P.R. Laws tit. 13, § 111bb
(a) When an entity’s interest in property is entitled to adequate protection under this chapter, it may be provided by any reasonable means, including:
(1) Cash payment or periodic cash payments;
(2) a replacement lien or liens (on future revenues or otherwise); or
(3) in connection with a case under §§ 113-113nn of this title, administrative claims, in each case, solely to the extent that the suspension period, the automatic stay, the use or transfer of property subject to a lien, or the granting of a lien under this chapter results in a decrease in value of such entity’s interest in property subject to the lien as of commencement of the suspension period or a §§ 113-113nn of this title.
(b) Without limiting subsection (a) of this section, adequate protection of an entity’s interest in cash collateral, including revenues, of the eligible obligor or the petitioner, as applicable, may take the form of a pledge to such entity of future revenues (net of any current expenses, operational expenses or other expenses incurred by the eligible obligor or the petitioner under this chapter) of such eligible obligor or petitioner if-
(1) The then-current enforcement of such entity’s interest would substantially impair the ability of such eligible obligor or petitioner to perform its public functions;
(2) there is no practicable alternative available to fulfill such public functions in light of the circumstances; and
(3) the generation of future net revenues to repay such entity’s secured claims is dependent on the then-current continued performance of such public functions and the future net revenues will be enhanced by the then-current use of cash collateral or revenues to avoid then-current impairment of public functions.
(c) Without limiting subsections (a) and (b) of this section, an eligible obligor or petitioner may recover from or use property securing an interest of an entity the reasonable, necessary costs and expenses of preserving, or disposing of, such property to the extent of any benefit to such entity, including payment of expenses incurred by such eligible obligor or petitioner pursuant to or in furtherance of this chapter.
(d) Notwithstanding any section of this chapter conditioning the eligible obligor’s or the petitioner’s use or transfer of its property on adequate protection of an entity’s interest in the property, if and when the police power justifies and authorizes the temporary or permanent use or transfer of property without adequate protection, the Court may approve such use or transfer without adequate protection.
History —June 28, 2014, No. 71, § 129.