6. Abe agreed to pay Carl and Dave his load 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.

What is the effect of Abe's insolvency on his obligation to pay Carl and Dave? Explain your answer and cite your legal basis.