Optional Bankruptcy Provision (If applicable). The Parties acknowledge that as of the Effective Date, and on the date on which any Transaction Confirmation is executed, and that such Transaction Confirmation so indicates, that [enter Party’s name] is debtor in a proceeding under Chapter 11 of the United States Bankruptcy Code and such case remains pending in a United States Bankruptcy Court (“Bankruptcy Court”). Notwithstanding anything to the contrary herein, until such time as [enter Party’s name] emerges from Chapter 11 bankruptcy, Section 12.1(f) shall not apply to [enter Party’s name] and shall not constitute an Event of Default; provided, however, that in the event that (i) [enter Party’s name] files a motion with the Bankruptcy Court which contemplates the sale of substantially all of its assets; (ii) [enter Party’s name] files a Chapter 11 plan of reorganization which contemplates the sale of substantially all of its assets; (iii) [enter Party’s name] files a motion or request with the Bankruptcy Court to convert its Chapter 11 filing to a Chapter 7 proceeding; or (iv) the Bankruptcy Court enters an order converting the bankruptcy case from a Chapter 11 proceeding to a Chapter 7 proceeding; any such event shall constitute an Event of Default.
