Common use of Assignments for Benefit of Creditors Clause in Contracts

Assignments for Benefit of Creditors. Borrower or Guarantor makes an assignment for the benefit of its creditors, or admits in writing its inability to pay its debts generally as they become due, or consents to the appointment of a receiver, trustee or liquidator of Borrower or Guarantor, or of all or any substantial part of Borrower’s or Guarantor’s property.

Assignments for Benefit of Creditors. The Borrower or and Guarantor makes an assignment for the benefit of its creditors, or admits in writing its inability to pay its debts generally as they become due, or consents to the appointment of a receiver, trustee or liquidator of the Borrower or Guarantor, and Guarantor or of all or any substantial part of Borrower’s or Guarantor’s its property.;