Failure To Pay Liabilities. The BORROWER 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 2 contracts
Samples: Loan and Security Agreement (Accom Inc), Loan and Security Agreement (Avatech Solutions Inc)
Failure To Pay Liabilities. The BORROWER shall fail to pay any of its debts, in any material amountan aggregate amount in excess of Two Million Dollars ($2,000,000.00), due to 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 2 contracts
Samples: Loan and Security Agreement (Martek Biosciences Corp), Loan and Security Agreement (Martek Biosciences Corp)
