When a PersonPersonLegal person, including an individual, estate, trust, corporation, partnership, limited liability company, financial institution, joint venture, association, or other organization or entity (whether governmental or private). :
- becomes subject to bankruptcy, insolvency or similar federal or state proceedings;
- acknowledges in writing (other than the BorrowerBorrowerPerson who is the obligor under the Note. to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. for a Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. workout) that it is unable to pay its debts generally as they mature;
- makes a general assignment for the benefit of creditors; or
- repudiates its obligations or is being supervised by a receiver, liquidator, or other similar officer.