Failure To Pay Liabilities. Any of the BORROWERS shall fail to pay any of its debts, in any material amount, due any third PERSON and such failure shall continue beyond any applicable grace period, unless the applicable BORROWER holds a good faith defense to payment and has set aside reasonable reserves for the payment thereof.
Appears in 4 contracts
Samples: Loan and Security Agreement (Avatech Solutions Inc), Loan and Security Agreement (Avatech Solutions Inc), Credit Agreement (Dover Motorsports Inc)
Failure To Pay Liabilities. Any Either of the BORROWERS shall fail to pay any of its debts, in any material amount, due any third PERSON and such failure shall continue beyond any applicable grace period, unless the applicable BORROWER holds a good faith defense to payment and has set aside reasonable reserves for the payment thereof.
Appears in 1 contract
Samples: Loan and Security Agreement (Imtek Office Solutions Inc)
