Common use of Maintain Assets Clause in Contracts

Maintain Assets. No Obligor shall conceal, remove or permit to be concealed or removed any part of its fee simple real estate or its material personal properties, with the intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of its fee simple real estate or its material personal properties which may be fraudulent under any Bankruptcy, fraudulent conveyance or similar law or shall have made any transfer of its fee simple real estate or its material personal properties to or for the benefit of a creditor at a time when other creditors similarly situated have not been paid, or shall have suffered or permitted, while insolvent, any creditor to obtain a lien on any of its fee simple real estate or its material personal properties through legal proceedings or distraint which is not vacated within sixty (60) days from the date thereof.