The US Bankruptcy Court gave an order to Sunlight Financial Holdings Inc. to obtain DIP financing on final basis on November 30, 2023. As per the order, the debtor has been authorized to obtain a backstop term loan facility in the amount of $10 million from Cross River Bank. The DIP loan would carry an interest rate of 10% p.a. The DIP facility would mature on 90 days after the backstop funding date.

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 $0.03 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor?s collateral.