Consent to Relief from Automatic Stay. The Company agrees that if it shall (a) file with any bankruptcy court of competent jurisdiction or be the subject of any petition under Title 11 of the United States Code, as amended, (b) be the subject of any order for relief issued under such Title 11 of the United States Code, as amended, (c) file or be the subject of any petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency or other relief for debtors, (d) seek consent to or acquiesce in the appointment of any trustee, receiver, conservator or liquidator, (e) be the subject of any order, judgment or decree entered by any court of competent jurisdiction approving a petition filed against it for any reorganization, arrangement, composition, readjustment, liquidation, disillusionment or similar relief under any present or future federal or state act or law relating to bankruptcy and insolvency, or relief for debtors, the Bank shall thereupon be entitled to relief from any automatic stay imposed by Section 362 of Title 11 of the United States Code, as amended, or from any other stay or suspension of remedies imposed in any other manner with respect to the exercise of the rights and remedies otherwise available to the Bank under the terms of this Agreement and the Loan Documents, and the Company shall consent to any such relief sought by the Bank. The Company agrees that upon the occurrence of a Default, the Bank shall be entitled to appointment of a receiver for the Collateral on an ex parte basis, without notice to the Company, and without regard to the value of the Collateral.
Consent to Relief from Automatic Stay. Borrower acknowledges and agrees that Lender’s forbearance and other accommodations have provided substantial benefits to Borrower and afforded Borrower time to rehabilitate its business and improve its prospects and cure the outstanding Defaults. Borrower hereby agrees that if it shall (1) file or be the subject of any petition under Title 11 of the U.S. Code as the same may be amended from time to time (the “Bankruptcy Code”), (2) be the subject of any order for relief issued under the Bankruptcy Code, (3) file or be the subject of any petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or other relief for debtors (individually, an “Insolvency Proceeding” and, collectively, “Insolvency Proceedings”), (4) seek, consent to, or acquiesce in the appointment of any trustee, receiver, conservator, or liquidator, (5) be the subject of any order, judgment, or decree entered by any court of competent jurisdiction approving a petition filed against the Borrower in any Insolvency Proceeding, then Lender shall thereupon be entitled to relief from any automatic stay imposed by Section 362 of the Bankruptcy Code, or from any other stay or suspension of remedies imposed in any other manner with respect to the exercise of the rights and remedies otherwise available to the Lender under the Master Agreement, the Note or any other Loan Documents to realize upon the Collateral. Borrower hereby covenants and agrees not to assert any defense, oppose or otherwise contest any motion for relief from the automatic stay brought by or on behalf of Lender in connection with any Insolvency Proceeding. Borrower acknowledges that the agreements and covenants set forth in this subparagraph (b) of this Section 14 served as a material inducement for Lender’s willingness to forbear and enter into this Seventh Supplement.
Consent to Relief from Automatic Stay. In the event the Corporation files a voluntary petition seeking relief under the Bankruptcy Code or the Corporation becomes the subject of an involuntary bankruptcy proceeding in which an order for relief is entered and not dismissed within thirty (30) days, or otherwise becomes the subject of any petition that is not dismissed within thirty (30) days seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, assignment for the benefit of creditors, or similar relief under any present or future federal or state laws or statutes relating to bankruptcy, insolvency, or other relief for debtors, or the Corporation seeks, consents to or acquiesces in the appointment of a trustee, receiver, conservator or liquidator, including any similar proceedings under Canadian law, the Corporation agrees that the Receiver and/or any of the Lancer Entities will not be adequately protected and therefore will each be entitled to immediate relief from any automatic stay prescribed by applicable Canadian, state or federal law including, but not limited to, 11 U.S.C. § 362, to enforce their rights under this Agreement. This entitlement shall be irrespective of any of the requirements of Canadian, state or federal law including, but not limited to, 11 U.S.C. § 362, and the Receiver and/or the Lancer Entities shall not be obligated to satisfy those requirements in order to obtain stay relief.
Consent to Relief from Automatic Stay. Borrower agrees that Bank immediately shall be entitled to relief from any automatic stay imposed by Section 362 of Title 11 of the U.S. Code, as amended, or otherwise, on or against the exercise of the rights and remedies available to it under the Note and other Loan Documents evidencing Borrower’s indebtedness, in the event it shall: (a) file with any bankruptcy court of competent jurisdiction or be the subject of any petition under Title 11 of the U.S. Code, as amended; (b) be the subject of any order for relief issued under Title 11 of the U.S. Code, as amended; (c) file or be the subject of any petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency or other relief for debtors; (d) have sought or consented to or acquiesced in the appointment of any trustee, receiver, conservator, or liquidator; or (e) be the subject of any order, judgment or decree entered by any court of competent jurisdiction approving a petition filed against such party for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or relief for debtors.
Consent to Relief from Automatic Stay. Borrower hereby agrees that if during the Forbearance Period it shall (i) file with any bankruptcy court of competent jurisdiction or be the subject of any petition under Title 11 of the U.S. Code, as amended, (iii) file or be the subject of any petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or other relief for debtors, (iv) seek, consent to or acquiesce in the appointment of any trustee, receiver, conservator or liquidation, (v) be the subject of any order, judgment or decree entered by any court of competent jurisdiction approving a petition filed against Borrower for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or relief for debtors without providing Lender 24 hours advance written notice thereof (excluding involuntary actions or proceedings against the Borrower which are not in the control of the Borrower), Lender shall thereupon be entitled to relief from any automatic stay imposed by Section 362 of Title 11 of the U.S. Code, as amended, or from any other stay or suspension of remedies imposed in any other manner with respect to the exercise of the rights and remedies otherwise available to Lender under the Security Agreement and any of the Related Documents.
Consent to Relief from Automatic Stay. Seller hereby consents to relief from the automatic stay in bankruptcy, in the event that a Bankruptcy Event occurs. In connection with the foregoing consent, Seller hereby acknowledges that (a) the debts secured by liens on the Property exceed the value of the Property; (b) if a Bankruptcy Event occurs, then, absent Purchaser’s consent, there is no reasonable possibility that Seller could achieve a successful reorganization within a reasonable length of time; and (c) the Seller’s business and Property constitute “single asset real estate” within the meaning of Section 101(51B) of the United States Bankruptcy Code, because the Property is real property consisting of a single property or project which generates substantially all of the gross income of Seller, on which no substantial business is being operated, other than operating such real property (and the Property is not residential property with fewer than four units).
Consent to Relief from Automatic Stay. In the event that Merchant commits an Act of Insolvency, Merchant agrees that it will consent to relief from the automatic stay to allow TDFS to enforce the terms of this Agreement. Without limiting the foregoing, each party agrees (to the extent permitted by Applicable Law) to continue this Agreement if so desired by the party not the subject of any such events and who is not otherwise in default under this Agreement, and to co-operate in any such proceeding to facilitate the continuation of this Agreement in that circumstance.
Consent to Relief from Automatic Stay. In the event of the filing of a petition in bankruptcy by or against Mortgagor under the United States Bankruptcy Code, Mortgagor consents and agrees to the entry of immediate relief from the automatic stay of section 362(a) of the Bankruptcy Code, and shall not contest any motion by Mortgagee for termination of, or other relief from, such automatic stay."
(h) A new Section 5.11 is hereby added to the Mortgage, as follows:
Consent to Relief from Automatic Stay. In the event of the filing of a petition in bankruptcy by or against Mortgagor under the United States Bankruptcy Code, Mortgagor consents and agrees to the entry of immediate relief from the automatic stay of section 362(a) of the Bankruptcy Code, and shall not contest any motion by Mortgagee for termination of, or other relief from, such automatic stay."
(h) A new Section 5.11 is hereby added to the First Mortgage, as follows: "5.11 DISTRIBUTIONS TO OWNERS PRIOR TO PRINCIPAL AND INTEREST PAYMENT PERIOD. Without the prior written consent of Mortgagee, Mortgagor will not distribute any portion of the Gross Revenue from the Property to any other holder of a direct or indirect ownership interest in Borrower, prior to the commencement of the Principal and Interest Payment Period (as defined in the Note); provided, however, that payments to a member or affiliate of Mortgagor which have been pre-approved by Mortgagee, as described in subsection 4.23(f) hereof, shall be allowed."
(i) EXHIBIT B, Permitted Exception No. 1, of the First Mortgage is hereby deleted in its entirety, and the following substituted therefor: "Real property taxes for 2003 and subsequent years not yet due and payable."
Consent to Relief from Automatic Stay. Each of the Borrowers hereby agrees that if any of them shall (i) file with any bankruptcy court of competent jurisdiction or be the subject of any petition under the Code, (ii) be the subject of any order for relief under the Code, (iii) file or be the subject of any petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or other relief for debtors, (iv) seek, consent to or acquiesce in the appointment of any trustee, receiver, conservator or liquidator, (v) be the subject of any order judgment or decree entered by any court of competent jurisdiction approving a petition filed against any of them for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or relief for debtors, the Agent and the Lenders shall thereupon be entitled to relief from any automatic stay imposed by Section 362 of the Code or from any other stay or suspension of remedies imposed in any other manner with respect to the exercise of the rights and remedies otherwise available to the Agent and the Lenders under the Loan Agreement, any of the Other Agreements, hereunder or under any documents delivered in connection therewith.
