Common use of INSOLVENCY OF GUARANTOR Clause in Contracts

INSOLVENCY OF GUARANTOR. The liability of Guarantor hereunder shall, at the option of Lender, without notice, become immediately fixed and enforceable for the full amount thereof, whether then due or not due, as though all of the Guaranteed Debt had become past due if (i) Guarantor defaults in the due performance of any term, covenant, or agreement contained in this Guaranty, in the other Loan Documents, or otherwise in favor of Lender, or (ii) Guarantor makes an assignment for the benefit of its creditors or a composition with creditors, is unable or admits in writing its inability to pay, or generally fails to pay, its debts as they mature, files a petition commencing a voluntary case concerning Guarantor under any chapter of Title 11 of the United States Code entitled "Bankruptcy"; or an involuntary case is commenced against Guarantor under any such chapter and relief is ordered against it or the petition is controverted but is not dismissed within 60 days after the commencement of such case.