Common use of An Obligor Clause in Contracts

An Obligor. (i) voluntarily commences any proceeding or files any proposal or petition, or notice thereof, including, without limitation, a notice of intention under the Bankruptcy and Insolvency Act (Canada) (the "BIA"), seeks relief under the BIA, the Companies' Creditors Arrangement Act (Canada), the U.S. Bankruptcy Code or any other federal, state, provincial or other bankruptcy, insolvency or similar law; (ii) consents to the institution of, or fails to controvert in a timely and appropriate manner, any such proceeding, or the filing of any such petition; (iii) applies for or consents to the appointment of a receiver, trustee, custodian, sequestrator or similar official for such Obligor or any Subsidiary or such Obligor, or for a substantial part of its property; (iv) files an answer admitting the material allegations of a petition filed against it at any such proceeding;

An Obligor. (i) voluntarily commences any proceeding or files any proposal or petition, or notice thereof, including, without limitation, a notice of intention under the Bankruptcy and Insolvency Act (Canada) (the "BIA"), seeks relief under the BIA, the Companies' Creditors Arrangement Act (Canada), the U.S. Bankruptcy Code or any other federal, state, provincial or other bankruptcy, insolvency or similar law; (ii) consents to the institution of, or fails to controvert in a timely and appropriate manner, any such proceeding, or the filing of any such petition; (iii) applies for or consents to the appointment of a receiver, trustee, custodian, sequestrator or similar official for such Obligor or any Subsidiary or such Obligor, or for a substantial part of its property; ; (iv) files an answer admitting the material allegations of a petition filed against it at any such proceeding; (v) makes a general assignment for the benefit of creditors; (vi) becomes unable, admits in writing its inability or fails generally, to pay its debts as they become due, or (vii) takes action for the purpose of effecting any of the foregoing.