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IN RE WESTBURY OWNER, LLC., 10-30951-TJC. (2010)

Court: United States Bankruptcy Court, D. Maryland Number: inbco20101209682 Visitors: 3
Filed: Dec. 09, 2010
Latest Update: Dec. 09, 2010
Summary: STIPULATION AND CONSENT ORDER AUTHORIZING DEBTOR'S USE OF CASH COLLATERAL THOMAS J. CATLIOTA, Bankruptcy Judge Westbury Owner, LLC (the "Debtor") and CW Capital Asset Management LLC, as Special Servicer for U.S. Bank, N.A., Successor to Wells Fargo Bank, N.A., as Trustee for the Registered Holders of CD 2007-CD4 Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series CD 2007-CD4 (the "Secured Creditor") by their undersigned counsel, hereby STIPULATE AND AGREE as fo
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STIPULATION AND CONSENT ORDER AUTHORIZING DEBTOR'S USE OF CASH COLLATERAL

THOMAS J. CATLIOTA, Bankruptcy Judge

Westbury Owner, LLC (the "Debtor") and CW Capital Asset Management LLC, as Special Servicer for U.S. Bank, N.A., Successor to Wells Fargo Bank, N.A., as Trustee for the Registered Holders of CD 2007-CD4 Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series CD 2007-CD4 (the "Secured Creditor") by their undersigned counsel, hereby STIPULATE AND AGREE as follows:

WHEREAS, the Debtor filed its Emergency Motion to Approve Interim and Final Orders Authorizing Use of Cash Collateral (the "Motion") on September 23, 2010.

WHEREAS, the Secured Creditor filed an objection to the Motion and the Court scheduled an emergency interim hearing on the Motion for September 27, 2010.

WHEREAS, the Debtor and the Secured Creditor and the United States Trustee negotiated the terms of a Consent Interim Order Authorizing Debtor's Use of Cash Collateral (the "Consent Interim Order") which the Court approved and entered on September 29, 2010.

WHEREAS, on October 13, 2010, the Court entered a stipulation consent order briefly extending the term of the Consent Interim Order through October 14, 2010.

WHEREAS, on October 18, 2010, the Court entered a stipulation consent order extending the term of the Consent Interim Order through November 10, 2010.

WHEREAS, on November 10, 2010, the Court entered a stipulation consent order extending the term of the Consent Interim Order through December 9, 2010.

WHEREAS, the Debtor wishes to continue to use Cash Collateral (as defined in the Motion) in the ordinary course of its business to pay its ordinary operating expenses through and including December 31, 2010, and the Secured Creditor consents to use of Cash Collateral to pay such expenses.

Based upon the foregoing stipulations of the parties, which are incorporated by reference into this Order, it is by the United States Bankruptcy Court for the District of Maryland, hereby

ORDERED, that the Debtor is authorized to use Cash Collateral to pay the ordinary operating expenses of the Debtor incurred in the ordinary course of the Debtor's business through and including December 31, 2010; provided, however, that the Debtor shall not use Cash Collateral to pay any capital expenditures without the consent of the Secured Creditor.

Source:  Leagle

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