Case:12-24882-ABC Doc#:448 Filed:09/14/12 Entered:09/14/12 15:42:48 Page1 of 2

In re
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF COLORADO
Case No. 12-24882 ABC
CORDILLERA GOLF CLUB, LLC dba The Club
at Cordillera, Chapter 11
Tax ID I EIN: 27-0331317
Debtor.
ORDER GRANTING MOTION TO: (1) APPROVE INSURANCE PREMIUM
FINANCING PURSUANT TO 11 U.S.C. 364(c) and (d); AND (2) CANCEL PRIOR
INSURANCE COVERAGE EFFECTIVE AS OF AUGUST 26, 2012
THIS MA TIER having come before the Court on Cordillera Golf Cub, LLC dba The
Club at Cordillera' s ("Debtor") Motion to: (1) Approve Insurance Premium Financing Pursuant
to 11 U.S.C. 364 (c)and (d); and (2) Cancel Prior Insurance Coverage Effective as of August
26, 2012 (the "Motion"), the Debtor having provided proper notice of the Motion pursuant to
Rules 4001(c) and 9014 of the Federal Rules of Bankruptcy Procedure, and Rule 9014 of the
Local Rules of Bankruptcy Procedure, and it appearing that the entry of this Order is essential to
the continued orderly operation of the Debtor' s business and is in the best interest of the Debtor
and the Debtor' s estate, the Court hereby
ORDERS that pursuant to Sections 364(c) and 364(d) of the Bankruptcy Code
1
, the
Motion is GRANTED. The Debtor' s Commercial Premium Finance Agreement and Security
Agreement (the " Agreement") with AON Premium Finance, LLC ("APF") attached as Exhibit 1
to the Motion is APPROVED. The Court further
ORDERS that the Debtor is authorized to: a) enter into the Agreement; b) grant APF or
its successor or assigns a first priority lien on and security interest in unearned premiums as
described in the Agreement; c) grant APF or its successor or assigns a lien in loss payments
under the Policies which reduce unearned premiums subject to any mortgagee or loss payee
interest, and d) make all payments due under the Agreement. APF is authorized to receive and
apply such payments to the indebtedness owed by the Debtor to APF as provided in the
Agreement. The Court further
1
Capitalized terms not defined herein shall have the meaning ascribed to such terms in the Motion.
4828-2619-2913.2
Case:12-24882-ABC Doc#:448 Filed:09/14/12 Entered:09/14/12 15:42:48 Page2 of 2
ORDERS the following additional provisions between the parties are APPROVED:
a) If the Debtor does not make any of the payments due under the Agreement
as they become due, but subject to the Debtor's right to cure any payment default within
ten (1 0) days written notice of default from APF to the Debtor, its counsel and counsel
for the Official Committee of Unsecured Creditors appointed in the above captioned case
(the "Committee"), the automatic stay shall automatically lift to enable APF and/or third
parties, including insurance companies providing the coverage under the Zurich/St. Paul
Policies, to take all steps necessary and appropriate to cancel the Zurich/St. Paul Policies,
collect the unearned premiums for the Debtor's obligations under the Zurich/St. Paul
Policies and apply such unearned premiums to the indebtedness owed to APF by the
Debtor. In exercising such rights, APF and/or third parties shall comply with the notice
and other relevant provisions of the Agreement and applicable Jaw, including the
Debtor's request that its counsel and counsel for the Committee be included on the list of
parties entitled to receive notice.
b) APF, or any third party, including insurance companies providing the
coverage under the Policies, exercising such rights shall comply with the notice
provisions and other provisions of the Agreement, including the Debtor's request that its
counsel and counsel for the Committee be included on the list of parties entitled to
receive notice.
ORDERS that: a) the Debtor's insurance policies with Philadelphia are cancelled
effective August 26, 2012; b) the Debtor is not responsible for any additional payments to
Philadelphia; and c) the cancellation of the Philadelphia Policies shall not terminate any rights
the Debtor or other persons or entities insured thereunder may have for the policy period from
June 26,2012 through August 26, 2012.
DATEDthis /'-( ,2012.
BY THE COURT:
Q.
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Notice shall be provided to the Debtor as provided under the Zurich/St. Paul Policies and to counsel for the
Debtor and the Committee as follows:
To the Debtor's counsel via email and U.S. Mail:
Chris Celentino
Mikel Bistrow
Foley & Lardner LLP
402 W. Broadway, Sui te 2100
San Diego, CA 92101
ccelentino@foley.com; mbistrow@foley.com
4828-2619-2913.2
To the Committee's counsel via email and U.S. Mail:
Jay H. Ong
MUNSCH HARDT KOPF & HARR, P.C.
Frost Bank Tower
401 Congress Avenue, Suite 3050
Austin, Texas 78701-4071
jong@munsch.com