OR THE
FINANCING DOCUMENTS.
8.11
RELIEF FROM AUTOMATIC STAY.
BORROWER KNOWINGLY, VOLUNTARILY,
INTENTIONALLY AND AFTER THE OPPORTUNITY TO CONSULT WITH COUNSEL AGREES WITH
LENDER THAT NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT
OR THE FINANCING DOCUMENTS, IN THE EVENT AN ORDER FOR RELIEF UNDER ANY CHAPTER
OF TITLE 11 OF THE UNITED STATES CODE, 11 U.S.C. §101, ET. SEQ. (THE "BANKRUPTCY
CODE") IS ENTERED WITH RESPECT TO BORROWER (IT BEING UNDERSTOOD THAT THIS
AGREEMENT IS NOT INTENDED TO PRECLUDE SUCH A FILING), THE FOLLOWING PROVISIONS
SHALL BE APPLICABLE:
6
(a)
LENDER SHALL BE ENTITLED TO THE IMMEDIATE TERMINATION OF THE
AUTOMATIC STAY PROVISIONS OF 11 U.S.C. §362 (AND ANY OTHER RELEVANT PROVISIONS
OF THE BANKRUPTCY CODE), AND GRANTED UNCONDITIONAL RELIEF FROM THE AUTOMATIC
STAY AND ALLOWED TO PURSUE ANY AND ALL RIGHTS, REMEDIES AND RECOURSES AVAILABLE
TO LENDER UNDER THIS AGREEMENT AND THE FINANCING DOCUMENTS AND PURSUANT TO ANY
PROVISIONS OF APPLICABLE LAW.
LENDER ONLY SHALL BE REQUIRED TO FILE A MOTION
FOR RELIEF FROM THE AUTOMATIC STAY PROVISIONS OF 11 U.S.C. §362 AND BORROWER
HEREBY CONSENTS TO AN EMERGENCY HEARING THEREON.
BORROWER HEREBY WAIVES THE
RIGHT TO OPPOSE THE MOTION OR ASSERT ANY DEFENSE TO THE RELIEF REQUESTED BY
LENDER.
LENDER IS AUTHORIZED TO SUBMIT AN AFFIDAVIT WITH THE MOTION (A)
IDENTIFYING THE EXISTING DEFAULTS AND ANY EVENTS OF DEFAULT HEREUNDER OR UNDER
THE OTHER FINANCING DOCUMENTS, (B) STATING THE AMOUNT OF THE OBLIGATIONS AND (C)
ADVISING THE BANKRUPTCY COURT OF BORROWER'S CONSENT TO UNCONDITIONAL RELIEF FROM
THE AUTOMATIC STAY.
(b)
BORROWER SHALL NOT, WITHOUT LENDER'S WRITTEN CONSENT, SEEK
AUTHORIZATION FROM THE BANKRUPTCY COURT TO USE CASH COLLATERAL THAT IS SUBJECT
TO LENDER'S LIEN AND SECURITY INTEREST PURSUANT TO 11 U.S.C. §363 OR ANY OTHER
PROVISION OF THE BANKRUPTCY CODE, NOR SHALL BORROWER SEEK TO OBTAIN FINANCING
UNDER 11 U.S.C. §364 THAT WILL RESULT IN THE GRANTING OF LIENS AND SECURITY
INTERESTS IN THE COLLATERAL WITH PRIORITY OVER LENDER'S LIENS AND SECURITY
INTERESTS.
LENDER'S ENTITLEMENT AS AFORESAID TO THE LIFTING OF THE AUTOMATIC STAY HEREUNDER
BY THE APPROPRIATE BANKRUPTCY COURT SHALL BE DEEMED "FOR CAUSE" PURSUANT TO
§362(d)(1) OF THE BANKRUPTCY CODE AS AMENDED FROM TIME TO TIME.
8.12
Waivers.
(a)
Borrower will not, directly or indirectly, do any act or fail to
do any act, which would impair or affect Lender's security interest in any
Collateral, nor will Borrower upon any default or Event of Default under this
Agreement or the other Financing Documents, contest Lender's right to obtain
judgment against Borrower or to foreclose upon any Collateral pledged to Lender,
nor will Borrower move to vacate or enjoin such judgment or foreclosure.
7
(b)
Borrower waives and renounces all rights which are waivable under
Article 9 of the Uniform Commercial Code as such rights relate to Borrower's
relationship with Lender, whether such rights are waivable before or after
default, including, without limitation, those rights with respect to compulsory
disposition of collateral (U.C.C. §§9-610, 9-615 and 9-620), any right of
redemption under U.C.C. §9-623,