The US Bankruptcy Court gave an order to Kona Grill, Inc. to obtain DIP financing on final basis on May 28, 2019. As per the order, the debtor has been authorized to obtain a senior secured debtor-in-possession financing facility in the amount of $39.22 million from lender parties with KeyBank National Association acting as the administrative and collateral agent. KeyBank will provide $6 million new money loan and $19.38 million of roll-up loan and ZB, N.A., will provide $13.84 million of roll-up loan. The DIP loan would carry an interest rate of Base plus 5.5% p.a., with a floor of 10% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a unused fee, facility fee and exit fee of 2% p.a. each on the new money loan. The DIP facility would mature either on August 12, 2019 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. 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 $0.2 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.