Common use of Bankruptcy Default Clause in Contracts

Bankruptcy Default. There shall have been entered against the Company, Cyprus Amax, Cyprus Gold, or any Shareholder a decree or order by a court adjudging the Company, Cyprus Amax, Cyprus Gold, or such Shareholder bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company, Cyprus Amax or such Shareholder under any applicable law, or appointing a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, Cyprus Amax, Cyprus Gold, or such Shareholder or of any substantial part of its property or assets, or ordering the winding up or liquidation of its affairs; or the Company, Cyprus Amax, Cyprus Gold, or any Shareholder shall have instituted proceedings to be adjudicated bankrupt or insolvent, or consented to the institution of bankruptcy or insolvency proceedings against it, or filed a petition or answer or consent seeking reorganization or relief under any applicable law, or consented to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, Cyprus Amax, Cyprus Gold, or such Shareholder or of any substantial part of its property, or made an assignment for the benefit of creditors, or admitted in writing its inability to pay its debts generally as they become due; or any other event shall have occurred which under any applicable law would have an effect analogous to any of the events listed in this subsection; provided that any such event in respect of a Russian Shareholder shall be an Event of Default only if it has a Material Adverse Effect.

Bankruptcy Default. There shall have been entered against the Company, Cyprus Amax, Cyprus Gold, Gold or any Shareholder a decree or order by a court adjudging the Company, Cyprus Amax, Cyprus Gold, Gold or such Shareholder bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company, Cyprus Amax Amax, Cyprus Gold or such Shareholder under any applicable law, or appointing a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, Cyprus Amax, Cyprus Gold, Gold or such Shareholder or of any substantial part part, of its property or assets, or ordering the winding up or liquidation of its affairs; or the Company, Cyprus Amax, Cyprus Gold, Gold or any Shareholder Share older shall have instituted ' proceedings to be adjudicated bankrupt or insolvent, or consented to the institution of bankruptcy or insolvency proceedings against it, or filed a petition or answer or consent seeking reorganization and or relief under any applicable law, or consented to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, Cyprus Amax, Cyprus Gold, Gold or such Shareholder or of any substantial part of its property, or made an assignment for the benefit of creditors, or admitted in writing its inability to pay its debts generally as they become due; or any other event shall have occurred which under any applicable law would have an effect analogous to any of the events listed in this thin subsection; provided that any such event in respect of a Russian Shareholder shall be an Event of Default only if it has a Material Adverse Effect.

Bankruptcy Default. There shall have been entered against the Company, Cyprus AmaxKinross, Cyprus Gold, Kinam Gold or any Shareholder Kinam Magadan a decree or order by a court adjudging the Company, Cyprus AmaxXxxxxxx, Cyprus Gold, Xxxxm Gold or such Shareholder Kinam Magadan bankrupt or insolvent, or approving as properly filed a petition filex x xxxxxxxx seeking reorganization, arrangement, adjustment or composition of or in respect of the Company, Cyprus Amax Kinross, Kinam Gold or such Shareholder Kinam Magadan under any applicable law, or appointing a receiver, liquidatorxxxxxxxxxx, assigneexssignee, trustee, sequestrator or other similar official of the Company, Cyprus AmaxKinross, Cyprus Gold, Kinam Gold or such Shareholder Kinam Magadan or of any substantial part of its property or assets, or ordering xx xxxxxxxx the winding up or liquidation of its affairs; or the Company, Cyprus AmaxKinross, Cyprus Gold, Kinam Gold or any Shareholder Kinam Magadan shall have instituted proceedings to be adjudicated bankrupt or insolventxxxxxxxx xx xnsolvent, or consented to the institution of bankruptcy or insolvency proceedings against it, or filed a petition or answer or consent seeking reorganization or relief under any applicable law, or consented to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, Cyprus AmaxKinross, Cyprus Gold, Kinam Gold or such Shareholder Kinam Magadan or of any substantial part of its property, or made an assignment xx xxxxxxxxxx for the benefit of creditors, or admitted in writing its inability to pay its debts generally as they become due; or any other event shall have occurred which under any applicable law would have an effect analogous to any of the events listed in this subsection; provided that any such event in respect of a Russian Shareholder shall be an Event of Default only if it has a Material Adverse Effect.