INSOLVENT/INSOLVENCY means that any of the following steps, or an equivalent step, has been taken by or against a Customer under the law of a jurisdiction relevant to the Customer's affairs:
1. Bankruptcy or insolvency is declared against the Customer;
2. The court approves a compromise, composition, scheme of arrangement or similar arrangement of the Customer's debts;
3. The Customer makes a valid assignment, compromise, composition or similar arrangement of its debts for the benefit of its creditors generally or with substantially all of them;
4. The court orders the winding-up or liquidation of the Customer';
5. An effective resolution is passed for the voluntary winding-up or liquidation of the Customer;
6. A compromise, composition, scheme of arrangement or similar arrangement of the Customer's debts is made binding on the Customer and all or substantially all of its creditors;
7. A receiver, receiver/manager, trustee, liquidator, provisional liquidator, administrator or similar person is appointed to the Customer;
8. The Customer is or is deemed (under the Thai Law or any equivalent provision under laws applicable to the Customer) to be insolvent or is unable to pay its debts as and when they fall due; or
9. The Customer declares itself to be insolvent or bankrupt.
The date of Insolvency shall be the date on which the first of the above events occurs.