Common use of Solvency Proceedings Clause in Contracts

Solvency Proceedings. Neither any Obligor nor any Specified Entity 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 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, custodian, trustee or liquidator 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 laws or any other Applicable Law or statute of the United States or other applicable jurisdiction or any subdivision thereof; or (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 or Specified Entity with such decree or order having remained in force and undischarged or unstayed for a period of 30 days.

Solvency Proceedings. Neither any Obligor nor any Specified Entity 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 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, custodian, trustee or liquidator 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 laws or any other Applicable Law or statute of the United States or other applicable jurisdiction or any subdivision thereof; or (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 or Specified Entity with such decree or order having remained in force and undischarged or unstayed for a period of 30 thirty (30) days.

Solvency Proceedings. Neither any Except for a proceeding in respect of Imperial Plastech Inc., a corporate predecessor to Peak that has been discharged and disclosed to the Agent prior to the date hereof, no Obligor nor any Specified Entity 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 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, custodian, trustee or liquidator 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 any applicable bankruptcy laws bankruptcy, insolvency or any other Applicable Law or statute of the United States or other applicable jurisdiction or any subdivision thereofLaws; or (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 or Specified Entity Company with such decree or order having remained in force and undischarged or unstayed for a period of 30 days.

Solvency Proceedings. Neither any Obligor nor any Specified Except for a proceeding in respect of Imperial Plastech Inc., a corporate predecessor to Peak that has been discharged and disclosed to the Agent prior to the date hereof, no Subject Entity 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 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, custodian, trustee or liquidator 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 any applicable bankruptcy laws bankruptcy, insolvency or any other Applicable Law or statute of the United States or other applicable jurisdiction or any subdivision thereofLaws; or (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 or Specified Entity Company with such decree or order having remained in force and undischarged or unstayed for a period of 30 days.