Common use of Business Failure Clause in Contracts

Business Failure. Any act by, against, or relating to any Loan Party, or its property or assets, which act constitutes the determination, by any Loan Party, to initiate a program of substantial or total self-liquidation; application for, consent to, or sufferance of the appointment of a receiver, trustee, or other Person, pursuant to court action or otherwise, over all, or any part of any Loan Party's property; the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of any Loan Party, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for any Loan Party; the offering by or entering into by any Loan Party of any composition, extension, or any other arrangement seeking relief generally from or extension of the debts of any Loan Party; or the initiation of any judicial or non-judicial proceeding or agreement by, against, or including any Loan Party which seeks or intends to accomplish a reorganization or arrangement with creditors; and/or the initiation by or on behalf of any Loan Party of the liquidation or winding up of all or any part of any Loan Party's business or operations except that any of the foregoing actions which are commenced against a Loan Party shall not be deemed an Event of Default hereunder as long as such action is timely contested in good faith by that Loan Party by appropriate proceedings and is dismissed within sixty (60) days of the institution of the foregoing.

Business Failure. Any act by, against, or relating to any Loan Credit Party, or its property or assets, which act constitutes the determination, by any Loan Credit Party, to initiate a program of substantial or total self-liquidation; application for, consent to, or sufferance of the appointment of a receiver, trustee, or other Personperson, pursuant to court action or otherwise, over all, or any part of any Loan Credit Party's property; the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of any Loan Credit Party, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for any Loan Credit Party; the offering by or entering into by any Loan Credit Party of any composition, extension, or any other arrangement seeking relief generally from or extension of the debts of any Loan Credit Party; or the initiation of any judicial or non-judicial proceeding or agreement by, against, or including any Loan Credit Party which seeks or intends to accomplish a reorganization or arrangement with creditors; and/or the initiation by or on behalf of any Loan Credit Party of the liquidation or winding up of all or any substantial part of any Loan Credit Party's business or operations except operations; provided that if any of the foregoing actions which are is commenced against a Loan Party shall not be deemed an Credit Party, no Event of Default shall be deemed to have arisen hereunder as long as if such action is timely contested in good faith by that Loan Credit Party by appropriate proceedings and is terminated or dismissed within sixty (60) days of the institution of the foregoingwhen commenced.

Business Failure. Any act by, against, or relating to any Loan Party, or its property or assets, which act constitutes the determination, by any Loan Party, to initiate a program of substantial or total self-liquidation; application for, consent to, or sufferance of the appointment of a receiver, trustee, or other Person, pursuant to court action or otherwise, over all, or any part of any Loan Party's ’s property; the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of any Loan Party, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for any Loan Party; the offering by or entering into by any Loan Party of any composition, extension, or any other arrangement seeking relief generally from or extension of the debts of any Loan Party; or the initiation of any judicial or non-judicial proceeding or agreement by, against, or including any Loan Party which seeks or intends to accomplish a reorganization or arrangement with creditors; and/or the initiation by or on behalf of any Loan Party of the liquidation or winding up of all or any part of any Loan Party's ’s business or operations except that any of the foregoing actions which are commenced against a Loan Party shall not be deemed an Event of Default hereunder as long as such action is timely contested in good faith by that Loan Party by appropriate proceedings and is dismissed within sixty (60) days of the institution of the foregoing.