5. Abe agreed to pay Carl and Dave his loan of Php500,000.00 in 24 monthly amortizations and at no interest. It was agreed that Abe will wire his payments to Carl and Dave's joint account every 5th day of the month without need for demand. Suppose in problem number 2, Abe faithfully complied with paying the monthly amortizations to Carl and Dave. However, at the 12th month and the months that followed, Abe failed to pay Carl and Dave because of insolvency.

After Abe failed to pay his 12th installment, may Carl and Dave avail of the remedy given in Article 1191 of the Civil Code? Explain your answer and cite your legal basis.