Common use of Automatic Stay Clause in Contracts

Automatic Stay. Pursuant to the terms of the Orders, the automatic stay provisions of section 362 of the Bankruptcy Code shall have been vacated and modified to the extent necessary to permit the Postpetition Lender to file any financing statements or other documents appropriate in its discretion and to exercise, upon the occurrence and during the continuation of any Event of Default (as defined in this Agreement), all rights and remedies provided for in this Agreement, the Orders, and the other Postpetition Financing Documents, and to take any or all of the following actions without further order of or application to the Bankruptcy Court: (i) terminate the Borrower’s use of Cash Collateral and cease to make any loans or advances to the Borrower; (ii) declare all Postpetition Obligations to be immediately due and payable; (iii) terminate the Postpetition Commitment under this Agreement and the other Postpetition Financing Documents; (iv) offset and apply immediately against the Postpetition Obligations and otherwise enforce rights against the Collateral or the Prepetition Collateral in the possession of the Postpetition Lender for application towards the Postpetition Obligations; and (v) take any other actions or exercise any other rights or remedies permitted under the Orders, this Agreement, the other Postpetition Financing Documents or applicable law to effect the repayment and satisfaction of the Postpetition Obligations; provided, however, that the Postpetition Lender shall provide five (5) Business Days’ written notice (by facsimile, telecopy, electronic mail or otherwise) to the U.S. Trustee, counsel to the Debtors, counsel to the Prepetition Agent, and counsel to any Committee prior to exercising any enforcement rights or remedies in respect of the Collateral or the Prepetition Collateral (other than the rights described in clauses (i), (ii) and (iii) above);

Automatic Stay. Pursuant to the terms of the Orders, the automatic stay provisions of section 362 of the Bankruptcy Code shall have been vacated and modified to the extent necessary to permit the Postpetition Lender to file any financing statements or other documents appropriate in its discretion and to exercise, upon the occurrence and during the continuation of any Event of Default (as defined in this Agreement), all rights and remedies provided for in this Agreement, the Orders, and the other Postpetition Financing Documents, and to take any or all of the following actions without further order of or application to the Bankruptcy Court: (i) terminate the Borrower’s use of Cash Collateral and cease to make any loans or advances to the Borrower; (ii) declare all Postpetition Obligations to be immediately due and payable; (iii) terminate the Postpetition Commitment under this Agreement and the other Postpetition Financing Documents; (iv) offset and apply immediately against the Postpetition Obligations and otherwise enforce rights against the Collateral or the Prepetition Collateral in the possession of the Postpetition Lender for application towards the Postpetition Obligations; and (v) take any other actions or exercise any other rights or remedies permitted under the Orders, this Agreement, the other Postpetition Financing Documents or applicable law to effect the repayment and satisfaction of the Postpetition Obligations; provided, however, that the Postpetition Lender shall provide five (5) Business Days’ written notice (by facsimile, telecopy, electronic mail or otherwise) to the U.S. Trustee, counsel to the Debtors, counsel to the Prepetition AgentLender, and counsel to any Committee prior to exercising any enforcement rights or remedies in respect of the Collateral or the Prepetition Collateral (other than the rights described in clauses (i), (ii) and (iii) above);