ARRY » Topics » Automatic Acceleration on Dissolution or Bankruptcy

This excerpt taken from the ARRY 8-K filed Sep 30, 2009.
Automatic Acceleration on Dissolution or Bankruptcy.  Notwithstanding any other provisions of this Agreement, if an Event of Default under Section 5.5(d) shall occur, the principal of the Loan (together with any other amounts accrued or payable under this Agreement) shall thereupon become immediately due and payable without any presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrower.

 

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