Common use of Voluntary Proceedings Clause in Contracts

Voluntary Proceedings. Any Company (i) ceases or fails to be solvent, or generally fails to pay, or admits in writing its inability to pay, its debts as they become due; (ii) commences or consents to any Insolvency Proceeding with respect to itself; or (iii) takes any action to effectuate or authorize any of the foregoing.

Voluntary Proceedings. Any The Company or any Material Subsidiary (i) ceases or fails to be solvent, or generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; (ii) voluntarily ceases to conduct its business in the ordinary course; (iii) commences or consents to any Insolvency Proceeding with respect to itself; or (iiiiv) takes any action to effectuate or authorize any of the foregoing.; or