Common use of Financial Difficulties Clause in Contracts

Financial Difficulties. Financial difficulties of any Credit Party as evidenced by: (i) any admission in writing of inability to pay debts as they become due; or (ii) the filing of a voluntary, or sixty (60) days after a filing of an involuntary, petition in bankruptcy, or under any chapters of the Bankruptcy Code, or under any federal or state statute providing for the relief of debtors unless, in the case of the filing of an involuntary petition, it is dismissed within such sixty (60) day period; or (iii) making an assignment for the benefit of creditors; or (iv) consenting to the appointment of a trustee or receiver for all or a major part of any of its property; or (v) the entry of a court order appointing a receiver or a trustee for all or a major part of its property which is not bonded, discharged or stayed within sixty (60) days; (vi) the occurrence of any event, action, or transaction that could give rise to a lien or encumbrance on the assets of any Credit Party as a result of application of relevant provisions of ERISA; or (vii) the occurrence of any Forfeiture Action.

Financial Difficulties. Financial difficulties of any Credit Party as evidenced by: (i) any admission in writing of inability to pay debts as they become due; or (ii) immediately upon the filing of a voluntary, or sixty (60) days after a filing of an involuntary, petition in bankruptcy, or under any chapters of the Bankruptcy Code, or under any federal or state statute providing for the relief of debtors unless, in the case of the filing of an involuntary petition, it is dismissed within such sixty (60) day period; or (iii) making an assignment for the benefit of creditors; or (iv) consenting to the appointment of a trustee or receiver for all or a major part of any of its property; or (v) the entry of a court order appointing a receiver or a trustee for all or a major part of its property which is not bonded, discharged or stayed within sixty (60) days; (vi) the occurrence of any event, action, or transaction that could give rise to a lien or encumbrance on the assets of any Credit Party as a result of application of relevant provisions of ERISA; or (vii) the occurrence of any Forfeiture Action.