Common use of Appointment of receivers and managers Clause in Contracts

Appointment of receivers and managers. (a) Any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or the like is appointed in respect of the Borrower or the Guarantor or any substantial part of its assets; or (b) any other steps are taken to enforce any Security Interest over any substantial part of the assets of the Borrower or the Guarantor which steps are not discontinued within 30 days or, if not so discontinued, the Agent is satisfied and continues to be satisfied that the claim is being adequately contested and pursued with due diligence.

Appointment of receivers and managers. (a) Any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or the like is appointed in respect of the Borrower or the Guarantor or any substantial part of its assets; or (b) any other steps are taken to enforce any Security Interest over any substantial part of the assets of the Borrower or the Guarantor which steps are not discontinued within 30 days or, if not so discontinued, the Agent is satisfied and continues to be satisfied that the claim is being adequately contested and pursued with due diligence.. 66

Appointment of receivers and managers. (a) Any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or the like is appointed in respect of the Borrower or either of the Guarantor Guarantors or any substantial part of its assets; or (b) any other steps are taken to enforce any Security Interest over any substantial part of the assets of the Borrower or either of the Guarantor Guarantors which steps are not discontinued within 30 days or, if not so discontinued, the Agent is satisfied and continues to be satisfied that the claim is being adequately contested and pursued with due diligence.