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Bankruptcy or Insolvency
Bankruptcy or Insolvency contract clause examples

Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Section 9.1 (other than [Section 9.1(g) or (h)])]) shall occur and be continuing, the [[Organization A:Organization]] and the Administrative Agent shall be under no further obligation to make Term Loans and the Administrative Agent may, and upon the request of the Requisite [[Organization A:Organization]], shall by written notice to the Borrower, declare the unpaid principal amount of the Term Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the [[Organization A:Organization]] hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived; and

Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under [Section 9.1(g) or (h)])] shall occur, the [[Organization A:Organization]] shall be under no further obligations to make Term Loans hereunder and the unpaid principal amount of the Term Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the [[Organization A:Organization]] hereunder and thereunder automatically shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and

then, and in any such event, the Administrative Agent shall at the request, or may with the consent, of the Majority Lenders, by notice to the [[Organization A:Organization]], at any time following the Closing Date during which any Event of Default has occurred and is continuing, declare the Loans, all interest thereon and all other amounts payable under this Agreement to be forthwith due and payable, whereupon the Loans, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the [[Organization A:Organization]]; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to the [[Organization A:Organization]] under the Federal Bankruptcy Code, # the Commitments of each [[Organization B:Organization]] shall automatically be terminated and # the Loans, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the [[Organization A:Organization]].

Section # Non-Bankruptcy Defaults. When any Event of Default other than those described in subsection [(j) or (k) of Section 6.01] hereof has occurred and is continuing, the Administrative Agent shall, by written notice to the Company: # if so directed by or with the consent of the Required Lenders, terminate the Commitments and all other obligations of the Lenders hereunder, which shall thereupon immediately terminate; and # if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind. The Administrative Agent, after giving notice to the Company pursuant to Section 6.01(c) or this Section 6.02, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.

Notwithstanding the foregoing, in the case of an Event of Default arising under [clause (f) or (g) of Section 11.1(I)] hereof, all outstanding Loans and other Obligations shall become due and payable immediately without further action or notice. The Administrative Agent may withhold from the Lenders notice of any continuing Default, except a Default relating to the payment of principal, premium, if any, or interest, if it determines that withholding notice is in their interest.

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