Common use of Waiver of Automatic and Supplemental Stays Clause in Contracts

Waiver of Automatic and Supplemental Stays. Borrower hereby represents, covenants and agrees, in the event of the filing of any voluntary or involuntary petition in bankruptcy by or against First Mortgage Borrower or Borrower, not to assert or request any other party to assert that the automatic stay provided by Section 362 of the Bankruptcy Code shall operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights it has by virtue of this Agreement or the Loan Documents, or any other rights Lender has, whether now or hereafter acquired, against First Mortgage Borrower, Borrower or any Collateral; and further, in the event of the filing of any voluntary or involuntary petition in bankruptcy by or against First Mortgage Borrower or Borrower, not to seek a supplemental stay or any other relief, whether injunctive or otherwise, pursuant to Section 105 of the Bankruptcy Code or any other provision of the Bankruptcy Code, to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights it has by virtue of this Agreement or the Loan Documents, or at law or in equity, or any other rights Lender has, whether now or hereafter acquired against First Mortgage Borrower, Borrower or any Collateral. The parties hereto acknowledge that the waivers in this Section with respect to an involuntary petition shall not be effective until the occurrence of an Event of Default.

Waiver of Automatic and Supplemental Stays. Borrower hereby represents, covenants and agrees, in the event of the filing of any voluntary or involuntary petition in bankruptcy by or against First Mortgage Borrower, Senior Mezzanine Borrower or Borrower, not to assert or request any other party to assert that the automatic stay provided by Section 362 of the Bankruptcy Code shall operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights it has by virtue of this Agreement or the Loan Documents, or any other rights Lender has, whether now or hereafter acquired, against First Mortgage Borrower, Senior Mezzanine Borrower, Borrower or any Collateral; and further, in the event of the filing of any voluntary or involuntary petition in bankruptcy by or against First Mortgage Borrower, Senior Mezzanine Borrower or Borrower, not to seek a supplemental stay or any other relief, whether injunctive or otherwise, pursuant to Section 105 of the Bankruptcy Code or any other provision of the Bankruptcy Code, to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights it has by virtue of this Agreement or the Loan Documents, or at law or in equity, or any other rights Lender has, whether now or hereafter acquired against First Mortgage Borrower, Senior Mezzanine Borrower, Borrower or any Collateral. The parties hereto acknowledge that the waivers in this Section with respect to an involuntary petition shall not be effective until the occurrence of an Event of Default.

Waiver of Automatic and Supplemental Stays. Borrower Each of the Borrower, the Guarantor, and the other Additional Pledgors, on behalf of itself or himself only, hereby represents, covenants and agrees, in the event of the filing of any voluntary or involuntary petition in bankruptcy by or against First Mortgage Borrower the Property Owner, the Borrower, the Managing Member, the Guarantor or Borrowerany other Additional Pledgor, not to assert or request any other party to assert that the automatic stay provided by Section 362 of the Bankruptcy Code shall operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of Lender Agent to enforce any rights it has by virtue of this Agreement or the Loan Documents, or any other rights Lender Agent has, whether now or hereafter acquired, against First Mortgage the Property Owner, the Borrower, Borrower the Managing Member, the Guarantor, the other Additional Pledgors or against any Collateral; and further, in the event of the filing of any voluntary or involuntary petition in bankruptcy by or against First Mortgage Borrower the Property Owner, the Borrower, the Managing Member, the Guarantor or Borrowerthe other Additional Pledgors, not to seek a supplemental stay or any other relief, whether injunctive or otherwise, pursuant to Section 105 of the Bankruptcy Code or any other provision of the Bankruptcy Code, to stay, interdict, condition, reduce or inhibit the ability of Lender Agent to enforce any rights it has by virtue of this Agreement or the Loan Documents, or at law or in equity, or any other rights Lender Agent has, whether now or hereafter acquired against First Mortgage the Property Owner, the Borrower, Borrower the Managing Member, the Guarantor, the other Additional Pledgors or against any Collateral. The parties hereto acknowledge that the waivers in this Section with respect to an involuntary petition shall not be effective until the occurrence of an Event of Default.