Common use of Insolvency and Bankruptcy Clause in Contracts

Insolvency and Bankruptcy. ‌ (a) Neither the Seller nor any Seller Subsidiary is an “insolvent person” within the meaning of any Insolvency Laws, nor has either the Seller or any Seller Subsidiary made an assignment in favour of its creditors nor a proposal in bankruptcy to its creditors or any class thereof nor had any petition for a receiving order presented in respect of it. Neither the Seller nor any Seller Subsidiary has initiated proceedings with respect to a compromise or arrangement with its creditors or for its winding up, liquidation or dissolution. No receiver has been appointed in respect of the Seller or any Seller Subsidiary or any of its property or assets and no execution or distress has been levied upon any of its property or assets of the Seller or any Seller Subsidiary. No act or proceeding has been taken or authorized by or against the Seller or any Seller Subsidiary with respect to any amalgamation, merger, consolidation, arrangement or reorganization of, or relating to, the Seller or any Seller Subsidiary nor have any such proceedings been authorized by any other person; and (b) No proceeding has been initiated against either the Seller or any Seller Subsidiary seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of it or its debts and no order for similar relief has been instituted against the Seller or any Seller Subsidiary under any law relating to bankruptcy, insolvency, reorganization or relief of debtors (including without limitation under any Insolvency Laws or any statutes relating to the incorporation of companies) or seeking appointment of a receiver, trustee or other similar official for it or for any substantial part of its properties or assets, that have not been dismissed within 30 days of its filing or presentment.

Insolvency and Bankruptcy. ‌ (a) Neither the Seller Buyer nor any Seller Buyer Subsidiary is an “insolvent person” within the meaning of any Insolvency Laws, nor has either the Seller Buyer or any Seller Buyer Subsidiary made an assignment in favour of its creditors nor a proposal in bankruptcy to its creditors or any class thereof nor had any petition for a receiving order presented in respect of it. Neither the Seller Buyer nor any Seller Buyer Subsidiary has initiated proceedings with respect to a compromise or arrangement with its creditors or for its winding up, liquidation or dissolution. No receiver has been appointed in respect of the Seller Buyer or any Seller Buyer Subsidiary or any of its property or assets and no execution or distress has been levied upon any of its property or assets of the Seller Buyer or any Seller Buyer Subsidiary. No act or proceeding has been taken or authorized by or against the Seller Buyer or any Seller Buyer Subsidiary with respect to any amalgamation, merger, consolidation, arrangement or reorganization of, or relating to, the Seller Buyer or any Seller Buyer Subsidiary nor have any such proceedings been authorized by any other person; and (b) No proceeding has been initiated instituted against either the Seller Buyer or any Seller Buyer Subsidiary seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of it or its debts and no order for similar relief has been instituted against the Seller Buyer or any Seller Buyer Subsidiary under any law relating to bankruptcy, insolvency, reorganization or relief of debtors (including without limitation under any Insolvency Laws or any statutes relating to the incorporation of companies) or seeking appointment of a receiver, trustee or other similar official for it or for any substantial part of its properties or assets, that have not been dismissed within 30 days of its filing or presentment.