Common use of Solvency Proceedings Clause in Contracts

Solvency Proceedings. No Obligor 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, concurso mercantil, quiebra, 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 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, concurso mercantil or quiebra laws or any other Applicable Law of Canada or of Mexico (including, without limitation, the Ley de Concursos Mercantiles (Mexico)) or other applicable jurisdiction or any subdivision thereof; (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 with such decree or order having remained in force and undischarged or unstayed for a period of 30 days; or (vii) an event analogous to any of clauses (i) - (vi) above occurring in any relevant jurisdiction.