Common use of Bankruptcy; Insolvency; Involuntary or Voluntary Liquidation or Dissolution Clause in Contracts

Bankruptcy; Insolvency; Involuntary or Voluntary Liquidation or Dissolution. If Buyer or Parent (I) shall make an assignment for the benefit of creditors, or (2) shall admit in writing its inability to pay a major part of its debts as they become due, or (3) shall become the subject of any insolvency, bankruptcy, receivership, or dissolution proceeding and, if such proceeding is instituted against it, shall have been consented to or acquiesced in by it, or shall remain un-dismissed for 60 days, or an order for relief shall have been entered against it (any event under this clause (e) being a (“Bankruptcy Default”)); Then Seller may at any time, (x) at the option of Seller, by written notice given to Buyer, declare this Note to be, and this Note shall thereupon become, due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, and Buyer forthwith will pay to Seller (i) the whole of the principal balance of this Note (then outstanding), (ii) all interest owed, (iii) all other sums, as provided in this Note and (iv) all reasonable costs incurred by Seller in connection with this Note or any renewal, extension, or change of or substitution for this Note or any part thereof, whether made or incurred at the request of Buyer or Seller and including all costs of enforcement, including reasonable attorneys’ fees and (y) exercise any and all rights of a secured party upon default under the Code. Notwithstanding the foregoing, in the event of a Bankruptcy Default all sums referred to in (i) through (iv) above shall automatically mature and become immediately payable by Buyer. Seller’s receipt of any payment after the occurrence of an Event of Default shall not constitute a waiver of such default or any of Seller’s rights and remedies, unless the Seller agrees in writing to such waiver.

Bankruptcy; Insolvency; Involuntary or Voluntary Liquidation or Dissolution. If Buyer or Parent either Obligor (I1) shall make an assignment for the benefit of creditors, or (2) shall admit in writing its inability to pay a major part of its debts as they become due, or (3) shall become the subject of any insolvency, bankruptcy, receivership, or dissolution proceeding and, if such proceeding is instituted against itsuch Obligor, shall have been consented to or acquiesced in by itsuch Obligor, or shall remain un-dismissed for 60 days, or an order for relief shall have been entered against it such Obligor (any event under this clause (e) being a (“Bankruptcy Default”)); Then Seller may at any time, (x) at the option of Seller, by written notice given to Buyereither Obligor, declare this Note to be, and this Note shall thereupon become, due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, and Buyer Obligors forthwith will pay to Seller (i) the whole of the principal balance of this Note (then outstanding), (ii) all interest owed, (iii) all other sums, as provided in this Note and (iv) all reasonable costs incurred by Seller in connection with this Note or any renewal, extension, or change of or substitution for this Note or any part thereof, whether made or incurred at the request of Buyer or Seller Obligors and including all costs of enforcement, including reasonable attorneys’ fees and (y) exercise any and all rights of a secured party upon default under the Code. Notwithstanding the foregoing, in the event of a Bankruptcy Default all sums referred to in (i) through (iv) above shall automatically mature and become immediately payable by BuyerObligors. Seller’s receipt of any payment after the occurrence of an Event of Default shall not constitute a waiver of such default or any of the Seller’s rights and remedies, unless the Seller agrees in writing to such waiver.

Bankruptcy; Insolvency; Involuntary or Voluntary Liquidation or Dissolution. If Buyer or Parent either Obligor (I1) shall make an assignment for the benefit of creditors, or (2) shall admit in writing its inability to pay a major part of its debts as they become due, or (3) shall become the subject of any insolvency, bankruptcy, receivership, or dissolution proceeding and, if such proceeding is instituted against itsuch Obligor, shall have been consented to or acquiesced in by itsuch Obligor, or shall remain un-dismissed for 60 90 days, or an order for relief shall have been entered against it such Obligor (any event under this clause (e) being a (“Bankruptcy Default”)); Then Seller Lender may at any time, (x) at the option of SellerLender, by written notice given to Buyereither Obligor, declare this Note to be, and this Note shall thereupon become, due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, and Buyer Obligors forthwith will pay to Seller Lender (i) the whole of the principal balance of this Note (then outstanding), (ii) all interest owed, (iii) all other sums, as provided in this Note and (iv) all reasonable costs incurred by Seller Lender in connection with this Note or any renewal, extension, or change of or substitution for this Note or any part thereof, whether made or incurred at the request of Buyer or Seller Obligors and including all costs of enforcement, including reasonable attorneys’ fees and (y) exercise any and all rights of a secured party upon default under the Code. Notwithstanding the foregoing, in the event of a Bankruptcy Default all sums referred to in (i) through (iv) above shall automatically mature and become immediately payable by BuyerObligors. SellerXxxxxx’s receipt of any payment after the occurrence of an Event of Default shall not constitute a waiver of such default or any of Sellerthe Lender’s rights and remedies, unless the Seller agrees in writing to such waiver.