Assignment for Creditors. Borrower makes an assignment for the benefit of creditors, fails to pay, or admits in writing its inability to pay its debts as they mature (other than in a court of law or pursuant to a request of Bank); or if a trustee of any substantial part of the assets of Borrower is applied for or appointed, and in the case of such trustee being appointed in a proceeding brought against Borrower by any action or failure to act indicates its approval of, consent to, or acquiescence in such appointment and such appointment is not vacated, stayed on appeal or otherwise shall not have ceased to continue in effect within sixty (60) days after the date of such appointment.
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Samples: Loan and Financing Agreement (Universal Logistics Holdings, Inc.), Loan and Financing Agreement (Universal Logistics Holdings, Inc.), Loan and Financing Agreement (Universal Logistics Holdings, Inc.)
Assignment for Creditors. Borrower makes an assignment for the benefit of creditors, fails to pay, or admits in writing its inability to pay its debts as they mature (other than in a court of law or pursuant to a request of Bank)mature; or if a trustee of trustee, receiver or similar position for any substantial part of the assets of Borrower is applied for or appointed, and in the case of such trustee trustee, receiver or other position being appointed in a proceeding brought against Borrower Borrower, Borrower, by any action or failure to act indicates its approval of, consent to, or acquiescence in such appointment and such appointment is not vacated, stayed on appeal or otherwise shall not have ceased to continue in effect within sixty (60) days after the date of such appointment, and any of the foregoing actions or events would have a Material Adverse Effect on the ability of Borrower to perform under this Agreement or under any other agreement between the Borrower and Lender.
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Samples: Credit Agreement (Wowio, Inc.), Credit Agreement (Jammin Java Corp.)
Assignment for Creditors. The Borrower makes an assignment for the benefit of creditors, fails to pay, or admits in writing its inability to pay its debts as they mature (other than in a court of law or pursuant to a request of Bank)mature; or if a trustee of any substantial part of the assets of the Borrower is applied for or appointed, and in the case of such trustee being appointed in a proceeding brought against Borrower the Borrower, the Borrower, by any action or failure to act indicates its approval of, consent to, or acquiescence in such appointment and such appointment is not vacated, stayed on appeal or otherwise shall not have ceased to continue in effect within sixty thirty (6030) days after the date of such appointment.
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