The US Bankruptcy Court gave an order to iPic-Gold Class Entertainment, LLC to obtain DIP financing on final basis on September 26, 2019. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $16 million from Teacher's Retirement System of Alabama and Emplotyee's Retiremnet System of Alabama. The DIP loan would carry an interest rate of 10.5% with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 2% p.a. The DIP facility would mature either on 90 days from the petition date or on the date upon which the DIP Lenders elect to terminate the Availability Period and accelerate the Obligations in accordance with Section 7.2 of the DIP Loan Agreement following the occurrence and continuance of an Event of Default, and (iii) the Closing Date, or such later date as to which the DIP Lenders may expressly agree in writing in their sole discretion. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.25 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.