Common use of Business Failure Clause in Contracts

Business Failure. Any act by, against, or relating to any Obligor, or its property or assets, which act constitutes the determination, by such Obligor, to initiate a program of partial 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 Obligor’s property; the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of any Obligor, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for any Obligor; the offering by or entering into by any Obligor of any composition, extension, or any other arrangement seeking relief from or extension of the debts of such Obligor; or the initiation of any judicial or non-judicial proceeding or agreement by, against, or including any Obligor which seeks or intends to accomplish a reorganization or arrangement with creditors; and/or the initiation by or on behalf of such Obligor of the liquidation or winding up of all or any part of such Obligor’s business or operations.

Business Failure. Any act by, against, or relating to any ObligorBorrower, or its property or assets, which act constitutes the determination, by such ObligorBorrower, to initiate a program of partial 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 Obligor’s Borrower's property; the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of any ObligorBorrower, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for any ObligorBorrower; the offering by or entering into by any Obligor Borrower of any composition, extension, or any other arrangement seeking relief from or extension of the debts of such ObligorBorrower; or the initiation of any judicial or non-judicial proceeding or agreement by, against, or including any Obligor Borrower which seeks or intends to accomplish a reorganization or arrangement with creditors; and/or the initiation by or on behalf of such Obligor Borrower of the liquidation or winding up of all or any part of such Obligor’s Borrower's business or operations.

Business Failure. Any act by, against, or relating to any ObligorBorrower, or its property or assets, which act constitutes the determination, by such ObligorBorrower, to initiate a program of partial 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 Obligor’s Borrower's property; the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of any ObligorBorrower, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for any ObligorBorrower; the offering by or entering into by any Obligor Borrower of any composition, extension, or any other arrangement seeking relief from or extension of the debts of such ObligorBorrower; or the initiation of any judicial or non-judicial proceeding or agreement by, against, or including any Obligor Borrower which seeks or intends to accomplish a reorganization or arrangement with creditors; and/or the initiation by or on behalf 99 107 of such Obligor Borrower of the liquidation or winding up of all or any part of such Obligor’s Borrower's business or operations.