SEC Filings

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


Petition Date, if any, including without limitation, any such diminution resulting from the depreciation, sale, lease or use by the DIP Loan Parties (or other decline in value) of the Nalpropion Collateral, the priming of the Prepetition Nalpropion Liens by the DIP Liens pursuant to the DIP Loan Documents and this Interim Order and the imposition of the automatic stay pursuant to Bankruptcy Code section 362. In consideration of the foregoing, Nalpropion is hereby granted, in each case subject to the Carve-Out and paragraph 33 of this Interim Order, (the “Nalpropion Adequate Protection Obligations,” and together with the Prepetition Revolving Lenders Adequate Protection Obligations and Prepetition Term Loan Adequate Protection Obligations, the “Adequate Protection Obligations”):


(a)               Nalpropion Adequate Protection Liens. Nalpropion is hereby granted a replacement security interest in and lien upon the DIP Collateral held by Pernix Therapeutics (the “Nalpropion Adequate Protection Liens,” and together with the Prepetition Term Loan Adequate Protection Liens and Prepetition Revolving Adequate Protection Liens, the “Adequate Protection Liens”) (subject to the limitations and priorities set forth above) securing the amount of the Nalpropion Secured Obligations equal to the diminution in the value of Nalpropion’s interest in the Nalpropion Collateral from and after the Petition Date. Notwithstanding anything to the contrary herein, the Nalpropion Adequate Protection Liens shall be junior to the DIP Liens, Prepetition Revolving Adequate Protection Liens, Prepetition Revolving Liens and Contingent Revolving Liens, but senior to the Prepetition Term Loan Adequate Protection Liens. As a condition to the granting of such Nalpropion Adequate Protection Liens, Nalpropion waives its right to any superpriority claim as provided for in Section 507(b) of the Bankruptcy Code; provided, however, that for the avoidance of doubt, the foregoing shall not constitute a waiver of any administrative claim which Nalpropion may have pursuant to Bankruptcy Code Section