The Automatic Stay Clause Samples
The Automatic Stay. In the event that ▇▇▇▇ or one of its entities defaults pursuant to paragraphs 8 and 9 of this Agreement, upon five (5) days written notice from Sypris to ▇▇▇▇, the automatic stay provisions of section 362 of the Bankruptcy Code shall be vacated and modified to the extent necessary to permit Sypris to exercise, immediately upon such occurrence, without further demand or notice or any further approval of the Bankruptcy Court all rights and remedies or any combination thereof. In the event of such default by ▇▇▇▇ or one of its entities, all payments referred to in paragraph 9(b) of this Agreement shall be an allowed administrative expense claim against DC or TTM, entitled to priority under section 503(b) of the Bankruptcy Code.
The Automatic Stay. Client acknowledges that a foreclosure sale can only be stopped by filing a bankruptcy petition before the foreclosure sale occurs. Once a foreclosure sale has occurred, a bankruptcy filing cannot undo or reverse the sale. In order to file a bankruptcy petition, the client must sign his or her bankruptcy petition – this is a special document signed under penalty of perjury. Likewise, a bankruptcy petition must be filed to stop any garnishment. In addition, a bankruptcy petition must be filed in order to stop a state court from entering a judgment against the client. Client understands that he or she is solely responsible for monitoring any foreclosure, garnishment, or judgment process and client must timely notify ▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ of any pending sale date, garnishment, or law suit filed against client.
The Automatic Stay. The Transferred Receivables that are in the possession of Seller or agent will not be in the possession of the Originators (other than possession by GI Originator of documents or records related to the Transferred Receivables that is necessitated by its role as servicer, which documents and records will be marked to reflect the ownership of Seller). The Originators will not have any right, title or interest in the Collections in the possession of Seller. The Originators will benefit from the Collections of Seller only to the extent that Seller pays distributions to the Originators as its members.