Common use of Liquidation Proceedings Clause in Contracts

Liquidation Proceedings. The Borrower has admitted in writing its inability to pay its debts as they mature or any proceeding is initiated, order is made, resolution passed or other action taken (or any other process, which in the opinion of the Lender, is analogous thereto is initiated) for the suspension of payment or dissolution, termination of existence, liquidation, winding-up or bankruptcy of any of the Borrower.