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SWY » Topics » 10.7 Voluntary Bankruptcy; Appointment of Receiver, etc .

This excerpt taken from the SWY 8-K filed Jun 7, 2005.

10.7 Voluntary Bankruptcy; Appointment of Receiver, etc.

 

(i) Any Borrower or any Material Subsidiary shall have an order for relief entered with respect to it or commence a voluntary case under any Insolvency Laws, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such laws, or shall consent to the

 

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appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or any Borrower or any Material Subsidiary shall make any assignment for the benefit of creditors; or (ii) any Borrower or any Material Subsidiary shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the Board of Directors of any Borrower or any Material Subsidiary (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to in clause (i) above or this clause (ii); or

 

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