Common use of Effect of Stay Clause in Contracts

Effect of Stay. In the event that acceleration of the time for payment of any amount payable by any Credit Party under any of the U.S. Borrower Guaranteed Obligations is stayed upon insolvency, bankruptcy or reorganization of such Credit Party (including under any Debtor Relief Law), all such amounts otherwise subject to acceleration under the terms of any applicable agreement or instrument evidencing or relating to any of the U.S. Borrower Guaranteed Obligations shall nonetheless be payable by the U.S. Borrower under this Article forthwith on demand by the Administrative Agent.