Common use of Amendment to Article 7 Clause in Contracts

Amendment to Article 7. The second to last paragraph of Section 7.7 is hereby deleted in its entirety and replaced with the following: "When the Trustee incurs expenses or renders services (a) after an Event of Default specified in Section 6.1(b) hereof occurs, or (b) after the Company or any of its Restricted Subsidiaries pursuant to or within the meaning of Bankruptcy Law (i) commence a voluntary case, (ii) consent to the entry of an order for relief against them in an involuntary case, (iii) consent to the appointment of a Custodian of them or for all or substantially all of their property, (iv) make a general assignment for the benefit of their creditors, or (v) generally are not paying their debts as they become due, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law."

Appears in 2 contracts

Samples: Credit Agreement (Salton Inc), Salton Inc

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Amendment to Article 7. The second to last paragraph of Section 7.7 is hereby deleted in its entirety and replaced with the following: "When the Trustee incurs expenses or renders services (a) after an Event of Default specified in Section 6.1(b) hereof occurs, occurs or (b) after the Company or any of its Restricted Subsidiaries pursuant to or within the meaning of Bankruptcy Law (i) commence a voluntary case, (ii) consent to the entry of an order for relief against them in an involuntary case, (iii) consent to the appointment of a Custodian of them or for all or substantially all of their property, (iv) make a general assignment for the benefit of their creditors, or (v) generally are not paying their debts as they become due, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law."

Appears in 1 contract

Samples: Salton Inc

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Amendment to Article 7. The second to last paragraph of Section 7.7 is hereby deleted in its entirety and replaced with the following: "When the Trustee incurs expenses or renders services (a) after an Event of Default specified in Section 6.1(b) hereof occurs, occurs or (b) after the Company or any of its Restricted Subsidiaries pursuant to or within the meaning of Bankruptcy Law (i) commence a voluntary case, (ii) consent to the entry of an order for relief against them in an involuntary case, (iii) consent to the appointment of a Custodian of them or for all or substantially all of their property, (iv) make a general assignment for the benefit of their creditors, or (v) generally are not paying their debts as a they become due, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law."

Appears in 1 contract

Samples: Credit Agreement (Salton Inc)

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