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Common use of Security Interest/Waiver of Automatic Stay Clause in Contracts

Security Interest/Waiver of Automatic Stay. This Note is secured by a ------------------------------------------- security interest granted to the Collateral Agent for the benefit of the Holder pursuant to the Security Agreement, as delivered by Borrower to Holder. The Borrower acknowledges and agrees that should a proceeding under any bankruptcy or insolvency law be commenced by or against the Borrower, or if any of the Collateral (as defined in the Security Agreement) should become the subject of any bankruptcy or insolvency proceeding, then the Holder should be entitled to, among other relief to which the Holder may be entitled under the Note, Security Agreement, Subscription Agreement and any other agreement to which the Borrower and Holder are parties (collectively, "Loan Documents") and/or applicable law, an order from the court granting immediate relief from the automatic stay pursuant to 11 U.S.

Appears in 4 contracts

Samples: Convertible Note (Imaging Technologies Corp/Ca), Convertible Note (Imaging Technologies Corp/Ca), Convertible Note (Imaging Technologies Corp/Ca)