UBS AG, London Branch v. Greka Integrated, Inc.

Filing 73

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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[: ORIG lf\'. ··· - ~·- ' t ~DC SD!\\. i :>OCUMENT 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: - - ....... _~ -IL_E_ 1/-r_/j /r- , /-e. Plaintiff , - against GREKA INTEGRATED , 19 Civ . 10786 (LLS) INC ., ORDER Defendant . 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 : 1. 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 . 2. 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 managemen t fe es plaintiff has incurred in connection with the enforcement or protection of it s rights . Plaintiff 's Memorandum -1- ~ 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) se t (0kt . No . forth the 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 . 3. 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 No. ( 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~ L,:5- I ~ Louis L . Stanto n U. S . D. J . - 2-

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