iii. if any of the parties is unable to pay its debts generally as they become due, shal file or take advantage of any insolvency act, shall make an assignment for the benefit of its creditors, shall commence a proceeding for appointment of a receiver, trustee, liquidator or conservator of itself or of the whole or any substantial part of tis property, or shall file (or have filed against it) a petition or answer seeking reorganization or arrangement or any other similar relief under federal bankruptcy law or any other applicable law or statue