UBS AG, London Branch v. Greka Integrated, Inc.
ORDER re: 68 Order, 69 Memorandum of Law filed by UBS AG, London Branch. Based on this Order and my February 26, 2021 Order (Dkt. No. 68 ), the parties shall now proceed before Judge Fox for a final calculation of the amounts owed for interest, Administrative Agent Fees and Deferred Closing Fees, Performance Payments, Advisory and Collateral Management fees, and Legal fees and costs. SO ORDERED. (Signed by Judge Louis L. Stanton on 4/1/2021) (kv)
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' t ~DC SD!\\.
UNI TED S TATES DISTRICT COURT
SOUTHERN DI STRICT OF NEW YORK
UBS AG ,
I ELE CTRO~ IC ALL Y FILED
00( . #;
LONDON BRANCH ,
DAT EF D: - - ....... _~
1/-r_/j /r- , /-e.
- against GREKA INTEGRATED ,
19 Civ . 10786 (LLS)
Upon rev iew of the pa r tie s '
supplemental briefing , my
fin d ings r eg arding defendant ' s liability for the remaining
cat e gorie s o f damages are as fo llo ws :
Pe rformance Payments
For the reaso n s set forth in plaintiff ' s brief , and
und ispute d b y defendant , defendant is liable for the Performance
Paymen ts pursuant to Sections 2 . 04 (a) and 2 . 09(e) of the Second
Lie n Cr edit Agreement . The payments are calculated based on the
table pro v ided in Section 1.0 1 of the Agreement (defining
"Performa n ce Payments " ) . Plaintiff shall present evidence of the
quarters i n which the Quar terly WT I Price of crude oil has
exc e e ded $65 . 00 per barrel to Judge Fox for a final
det ermina tion o f the amount of Performance Payment s owed .
Lega l Fees and Advisory/Collateral Management Fees
Purs u ant to Section 9 . 03(a) of the Credit Agreements ,
def e ndant is liable for the legal and advisory/collateral
fe es plaintiff has incurred in connection with the
enforcement or protection of it s rights . Plaintiff 's Memorandum
in Suppo r t
of It s Cl ai m for Interest , Fees and Costs
42 ) a nd t he a ttached Decl ar a tion (0kt . No . 43)
(0kt . No .
amounts r e qu es ted an d s upporting documents . Judg e Fo x may review
tha t eviden c e , and a ny a dditional evidence he require s , to
det e rmine t h e rea s on ab l e amo unt of fees owed .
Amo unt s Adva nced u nde r the Trustee Loan Agr eements
De fe nd an t
i s not li abl e for the amo unts adva n ced to t he
RIL P o r HVI CC Tru s te es . Those advances of " work i ng capit a l " do
not fit wi t h i n t h e c la s s o f " Co s ts a nd Ex p e n se s" de fi ne d in or
contempla t ed by Sect io n 9 . 03(a)
hol d defe nda n t
of the Credit Agreeme nts , and to
re s pon s i ble for t hose amou n ts would expa n d its
liabil ity we l l beyond it s intended scope .
Conclusi o n
Ba se d o n thi s Or der and my Februar y 26 , 2021 Order
( Dkt .
68 ) , t h e parties s hal l now proceed before Judge Fox for a
fin a l cal c ul a tion of the amounts owed f o r interest ,
Admi n istr a t i v e Agent Fee s and Deferred Closing Fees ,
Payme nts , Ad v isory and Col l ateral Manageme n t
Per fo rmance
fees , and Legal
fee s a nd co s ts .
So o rd e r ed .
Dat ed :
Ne w York , New York
Apr il 1 , 2021
L,:5- I ~
Louis L . Stanto n
U. S . D. J .
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