资的动议和命令核对清单》版本，作为本动议之证物 C 附后；以及 (iii) 所拟定的占有中债务人信贷协议副本（“DIP 贷款协议”），作为本动议之证物 D 附后。为进一步支持本动议，Kwok 先生陈述如下：\n\n1 债务人还使用以下姓名：Guo Wengui；Miles Guo；Miles Kwok；以及 Ho Wan Kwok。\n案件 22-50073 文书 404-31，于 05/20/22 提交，于 05/20/22 11:52:18 登记，第 3 页；案件 22-50073 文书 117，于 03/22/22 提交，于 03/22/22 12:08:06 登记，第 2 页，共 70 页，第 71 页\n初步陈述\n\n1. 本案债务人请求批准 $8,000,000 的申请后融资。所拟融资安排为无担保，次于债务人申请前债权人的债权，且不享有任何行政优先权或其他优先受偿权。实际上，所提贷款仅在债务人债权人的所有获准债权均已全额清偿，或已依计划条款以其他方式获得清偿时，方予偿还。\n\n2. 所拟贷款人 Golden Spring (New York) Ltd.（“DIP 贷款人”）是一家由债务人之子拥有并控制的实体。经考虑相关情况后，债务人请求且 DIP 贷款人同意，DIP 融资应惠及所有破产财产专业人士，且不设定任何可能损害债务人债权人利益的留置权或优先权。该贷款的另一项条件是，债务人拟聘任的财务顾问 Verdolino & Lowey, P.C.（“V&L”）应收取贷款所得款项，并应为依照预算拨付资金的唯一获授权签署人。\n\n3. 债务人相信，所拟融资条件是可获得的最佳条件。鉴于这些宽厚条件，债务人认为，试图从其他来源以竞争性条件获得融资将是浪费资源且徒劳无益；并且如下文所述，《破产法》的通常申请后融资规定并未明确适用。债务人进一步相信，所拟融资系善意提供，不损害其任何债权人的权利或利益，符合其破产财产的最佳利益，因此应予批准。\n案件 22-50073 文书 404-31，于 05/20/22 提交，于 05/20/22 11:52:18 登记，第 4 页；案件 22-50073 文书 117，于 03/22/22 提交，于 03/22/22 12:08:06 登记，第 3 页，共 70 页，第 71 页\n请求的救济\n\n4. 借由本动议，依照美国法典第 11 编第 105、363 及 364 条，11 U.S.C. §§ 101, et seq.（经修订，以下简称“《破产法》”）、《联邦破产程序规则》（“破产规则”）第 2002、4001、6004 及 9014 条，以及《美国康涅狄格地区破产法院当地规则》（“当地规则”）第 2002-1、4001-3、9006-1 及 9013-1 条，Kwok 先生请求作出临时 DIP 命令，授权其按本文所述以极为有限的范围获得申请后融资。\n\n5. 此外，Kwok 先生请求法院安排一次最终听证会（“最终听证会”），以最终审议本动议所请求的救济并作出最终 DIP 命令。\n管辖权、审判地及救济依据\n\n6. 本法院根据 28 U.S.C. §§ 157 和 1334，以及美国康涅狄格地区联邦地区法院（经修订）的移交常设命令，对审理本动议具有管辖权。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章案件及本动议的审判地在本地区适当。\n\n7. 本动议所请求救济的法定依据为《破产法》第 105(a)、363 及 364 条，破产规则第 2002、4001、6004 及 9014 条，以及当地规则第 2002-1、4001-3、9006-1 及 9013-1 条。\n背景\n\n8. 于 February 15, 2022（“申请日”），债务人通过提交依据《破产法》第 11 编第11章请求救济的自愿申请，启动本第11章案件。\n案件 22-50073 文书 404-31，于 05/20/22 提交，于 05/20/22 11:52:18 登记，第 5 页；案件 22-50073 文书 117，于 03/22/22 提交，于 03/22/22 12:08:06 登记，第 4 页，共 70 页，第 71 页\n\n9. 根据《破产法》第 1107(a) 和 1108 条，债务人为占有中的债务人。\n\n10. 本第11章案件中尚未指定受托人或审查员。于 March 21, 2022，美国受托人办公室康涅狄格地区分办公室（“美国受托人”）根据《破产法》第 1102 条指定了无担保债权人官方委员会。\n\n11. 债务人的一般背景载于 Kwok 声明，并通过引用纳入本文。他是一名直言不讳的中国政治异见人士及著名的中国亲民主活动人士。多年来，他在各种数字和媒体平台上积累了追随者，在这些平台上分享其关于中华人民共和国（“中国”）及其他世界事务的个人观点和意见。他对作为中国执政党的中国共产党（“中共”）的观点和意见，受到其经历 1989 年天安门广场大屠杀、其后因反对中共官员的政治活动而在中国被监禁，以及其对中共高层腐败的直接了解和个人经历的影响。他目前居住于美国，其庇护申请仍在审理中。\n\n12. 债务人在全球各地待决的 30 多宗活跃案件中作为原告、被告或共同被告列名，其中包括美国、英国、英属维尔京群岛及加拿大；其中大多数诉讼仍在美国进行。参见 SOFA [ECF No. 77]。申请前，债务人正在积极推进若干诉讼，其中两项现构成破产财产较为重要的资产：\n\na. UBS 请求权：债务人（连同若干共同原告）在英国皇家法院对 UBS AG（London Branch）（“UBS”）提出请求。在该诉讼中，请求人主张超过 $500 million 的损害赔偿，涉及 UBS 就债务人试图促成收购并收购一家中国金融机构 Haitong 于 2015 年发行的若干股份时所作的过失性失实陈述及建议。直至 February 9, 2022，债务人在一项管辖权异议中胜诉，该请求仍在英国法院审理。\n\nb. Clark Hill 请求权：债务人对律师事务所 Clark Hill PLC 及其一名成员 Thomas K. Ragland（合称“Clark Hill”）提出请求。该诉讼目前在美国哥伦比亚特区联邦地区法院待决。债务人正就 Clark Hill 违反法律代理职责，请求 $50 million 的补偿性损害赔偿及额外的惩罚性损害赔偿。\n\n参见 Kwok 声明第 III 节，第 32 段。\n\n13. 在申请日之前，债务人之子通过提供贷款垫款为其推进这些诉讼请求的律师费提供资金，该等垫款应从预期回收款中偿还。\n取得融资的努力、善意\n\n14. 债务人申请第11章救济，旨在：(a) 建立单一平台，以有序处理针对其提出的各种相互竞争的请求；(b) 为利益相关方提供有效机会，以调查其资产、负债和财务事务；(c) 确定哪些资产属于破产财产，并进而可供向获准债权持有人分配；以及 (d) 根据第11章计划，就公平合理地解决请求及分配资产与其债权人达成共识。\n\n15. 为进行其第11章案件，债务人需要融资，以支付预算项目中的各项费用，包括聘用和雇佣破产财产专业人士。因此，在申请日后，债务人要求其儿子为此提供额外信贷。\n\n16. 在请求该等融资时，债务人注意到某些当事人已经反对，并且可能继续反对本动议所请求的具体救济以及\n案件 22-50073 文书 404-31，于 05/20/22 提交，于 05/20/22 11:52:18 登记，第 7 页；案件 22-50073 文书 117，于 03/22/22 提交，于 03/22/22 12:08:06 登记，第 6 页，共 70 页，第 71 页\n\n债务人通过本第11章案件重整其财务的更广泛努力。债务人无意进一步妨碍其债权人对任何破产财产资产的权利，故请求任何融资均应按不会损害其债权人利益或引发不当行为怀疑的条件进行。在遵守本文所列某些例外的前提下，债务人请求的关键条件为：(i) 融资应完全以无担保方式提供；(ii) 融资在优先顺位上应次于所有申请前债权人的债权；以及 (iii) 贷款所得款项应仅由一名在第11章重整方面具有丰富经验的第三方专业人士持有和管理，并受预算约束。\n\n17. 由债务人之子控制的实体 DIP 贷款人已同意按债务人请求的条件并按下文进一步详述的方式提供 DIP 融资。债务人合理地相信，其不存在为本第11章案件提供资金的其他前景或来源；实际上，拟提供融资的条件异常宽厚，以至于寻求任何替代来源的融资将浪费债务人的资源。任何 DIP 贷款所得款项均不会用于支付或补偿 DIP 贷款人与 DIP 融资安排有关的任何成本、费用或赔偿。因此，债务人主张，该贷款系善意提供，所请求的救济符合其第11章破产财产、其债权人及其他利害关系方的最佳利益。\n融资条款摘要\n\n18. 破产规则第 4001(c)(1)(B) 条及当地规则第 4001-3 条要求，取得申请后融资授权的动议应概述并列明所拟 DIP 贷款协议及命令格式中所有重大条款在相关文件内的位置，包括利率、到期日、违约事件、留置权、借款限额及借款条件。DIP 融资安排的主要条款如下：\n\n摘要及重大条款\n\n借款人 Ho Wan Kwok（郭文贵）先生 引言及陈述，第1页\n\nDIP贷款人 Golden Spring (New York) Ltd.（Golden Spring（纽约）有限公司） 引言及陈述，第1页\n\n承诺 总本金金额为US$8,000,000的定期贷款融资（“DIP贷款”，连同DIP融资项下的所有其他义务，统称“DIP贷款义务”；该DIP融资称为“DIP融资”）。 陈述B，第1页\n\n可用性及放款条件 DIP贷款应于临时DIP贷款获准后发放，初始金额为US$2,000,000（“临时DIP贷款”）；于最终DIP命令获准后，可根据请求分最多三次后续预付款，每次金额为US$2,000,000（每次称为“后续DIP贷款”）。 2.01、3.01、3.02\n\nDIP融资及临时DIP贷款的发放应以下列条件获得满足为前提：\n\n(a) 每份DIP贷款文件的形式及实质内容均应合理地令DIP贷款人满意，并应由债务人及任何其他必要方适当签署并交付给DIP贷款人；\n\n(b) 临时DIP命令应完全有效，且未经DIP贷款人依其单独及绝对酌情权事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(c) DIP贷款人应已收到初始预算；\n\n(d) 债务人账户应已设立；以及\n\n(e) 未发生且持续存在违约事件，亦不得因发放该等DIP贷款而发生违约事件。\n\nDIP贷款人发放任何后续DIP贷款的义务以下列条件获得满足或被豁免为前提：\n\n(a) 最终DIP命令获准，该命令连同临时DIP命令应持续完全有效，且未经DIP贷款人依其单独及绝对酌情权事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(b) 未发生且持续存在违约事件，亦不得因该等后续融资而发生违约事件；以及\n\n(c) 当时所有未偿DIP贷款的本金总额，以及在发放该等后续DIP贷款后，均不得超过DIP承诺额。\n\n根据DIP融资的条款，于发生违约事件时，DIP贷款人应有义务发放一笔额外DIP贷款，金额足以支付专业费用托管金，但以下列条件获得满足为前提：\n\n(a) DIP命令应完全有效，且未经贷款人依其单独及绝对酌情权事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(b) 已发生且持续存在违约事件；\n\n(c) 临时DIP贷款及各笔后续DIP贷款的款项不足以根据第8.02条为专业费用托管金提供资金；以及\n\n(d) 当时所有未偿DIP贷款的本金总额，以及在发放托管融资贷款后，均不得超过DIP承诺额。\n\n预算／款项用途 DIP贷款的任何款项不得用于支付DIP贷款人的费用。债务人的行政费用，包括债务人、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、United States Trustee（美国受托人）的季度费用以及Bankruptcy Court（破产法院）的费用；但支付下列费用的累计支出：(i) 债务人的专业费用不得超过US$4,000,000；以及(ii) 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，合计不得超过US$4,000,000；但临时DIP贷款的款项仅可用于支付债务人日常业务专业人士的行政费用（为免生疑问，不包括Brown Rudnick LLP（布朗·拉德尼克律师事务所）、V&L和Stretto, Inc.（Stretto公司）），且在最终DIP命令获准前，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（统称“获准付款”）。\n\nDIP贷款人有权于发生违约事件时收取某些款项（见下文）。\n\n自2022年5月1日起，于每个日历月的第一日，债务人应向DIP贷款人交付更新后的预算，合理详细地列明自交付该预算之日起六个月期间预计的获准付款。债务人交付的每份预算均应推定为DIP贷款人可接受，除非DIP贷款人在交付后三(3)日内以书面形式对该更新预算提出异议。财产专业人士（包括但不限于债务人、任何正式委员会和／或任何审查员聘用的专业人士）应根据临时DIP命令的条款，向DIP贷款人提供每周费用应计报告。 2.04、5.01、8.02、临时命令，第7、8款、最终命令，第9款。\n\n用途 任何DIP贷款的款项应用于支付债务人的行政费用（包括债务人聘用的专业人士的费用）及与Chapter 11 Case（第11章案件）相关的其他费用。债务人的日常生活费用不得由DIP融资提供资金。 2.04\n\n期限及到期日 以下最早发生者：(i) 交割日后十八个月；(ii) 债务人任何重整计划的生效日期；及(iii) 因违约事件而使DIP贷款义务加速到期。\n\n利率 年利率5.0%，于每季度最后一日按季资本化。对到期未付款项另加收2.0%的利息。 定义，第3页、2.01、8.01、8.02、2.02、2.03\n\n担保及优先顺位 所有DIP义务均无担保，并在偿付顺位上劣后于截至申请日债务人所有其他债权人的债权；唯一例外是，在经通知及听证后认定发生违约事件或违反DIP命令时，DIP贷款人应就债务人当时持有的任何收益金额享有获准的超级优先权债权，且债务人应获授权将所有该等收益，扣除留置额后，汇付给DIP贷款人。 陈述B，第1页、8.02(b)、临时命令，第¶款、最终命令，第9款。\n\n费用、支出及赔偿 债务人仅应就DIP贷款人因监督债务人遵守DIP贷款协议条款而产生的实付费用（包括律师的合理费用、支出及其他收费）（“DIP贷款人费用”）向DIP贷款人予以偿还，债务人应将该等费用资本化为本金，以实物支付方式支付。债务人应赔偿DIP贷款人及DIP贷款人的高级职员、董事、成员、经理、雇员、律师和代理人（各称“受赔偿方”），并使其免受任何及所有损失、责任、义务、索赔、诉讼、损害赔偿、成本及费用（包括合理律师费）的损害，只要该等损失、责任、义务、索赔、诉讼、损害赔偿、成本、费用或支出涉及DIP贷款及DIP贷款文件；但如且仅在该等事项完全且直接因该受赔偿方的重大过失或故意不当行为所致的范围内，则不在此限。 定义，第3页、7.01\n\n违约事件 (a) 未按时足额支付到期本金或其他到期款项；\n\n(b)-(d) 违反承诺、保证或其他DIP贷款文件条款（包括但不限于遵守预算及报告要求、里程碑、义务的有效性及协议的其他条款）； 8.01\n\n(e) Bankruptcy Court（破产法院）就PAX v. Kwok, Index No. 652077/2017 (N.Y. Sup.)（“PAX诉讼”）作出解除自动中止的命令，和／或United States District Court for the Southern District of New York（纽约南区联邦地区法院）驳回移送PAX诉讼审理地的动议；\n\n(f) 未经DIP贷款人同意，第11章案件被驳回或转换为Title 11（第11编）第7章案件，或债务人提交寻求该等驳回或转换的动议或其他诉状；\n\n(g) 任命第11章受托人，或债务人提交寻求该等任命的动议或其他诉状；以及\n\n(h) 破产法院根据Bankruptcy Code（破产法）第1121(b)条终止债务人提交重整计划的专属权利。\n\n里程碑 不迟于提交该动议后四十五(45)日，破产法院应已作出最终DIP命令。 6.01\n\n对现有留置权及相关认定的影响 不适用\n\n留置额 预算中的财产专业人士费用及支出应以滚动方式存入托管账户，以支付给专业人士。发生违约事件或违反DIP命令时，托管金额加\\$500,000可用于清偿获准的专业人士债权。 最终命令，第8款。\n\n交叉担保 不适用\n\n申请前债务的支付 不适用\n\n案件衡平、506(c) 不适用\n\nCase 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 13 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 12 of 70 71\n\n其他条件 DIP融资的任何条款均不基于提出任何异议、作出任何有关自动中止的命令，或Rule 4001(c)（规则4001(c)）或Local Rule 4001-3(a)(7)（地方法则4001-3(a)(7)）规定的任何其他条件，而限制DIP贷款人的义务。\n\n债务人的连带责任 不适用\n\n向非债务人关联方提供融资 不适用\n\n对非破产法、诉讼的影响 不适用\n\n救济依据\n\n19. 法院应授权Kwok先生依其合理商业判断，按本文所述取得并订立DIP融资。尽管融资条款极为优厚，以至于并不明确破产法的哪一规定授权法院批准该融资或为批准提供理由标准，但该融资显然最符合财产、债务人及其债权人的利益。\n\n20. 债务人要求批准融资，可能受破产法第363条和／或第364条规定的交易批准标准约束。\n\n21. 破产法第364条授权债务人可在正常业务过程中或以其他方式，取得“作为行政费用”的无担保信贷。11 U.S.C. § 364(a)-(b)。同样，第364条允许法院授权取得有担保及具有超级优先权的申请后融资。Id. § 364(c)-(d)。然而，尽管在第11章实务中，几乎每一情况下均通过第364条取得申请后融资，第364条的任何规定均未处理既无担保亦无优先权资格的申请后融资请求（更不用说如本案一样，劣后于申请前债权人债权的融资）。\n\nCase 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 14 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 13 of 70 71\n\n22. 因此，并不明确第364条是否适用于本申请后融资请求。如以下所述，该请求可能更适宜受第363条约束；该条规定财产中财产的“使用、[出售]或租赁”，因为债务人仅是承担一项最终可能需要使用财产中财产加以清偿的责任，而债务人正请求获授权按预算所列及本文所述使用贷款款项。见11 U.S.C. § 363(b)。\n\n23. 此外，《破产法典》第105(a)条允许法院“发布为执行本法典规定所必需或适当的任何命令……”。第105(a)条被解释为明确赋予破产法院广泛的衡平权力，以“制定灵活的救济措施；尽管该等措施未获《破产法典》明文授权，但可实现《破产法典》旨在取得的结果”。Official Comm. of Unsecured Creditors of Cybergenics Corp. ex rel. Cybergenics Corp. v. Chinery，330 F.3d 548, 568 (3d Cir. 2003)（全体法官审理）。第105条授予法院的权力，其广泛设计旨在处理本案所请求类型的救济——即，对债务人及其债权人异常宽厚的救济，以至于国会在起草《破产法典》时并未预期其可能发生。\n\n24. 鉴于所提议融资的情形以及法院的广泛权力，债务人认为，应适用第363条的宽松标准，并应尊重债务人的商业判断。无论如何，如下文进一步规定，所提议的融资符合任何适用标准。\n\n一、法院应将所提议融资作为债务人商业判断的行使予以批准。\n\n25. 如债务人证明其具有合理的商业目的，则在获得确认的重整计划之前，应依据《破产法典》第363条授权债务人在正常营业过程以外使用、出售或租赁资产。参见，例如，\n\n案件 22-50073 文件 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 15 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 14 页，共 70 页 71\n\nOfficial Comm. of Unsecured Creditors of LTV Aerospace & Def. Co. v. LTV Corp.（In re Chateaugay Corp.），973 F.2d 141, 143-45 (2d Cir. 1992)（认定审查第363(b)条申请的法官必须根据所提交的证据，认定有充分的商业理由批准该申请）；另参见，例如，Licensing by Paolo, Inc. v. Sinatra（In re Gucci），126 F.3d 380, 387 (2d Cir. 1997)；Comm. of Equity Sec. Holders v. Lionel Corp.（In re Lionel Corp.），722 F.2d 1063, 1070-71 (2d Cir. 1983)。\n\n26. 本案中，债务人订立所提议融资并对破产财产作出相关使用，具有明确的商业正当理由。债务人需要融资，以便除其他事项外，通过聘用正常营业过程中的专业人员清算债务人的诉讼资产，并聘用重整专业人员谈判并寻求确认重整计划，从而最大化破产财产的价值。没有融资，这些行动无法进行；而且，设想能够以更有利条款安排任何融资并不合理。\n\n27. 法院一旦认定，在计划之外使用财产具有合理的商业正当理由，法院还必须认定：(a) 债务人已向利害关系方提供充分且合理的通知；(b) 条款公平且合理；以及 (c) 交易相对方系善意行事。参见 In re Gen. Motors Corp.，407 B.R. 463, 493-94 (Bankr. S.D.N.Y. 2009)；In re Betty Owens Sch.，No. 96 Civ. 3576 (PKL), 1997 U.S. Dist. LEXIS 5877, at \\*14 (S.D.N.Y. Apr. 16, 1997)；Polvay v. B.O. Acquisitions, Inc.（In re Betty Owens Sch., Inc.），No. 96 Civ. 3576 (PKL), 1997 WL 188127, at \\*4 (S.D.N.Y. Apr. 17, 1997)。\n\n28. 本动议已向债务人最重要的债权人发出通知，并将在就此举行的听证会上审议该事项；因此，债务人主张已提供充分且合理的通知。同样，并且再次强调，不能合理地声称所提供融资的条款不公平或不合理；事实上，该等条款被有意设定得较为宽厚，以向债务人的债权人保证，其利益不会因债务人为本第11章案件融资而受到损害。\n\n案件 22-50073 文件 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 16 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 15 页，共 70 页 71\n\n债务人认为，DIP Lender（DIP 贷款人）所提供的宽厚条款充分表明其善意。\n\n二、即使依照严格的第364条标准，亦应批准申请后融资。\n\n29. 根据第364(c)条较严格的标准，在债务人寻求对财产设定留置权、从而可能损害申请前无担保债权人受偿的情形下，破产法院仍对债务人在取得该等信贷时依其合理商业判断行事给予相当大的尊重。参见 In re Barbara K. Enters., Inc.，No. 08-11474, 2008 WL 2439649, at \\*14 (Bankr. S.D.N.Y. June 16, 2008)（解释称，只要融资请求不“利用破产程序”并将重整控制权不公平地让渡给一名利害关系方，法院即尊重债务人的商业判断）；In re Ames Dep't Stores, Inc.，115 B.R. 34, 40 (Bankr. S.D.N.Y. 1990)（“[C]ases consistently reflect that the court's discretion under section 364 [of the Bankruptcy Code] is to be utilized on grounds that permit [a debtor's] reasonable business judgment to be exercised so long as the financing agreement does not contain terms that leverage the bankruptcy process and powers or its purpose is not so much to benefit the estate as it is to benefit a party-in-interest.”）。\n\n30. 虽不适用于本案，法院已提出一项三部分检验标准，用以确定占有中的债务人是否有权根据《破产法典》第364(c)条获得有担保融资。具体而言，法院考察：\n\na. 债务人是否无法根据《破产法典》第364(b)条获得无担保信贷，即仅允许贷款人享有一项管理费用债权；\n\nb. 该信贷交易是否为保全破产财产资产所必需；以及\n\nc. 鉴于借款人债务人和拟议贷款人的情形，该交易条款是否公平、合理且充分。\n\n案件 22-50073 文件 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 17 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 16 页，共 70 页 71\n\n参见 In re Ames Dep't Stores，115 B.R. at 37–40；In re Los Angeles Dodgers, LLC，457 Bankr. 308, 312-13 (Bankr. D. Del. 2011)。\n\n31. 本案中，该检验标准的第一项不适用，因为债务人寻求批准无担保、次级融资，但须遵守本文所载的有限例外。\n\n32. 再次强调，尽管第364(c)条检验标准严格地不适用，债务人主张，在本第11章案件的情形下，该更严格的检验标准亦易于满足。\n\nA. DIP 融资为保全破产财产资产及清偿债务人负债所必需。\n\n33. 作为占有中的债务人，债务人负有受托义务，以保护并最大化其第11章破产财产的价值。参见，例如，In re Ames Dept. Stores，115 Bankr. at 38（就申请后信贷而言，法院“允许占有中的债务人在符合其受托义务的情况下行使其基本商业判断”）；In re Mushroom Transp. Co., Inc.，382 F.3d 325, 339 (3d Cir. 2004)（认定占有中的债务人享有原本应归属破产受托人的权力，其中包括但不限于“受托人最大化破产财产价值的受托义务”）（删除内部引证及引号）。\n\n34. 本案中，如上所述，破产财产的资产主要是债务人提出的诉讼请求，债务人的负债也主要是诉讼请求。债务人需要获得申请后融资，以继续进行其诉讼，并可能取得判决，从而使其债权人受益。同样，债务人需要融资以谈判并实现重整计划的确认。如无法获得 DIP 融资，债务人将无法继续聘用并支付目前正在主张其诉讼资产的律师；如果债务人无法对针对其提出的请求进行抗辩、和解和／或诉讼，其负债同样可能增加（无论是在本程序内，还是在准许解除自动中止后于其他审理地）。\n\n案件 22-50073 文件 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 18 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 17 页，共 70 页 71\n\n因此，如不批准 DIP 融资，债务人的第11章破产财产可能遭受即时且不可弥补的损害。\n\nB. 贷款条款不仅公平，且债务人无法以更优惠条款获得 DIP 融资。\n\n35. 为满足《破产法典》第364(c)条的要求，法院通常仅要求债务人作出“合理努力”的证明，以确立债务人无法在无担保或管理费用基础上获得信贷。In re YL W. 87th Holdings I LLC，423 B.R. 421, 441 (Bankr. S.D.N.Y. 2010)；另参见 In re Ames Dept. Stores, Inc.，115 B.R. 34, 40 (Bankr. S.D.N.Y. 1990)（“[A] debtor must show that it has made a reasonable effort to seek other sources of credit available under section 364(a) & (b).”）（汇集案例）；In re Snowshoe Co., Inc.，789 F.2d 1085, 1088 (4th Cir. 1986)（适用“善意努力”标准，以确定指定受托人是否无法以较不优惠的条款获得信贷）。在“合理努力”标准下，法院认可，第364(c)条“并未规定在得出该等信贷无法获得的结论之前，必须向每一位可能的贷款人寻求信贷”。In re Snowshoe Co., Inc.，789 F.2d 1085, 1088 (4th Cir. 1986)；In re Republic Airways Holdings Inc.，16-10429(SHL), 2016 WL 2616717, at \\*10 (Bankr. S.D.N.Y. May 4, 2016)（“债务人无须‘从每一可能来源寻求信贷’，而是必须证明‘其已作出合理努力，寻求根据第364(a)和(b)条可获得的其他信贷来源。’”）（汇集案例）（删除内部引证及引号）；In re 495 Cent. Park Ave. Corp.，136 B.R. 626, 630 (Bankr. S.D.N.Y. 1992)（引述 In re Snowshoe）。\n\n36. 本案中，当然，债务人已在无担保基础上获得信贷。然而，即使将第364(c)条的要求解释为寻求竞争性融资条款的要求，债务人主张任何该等要求均无依据。如本案所提议的条款——无担保、次级、低利率——在第11章实务中几乎闻所未闻。债务人谨此主张，任何以竞争性条款取得替代融资的努力都将浪费破产财产资源。\n\n案件 22-50073 文件 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 19 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 18 页，共 70 页 71\n\n三、DIP 贷款人应被视为善意贷款人。\n\n37. 《破产法典》第364(e)条保护善意贷款人就向债务人提供的贷款收取款项的权利，以及其就担保该等贷款的任何留置权享有的权利，即使债务人取得该等贷款或授予该等留置权的授权随后在上诉中被撤销或修改。尽管第364条是否必然适用并不明确，债务人请求在本案中向 DIP 贷款人提供类似保护；如适当，可通过法院根据第105(a)条所享有的权力提供该等保护。\n\n38. 具体而言，第364(e)条规定：\n\n在上诉中，对根据本条[《破产法典》第364条]取得信贷或负担债务的授权，或对根据本条授予优先权或留置权的授予予以撤销或修改，不影响对善意提供该等信贷的实体所发生的任何债务、所授予的任何优先权或留置权的效力，无论该实体是否知悉该上诉正在进行；但在上诉期间，该等授权和该等债务的发生，或该等优先权或留置权的授予，已被中止的除外。\n\n39. 尽管《破产法典》未对“善意”一词作出定义，法院通常参考第363(m)条项下的判例法。7 Collier on Bankruptcy, 16th ed. ¶ 364.08, p. 37（“第364(e)条与第363(m)条相一致，后者为第363条交易中破产财产的买受人或承租人提供类似保护。”）。一些法院将该词解释为：“足以毁损买受人在司法拍卖中善意地位的不当行为，包括欺诈、买受人与其他竞买人或受托人之间的串通，或者企图对其他竞买人取得严重不公平的优势。”In re Pan Am Corp., No. 91 CIV. 8319 (LMM), 1992 WL 154200, at \\*4 (S.D.N.Y. June 18, 1992) (citing In re Rock Indus. Mach. Corp., 572 F.2d\n\n案件 22-50073，文件 404-31，提交于 05/20/22，登记于 05/20/22 11:52:18，第 20 页，共 117 页；提交于 03/22/22，登记于 03/22/22 12:08:06，第 19 页，共 70 页，71\n\n1195, 1198 (7th Cir. 1978)); accord In re Gen. Growth Props., Inc., 423 B.R. 716, 722 (S.D.N.Y. 2010).\n\n40. 此处同样，债务人认为，DIP 融资安排体现了其能够获得的债务人占有期间融资的最优惠条款。DIP 融资的条款和条件公平合理，且经专门设计以避免损害任何债权人的利益。DIP 融资安排的所得款项将仅依照《破产法典》允许的用途、DIP 贷款文件及 DIP 预算使用，并由经验丰富的重组专业人士管理。因此，法院应认定 DIP 贷款人为《破产法典》第364(e)条含义内的“善意”贷款人，并有权获得该条所赋予的全部保护。\n\n请求就 DIP 融资安排项下的临时借款举行听证并授予授权\n\n41. 《破产规则》第4001(c)条规定，根据《破产法典》第364条提出的取得信贷动议的最终听证，不得早于该动议送达后 14 日开始举行。Fed. R. Bankr. P. 4001(c). 然而，经申请，本法院有权就该动议举行初步加急听证，并在为避免对债务人破产财产造成即时且不可弥补的损害所必需的范围内，授权取得信贷。参见 Local Rule 9013-2（规定，对于以下任何申请：(i) 在少于七（7）日通知的情况下作出命令；以及 (ii) 在债权人委员会组建会议或第341条债权人会议两者中较早者之前作出命令，“应限于为避免对破产财产资产造成不可弥补的损害、维持持续经营以及法院可能认为适当的其他事项所必需的事项。”）。\n\n案件 22-50073，文件 404-31，提交于 05/20/22，登记于 05/20/22 11:52:18，第 21 页，共 117 页；提交于 03/22/22，登记于 03/22/22 12:08:06，第 20 页，共 70 页，71\n\n42. 在审查本规则项下的临时救济申请时，法院适用与上文所述其他商业决策相同的商业判断标准。\n\n43. 根据《破产规则》第4001(c)条及地方法规第9013-2条，债务人谨请求本法院就该动议举行初步听证，并授权债务人自临时 DIP 命令作出之日起至最终听证期间，于临时 DIP 命令作出之日获得 US\\$2 million 临时 DIP 贷款所得款项，以避免在该动议最终听证待决期间对债务人破产财产造成即时且不可弥补的损害。\n\n44. 如 Kwok 声明中更充分阐述，除非按所请求的临时基础批准仅限于临时 DIP 贷款的 DIP 融资安排，否则债务人并无充足流动性（亦无任何重大资产）以留任其破产申请前的律师和顾问，继续推进其针对 UBS（瑞银）和 Clark Hill（克拉克·希尔律师事务所）的诉讼请求，以及其他尚待处理的诉讼请求；该等诉讼请求构成破产财产中较为重要的资产——而该等资产可能是制定并可能确认重整计划所必需的。若债务人无法立即获得资金以确保这些破产申请前顾问持续提供服务，则其与破产申请前工作相关的集体知识、专长和熟悉程度可能丧失，而本第11章破产财产将为培训和聘用为保全并继续推进这些有价值诉讼请求所必需的替代专业人士，产生大量额外且不必要的费用。因此，如不按本文所述的有限方式在临时基础上批准 DIP 融资安排，第11章破产财产将受到不利影响。\n\n案件 22-50073，文件 404-31，提交于 05/20/22，登记于 05/20/22 11:52:18，第 22 页，共 117 页；提交于 03/22/22，登记于 03/22/22 12:08:06，第 21 页，共 70 页，71\n\n请求举行最终听证\n\n45. 根据《破产规则》第4001(c)(2)条，债务人请求法院尽快确定最终听证日期，并确定在最终听证前供各方就批准该动议及作出最终 DIP 命令提交异议的日期和时间。\n\n通知\n\n46. 本动议已向下列各方，或向其律师（如有）送达通知：(i) 美国受托人；(ii) 债务人的20名最大无担保债权人中的每一名；(iii) 国内收入局；(iv) 康涅狄格地区美国检察官办公室；(v) 拟议 DIP 贷款人；(vi) 无担保债权人正式委员会；以及 (vii) 根据地方法规第2002条有权接收通知的任何其他该等方。债务人主张，鉴于事实和情形，该等通知充分，无需提供任何其他或进一步通知。\n\n无先前申请\n\n47. 债务人此前未曾向本法院或任何其他法院提出本文所请求救济的申请。\n\n“续见下页”\n\n结论\n\n因此，债务人谨请求作出临时 DIP 命令，实质上采用随附提交的格式，(a) 授权其根据 DIP 贷款协议从 DIP 贷款人取得 DIP 融资；(b) 确定该动议的最终听证以及作出最终 DIP 命令；以及 (c) 授予债务人法院认为公正且适当的其他及进一步救济。\n\n日期：March 22, 2022\nBROWN RUDNICK LLP（布朗·拉德尼克律师事务所）\n\n签署人：/s/ William R. Baldiga\nBROWN RUDNICK LLP\n185 Asylum Street\nHartford, CT 06103\n收件人：Dylan Kletter, Esq.\n电话：(860) 509-6500\n传真：(860) 509-6653\n电子邮件：dkletter@brownrudnick.com\n\nSeven Times Square\nNew York, NY 10036\n收件人：William R. Baldiga, Esq.（pro hac pending）\n收件人：Bennett S. Silverberg, Esq.（pro hac pending）\n收件人：Uriel Pinelo, Esq.（pro hac pending）\n电话：(212) 209-4800\n传真：(212) 209-4801\n电子邮件：wbaldiga@brownrudnick.com\nbsilverberg@brownrudnick.com\nupinelo@brownrudnick.com\n\n附件 A\n\n临时 DIP 命令\n\n美国康涅狄格联邦地区破产法院布里奇波特分院\n\n--------------------------------------------------------------------X\n关于：\nHo Wan Kwok（郭文贵），债务人。1\n：\n：\n：\n：\n：\n：\n：\n第11章\n案件编号 22-50073 (JAM)\n日期：\n时间：\n--------------------------------------------------------------------X\n\n临时命令：(I) 授权债务人获得无担保、次级的破产申请后融资，(II) 安排最终听证，以及 (III) 授予相关救济\n\n鉴于，上述标题所列债务人占有中的债务人（“债务人”）于 March 22, 2022 提出的动议（“DIP 融资动议”）2，在上述第11章案件（“第11章案件”）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）（“GSNY”或“DIP 贷款人”）获得破产申请后融资；根据《联邦破产程序规则》第2002、4001及9014条（经修订后称“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及9013-1条（“地方法规”），安排最终听证并批准通知的形式和方式；以及授予相关救济。\n\n本法院已审阅 DIP 融资动议、Ho Wan Kwok 先生为支持第11章案件及若干动议所作的声明，以及于 [●], 2022 举行的临时听证（“临时听证”）中提请法院注意的所有事项；并在审议向本法院提交的所有书状后；并在审议临时听证中记入记录的证据后；且法院已认定，债务人已依照《破产规则》第2002条和第4001(b)(1)条以及地方法规第4001-2条和第9013-2条，就 DIP 融资动议和临时听证提供了适当且充分的通知；且表明，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，公平合理并符合债务人、其破产财产、债权人及所有利害关系方的最佳利益，且系债务人商业判断的稳健审慎行使；并经适当审议和考虑后，法院作出以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，该等认定亦被采纳为法律结论，反之亦然）：\n\n法院特此认定并裁定：\n\nA. 申请日。于 February 15, 2022（“申请日”），债务人向本法院提交自愿救济申请，从而启动第11章案件。根据《破产法典》第1107条及第1108条，债务人为债务人占有。\n\nB. 其他破产财产相关方。本第11章案件中尚未任命受托人或审查员。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《破产法典》第1102条任命无担保债权人正式委员会。\n\nC. 管辖权；核心程序；审判地。根据 28 U.S.C. §§ 157(a)-(b) and 1334，法院对本第11章案件、各方及债务人的财产具有事项管辖权。根据 28 U.S.C. § 157(b)，本案为核心程序。根据 28 U.S.C. §§ 1408 and 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 404-31，提交于 05/20/22，登记于 05/20/22 11:52:18，第 27 页，共 117 页；提交于 03/22/22，登记于 03/22/22 12:08:06，第 26 页，共 70 页，71\n\nD. 通知。临时听证依据《破产规则》第4001条及地方法规第9013-2条举行，债务人就临时听证以及 DIP 融资动议所请求救济提供的通知，在此等情形下属适当且充分，并符合《破产法典》第102(1)条、《破产规则》第2002条、第4001(c)条及第4001(d)条，以及本法院地方法规，且无需或不要求就临时听证所寻求的救济提供任何其他通知。\n\nE. 即时融资需要。债务人持续需要获得本文所寻求类型的融资，以通过变现某些诉讼请求并寻求确认《破产法典》第11章项下的重整计划，最大化破产财产的价值。债务人无法以比 DIP 贷款人所提供条款更优惠的信贷安排形式获得融资。在为避免不可弥补损害所要求的期限内，债务人能够按照 DIP 贷款人所提供的条款，以所需金额最有效地获得融资。\n\nF. DIP融资安排。债务人已请求DIP贷款人设立一项有利于债务人的融资安排（“DIP融资安排”），据此债务人可通过多次预付款取得本金总额为US$8,000,000的贷款（“DIP贷款”）；该DIP贷款应于本临时DIP命令作出后，以初始金额US$2,000,000提供（“临时DIP贷款”），并于最终DIP命令作出后，应请求最多提供三笔后续预付款，每笔金额均为US$2,000,000（各称为“一笔后续DIP贷款”）；但前提是，该DIP融资安排的所得款项应由债务人依照本临时DIP命令及DIP贷款文件（定义见下文）使用，且仅用于预算（定义见下文）所载明的用途及金额。\n\n案件 22-50073 文档 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 28 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 27 页，共 70 页 71\n\nG. 正当理由。根据临时听证会提交的记录，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，反映了债务人审慎商业判断的行使，并有合理等值及公平对价的支持。\n\nH. 善意。根据临时听证会提交的记录，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，均应被视为DIP贷款人于《破产法典》第364(e)条含义内善意作出。\n因此，现特此命令、裁定并判决如下：\n\n1. 处置。兹在临时基础上批准DIP融资动议，但以本命令所载条款为限并受其约束，且上述认定以援引方式纳入本命令。任何此前未被撤回或解决的对DIP融资动议的异议，均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命令自作出之时起即为有效，对所有利害关系方具有约束力，并立即完全生效。本临时DIP命令及据此获授权的DIP贷款文件的期限应届满，且根据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\n2. 正当理由。债务人获得融资的能力对债务人及其债权人的破产财产至关重要，以便债务人能够最大化其破产财产的价值并确认\n\n案件 22-50073 文档 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 29 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 28 页，共 70 页 71\n\n重整计划。如不作出本临时DIP命令，债务人的破产财产将遭受无法弥补的损害。因此，已就DIP融资动议所请求的救济证明存在正当理由。\n\n3. 善意。根据诉状及临时听证会提交的记录，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，反映债务人在符合其受托责任的情况下行使审慎商业判断，并有合理等值及公平对价的支持。DIP贷款人根据本临时DIP命令及DIP贷款文件向债务人提供的任何DIP贷款和/或其他融资便利，均应被视为DIP贷款人于《破产法典》第364(e)条所称的善意情况下提供，且DIP贷款人应享有该条所赋予的所有保护。\n\n4. 借款授权。兹授权、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贷款文件取得临时DIP贷款；以及(c) 依照本命令及相关文件的条款，满足所有先决条件并履行本命令及相关文件项下的所有义务。DIP贷款人无任何义务或责任监督债务人对临时DIP贷款的使用，并可依赖债务人关于其使用符合本临时DIP命令、DIP贷款文件及《破产程序规则》第4001(c)(2)条要求的陈述。临时DIP贷款应由债务人依照临时DIP命令及DIP贷款文件的要求到期应付并予以支付，\n\n案件 22-50073 文档 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 30 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 29 页，共 70 页 71\n\n兹授权并命令债务人依照DIP贷款文件及本临时DIP命令的条款支付上述款项，无需债务人或DIP贷款人就其批准或支付向法院另行提交任何申请。\n\n5. 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，并可依照其条款对债务人强制执行。为推进本临时DIP命令第4段的规定，兹授权并命令债务人采取及履行所有行为，并在DIP贷款文件要求的范围内作出、签署及交付所有文书和文件，在每种情形下，凡为使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者，均应如此办理。\n\n6. 修订及修改。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命令之时。\n7. 预算；贷款所得款项及现金担保物的获准用途。\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官方委员会交付更新后的预算及一份形式和实质均为DIP贷款人合理接受的报告，报告债务人在前一月作出的所有付款。\n\n案件 22-50073 文档 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 31 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 30 页，共 70 页 71\n\n(b) 在本临时DIP命令作出后的每个日历周的星期五，债务人聘用的每家专业服务机构、无担保债权人官方委员会、当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以行政优先顺位获得付款的其他方，均应向DIP贷款人提交前一周费用和/或成本累计情况的报告。\n\n(c) 除本临时DIP命令另有规定外，如适用，临时DIP贷款所得款项应汇入由Verdolino & Lowey, PC（“V&L”）维护的、DIP贷款协议所定义的“债务人账户”。债务人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V&L的Craig Jalbert的指示下，且仅在为支付本临时DIP命令第8(a)段及DIP贷款文件授权的获准付款所必需的范围内，从债务人账户支付款项。\n\n(d) 临时DIP贷款或任何后续DIP贷款的任何所得款项均不得用于向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。\n8. 专业人士的费用及开支。\n\n(a) 兹授权债务人仅为本临时DIP命令及DIP贷款协议授权的目的使用DIP贷款所得款项，包括支付债务人被要求支付和/或经法院授权及批准的专业报酬及费用偿还、行政优先顺位债权、法院费用及美国受托人费用（视适用情况而定，统称“授权支付款项”）；但前提是，临时DIP贷款所得款项仅可用于支付债务人日常业务专业人士的行政开支（为免生疑，该等人士不包括Brown Rudnick LLP、V&L及Stretto, Inc.），并且在最终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开支（统称“获准付款”）。\n\n案件 22-50073 文档 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 32 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 31 页，共 70 页 71\n\n(b) 只要未发生且持续存在下文定义的任何除外事件，债务人应按预算规定，将尚未支付的任何获准付款金额（“待付金额”）存入由V&L代表债务人维护的一个托管账户（“支付托管账户”）。该等金额应继续处于托管状态，等待授权及支付。尽管本命令、任何其他命令或DIP贷款文件有任何相反规定，获准付款不受DIP贷款人控制，除非且仅在所有授权支付款项和待付金额被拒绝，或者获批准并获清偿后，支付托管账户中仍有剩余现金的范围内。只要DIP贷款人尚未发出除外事件通知，债务人即获授权依照DIP贷款文件向支付托管账户注资。除本段(e)项另有规定外，债务人获授权不时依照法院授权的程序或法院命令，从支付托管账户汇出付款（无论是否已送达除外事件通知）。\n\n(c) DIP贷款人没有义务确保债务人履行本段(a)项及(b)项下的任何义务。尽管本临时DIP命令有任何相反规定，DIP贷款人的权利应受限于并从属于任何有权从支付托管账户中持有的债务人资金获得付款的当事人的权利。因此，债务人及其任何债权人均不得对存入支付托管账户的金额享有任何请求权或权益；但前提是，如任何待付金额或其他托管金额随后被法院最终命令裁定不予准许或命令返还，或者在所有获准专业费用及开支获得全额支付后仍留在托管账户中（“超额托管资金”），则该等超额托管资金应支付并交付给债务人，并视适用情况按照DIP贷款文件和/或法院命令的规定予以使用。\n\n(d) 本临时DIP命令中的任何规定，均不得妨碍DIP出借人就根据《破产法典》第330、331及503条规定申请支付的专业人员费用及开支提出任何异议。\n\n(e) 尽管本临时DIP命令中有任何相反规定，如发生一项Carve-Out Event（“预留款项事件”），在该预留款项事件得到纠正或由DIP代理人以书面方式豁免之前，债务人不得再向付款托管账户存入任何款项。\n\n9. 违约事件；救济。在向债务人发出书面通知，告知其违反本临时DIP命令任何规定且该违反行为由DIP出借人合理酌情认定对DIP出借人具有不利影响后，或在DIP贷款协议项下发生“违约事件”（并按DIP贷款协议所界定）后：(i) DIP出借人有权自行酌情决定，在不提供任何事先通知的情况下，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，并在遵守下述各句规定的前提下，拒绝发放债务人请求的任何后续DIP贷款；及(ii) 自向债务人发出该等书面通知之日起三个营业日届满后，债务人根据预算使用因DIP贷款义务而收到的任何剩余款项（“所得款项”）的权利即告终止，且债务人不再依据本临时DIP命令、DIP贷款文件或其他规定获授权使用该等所得款项。此后，DIP出借人可申请本法院在通知及举行听证后认定已发生违反临时DIP命令的行为或违约事件。作出该等认定后，DIP出借人可要求并有权立即收取债务人持有的任何所得款项，但扣除US$500,000并不包括付款托管账户内的所有款项（“预留款项”）；DIP出借人还可采取任何适当行动，并行使DIP贷款文件及适用法律项下所有适用救济，以收回DIP贷款义务、对所得款项采取追索措施或实现所得款项，如同本Chapter 11（第11章）案件或任何替代性的Chapter 7（第7章）案件并未待决，并以其他方式执行DIP贷款文件或本临时DIP命令。\n\nCase 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 34 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 33 of 70 71\n\n(b) 根据本临时DIP命令授予DIP出借人的权利、救济、权力及特权，系对DIP贷款文件所载权利、救济、权力及特权的补充，并与其累积适用；但前述授权在违反本临时DIP命令或发生违约事件时交付债务人持有的所得款项的子段落除外，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出借人授予任何担保权益或优先受偿权。\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此后在上诉中被撤销、修改、废止或中止执行，该行动不会影响：\n\n(a) 债务人在该等中止、修改或废止生效日期之前向DIP出借人授予或承担的任何义务、债务或责任的有效性；或\n\n(b) 根据本临时DIP命令采取的任何行动的有效性或可执行性。\n\nCase 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 35 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 34 of 70 71\n\n尽管存在任何该等撤销、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出借人承担的任何破产申请后债务、义务或责任，在所有方面均应受本临时DIP命令原始规定的管辖；就任何该等债务、义务或责任而言，DIP出借人有权享有本命令及DIP贷款文件授予的全部权利、救济、特权、利益及优先权。根据DIP贷款文件预付的所有款项均系依赖本临时DIP命令而预付；因此，在本临时DIP命令的任何中止、修改或废止生效日期之前因该等预付款而产生的债务，不得因本Chapter 11案件或债务人的任何替代案件中任何后续命令而被剥夺本临时DIP命令或DIP贷款文件项下的利益。\n\n11. 不视为控制。DIP出借人同意本临时DIP命令并提供DIP贷款，不得被视为控制债务人，或作为“责任人”“管理代理人”或“所有人或经营者”行事（该等术语定义见经修订的United States Comprehensive Environmental Response, Compensation and Liability Act（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. 继受人和受让人。本临时DIP命令的规定对Chapter 11案件中的所有利害关系方均具有约束力，包括但不限于DIP出借人、债务人及其各自的继受人和受让人；并应使DIP出借人、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》任何一章或在任何继受程序中，无论依据《破产法典》或其他规定，为债务人案件指定的任何受托人、审查员、负责官员、财产管理人或代表，或类似人员。在任何情况下，DIP出借人均无义务依照为债务人财产指定或选任的任何Chapter 7或Chapter 11受托人的指示提供DIP贷款。\n\nCase 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 36 of 117 Filed 03/22/22 12:08:06 Page 35 of 70 71\n\n13. 协议的约束力。债务人为或将成为当事方的每一份DIP贷款文件，均构成债务人合法、有效且具有约束力的义务，并可依其条款予以执行。债务人已经或将适当签署并向DIP出借人交付DIP贷款文件。\n\n14. 条款优先性；预算。\n\n(a) 如任何DIP贷款文件、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优先适用并予以控制。\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付款。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，除非且仅在该等支出包含于并明确列入本临时DIP命令、DIP贷款文件及预算的范围内，债务人不得作出该等命令授权的任何支出。\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或DIP出借人放弃或弃置其就向本法院提出的任何事项提起主张或获得陈述意见机会的任何权利。\n\nCase 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 37 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 36 of 70 71\n\n16. 充分通知。债务人就临时听证发出的通知，已根据《破产程序规则》第2002条和第4001(c)(2)条及本法院当地规则发出。鉴于具体情形，无需就临时听证中授予的救济请求作出进一步通知。本临时DIP命令登记后，债务人应立即以一类邮件向通知当事人邮寄本临时DIP命令副本，并就此向法院书记官提交送达证明。该等送达构成对本临时DIP命令的良好且充分的通知。\n\n17. 命令登记。本临时DIP命令应于签署后立即生效，尽管《破产程序规则》第4001(a)(3)、6004(g)、7062或9014条或其他规定可能适用；法院书记官特此被指示将本临时DIP命令登记于本Chapter 11案件的法院案卷中。\n\n18. 最终听证。\n\n(a) 为审议登记最终DIP命令及最终批准DIP融资安排而举行的最终听证，定于[●], 2022，在[●] (ET)于United States Bankruptcy Court for the District of Connecticut（美国康涅狄格州联邦破产法院）举行。\n\n(b) 本临时DIP命令登记后两个营业日当日或之前，债务人应以已预付一类邮资的美国邮件，向通知当事人以及在此之前已向本法院提交通知请求的任何其他当事人送达本临时DIP命令已登记及最终听证的通知（“最终听证通知”），并随附本临时DIP命令及动议副本。最终听证通知应载明，任何反对登记拟议最终DIP命令的利害关系方，均应最迟于[●] [●] (ET)向法院书记官提交书面异议；该等异议应予送达，以便通知当事人及依据《破产程序规则》第2002条有权接收通知的任何该等其他当事人于该日期当日或之前收到。\n\nCase 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 38 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 37 of 70 71\n\n19. 保留管辖权。法院已保留并将保留管辖权，以依照其条款执行本临时DIP命令。\n\n日期：\n\nBridgeport, Connecticut（康涅狄格州布里奇波特）\n美国联邦破产法院法官\n附件B\n最终DIP命令\n\nUNITED STATES BANKRUPTCY COURT（美国联邦破产法院）\nDISTRICT OF CONNECTICUT（康涅狄格州联邦地区）\nBRIDGEPORT DIVISION（布里奇波特分院）\n\n关于： ：\n：\nChapter 11\nHo Wan Kwok（郭文贵）， ：\n：\nCase No. 22-50073 (JAM)\n债务人。1\n--------------------------------------------------------------------X ：\n：\n日期：\n：\n时间：\n\n最终命令：(I) 授权债务人\n取得无担保、次级顺位的\n破产申请后融资，以及(II) 授予相关救济\n\n兹就上述案件标题所列的占有中债务人（“债务人”）于March 21, 2022提出的动议（“DIP融资动议”）2，该动议请求登记临时DIP命令及本最终DIP命令，以授权债务人从Golden Spring (New York) Ltd.（金泉〔纽约〕有限公司）（“DIP出借人”）取得破产申请后融资；根据经修订的Federal Rules of Bankruptcy Procedure（联邦破产程序规则）（“破产程序规则”）第2002、4001及9014条，以及Local Bankruptcy Rules for the District of Connecticut（康涅狄格州联邦地区破产法院当地规则）（“当地规则”）第4001-3条，安排并批准最终听证通知的形式和方式；并授予相关救济。\n\n本法院已审阅DIP融资动议、Ho Wan Kwok（郭文贵）先生支持Chapter 11案件及若干动议的声明，以及于[●], 2022举行的最终听证（“最终听证”）中提请本法院注意的全部事项；并在审议向本法院提交的所有诉状后；并在审议最终听证中记录在案的证据后；且法院已认定适当且\n\n1 债务人还以下列名称为人所知：Guo Wengui（郭文贵）；Miles Guo（郭文贵）；Miles Kwok（郭文贵）；以及Ho Wan Kwok（郭文贵）。\n\n2 除非本最终命令中另有定义，本最终命令中使用的大写术语应具有《DIP 融资动议》或《DIP 贷款协议》（定义如下）中赋予该等术语的含义。\n\nCase 22-50073 Doc 404-31 提交于 05/20/22 登记于 05/20/22 11:52:18 第 41 页，共 117 页 提交于 03/22/22 登记于 03/22/22 12:08:06 第 40 页，共 70 页 71\n\n债务人已依照《联邦破产程序规则》（经修订，以下简称“破产规则”）第 2002 条、第 4001(b)(1) 条及第 9014 条，以及《康涅狄格地区地方法院破产规则》（以下简称“地方法则”）第 2002-1 条、第 4001-3 条、第 9006-1 条及第 9013-1 条，就 DIP 融资动议和最终听证会发出充分通知；且鉴于，在本最终命令准予的范围内，DIP 融资动议所请求的救济公平、合理，且符合债务人、其破产财产、债权人及所有利害关系方的最佳利益，并且是债务人审慎行使商业判断的结果；经适当审议和考虑后，本院作出如下事实认定和法律结论（任何构成法律结论的事实认定均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. 申请日期。2022 年 2 月 15 日（以下简称“申请日期”），债务人向本院提交自愿救济申请，启动本第 11 章案件。债务人根据《破产法典》第 1107 条和第 1108 条作为占有财产债务人。\n\nB. 其他破产财产管理主体。本第 11 章案件中尚未任命受托人或审查员。2022 年 3 月 21 日，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“美国受托人”）根据《破产法典》第 1102 条任命了无担保债权人正式委员会。\n\nC. 管辖权；核心程序；审理地。本院根据 28 U.S.C. §§ 157(a)- (b) and 1334，对本第 11 章案件、各方当事人及债务人的财产具有事项管辖权。本案根据 28 U.S.C. § 157(b) 属于核心程序。本地区为本第 11 章案件及 DIP 融资动议的适当审理地，依据为 28 U.S.C. §§ 1408 and 1409。\n\nCase 22-50073 Doc 404-31 提交于 05/20/22 登记于 05/20/22 11:52:18 第 42 页，共 117 页 提交于 03/22/22 登记于 03/22/22 12:08:06 第 41 页，共 70 页 71\n\nD. 通知。最终听证会依照破产规则第 4001 条举行；债务人就最终听证会及动议所请求救济提供的通知，在当时情形下适当且充分，并符合《破产法典》第 102(1) 条、破产规则第 2002 条、第 4001(c) 条和第 4001(d) 条以及本院地方法则，且无需或不要求就最终听证会所寻求的救济发出任何其他通知。\n\nE. 融资需求。债务人持续需要取得本案所寻求类型的融资，以便通过清算若干诉讼请求并寻求确认《破产法典》第 11 章项下的重整计划，最大限度实现破产财产价值。债务人无法以较 DIP 贷款人所提供条款更优惠的条款取得信贷额度形式的融资。在为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，最适当地取得所需金额的融资。\n\nF. DIP 融资额度。债务人已请求 DIP 贷款人为债务人设立一项融资额度（以下简称“DIP 融资额度”），据此债务人可通过多次预支取得本金总额为 \\$8,000,000 的贷款（以下简称“DIP 贷款”）；但该 DIP 融资额度的所得款项仅应由债务人依照本最终命令及 DIP 贷款文件（定义如下），用于预算（定义如下）中规定的目的及金额。\n\nG. 正当理由。根据最终听证会提交的记录，作出本最终命令已显示具有正当理由。作出本最终命令将为债权人的利益保全债务人破产财产的资产，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且\n\nCase 22-50073 Doc 404-31 提交于 05/20/22 登记于 05/20/22 11:52:18 第 43 页，共 117 页 提交于 03/22/22 登记于 03/22/22 12:08:06 第 42 页，共 70 页 71\n\n合理，反映债务人审慎行使商业判断，并有合理等值及公允对价支持。\n\nH. 善意。根据最终听证会提交的记录，债务人与 DIP 贷款人已善意协商 DIP 贷款文件。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《破产法典》第 364(e) 条含义下善意作出。\n\n因此，特此命令、裁判并判定如下：\n\n1. 处置。兹在最终基础上准予 DIP 融资动议，但以本命令所载范围及条款为限，并将前述认定以引用方式纳入本命令。此前未被撤回或解决的任何对 DIP 融资动议的异议，特此驳回。本最终命令自登记之日起立即有效，对所有利害关系方具有约束力，并完全生效。本最终命令及据此获授权的 DIP 贷款文件的期限将届满；根据 DIP 贷款协议及本最终命令作出的 DIP 贷款，将依照 DIP 贷款协议的条款到期并应予支付。\n\n2. 正当理由。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，以便债务人能够最大限度实现其破产财产价值并确认重整计划。如不作出本最终命令，债务人的破产财产将遭受不可弥补的损害。因此，DIP 融资动议所请求的救济已显示具有正当理由。\n\n3. 善意。根据书状及最终听证会提交的记录，债务人与 DIP 贷款人已善意协商 DIP 贷款文件及本最终命令。\n\nCase 22-50073 Doc 404-31 提交于 05/20/22 登记于 05/20/22 11:52:18 第 44 页，共 117 页 提交于 03/22/22 登记于 03/22/22 12:08:06 第 43 页，共 70 页 71\n\n本最终命令所述 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，公平合理，反映债务人在符合其信义义务的情况下审慎行使商业判断，并有合理等值及公允对价支持。DIP 贷款人依据本最终命令及 DIP 贷款文件向债务人作出的任何 DIP 贷款和/或其他融资便利，应视为 DIP 贷款人在《破产法典》第 364(e) 条所称的善意情况下提供，且 DIP 贷款人有权获得该条规定的所有保护。\n\n4. 借款授权。特此授权、追认并确认债务人签署 DIP 贷款文件。本最终命令登记后，债务人立即获授权：(a) 签署 DIP 贷款文件；(b) 根据 DIP 贷款文件取得 DIP 贷款，并承担其项下任何及所有责任和义务，以及支付 DIP 贷款文件规定的所有利息、费用、成本、开支（包括律师费）及其他义务；以及 (c) 按照本命令及该等文件的条款，满足所有先决条件并履行本命令及该等文件项下的所有义务。DIP 贷款人无义务或责任监督债务人对 DIP 贷款的使用，并可依赖债务人作出的陈述，即该等使用符合本最终命令、DIP 贷款文件及破产规则第 4001(c)(2) 条的要求。债务人应依照最终命令及 DIP 贷款文件的要求偿还并支付 DIP 贷款。债务人根据 DIP 贷款文件、本最终命令或其他规定此前已支付及应支付的所有费用、已偿还或应偿还给 DIP 贷款人的开支和/或成本，特此予以追认和批准。\n\nCase 22-50073 Doc 404-31 提交于 05/20/22 登记于 05/20/22 11:52:18 第 45 页，共 117 页 提交于 03/22/22 登记于 03/22/22 12:08:06 第 44 页，共 70 页 71\n\n特此授权并命令债务人依照 DIP 贷款文件及本最终命令的条款支付前述款项，无需债务人或 DIP 贷款人另行向本院提出任何申请以批准或支付该等款项。支付该等费用后，该等费用应视为已完全赚取、不可撤销地支付且不予退还。\n\n5. 签署和交付必要文件的授权。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强制执行。为推进本最终命令第 4 段的规定，特此授权并命令债务人采取和履行所有行为，并在 DIP 贷款文件要求的范围内制作、签署及交付所有文书和文件；在每一情形下，均以为使 DIP 贷款文件的任何条款和条件生效所必需，或依 DIP 贷款人意见属可取，或为 DIP 贷款文件另有要求或设想者为限。\n\n6. 修订及修改。特此授权债务人及 DIP 贷款人依照 DIP 贷款文件的条款，对任何 DIP 贷款文件实施任何修订及修改（依照适用 DIP 贷款文件的条款），而无需进一步通知和听证或本院作出任何进一步命令，但须符合下列条件：(a) 该修订或修改不得构成对 DIP 贷款文件条款的重大变更；且 (b) 修订或修改的副本必须至少在其拟生效前一个（1）营业日送达美国受托人及无担保债权人正式委员会的律师。构成重大变更的任何修订或修改，须经本院批准方可生效。就本段而言，“重大变更”应\n\nCase 22-50073 Doc 404-31 提交于 05/20/22 登记于 05/20/22 11:52:18 第 46 页，共 117 页 提交于 03/22/22 登记于 03/22/22 12:08:06 第 45 页，共 70 页 71\n\n包括但不限于：缩短 DIP 融资额度到期日的变更；实施任何案件里程碑或期限；增加 DIP 融资额度项下承诺的总金额；提高利率，但 DIP 贷款文件目前规定或设想的情形除外；对债务人施加较 DIP 贷款文件中该等承诺或违约更为苛刻的承诺或违约；及/或增加特定违约事件，或扩大违约事件发生后 DIP 贷款人可获得的违约救济的性质和范围。为免生疑，DIP 贷款人以书面方式豁免 DIP 贷款文件项下的任何承诺、条件或违约事件，不构成重大变更。\n\n7. 预算；贷款所得款项及现金担保物的允许用途。\n\n(a) 自本最终命令登记后的每个日历月首日，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以及一份在形式和实质上合理地令 DIP 贷款人满意的报告，报告债务人在前一个月作出的所有支出。\n\n(b) 自本最终命令作出后，自每个日历周的星期五起，由债务人聘用的每一家专业服务机构、无担保债权人官方委员会、当时被任命的任何审查员，以及任何以行政优先权为基础寻求从债务人财产中获得付款的其他当事人，均应向DIP贷款人提交一份载明前一周费用和/或成本累计情况的报告。\n\n(c) 除非本最终命令另有规定，如适用，DIP贷款的全部所得款项均应汇入由Verdolino & Lowey, P.C.（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持有任何现金或其他资金。债务人仅可在V&L的Craig Jalbert指示下，且仅在支付本最终命令及DIP贷款文件授权的项目所必需的范围内，从债务人账户支出款项。\n\n8. 专业人士的费用和开支。\n\n(a) 债务人获授权仅将DIP贷款所得款项用于本最终命令和DIP贷款协议授权的用途，包括支付债务人须支付和/或经法院授权及批准的专业人员报酬和费用偿还、行政优先权债权、法院费用及美国受托人费用（视情况而定）（合称“获授权支出”）。\n\n(b) 在未发生且持续存在任何Carve-Out Event（定义见下文）的期间内，债务人应按预算规定，将下列款项存入由V&L代表债务人维持的托管账户（“支出托管账户”）：(i) 尚未支付的任何获授权支出款项；以及(ii) 已请求支付但尚未获授权的任何专业人员报酬和费用偿还、行政优先权债权、法院费用及美国受托人费用的款项（“待定支出”）。该等款项应继续处于托管状态，直至获得授权并支付。尽管本最终命令、任何其他命令或DIP贷款文件中有任何相反规定，除非且仅在支出托管账户中的剩余现金是在所有获授权支出和待定支出被否决，或获批准并获清偿后所剩的范围内，支出托管账户不受DIP贷款人控制。只要DIP贷款人尚未送达Carve-Out Event通知，债务人即获授权依照DIP贷款文件向支出托管账户注入资金。除本段(e)项另有规定外，债务人获授权不时依照法院授权的程序或法院命令从支出托管账户汇付款项（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(a)和(b)项下的任何义务。尽管本最终命令中有任何相反规定，DIP贷款人的权利应受限于并从属于任何有权从支出托管账户中持有的债务人款项获得付款的当事人的权利。因此，债务人及其任何债权人均不得对存入支出托管账户的款项享有任何请求权或权益；但前提是，在任何待定支出或其他已托管款项其后被法院最终命令否决或命令返还，或在所有获准的专业费用和开支获得全额支付后仍留存于托管账户的范围内（“超额托管资金”），该等超额托管资金应支付并交付给债务人，并视情况依照DIP贷款文件和/或法院命令适用。\n\n(d) 本最终命令中的任何规定均不得妨碍DIP贷款人就依据《破产法典》第330、331及503条规定拟支付的专业费用和开支提出任何异议。\n\n(e) 尽管本最终命令中有任何相反规定，如发生Carve-Out Event，债务人在该Carve-Out Event得到补救或由DIP代理人书面豁免之前，不得再向支出托管账户支付任何款项。\n\n9. 违约事件；救济措施。于或在向债务人发出书面通知，告知其违反本最终命令任何一项规定且DIP贷款人合理酌情认为该违反对DIP贷款人产生不利影响后，或于发生DIP贷款协议项下（及其中定义的）“违约事件”时：(i) DIP贷款人有权自行酌情决定，在无需事先发出任何通知的情况下，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，拒绝提供债务人请求的任何后续融资；以及(ii) 自向债务人发出该书面通知之日起三个营业日届满后，债务人依照预算使用因DIP贷款义务而获得的任何剩余款项（“所得款项”）的权利即告终止，且债务人不再依据本最终命令、DIP贷款文件或其他规定获授权使用该等所得款项。此后，DIP贷款人可在通知和听证后请求本院认定已发生违反最终命令或违约事件。经作出该等认定后，DIP贷款人可要求并有权立即获得债务人持有的任何所得款项的汇付，但扣除$500,000并不包括支出托管账户中的全部款项（“Carve-Out”）；DIP贷款人亦可采取任何适当行动，并行使DIP贷款文件及适用法律项下的一切适用救济措施，只要DIP贷款人为收取DIP贷款义务、就所得款项采取行动或实现所得款项，如同本第11章案件或任何后续第7章案件未在审理中，或以其他方式执行DIP贷款文件或本最终命令所必需或认为适当。\n\n(b) 本最终命令授予DIP贷款人的权利、救济措施、权力及特权，是对DIP贷款文件所载权利、救济措施、权力及特权的补充和累积；但前提是，除前述授权在违反本最终命令或发生违约事件时汇付债务人持有的所得款项的各项规定外，本最终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，如本最终命令的任何或全部规定此后在上诉中被撤销、修改、废止或中止，该等行动不影响：\n\n(a) 在该等中止、修改或废止生效日期之前，债务人向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(b) 依据本最终命令采取的任何行动的有效性或可执行性。\n\n尽管发生任何该等撤销、中止、修改或废止，债务人在该等行动生效日期之前依据DIP贷款文件向DIP贷款人产生的任何破产申请后债务、义务或责任，在所有方面均应受本最终命令原始规定的管辖；就任何该等债务、义务或责任而言，DIP贷款人应有权享有本最终命令及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。根据DIP贷款文件垫付的所有款项，均系依赖本最终命令而垫付；因此，在本最终命令任何中止、修改或废止生效日期之前因该等垫付产生的债务，不得因第11章案件中债务人任何后续案件的任何命令或任何后续案件，而被剥夺本最终命令或DIP贷款文件项下的利益。\n\n11. 不视为控制。DIP贷款人同意本最终命令并提供DIP贷款，不应被视为控制任何债务人，亦不应被视为作为“责任人”“管理代理人”或“所有人或经营者”（该等术语定义见经修订的《美国综合环境响应、赔偿和责任法》或任何类似的州或联邦法规）行事。\n\n12. 继承人及受让人。本最终命令的规定对第11章案件中的所有利害关系方均具有约束力，包括但不限于DIP贷款人、债务人及其各自的继承人和受让人，并应使DIP贷款人、债务人及其各自的继承人和受让人受益，包括但不限于根据《破产法典》任何章节或在任何后续程序中，无论是否依据《破产法典》，就任何债务人案件被任命的任何受托人、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任何债务人财产被任命或选出的任何第7章或第11章受托人的指示提供DIP贷款。\n\n13. 协议的约束性质。债务人为或将成为当事方的每一份DIP贷款文件，均构成债务人合法、有效且具有约束力的义务，并可依其条款予以执行。债务人已经或将会妥善签署并向DIP贷款人交付DIP贷款文件。\n\n14. 条款优先顺序；预算。\n\n(a) 如任何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，本最终命令的条款和规定应具有优先效力并予以控制。\n\n(b) 为免生疑，尽管本最终命令、任何DIP贷款文件、或本院或任何其他有管辖权法院在任何时候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，但在遵守本最终命令条款和条件的前提下，除非且仅在该等支出属于并被明确列入本最终命令、DIP贷款文件和预算的范围内，债务人不得作出该等命令授权的任何支出。\n\n15. 不构成放弃。本最终命令不得以任何方式解释为放弃或 relinquish 债务人或DIP贷款人就提交本院审理的任何事项提出申请或获得听取的任何权利。\n\n16. 充分通知。债务人就最终听证所作出的通知，系依照《破产程序规则》2002 和 4001(c)(2) 以及本院地方法则作出。鉴于相关情形，无需就最终听证中获准的救济请求作出进一步通知。本最终命令录入后，债务人应立即通过一类邮件将本最终命令副本邮寄给通知当事方，并就此向法院书记员提交送达证明。该等送达应构成对最终命令充分且适当的通知。\n\n17. 命令录入。尽管《破产程序规则》4001(a)(3)、6004(g)、7062、9014 或其他规则可能适用，本最终命令应于签署后立即生效，兹指示法院书记员将本最终命令录入本第11章案件的法院案卷。\n\n日期：\n\n康涅狄格州布里奇波特\n\n美国联邦破产法院法官\n附件 C\n\n美国破产法院 康涅狄格州地区 破产程序地方法则\n\n附录 H：关于使用现金担保物及申请后融资的动议和命令核对清单\n康涅狄格州地方表格：关于使用现金担保物及申请后融资的动议和命令核对清单（09/04/2018）Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 55 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 54 of 70 71\n使用现金担保物及申请后融资的动议和命令核对清单\n\n兹证明，下列核对清单信息反映了根据下文所示 11 U.S.C. §§ 363 和/或 364 提出的使用现金担保物或申请后融资的动议及拟议命令的实质内容：\n1. 程序识别：\n\na. 临时动议/命令\nb. 最终动议/命令\nc. 持续使用现金担保物（§ 363）\nd. 新融资（§ 364）\ne. §§ 363 和 364 融资的组合\nf. 紧急听证（即时且不可弥补的损害）\n2. 陈述：\n\na. 债务人业务的简要历史，以及债务人与贷款人先前关系状况\nb. 融资目的及必要性的简要陈述\nc. 融资类型的简要陈述（即应收账款、存货）\nd. 贷款人的申请前担保权益和留置权是否被视为有效、已完全完善且不可撤销？\n\n(i) 是否有条款允许对上述事项提出异议？\n\ne. 贷款人与债务人之间是否存在申请后融资协议？\nf. 如存在协议，贷款人的申请后担保权益和留置权是否被视为有效、已完全完善且不可撤销？\ng. 贷款人的非现金担保物是否已评估？\nh. 填入最近一次评估日期。\ni. 是否附有债务人拟议预算？\nj. 是否已识别所有申请前贷款文件？\nk. 是否存在申请前留置权？\nl. 是否存在申请前债务担保？\n3. 授予留置权：Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 56 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 55 of 70\n\na. 申请后留置权是否担保申请前债务？71\nb. 是否存在交叉担保？\nc. 申请后留置权的优先顺位是否等同于或高于现有留置权？\nd. 申请后留置权是否具有追溯效力？\ne. 是否限制进一步授予留置权或授予同等或更高优先顺位的留置权？\nf. 是否向贷款人授予对依据 §§ 506(c)、544-50 和 §§ 522 提出的请求权的留置权？\n(i) 是否支付贷款人的律师费？\n(ii) 债务人的律师费是否不受 § 506(c) 约束？\ng. 是否向贷款人授予依据 §§ 544、547 和 548 提起的诉因所得款项的留置权？\n4. 行政优先债权：\n\na. 是否向贷款人授予行政优先权？\nb. 行政优先权是否高于 § 507(a)？\n是 否 不适用 c. 是否因使用现有担保物而将申请前有担保债权转换为申请后行政债权？\n5. 充分保护（§ 361）：\n\na. 是否存在申请后债务偿付？\nb. 是否存在替代性/附加的 § 361(1) 留置权？\nc. 是否向贷款人的债权授予超级优先权？\nd. 是否存在担保？\ne. 是否有充分的保险保障？\n6. 放弃/解除针对贷款人的请求权：\n\na. 债务人是否放弃或解除针对贷款人的请求权，包括但不限于根据《破产法典》§§ 506(c)、544-550、552 和 553 提出的请求权？\nb. 债务人是否放弃针对贷款人债权或留置权的抗辩？\nc. 拟议贷款人是否亦为申请前贷款人？\nd. 新的申请后贷款人？\ne. 贷款人是否为内部人？\n\n是\n是 否\n否 ✔\n不适用\n✔\n不适用\n\n是\n是 否\n否 ✔\n不适用\n✔\n不适用\n是 ✔\n否 不适用\n是 否 ✔\n不适用\n\n✔\n\n是 ✔ 否 不适用\n\n是 否 ✔ 不适用\n是 ✔ 否 不适用\n是 ✔ 否 不适用\n是 否 ✔ 不适用\n7. 中止的修改：是 否 不适用 ✔ Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 57 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 56 of 70\n\na. 是否允许对中止作出任何修改性解除？71\nb. 自动中止是否将被解除，以允许贷款人在违约时无需进一步命令即可行使自行救济？\nc. 是否存在无需法院进一步命令即可行使的其他救济？\nd. 是否有条款规定，任何未来对命令的修改均不影响债务人对贷款人承担的申请后义务之状态？是 否 不适用\n8. 债权人委员会\n\na. 是否已任命债权人委员会？\nb. 债权人委员会是否同意？\n9. 对利害关系方的限制：\n\na. 对于修改贷款人的权利、留置权和/或诉因，计划提案人是否受到任何方式的限制？\nb. 是否禁止债务人寻求禁止贷款人行使权利？\nc. 是否禁止任何利害关系方寻求修改本命令？\nd. 任何命令的录入是否以向贷款人偿付债务为条件？\ne. 在转换案件后，本命令是否对后续受托人具有约束力？\n10. 追溯生效：\n\na. 任何条款是否具有追溯效力？\n\n✔\n\n是 否 不适用\n11. 通知及其他程序：Case 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 58 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 57 of 70 71\n\na. 是否请求缩短通知期限？\nb. 是否请求向缩短后的名单送达？\nc. 是否缩短答复期限？\nd. 如寻求最终命令，自根据 FRBP 4001(b)(2) 送达动议之日起是否已届满 15 日？\ne. 如寻求临时命令，在最终听证前，为避免对财产造成即时且不可弥补的损害，是否有必要使用现金担保物？\nf. 是否附有会议证明？\ng. 是否附有送达证明？\nh. 是否依照 FRBP 9034 附有已转交美国受托人的证明？\ni. 动议提交后是否已达成协议？\ni. 如是，是否已依照 FRBP 4001(d)(l) 送达该协议的通知？\nii. 该协议是否为依照 FRBP 4001(d)(4) 对动议的和解？\niii. 动议是否依照 FRBP 4001(d)(4) 对协议的重要条款作出合理通知？\niv. 动议是否依照 FRBP 9014 规定听证机会？\n\n签署日期\n\n签署人：\n附件 C\n债务人占有期间信贷协议\n\n债务人占有期间信贷协议，日期为 March 22, 2022（经不时修订、重述、补充或以其他方式修改，本“协议”），由个人 HO WAN KWOK（郭文贵；又名 Miles Kwok、Miles Guo、Wengui Guo）作为借款人（“债务人”），与作为本协议项下贷款人的 GOLDEN SPRING (NEW YORK) LTD.（金泉〔纽约〕有限公司，“贷款人”）共同订立。\n背景\n\nA. 于 February 15, 2022（“申请日”），债务人在 United States Bankruptcy Court for the District of Connecticut, Bridgeport Division（美国康涅狄格州联邦破产法院布里奇波特分院，“破产法院”）提交了依据《破产法典》第11章的自愿案件，案号为 Case No. 22-50073 (JAM)（“第11章案件”），且债务人作为占有期间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 $8,000,000.00 的债务人占有期间定期贷款安排（“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，并应在受偿顺位上劣后于申请日存在的债务人的所有其他债权人的债权。贷款人愿意按照本协议所载条款并受其条件约束，向债务人提供 DIP 融资安排项下的该等信贷。\n\nC. 本协议以及贷款人与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约定和承诺以及其他良好且有价值的对价，兹确认已收到该等对价且其充分性已获确认，本协议各方达成如下协议：\n第1条 定义\n\n1.01. 本协议中使用的下列术语应具有如下规定的含义：\n\n破产法典，指 1978 年颁布的《美国法典》第11编，即《美国破产法典》，经此前或今后不时修订、重新编纂、修改或补充者，以及据此或与之相关的所有规则、规章和解释。\n\n破产法院，具有本协议前言中赋予该术语的含义。\n\n营业日，指并非星期六、星期日或《联邦破产程序规则》Rule 9006(a)(6) 所定义法定假日的任何日子。\n\n成交日，指本协议已由本协议各方正式签署并相互交付，且第3.01条的条件已获满足或豁免之日。\nCase 22-50073 Doc 404-31 Filed 05/20/22 Entered 05/20/22 11:52:18 Page 61 of 117 Filed 03/22/22 Entered 03/22/22 12:08:06 Page 60 of 70 71\n\n成交日 DIP 贷款，具有第2.01条中赋予该术语的含义。\n\n债务人，具有本协议序言中规定的含义。\n\n债务人账户，指为债务人设立的独立存款账户，Verdolino & Lowey, PC（Verdolino 律师事务所，“Verdolino”）的 Craig Jalbert（克雷格·贾尔伯特）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账户。\n\n违约，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，除非获得补救或豁免，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条中赋予该术语的含义。\n\nDIP 承诺，指贷款人根据第2.01条作出 DIP 贷款的承诺，本金总额不超过 $8,000,000。\n\nDIP 融资安排，具有本协议前言中规定的含义。\n\nDIP 贷款文件，指本协议、融资命令以及不时就本协议签署的其他各项文件、文书和证明，该等文件可经不时续期、修订、重述、延期、增加或补充。\n\nDIP 贷款义务，指每笔 DIP 贷款（其所得款项已依照第2.04条和第8.02(a)条支付），以及贷款人根据本协议不时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、已到期或未到期、直接或间接的，以及无论债务人是作为本金债务人、保证人、背书人、担保人或以其他身份就该等债务向贷款人承担责任。\n\nDIP 贷款，具有第2.01条中赋予该术语的含义。\n\n违约事件应具有本协议第8.01节所规定的含义。\n\n最终融资命令应指破产法院（Bankruptcy Court）作出的最终命令，该命令(i)授权债务人（Debtor）根据本协议获得破产申请后融资，及(ii)最终授予某些相关救济；该命令可经贷款人（Lender）明确书面同意不时修订、修改或补充。\n\n融资命令应指临时融资命令和最终融资命令。\n\n初始预算应指债务人与贷款人商定的预算，该预算合理详细地列明自交割日（Closing Date）所在月份起六个月期间的预计许可付款。\n\n临时融资命令应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获得破产申请后融资，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到期日应指以下日期中最早者：(i)交割日后十八个月，(ii)债务人任何重整计划的生效日期，及(iii)根据第8.02节加速到期DIP贷款义务之日。\n\n实际支出费用应指(a)DIP贷款人（DIP Lender）的所有合理实际支出费用：(i)与DIP贷款文件的准备、签署、交付和管理，以及与之相关的任何修订或豁免有关的费用（包括律师的合理费用、支出和其他收费）；以及(ii)DIP贷款人就第11章案件（Chapter 11 Case）发生的费用；及(b)DIP贷款人的所有实际支出费用（包括与执行DIP贷款文件有关的律师费用、支出和其他收费）。\n\n人士应指任何自然人、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许可付款应具有第2.04节赋予该术语的含义。\n\n申请日应具有本协议序言中所规定的含义。\n\nPIK利息应具有第2.02节赋予该术语的含义。\n\n专业费用托管款应具有第8.02节赋予该术语的含义。\n\n后续DIP贷款应具有第2.01节赋予该术语的含义。\n\nVerdolino（韦尔多利诺）应具有“债务人账户”定义项下赋予该术语的含义。\n\n第2节。DIP贷款\n\n2.01. DIP贷款。\n\n(a) 交割日DIP贷款。在交割日，贷款人应在符合本协议和临时融资命令的条款和条件的前提下，向债务人提供本金总额为\\$2,000,000.00的定期贷款（“交割日DIP贷款”）。\n\n(b) 后续提款。在符合本协议所载条件的前提下，债务人可通过Verdolino向贷款人发出的书面通知（可通过电子邮件发送），请求不超过三（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“后续DIP贷款”）；该通知应说明，应计未付的许可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，根据第2.04节提供该后续DIP贷款。所有DIP贷款义务应于到期日立即到期并应支付。任何时候偿还给贷款人的金额不得再次借入。\n\n(c) 违约事件发生后的提款。发生未经贷款人豁免的违约事件时，如该违约事件发生之日债务人账户中存有的交割日DIP贷款及各笔后续DIP贷款的剩余款项总额不足以为专业费用托管款提供资金，贷款人应提供额外DIP贷款（“托管资金贷款”，与交割日DIP贷款及各笔后续DIP贷款合称为“DIP贷款”），其本金总额应足以使专业费用托管款得以根据第8.02节从债务人账户中获得资金。\n\n(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至最终融资命令作出前，债务人可提取的所有DIP贷款的最高本金总额应限于\\$2,000,000，及(ii)在任何情况下，根据本第2.01节已提供或须提供的DIP贷款本金总额均不得超过DIP承诺额度。\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（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，就被偿还或提前偿还的本金金额应计的利息，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DIP贷款不构成偿还或提前偿还，且不受本句要求的约束。\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金额，在到期时（无论是在规定到期日、加速到期时或其他情况下）未获支付，该逾期金额应按等于百分之二（2.0%）加利率的年利率（“违约利率”）计息；及(ii)在发生并持续存在除因本第2.03节第(i)款所述情形导致的违约事件以外的任何违约事件期间，贷款人可自行选择，通过通知债务人，宣布DIP贷款及本协议项下任何其他未偿金额应按本节前述各段规定的违约利率计息。\n\n2.04. 款项用途；从债务人账户拨付。DIP贷款所得款项应存入债务人账户。只要未发生且未持续存在违约事件，交割日DIP贷款和各笔后续DIP贷款所得款项应由Verdolino不时拨付，用于支付(x)债务人的管理费用，包括债务人的专业人员费用，其总额不得超过\\$4,000,000，以及(y)任何正式债权人委员会或任何审查员（如获任命）的专业人员费用、美国受托人（United States Trustee）的季度费用以及破产法院的费用，其总额不得超过\\$4,000,000；但交割日DIP贷款所得款项仅可用于支付债务人日常业务专业人员的管理费用（为免生疑，该等人员不包括Brown Rudnick LLP（布朗·拉德尼克律师事务所）、Verdolino和Stretto（斯特雷托）），且在最终融资命令作出之前，不得用于支付债务人除日常业务专业人员以外的专业人员费用（统称为“许可付款”）。DIP贷款所得款项不得用于支付债务人的日常生活费用。发生违约事件时，DIP贷款所得款项仅可根据第8.02节使用。\n\n2.05. 债务人根据本协议应支付的所有款项，无论是本金、利息、费用、成本、赔偿款、支出或其他款项，均应依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\n第3节。生效及提供资金的条件\n\n3.02. 提供交割日DIP贷款的条件。贷款人提供交割日DIP贷款的义务，以债务人满足或贷款人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均应合理地令贷款人满意，并应由债务人及任何其他必要方适当签署并交付给贷款人；\n\n(b) 临时融资命令应完全有效，且未经贷款人自行绝对酌情决定作出的事先书面同意，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；\n\n(d) 债务人应已交付初始预算；及\n\n(e) 在作出交割日DIP贷款后，不得已发生并持续存在违约事件，亦不得因此产生违约事件。\n\n3.02. 提供各笔后续DIP贷款的条件。贷款人提供各笔后续DIP贷款的义务，以债务人满足或贷款人豁免下列先决条件为前提：\n\n(a) 融资命令应完全有效，且未经贷款人自行绝对酌情决定作出的事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(b) 在作出该后续DIP贷款后，不得已发生并持续存在违约事件，亦不得因此产生违约事件；及\n\n(c) 根据第2.01节作出的所有当时未偿DIP贷款的本金总额，以及在作出该后续DIP贷款后该本金总额，均不得超过DIP承诺额度。\n\n3.03. 提供托管资金贷款的条件。贷款人提供托管资金贷款的义务，以满足下列先决条件为前提：\n\n(a) 融资命令应完全有效，且未经贷款人自行绝对酌情决定作出的事先书面同意，不得被中止、撤销、推翻、修订或以其他方式修改；\n\n(b) 已发生并持续存在违约事件；\n\n(c) 交割日DIP贷款及各笔后续DIP贷款所得款项不足以根据第8.02节为专业费用托管款提供资金；及\n\n(d) 根据第2.01节作出的所有当时未偿DIP贷款的本金总额，以及在作出托管资金贷款后该本金总额，均不得超过DIP承诺额度。\n\n第4节。陈述与保证。\n\n债务人向贷款人陈述并保证：\n\n4.01. 授权；可执行性。受因债务人根据《破产法》属于“债务人”身份而产生的任何限制所限，债务人具备签订本协议及其他 DIP 贷款文件所需的全部法律行为能力。融资命令作出后，本协议及各其他 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，并可依其条款对债务人强制执行，但须受因债务人根据《破产法》属于“债务人”身份而产生的任何限制，以及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和一般衡平法原则的约束，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。以融资命令作出为条件，本协议及其他 DIP 贷款文件无需任何政府机构或任何其他第三方作出任何同意或批准、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任何该等同意、批准、登记、备案或其他行动，但已取得或作出且仍完全有效的除外。\n\n第5条。报告。\n\n5.01. 预算。\n\n(a) 自 2022年5月1日起，于每个日历月的第一日，债务人应向贷款人提交更新后的预算，其中应合理详细地列明自提交该预算之日起六个月期间预计的获准付款。债务人根据本第5.01(a)条提交的每份预算，均应推定为贷款人可接受，除非贷款人在交付后第三（3）日内以书面形式对该更新预算提出异议。\n\n(b) 财产专业人士（包括但不限于债务人、任何正式委员会和/或任何审查员聘用的专业人士）应根据融资命令的条款，向 DIP 贷款人提供每周费用应计报告。\n\n案件 22-50073 文件 404-31 提交于 05/20/22 录入于 05/20/22 11:52:18 第 66 页，共 117 页 提交于 03/22/22 录入于 03/22/22 12:08:06 第 65 页，共 70 页 71\n\n5.02. 信息。如贷款人提出合理要求，债务人将向贷款人提供贷款人合理满意的、具有相应详细程度的财务报告及信息。\n\n第6条。里程碑。\n\n6.01. 债务人应于下列日期前采取或完成下列里程碑事项：\n\n(a) 在临时融资命令作出后 45 日内，破产法院应作出最终融资命令。\n\n第7条。费用偿还；赔偿。\n\n7.01. 债务人应向贷款人偿还或支付全部实际支出费用，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以实物支付。债务人特此同意，就以下事项向贷款人及贷款人的高级职员、董事、成员、经理、雇员、律师和代理人（各称“受赔偿方”）作出赔偿并使其免受损害，并使其中每一方免受损害：(a) 与 DIP 贷款及 DIP 贷款文件有关的任何及全部损失、负债、义务、索赔、诉讼、损害赔偿、成本和费用（包括合理的律师费），但该等损失、负债、义务、索赔、诉讼、损害赔偿、成本、费用或开支完全且直接因该受赔偿方的重大过失或故意不当行为所致的除外。债务人特此同意，该赔偿义务在本协议终止后继续有效。\n\n第8条。违约事件及救济\n\n8.01. 尽管本协议上述任何规定有相反约定，下列各项均构成“违约事件”：\n\n(a) (i) 如 DIP 贷款本金（包括根据第7.01条资本化的任何 PIK 利息或其他金额）未能按照本协议条款于到期应付时及时足额支付，无论是在到期日或其他日期；及 (ii) 如任何其他应付给贷款人的款项在其到期应付之日起十五（15）个营业日内未能及时足额支付；\n\n(b) 债务人违反履行或遵守第5.01条或第6.01条所载任何承诺；\n\n(c) 债务人违反履行或遵守本协议或任何其他 DIP 贷款文件中载明、但未载于本第8.01条(a)及(b)款的任何其他承诺，且该违约在发生后六十（60）日内仍未纠正；\n\n(d) 债务人违反本协议或任何其他 DIP 贷款文件所载任何保证、陈述或承诺，且该违约自违约之日起六十（60）日内仍未补救；\n\n(e) 破产法院作出命令，就 PAX（PAX）诉 Kwok（郭文贵）案，案卷编号 652077/2017（纽约州最高法院）（“PAX 诉讼”）准予解除自动中止，及/或 Southern District of New York（纽约南区联邦地区法院）驳回移送 PAX 诉讼审判地的动议；及/或\n\n案件 22-50073 文件 404-31 提交于 05/20/22 录入于 05/20/22 11:52:18 第 67 页，共 117 页 提交于 03/22/22 录入于 03/22/22 12:08:06 第 66 页，共 70 页 71\n\n(f) 未经 DIP 贷款人同意，第11章案件被驳回或转换为《破产法》第7章下的案件，或者债务人提交动议或其他诉状，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章下的案件；\n\n(g) 指定第11章受托人，或者债务人提交动议或其他诉状寻求该等指定；或\n\n(h) 破产法院根据《破产法》第1121(b)条终止债务人提交重整计划的专有权利。\n\n8.02. 救济。\n\n(a) 受融资命令约束，如发生且持续存在贷款人尚未豁免的违约事件，(i) 贷款人可通过向债务人发出书面通知，宣布所有 DIP 贷款义务立即到期应付；(ii) 在遵守且不限制贷款人根据第2.01(c)条为托管融资贷款提供资金的义务的前提下，DIP 承诺应终止，且贷款人无义务再发放任何额外 DIP 贷款；(iii) Verdolino（韦尔多利诺）应从债务人账户向托管账户支付以下两项中较低的金额：(x) 债务人专业人士及任何正式无担保债权人委员会在该违约事件发生前于第11章案件中已发生或应计的费用和开支，以及尚待申请的费用，加 $500,000；及 (y) 债务人账户中存放的 DIP 贷款收益总额中尚未支付的部分（“专业费用托管款”）；以及 (iv) 存入债务人账户、但尚未根据第2.04条用于支付获准付款或尚未根据本第8.02(a)条为专业费用托管款提供资金的全部 DIP 贷款收益（“未支付 DIP 贷款”），如有，应立即汇付并返还给贷款人；债务人作出该等汇付后，应视为债务人已就 DIP 贷款支付金额等于未支付 DIP 贷款的一部分款项。\n\n(b) 仅为便利根据第8.02(a)条第(iv)款返还未支付 DIP 贷款，如发生贷款人尚未豁免的违约事件，贷款人应自动获得一项行政费用债权，该债权对《破产法》第503(b)、506(c)及507(b)条规定的任何或全部其他任何种类行政费用享有优先权，金额等于未支付 DIP 贷款。\n\n8.03. 无论在任何违约事件发生前或发生后，贷款人延迟或遗漏行使本协议项下任何权利或救济，均不应损害任何该等权利，亦不应构成对该等权利或任何该等违约事件的豁免。贷款人对任何权利或救济的一次或部分行使，均不排除其任何其他或进一步行使，亦不排除任何其他权利或救济。\n\n8.04. 收益适用。受融资命令约束（为免疑义，包括截至申请日存在的债务人债权人的权利），在违约事件发生后（或 DIP 贷款义务已自动立即到期应付后），就 DIP 贷款义务收到的任何金额应由贷款人按下列顺序适用：\n\n第一，支付给贷款人，用于偿付构成费用、赔偿索赔、开支及其他金额的 DIP 贷款义务部分，包括律师的费用、收费和垫付款；\n\n案件 22-50073 文件 404-31 提交于 05/20/22 录入于 05/20/22 11:52:18 第 68 页，共 117 页 提交于 03/22/22 录入于 03/22/22 12:08:06 第 67 页，共 70 页 71\n\n第二，支付给贷款人，用于偿付构成 DIP 贷款应计未付利息的 DIP 贷款义务部分；\n\n第三，支付给贷款人，用于偿付构成 DIP 贷款未付本金的 DIP 贷款义务部分；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存续的赔偿义务除外）已不可撤销地全额支付后，如有余额，则支付给债务人的破产财产，或依法律另行要求处理。\n\n第9条。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；仅可通过本协议或该等文件各方签署的书面文件予以豁免或变更；并对本协议或该等文件各方及其各自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特定情形及为特定目的而有效。\n\n9.02. 在任何情况下，债务人均无义务因贷款人要求支付任何 DIP 贷款义务、加速其到期或其他原因，而支付超过法律允许金额的利息和费用，且贷款人绝无权就任何 DIP 贷款义务收取、计收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。如贷款人曾收取、征收或适用任何该等超额金额，该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 贷款文件的所有其他规定。\n\n9.03. 如本协议或与本协议有关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仍应完全有效，且不受该条款分割的影响。\n\n9.04. 准据法；管辖权；同意送达诉讼文书。\n\n(a) 本协议及其他 DIP 贷款文件应受纽约州法律以及在适用范围内《破产法》管辖，并应依其解释。\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，同意就与本协议及其作为一方当事人的其他DIP贷款文件有关的任何法律诉讼或程序，或就承认及执行与此有关的任何判决书，接受破产法院（Bankruptcy Court）的专属管辖；如破产法院不具有（或拒绝行使）管辖权，则接受位于纽约县（New York County）的任何美国联邦法院或纽约州法院、美国纽约南区联邦地区法院（United States District Court for the Southern District of New York）及其任何上诉法院的专属管辖；但前提是，本协议或任何其他DIP贷款文件中的任何规定均不妨碍任何一方在能够确立管辖权的任何其他法院或审判机构提起任何诉讼，以执行任何裁决或判决书，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提起任何该等诉讼或程序提出的任何异议，包括对审判地设定的任何异议，或基于不方便法院原则提出的任何异议。\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讯均应以书面形式作出（但任何电子通讯，包括电子邮件，均构成书面通知或通讯），并应在下列时间被视为已有效送达、发出或交付：(i) 专人递送时；(ii) 就任何电子通讯而言，发送当日；(iii) 交付给全国认可的隔夜递送服务机构后一（1）个营业日；或(iv) 以适当预付的一类邮资、要求回执的方式交付美国邮政后三个营业日，并寄送至应被通知的一方，或寄送至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) 如通知贷款人，地址为：\n\nGolden Spring (New York) Ltd.（Golden Spring（纽约）有限公司）\n162 E 64th St.\nNew York, NY 10065\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及\n\nCohn Birnbaum & Shea, P.C.（科恩·伯恩鲍姆·谢伊律师事务所）\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副本发送至：\n\nBrown Rudnick LLP（布朗·拉德尼克律师事务所）\nSeven Times Square\n案件 22-50073 文件 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 70 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 69 页，共 70 页 71\n\nNew York, NY 10036\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收件人：Steven D. Pohl（史蒂文·D·波尔）\n电子邮件：spohl@brownrudnick.com\n\n9.06. 如任何融资命令（Financing Order）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[后附签署页]\n\n案件 22-50073 文件 404-31 提交日期 05/20/22 录入日期 05/20/22 11:52:18 第 71 页，共 117 页 提交日期 03/22/22 录入日期 03/22/22 12:08:06 第 70 页，共 70 页 71","key_entities":["Je","CIPA","Kwok","Ho Wan Kwok","Guo","Miles Guo","CCP","Chinese Communist Party"],"ecf_references":[{"doc_number":77,"court":"CTB"},{"doc_number":117,"court":"CTB"}],"word_count":21789,"status":"published","published_at":"2022-05-20 00:00:00","created_at":"2022-05-20","updated_at":"2026-08-23 22:11:06"}