Common use of Seller’s Financial Condition Clause in Contracts

Seller’s Financial Condition. Seller has not (i) made an assignment for the benefit of creditors, (ii) filed a petition in bankruptcy, (iii) been adjudicated insolvent or bankrupt, (iv) petitioned a court for the appointment of any receiver of or trustee for it or any substantial part of its property, (v) commenced any proceeding relating to Seller under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect. There shall not have been commenced and be pending against Seller any proceeding of the nature described in the first sentence of this Section 5.6. No order for relief shall have been entered with respect to Seller under the Federal Bankruptcy Code.