Insolvency; Ceasing Business. Borrower shall admit in writing its inability to be generally unable or be alleged by its creditors to be generally unable to pay its debts as and where due, or Borrower shall cease the operation of any material position of its business.
Appears in 2 contracts
Samples: Loan and Security Agreement (Seven Arts Pictures PLC), Loan and Security Agreement (Seven Arts Pictures PLC)
Insolvency; Ceasing Business. Borrower or any Guarantor shall admit in writing its inability to be generally unable or be alleged by its creditors to be generally unable to pay its debts as and where due, or Borrower or any Guarantor shall cease the operation of any material position substantial portion of its their business.
Appears in 1 contract
Samples: Loan and Security Agreement (Dynasil Corp of America)
Insolvency; Ceasing Business. Any Borrower shall admit in writing its inability to be generally unable or be alleged by its creditors to be generally unable to pay its debts as and where due, or Borrower Borrowers taken as a whole, shall cease the operation of any material substantial position of its their business.
Appears in 1 contract
Samples: Loan and Security Agreement (Am Communications Inc)
