SEC Filings

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


or postpetition liens and security interests (including, without limitation, any adequate protection replacement liens at any time granted to the Prepetition Revolving Lenders by this Court) that the Prepetition Revolving Lenders have or may have in the Prepetition Revolving Collateral shall, subject to paragraph 33 of this Interim Order, (a) continue to secure the unpaid portion of the Prepetition Revolving Facility (including, without limitation, any Prepetition Revolving Obligations subsequently reinstated after the repayment thereof because such payment (or any portion thereof) is required to be returned or repaid, and the liens securing the Prepetition Revolving Facility shall not have been avoided) and (b) be junior and subordinate in all respects to the Carve-Out and the DIP Liens (such junior liens and security interests of the Prepetition Revolving Lenders, other than the Prepetition Revolving Adequate Protection Liens, are hereinafter referred to as the “Contingent Revolving Liens,” and any such reinstated Prepetition Revolving Debt described in clause (a) of this paragraph is hereinafter referred to as the “Contingent Prepetition Revolving Debt”).


4.                  Use of Cash Collateral and DIP Loans. The Debtors are hereby authorized to use Cash Collateral and the proceeds of any DIP Loans (as defined below) solely in accordance with the Approved Budget, this Interim Order, the DIP Loan Documents, and the Intercreditor Agreement.


5.                  Validity of DIP Loan Documents. The DIP Loan Documents shall constitute valid and binding obligations of the DIP Loan Parties, enforceable against each DIP Loan Party thereto in accordance with the terms thereof. No obligation, payment, transfer or grant of security under the DIP Loan Documents as approved under this Interim Order shall be stayed, restrained, voided, voidable or recoverable under the Bankruptcy Code or under any applicable non-bankruptcy law, or subject to any defense, reduction, setoff, recoupment or counterclaim.