Obligor Default

Obligor Default. Means: (i) failure of an Obligor under any Domestic Contract to make a Payment within thirty (30) days of the due date of the due date of that Payment; (ii) the failure of an Obligor under any International Contract to make a Payment within forty-five (45) days of the due date of that Payment; (iii) the making by any Obligor of an assignment of all or a substantial part of its assets for the benefit of creditors, or institution of any proceeding by or against any Obligor alleging that the... Obligor is insolvent or unable to pay its debts as they mature if such proceeding is not withdrawn or dismissed within sixty (60) days after its institution; (iv) entry of any final judgment (which under generally accepted accounting principles would be deemed material) against any Obligor remaining unsatisfied for a period of thirty (30) days if such judgment is deemed by us to be a material factor in the creditworthiness of the Obligor; (v) dissolution, merger, consolidation or transfer of a substantial part of the property of any Obligor which is a corporation or a partnership, if such dissolution, merger, consolidation or transfer is deemed by us to be a material adverse factor in determining the creditworthiness of such Obligor; or (vii) falsity in any material respect as of the date made in any statement, representation or warranty of any Obligor in connection with any Contract. View More