Common use of Solvency Proceedings Clause in Contracts

Solvency Proceedings. Neither any Obligor nor any Specified Entity has: (i) admitted its inability to pay its debts generally as they become due or failed to pay its debts generally as they become due; (ii) in respect of itself, filed an assignment or petition in bankruptcy or a petition to take advantage of any insolvency statute; (iii) made an assignment for the benefit of its creditors; (iv) consented to the appointment of a receiver, custodian, trustee or liquidator of the whole or any substantial part of its assets; (v) filed a petition or answer seeking a reorganization, arrangement, adjustment or composition in respect of itself under applicable bankruptcy laws or any other Applicable Law or statute of the United States or other applicable jurisdiction or any subdivision thereof; or (vi) been adjudged by a court having jurisdiction a bankrupt or insolvent, nor has a decree or order of a court having jurisdiction been entered for the appointment of a receiver, liquidator, trustee or assignee in bankruptcy of any Obligor or Specified Entity with such decree or order having remained in force and undischarged or unstayed for a period of 30 days.

Solvency Proceedings. Neither any Obligor nor any Specified Entity has: (i) admitted its inability to pay its debts generally as they become due or failed to pay its debts generally as they become due; (ii) in respect of itself, filed an assignment or petition in bankruptcy or a petition to take advantage of any insolvency statute; (iii) made an assignment for the benefit of its creditors; (iv) consented to the appointment of a receiver, custodian, trustee or liquidator of the whole or any substantial part of its assets; (v) filed a petition or answer seeking a reorganization, arrangement, adjustment or composition in respect of itself under applicable bankruptcy laws or any other Applicable Law or statute of the United States or other applicable jurisdiction or any subdivision thereof; or (vi) been adjudged by a court having jurisdiction a bankrupt or insolvent, nor has a decree or order of a court having jurisdiction been entered for the appointment of a receiver, liquidator, trustee or assignee in bankruptcy of any Obligor or Specified Entity with such decree or order having remained in force and undischarged or unstayed for a period of 30 thirty (30) days.