This provides access to unsecured funds that can be borrowed, repaid and borrowed again. Opening a personal line of credit requires a credit history without defaults, a creditworthiness of 680 or more and a reliable income. Savings help, as well as guarantees in the form of shares or CDs, although guarantees are not necessary for a personal LOC. Personal LOCs are used for emergencies, weddings and other events, overdraft protection, travel and entertainment and help to flatten the bumps for those with irregular incomes. A credit line has built-in flexibility which is its main advantage. Borrowers may ask for a certain amount, but don`t need to use everything. On the contrary, they can adapt their LOC expenditure to their needs and only owe interest on the amount they receive and not on the entire credit line. (ii) the borrower is dissolved or wound up; (iii) the borrower must make an assignment to creditors or may not be able to admit in writing that it is unable to repay its debts when due; (iv) The borrower must bring a matter, proceeding or other action under an existing or future law of jurisdiction concerning bankruptcy, insolvency, reorganization or debt relief, or such action is brought against the undersigned; (v) The borrower undergoes a liquidator appointed for him or for his property or undergoes seizure, seizure, surrender or execution. . . .