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Assets of Construction Business inclusive of Collateral

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Assets of Construction Business inclusive of Collateral



Price: Not Specified

Other Item Info
Item #: nysbke_295372
Created: 09/18/2019
Category: Business Property > All Assets or Going Concerns > Construction & Materials
Sale Date: None Set
Seller Info
Salvatore LaMonica
Trustee's Attorney
3305 Jerusalem Ave
Wantagh, NY 11793
(516) 826-6500
Bankruptcy Info
Case #: 7:19-bk-23480
Case Title: J.P.R. Mechanical Inc.
Court: New York Southern Bankruptcy Court
Chapter: 7
View Case Docket

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Description

Sale of Personal Property Assets of J.P.R. Mechanical Inc., including its furniture, fixtures, inventory, materials, machinery (including vehicles) and equipment (collectively, “Personal Property”), inclusive of the Dime Collateral. The Collateral described below:

  • Debtor JPR Mechanical executed a Revolving Credit Note dated as of January 16, 2019 in favor of Dime Community Bank (“Dime”) in the amount of $15,000,000.00 (“1st Note”). As security for the 1st Note, debtor JPR Mechanical executed a Loan and Security Agreement dated as of January 16, 2019 (“1st Security Agreement”) whereby debtor JPR Mechanical, inter alia, granted Dime a continuing lien on and first priority security interest in substantially all of debtor JPR Mechanical’s assets including, without limitation, all Accounts (as defined in the Uniform Commercial Code adopted in the State of New York “UCC”), all Inventory (as defined in the UCC), all Equipment (as defined in the UCC), all Goods (as defined in the UCC), and all Proceeds (as defined in the UCC) of the foregoing (“Collateral”).
  • Debtor JPR Mechanical Services and J&G executed a Security Agreement dated as of January 16, 2019 (“Collateral Security Agreement”) whereby debtors JPR Mechanical Services and J&G, inter alia, granted Dime a continuing lien on and first priority security interest in substantially all of their assets including, without limitation, all Accounts (as defined in the UCC), all Inventory (as defined in the UCC), all Equipment (as defined in the UCC), all Goods (as defined in the UCC), and all Proceeds (as defined in the UCC) of the foregoing (“Guarantor Collateral” and, together with the Collateral, “Dime Collateral”).

Dime asserts claims under the Loan Documents in the amount of twenty million dollars ($20,000,000.00) in principal and seventy-three thousand four hundred seventy-two 23/100 dollars ($73,472.23) in interest as of the Petition Date (“Dime Claims”), which claims Dime asserts are secured by a perfected lien against the Dime Collateral in accordance with, inter alia, the Loan Documents and the UCC (“Dime Liens”).


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Terms and Conditions:

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