Common use of Business Failure Clause in Contracts

Business Failure. Any act by, against, or relating to the Borrower, or its property or assets, which act constitutes the determination, by the Borrower, 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 material part of the Borrower’s property (and if commenced against the Borrower, is not timely contested by the Borrower in good faith by appropriate proceedings, and if not contested is not dismissed within Forty-Five (45) days); the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of the Borrower, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for the Borrower; the offering by or entering into by the Borrower of any composition, extension, or any other arrangement seeking relief from or extension of the debts of the Borrower; or the initiation of any judicial or non-judicial proceeding or agreement by, against, or including the Borrower which seeks or intends to accomplish a reorganization or arrangement with creditors; and/or the initiation by or on behalf of the Borrower of the liquidation or winding up of all or any material part of the Borrower’s business or operations.

Business Failure. Any act by, against, or relating to the Borrower, or its property or assets, which act constitutes the determination, by the Borrower, 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 material part of the Borrower’s 's property (and if commenced against the Borrower, is not timely contested by the Borrower in good faith by appropriate proceedings, and if not contested is not dismissed within Forty-Forty Five (45) days); the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of the Borrower, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for the Borrower; the offering by or entering into by the Borrower of any composition, extension, or any other arrangement seeking relief from or extension of the debts of the Borrower; or the initiation of any judicial or non-judicial proceeding or agreement by, against, or including the Borrower which seeks or intends to accomplish a reorganization or arrangement with creditors; and/or the initiation by or on behalf of the Borrower of the liquidation or winding up of all or any material part of the Borrower’s 's business or operations.

Business Failure. Any act by, against, or relating to the any Borrower, or its property or assets, which act constitutes the determination, by the any Borrower, 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 material part of the any Borrower’s property (and if commenced against the any Borrower, is not timely contested by the such Borrower in good faith by appropriate proceedings, and if not contested is not dismissed within Forty-Five (45) days); the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of the any Borrower, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for the any Borrower; the offering by or entering into by the any Borrower of any composition, extension, or any other arrangement seeking relief from or extension of the debts of the any Borrower; or the initiation of any judicial or non-judicial proceeding or agreement by, against, or including the any Borrower which seeks or intends to accomplish a reorganization or arrangement with creditors; and/or the initiation by or on behalf of the any Borrower of the liquidation or winding up of all or any material part of the any Borrower’s business or operations.