The US Bankruptcy Court gave an order to YogaWorks, Inc., a Delaware C-Corporation to obtain DIP financing on an interim basis on October 16, 2020. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $1 million out of total facility of $3.35 million from Serene Investment Management, LLC. The DIP loan would be interest free. As per the terms of the DIP agreement, the loan does not carry any fee. The DIP facility would mature either on the closing of the bankruptcy sale to any purchaser other than the stalking horse purchaser or entry of an order converting the cases to a proceeding or proceedings under chapter 7 of the bankruptcy code or entry of a final order by the bankruptcy court dismissing the cases on the effective date of the plan or the date of termination of the DIP credit facility and the acceleration of any outstanding extensions of credit under the loan in accordance with the terms of the DIP agreement, 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 $0.01 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.