Case No: 10-30951-TJC.United States Bankruptcy Court, D. Maryland, (Greenbelt Division).
October 13, 2010
STIPULATION AND CONSENT ORDER EXTENDING INTERIM ORDER AUTHORIZING DEBTOR’S USE OF CASH COLLATERAL AND SCHEDULING INTERIM HEARING
THOMAS CATLIOTA, Bankruptcy Judge
Westbury Owner, LLC (the “Debtor”) and CWCapital 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.
Page 2
WHEREAS, the Debtor and the Secured Creditor 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, the Consent Interim Order provided for, among other things, the Debtor’s use of Cash Collateral (as defined in the Motion) on the terms set forth in the order for the period of September 29, 2010 through and including October 12, 2010 (the “Specified Period”).
WHEREAS, pursuant to the Consent Interim Order, a further interim hearing to consider the Debtor’s use of Cash Collateral was scheduled for October 12, 2010 at 1:00 p.m.; provided, however, that such hearing would not be required in the event the Debtor and the Secured Creditor submit a consent order for the continued interim use of Cash Collateral before such hearing date.
WHEREAS, the Debtor wishes to extend the term of the Consent Interim Order and continue the interim hearing on the Motion, and the Court has offered to hold the interim hearing on October 14, 2010 at 10:00 a.m.
WHEREAS, the Secured Creditor consents to an extension of the Consent Interim Order through and including October 14, 2010, and a continuation of the interim hearing on the Motion to October 14, 2010 at 10:00 a.m.
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 Consent Interim Order and the Specified Period are hereby extended and the Debtor may continue to use the Cash Collateral, on an interim basis, to the extent provided in the Consent Interim Order, through and including October 14, 2010; and it is further
Page 3
ORDERED, that a further interim hearing to consider the Debtor’s request use of Cash Collateral shall be held on October 14, 2010 at 10:00 a.m.; provided, however, that such hearing may not be required in the event that the Debtor and the Secured Creditor submit a consent order for continued interim use before such hearing date.
Signed: October 12, 2010
SO ORDERED
J. Daniel Vorsteg (Bar No. 26651), Whiteford Taylor Preston, L.L.P., Baltimore, Maryland, Counsel for Debtor.
Heather Deans Foley (Bar No. 25829), Venable LLP, Baltimore, Maryland, Counsel to CWCapital 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.
Page 1