Financial Difficulties. If Borrower shall be involved in financial difficulties as evidenced. (a) by its admission in writing of its inability to pay its debts generally as they become due or of its ceasing to be Solvent; (b) by its commencing a voluntary case under the United States Bankruptcy Code or any similar law regarding debtor's rights and remedies or an admission seeking the relief therein provided; (c) by its making a general assignment for the benefit of its creditors; or (d) by its voluntarily liquidating or terminating operations or applying for or consenting to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of such Person or of all or of a substantial part of its assets; or
Appears in 2 contracts
Samples: Loan and Security Agreement (Amcomp Inc /Fl), Loan and Security Agreement (Amcomp Inc /Fl)
Financial Difficulties. If Borrower Borrowers shall be involved in financial difficulties as evidenced.
(a) by its admission in writing of its inability to pay its debts generally as they become due or of its ceasing to be Solvent;
(b) by its commencing a voluntary case under the United States Bankruptcy Code or any similar law regarding debtor's rights and remedies or an admission seeking the relief therein provided;
(c) by its making a general assignment for the benefit of its creditors; or
(d) by its voluntarily liquidating or terminating operations or applying for or consenting to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of such Person or of all or of a substantial part of its assets; or
Appears in 1 contract
Samples: Loan Agreement (Kimmins Corp/De)
Financial Difficulties. If Borrower or any of its Subsidiaries ---------------------- shall be involved in financial difficulties as evidenced.:
(a) by its admission in writing of its inability to pay its debts generally as they become due or of its ceasing to be Solvent;
(b) by its commencing a voluntary case under the United States Bankruptcy Code or any similar law regarding debtor's rights and remedies or an admission seeking the relief therein provided;
(c) by its making a general assignment for the benefit of its creditors; or
(d) by its voluntarily liquidating or terminating operations or applying for or consenting to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of such Person or of all or of a substantial part of its assets; or
Appears in 1 contract
Samples: Loan and Security Agreement (Display Technologies Inc)