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2021-03-09_GENERAL DOCUMENTS - C1980004 (7)
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2021-03-09_GENERAL DOCUMENTS - C1980004 (7)
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Last modified
3/16/2021 1:35:25 PM
Creation date
3/16/2021 12:56:39 PM
Metadata
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Template:
DRMS Permit Index
Permit No
C1980004
IBM Index Class Name
General Documents
Doc Date
3/9/2021
Doc Name Note
Case No. 20-12043 (GRH) Hopedale Mining LLC
Doc Name
Bankruptcy Notice
From
Tasha R. Schreckengost
To
DRMS
Permit Index Doc Type
General Correspondence
Email Name
JRS
JDM
GRM
CMM
CCW
Media Type
D
Archive
No
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Case 1:20-bk-12043 Doc 643 Filed 03/03/21 Entered 03/03/21 18:42:10 Desc Main <br />Document Page 9 of 20 <br />23. In addition to authorizing the sale of certain of the Debtors' assets to assignees and <br />designees of the DIP Secured Parties and the Prepetition Secured Parties, the Sale Order included <br />certain provisions reflecting agreements among the Committee, the Debtors, and the Stalking <br />Horse Bidder. Specifically, Paragraph 61 provides, in relevant part: <br />In order [to] facilitate the Sale Transaction and the corollary value to the Estates, <br />the Committee, the Debtors and the Stalking Horse Bidder reached certain <br />agreements reflected in this Order as follows: <br />C. The Committee agrees that the entire availability under the DIP Facility (as <br />defined in the Final DIP Order) has been funded by the DIP Lenders. The <br />Prepetition Lenders and DIP Lenders hereby stipulate that, effective as of <br />the Closing of the Sale Transaction, (i) all of the Debtors' cash from the DIP <br />Facility, including any unused professional fee carve -out amounts (if any), <br />will remain available in the Debtors' estates unencumbered by any liens or <br />claims of the Prepetition Lenders and DIP Lenders; (ii) any cash held in the <br />Debtors' deposit accounts held at East West Bank and BB&T (the <br />"Unencumbered Deposit Accounts") may be used to fund administrative <br />and/or priority claims; and (iii) the Prepetition Lenders' and DIP Lenders' <br />professionals' fees shall be paid by the Debtors only to the extent set forth <br />in the Approved Cash Flow Forecast. <br />24. Further, Paragraph 63 of the Sale Order provides: <br />Reservation of Rights. Except as expressly provided herein, all of the rights of the <br />DIP Secured Parties and their assignees and designees under the DIP Facility and <br />the Final DIP Order remain in full force and effect. <br />25. On November 2, 2020, this Court entered the Order Approving Settlement <br />Agreement with Prepetition Secured Parties and DIP Secured Parties Pursuant to Bankruptcy <br />Rule 9019 (Doc. 483) (the "Settlement Order") <br />26. The Settlement Order approved a Settlement Agreement by and among the <br />Committee, the Debtors, the Prepetition Lenders, and the DIP Lenders resolving certain issues (the <br />"Settlement Agreement'). Among other things, the Settlement Agreement provided that: <br />Except as set forth herein, the DIP Lenders and the Prepetition Lenders waiver and <br />release all claims against the Debtors' estates including, without limitation, any <br />26594115v.2 <br />
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