Example ContractsClausesinability to pay debts; attachmentVariants
Remove:

Borrower shall fail to pay its debts as they become due, or shall make an assignment for the benefit of its creditors, or shall admit, in writing, its inability to pay its debts as they become due, or shall file a petition under any chapter of the United States Bankruptcy Code or any similar law, now or hereafter existing, or shall become “insolvent” as that term is generally defined under the United States Bankruptcy Code, or shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due, or shall fail to obtain a dismissal of such case within thirty (30) calendar days after its commencement or shall convert the case from one chapter of the United States Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall have a custodian, trustee, or receiver appointed for, or have any court take jurisdiction of, its property, or any part thereof, in any voluntary or involuntary proceeding, including, but not limited to, those for the purpose of reorganization, arrangement, dissolution, or liquidation, and such custodian, trustee, or receiver shall not be discharged, or such jurisdiction shall not be relinquished, vacated, or stayed within thirty (30) days after the appointment; or

the Borrower shall fail to pay its debts as they become due, or shall make an assignment for the benefit of its creditors,creditors or shall admit,admit in writing,writing its inability to pay its debts generally as they become due,due or shall file a petition under any chapter of the United States Bankruptcy Code or any similar law, now or hereafter existing, or shall become “insolvent” as that term isfail to generally defined under the United States Bankruptcy Code, or shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due,due; an order, judgment or decree shall fail to obtain a dismissal of such case within thirty (30) calendar days after its commencement or shall convert the case from one chapter of the United States Bankruptcy Code to another chapter, or be the subject of an orderentered for relief in such bankruptcy case,respect of or be adjudged aadjudicating the Borrower or any of its subsidiaries bankrupt or insolvent, or shall have a custodian, trustee, or receiver appointed for, or have any court take jurisdiction of, its property,insolvent; the Borrower or any part thereof, inof its subsidiaries shall petition or apply to any voluntary or involuntary proceeding, including, but not limited to, thosetribunal for the purposeappointment of, or taking of possession by, a trustee, receiver, custodian, or liquidator or other similar official of the Borrower or any subsidiary or of any substantial part of any of their respective assets; the Borrower or any of its subsidiaries shall commence any proceeding relating to the Borrower or any subsidiary under any bankruptcy, reorganization, arrangement, dissolution,insolvency, readjustment of debt, dissolution or liquidation,liquidation law of any jurisdiction, or any such petition or application is filed or any such proceeding is commenced against the Borrower or any of its subsidiaries and such custodian, trustee,petition, application or receiver shallproceeding is not be discharged, or such jurisdiction shall not be relinquished, vacated, or stayeddismissed within thirty (30) days after the appointment; or60 days;

Select clause to view document information.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.