No. 02 B 49672United States Bankruptcy Court, N.D. Illinois, Eastern Division.
January 29, 2003
ORDER APPROVING STIPULATION BY AND AMONG U.S. BANK NATIONAL ASSOCIATION, CONSECO FINANCE CORP. AND WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION REGARDING INTERIM CHANGES TO CERTAIN POOLING AND SERVICING AGREEMENTS
CAROL A. DOYLE, United States Bankruptcy Judge.
Upon consideration of the Stipulation By and Among U.S. Bank National Association, Conseco Finance Corp. and Wells Fargo Bank Minnesota, National Association Regarding Interim Changes to Certain Pooling and Servicing Agreements dated as of January 29, 2003, (the Stipulation);
THE COURT HEREBY FINDS THAT:
1. On December 17, 2002 (Petition Date), the above-captioned debtors (collectively, the Debtors) filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division (Bankruptcy Court).
2. On or about the Petition Date, Conseco Finance Corp., formerly known an Green Tree Financial Corporation (CFC), and U.S, Bank National Association, in its
capacity as trustee (U.S. Bank), filed their Joint Motion for (1) Directions and Instructions Permitting Pursuant to Court Order Interim Changes to Certain Pooling and Servicing Agreements in Order to Preserve the Trust Estate and Continue Servicing, (2) Approval of an Interim Servicing Fee, Payment of Trustees Fees and Granting of a Lien for Adequate Protection, (3) Setting a Final Hearing Date and Objection Procedures, (4) Providing Adequate Protection for the handling of Proceeds of the Trusts and (5) Approving the Form and Manner of Notice (Motion).
3. Following a hearing on the Motion, on or about December 18, 2002, this Court entered an order approving the Motion on an interim basis (the Interim Order), but reserved judgment on the issue of the inclusion of paragraph 18 of the Interim Order regarding trustee exculpation.
4. On or about December 20, 2002, this Court entered an order approving paragraph 18 of the Interim Order (the Subsequent Order).
5. Pursuant to the Interim Order, Wells Fargo Bank Minnesota, National Association (Wells Fargo), in its capacity as trustee under certain pooling and servicing agreements, was granted the right to opt-in to the interim Order and any final resolution.
6. On or about January 29, 2003, CFC, U.S. Bank, and Wells Fargo entered into the Stipulation evidencing Wells Fargo s agreement to opt-in to the relief provided in the Interim Order as modified by the Subsequent Order effective as of December 20, 2002.
ACCORDINGLY THIS COURT ORDER, ADJUDGES AND DECREES THAT;
7. The Stipulation is approved;
8. The pooling and servicing agreements between Wells Fargo and CFC shall be amended as provided in the Interim Order;
9. All protections granted to U.S. Bank under the Interim Order and Subsequent Order are hereby granted to Wells Fargo;
10. The Adequate Protection Lien (as that term is defined in the Interim Order) granted to Wells Fargo shall be pari passu with the Adequate Protection Lien granted to U.S. Bank provided that both U.S. Bank as Trustee and Wells Fargo as Trustee shall be entitled to separately and independently assert and enforce any of their respective rights, claims and causes of action relating to the Adequate Protection Lien without the participation or approval of the other, provided that Wells Fargo, as Trustee, shall coordinate and cooperate with U.S. Bank as Trustee before and during any enforcement action or exercise of any rights, claims or causes of action; and
11. CFC is authorized to enter into and perform the Stipulation and to take all actions necessary to perform under the terms thereof