INITIATION OF LIQUIDATION Clause Samples

INITIATION OF LIQUIDATION. Unless stayed by judicial or statutory process, a Liquidation shall be initiated by the Administrative Agent within a commercially reasonable time following acceleration of the Liabilities.

INITIATION OF LIQUIDATION. 81 13.4. ACTIONS AT AND FOLLOWING INITIATION OF LIQUIDATION............81 13.5. AGENT'S CONDUCT OF LIQUIDATION................................82 13.6.

INITIATION OF LIQUIDATION. 88 13.4 Actions at and Following Initiation of Liquidation...........................................88 13.5 Administrative Agent's Conduct of Liquidation................................................89 13.6

INITIATION OF LIQUIDATION. 76 13-4. Actions At and Following Initiation of Liquidation ..................................... 76 13-5. Agent's Conduct of Liquidation ......................................................... 76 13-6. Distribution of Liquidation Proceeds: .................................................. 77 13-7. Relative Priorities To Proceeds of Liquidation ......................................... 77

INITIATION OF LIQUIDATION. 86- 13.4 Actions At and Following Initiation of Liquidation..................................-86- 13.5 Agent's Conduct of Liquidation.......................................................-87- 13.6 Distribution of Liquidation Proceeds:................................................-87- 13.7 Relative Priorities To Proceeds of Liquidation ......................................-88- ARTICLE 14 - THE AGENT: 14.1 Appointment of The Agent ..........................................................-88- 14.2 Responsibilities of Agent ...........................................................-89- 14.3 Concerning Distributions By the Agent ...............................................-89- 14.4 Dispute Resolution:..................................................................-90- 14.5 Distributions of Notices and Other Documents.........................................-90- 14.6 Confidential Information.............................................................-91- 14.7 Reliance by Agent ...................................................................-91- 14.8 Non-Reliance on Agent and Other Revolving Credit Lenders.............................-91- 14.9 Indemnification......................................................................-92- 14.10 Resignation of Agent.................................................................-92- ARTICLE 15 - ACTION BY AGENT; CONSENTS; AMENDMENTS; WAIVERS: 15.1 Administration of Credit Facilities..................................................-93- 15.2 Actions Requiring or On Direction of Majority Lenders................................-94- 15.3 Actions Requiring or On Direction of SuperMajority Lenders...........................-94- 15.4 Action Requiring Certain Consent: -95- 15.5 Actions Requiring or Directed By Unanimous Consent...................................-95- 15.6 Actions Requiring SwingLine Lender Consent...........................................-96- 15.7 Actions Requiring Agent's Consent....................................................-96- 15.8 Miscellaneous Actions................................................................-97- 15.10 NonConsenting Revolving Credit Lender................................................-97- ARTICLE 16 - ASSIGNMENTS BY REVOLVING CREDIT LENDERS: 16.1 Assignments and Assumptions:.........................................................-99- 16.2 Assignment Procedures................................................................-99-

INITIATION OF LIQUIDATION. Unless stayed by judicial or statutory process, a Liquidation shall be initiated by the Collateral Agent within a commercially reasonable time following Acceleration of the Revolving Credit Obligations and the Term Loan Debt. 1:4. ACTIONS AT AND FOLLOWING INITIATION OF LIQUIDATION (a) At the initiation of a Liquidation: (i) The unpaid principal balance of the SwingLine Loan (if any) shall be converted, pursuant to Section , to a Revolving Credit Loan in which all Revolving Credit Lenders participate. (ii) The Administrative Agent and the Revolving Credit Lenders shall "net out" each Revolving Credit Lender's respective contributions towards the Revolving Credit Loans, so that each Revolving Credit Lender holds that Revolving Credit Lender's Revolving Credit Percentage Commitment of the Revolving Credit Loans and advances. (b) Following the initiation of a Liquidation, each Revolving Credit Lender shall contribute, towards any L/C thereafter honored and not immediately reimbursed by the Borrowers, that Revolving Credit Lender's Revolving Credit Percentage Commitment of such honoring.

INITIATION OF LIQUIDATION. 104 14.4. Actions At and Following Initiation of Liquidation................. 104 14.5. Collateral Agent's Conduct of Liquidation........................... 104 14.6. Distribution of Liquidation Proceeds................................ 105 14.7. Relative Priorities To Proceeds of Liquidation...................... 105 Article 15 - THE AGENT:...................................................... 106 15.1. Appointment of The Agent............................................ 106 15.2. Responsibilities of Agent........................................... 106 15.3. Concerning Distributions By the Agent............................... 107 15.4. Dispute Resolution.................................................. 108 15.5. Distributions of Notices and of Documents........................... 108

INITIATION OF LIQUIDATION. 105 14.5. Actions At and Following Initiation of Liquidation...........................................105 14.6. Collateral Agent's Conduct of Liquidation.....................................................105 14.7. Distribution of Liquidation Proceeds:.........................................................106 14.8. Relative Priorities To Proceeds of Liquidation ...............................................106 ARTICLE 15 - THE AGENTS: ............................................................................108 15.1. Appointment of The Agents ..................................................................108 15.2. Responsibilities of Agents ...................................................................108 15.3. Concerning Distributions By the Agents .......................................................109 15.4. Dispute Resolution:...........................................................................110 15.5. Distributions of Notices and of Documents.....................................................110 15.6. Confidential Information......................................................................110 15.7. Reliance by Agents ...........................................................................111 15.8. Non-Reliance on Agents and Other Lenders......................................................111 15.9. Indemnification...............................................................................112 15.10. Resignation of Agent..........................................................................112

INITIATION OF LIQUIDATION. Unless stayed by judicial or statutory process, a Liquidation shall be initiated by the Agent within a commercially reasonable time following Acceleration of Liabilities on account of the Revolving Credit. The Agent shall provide written notice of the initiation of any Liquidation to the ▇▇▇▇ Disney Companies.