Specified Default. The following events shall constitute a specified default (a “Specified Default”) with respect to the Specified Default Parties: (i) any breach or violation of any Significant Obligation of (1) CIB, any CIB Shareholder, Inmex or any Inmex Shareholder or KO under this Agreement (including, without limitation, any obligation of CIB, Inmex or KO under any of the Guarantees), the Estatutos or the Subsidiary Estatutos of any Subsidiary, or (2) the Company, any Subsidiary, KO or any Affiliate of KO under any of the Bottler’s Agreements, which breach or violation referred to in clause (1) or (2) of any such Person continues unremedied for at least 90 days after the Non-Defaulting Party has delivered written notice of such breach or violation of all Specified Default Parties; provided, however, that no such breach or violation of an obligation referred to in clause (2) of the Company or any Subsidiary shall constitute a Specified Default unless (I) such obligation is contained in the Specified Bottler’s Contract Provisions and (II) such breach or violation thereof is Attributable To CIB; or (ii) the commencement by CIB, any CIB Shareholder, Inmex or any Inmex Shareholder or, for so long as Inmex shall be a Majority Owned Subsidiary of KO or KO shall be the legal successor of Inmex, KO of a proceeding for receivership, bankruptcy, insolvency, dissolution, liquidation or reorganization or any similar proceeding; or (iii) the commencement against CIB, any CIB Shareholder, Inmex or any Inmex Shareholder or, for so long as Inmex shall be a Majority Owned Subsidiary of KO or KO shall be the legal successor of Inmex, KO of any proceeding specified in clause (ii) of this Section 6.1, and such proceeding has resulted in the entry of an order for any relief which shall not have been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof.
Appears in 2 contracts
Sources: Shareholders Agreement, Shareholders Agreement (Coca Cola Femsa Sa De Cv)