An Act of Bankruptcy. occurs with respect to the Borrower or the Borrower becomes generally unable to pay its debts as they become due; provided, however, if a proceeding with respect to an Act of Bankruptcy is filed or commenced against the Borrower, the same shall not constitute an Event of Default if such proceeding is dismissed within sixty (60) days from the date of such Act of Bankruptcy.
Appears in 2 contracts
Samples: Financing and Security Agreement (Alternative Living Services Inc), Financing and Security Agreement (Alternative Living Services Inc)
An Act of Bankruptcy. occurs with respect to the Borrower or the Borrower becomes generally unable to pay its debts as they become due; provided, however, if a proceeding with respect to an Act of Bankruptcy is filed or commenced against the Borrower, the same shall not constitute an Event of Default if such proceeding is dismissed within sixty ninety (6090) days from the date of such Act of Bankruptcy.
Appears in 1 contract
Samples: Loan and Security Agreement (Sunrise Senior Living Inc)
An Act of Bankruptcy. occurs with respect to the any Borrower or the any Borrower becomes generally unable to pay its debts as they become due; provided, however, if a proceeding with respect to an Act of Bankruptcy is filed or commenced against the any Borrower, the same shall not constitute an Event of Default if such proceeding is dismissed within sixty (60) days from the date of such Act of Bankruptcy.
Appears in 1 contract
Samples: Financing and Security Agreement (American Retirement Corp)
An Act of Bankruptcy. occurs with respect to the Borrower or the Borrower becomes generally unable to pay its debts as they become due; provided, however, if a proceeding with respect to an Act of Bankruptcy is filed or commenced against the Borrower, the same shall not constitute an Event of Default if such proceeding is dismissed within sixty (60) days from the date of such Act of Bankruptcy.;
Appears in 1 contract
Samples: Letter of Credit Agreement (Avalon Pharmaceuticals Inc)
An Act of Bankruptcy. occurs with respect to the Borrower or the Borrower becomes generally unable to pay its debts as they become due; provided, however, if a proceeding with respect to an Act of Bankruptcy is filed or commenced against the Borrower, the same shall not constitute an Event of Default if such proceeding is dismissed within sixty ninety (6090) days from the date of such Act of Bankruptcy.
Appears in 1 contract
Samples: Loan and Security Agreement (Sunrise Assisted Living Inc)
An Act of Bankruptcy. occurs with respect to the Borrower or the Borrower becomes generally unable to pay its debts as they become due; provided, however, if a proceeding with respect to an Act of Bankruptcy is filed or commenced against the Borrower, the same shall not constitute an Event of Default if such proceeding is dismissed within sixty (60) days from the date of such Act of Bankruptcy.not
Appears in 1 contract
Samples: Financing and Security Agreement (Sunrise Assisted Living Inc)
