SEC Filings

8-K
PERNIX THERAPEUTICS HOLDINGS, INC. filed this Form 8-K on 02/27/2019
Entire Document
 

 

continued operation of their businesses. The Prepetition Secured Parties have agreed to permit the Debtors to use the Prepetition Collateral, including the Cash Collateral, in accordance with the terms hereof, the Approved Budget subject to Permitted Variances (each as defined below), and the Intercreditor Agreement. The Prepetition Secured Parties are entitled to the adequate protection provided in this Interim Order as and to the extent set forth herein pursuant to Bankruptcy Code sections 361, 362 and 363. Based on the Motion and on the record presented to the Court at the Interim Hearing, the terms of the proposed adequate protection arrangements and of the use of the Prepetition Collateral (including the Cash Collateral) are fair and reasonable, reflect the Debtors’ prudent exercise of business judgment and constitute reasonably equivalent value and fair consideration for the consent thereto of the Prepetition Collateral (including the Cash Collateral); provided, that nothing in this Interim Order or the other DIP Loan Documents shall (x) be construed as a consent by the Prepetition Secured Parties (or their respective agents) that they would be adequately protected in the event debtor-in-possession financing is provided by a third party (i.e., other than the DIP Lenders) or a consent to the terms of any other such financing or any lien encumbering the DIP Collateral (whether senior or junior) or to the use of Cash Collateral except as provided in this Interim Order and the DIP Loan Documents, or (y) prejudice, limit or otherwise impair the rights of the Prepetition Secured Parties to seek new, different or additional adequate protection in the event circumstances change after the date hereof (subject to the Intercreditor Agreement).

 

N.                Sections 506(c) and 552(b). In light of the Prepetition Secured Parties agreement to subordinate their liens and claims to the Carve-Out, the DIP Liens, and the Adequate Protection Liens, to permit the use of the DIP Facility and Cash Collateral for payments made in accordance with the Approved Budget and the terms of this Interim Order, subject to entry of a

 

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