Common use of REPRESENTATIONS AND WARRANTIES OF THE OPTIONEE Clause in Contracts

REPRESENTATIONS AND WARRANTIES OF THE OPTIONEE. The Optionee hereby represents and warrants as follows and hereby acknowledges and confirms that the Optionor is relying upon such representations and warranties in connection with the Exchange Option: (a) the Optionee is not insolvent, has not committed an act of bankruptcy, proposed a compromise or arrangement to its creditors generally, had any petition for a receiving order in bankruptcy filed against its, taken any proceeding with respect to a compromise or arrangement, taken any proceeding to have its self declared bankrupt or to wind-up, taken any proceeding to have a receiver appointed over any part of its assets, had any encumbrancer take possession of any of its property, or had any execution or distress become enforceable or become levied upon any of its property.