In the context of loan workouts, lenders often utilize a waiver of the protections of the automatic stay under section 362 of the Bankruptcy Code. The goal is protection of the lender in the event that a borrower later seeks bankruptcy protection. Whether or not these waivers are enforceable in court, however, is an open issue. Unfortunately, there is little uniformity among the circuit courts, or even within some of the circuits themselves. This article focuses on the holdings of courts within the Fourth Circuit, but will conclude with a look at two recent cases from other circuits with conflicting holdings.