Common use of Compositions Clause in Contracts

Compositions. any steps are taken, or negotiations commenced, by any of the Borrower and the Corporate Guarantor or by any of its creditors with a view to the general readjustment or rescheduling of all or part of its indebtedness or to proposing any kind of composition, compromise or arrangement involving such company and any of its creditors provided, however, that if the Borrower is able to provide such evidence as is satisfactory in all respects to the Lender that such rescheduling will not relate to any payment default or anticipated default the same shall not constitute an Event of Default; or

Compositions. any steps are taken, or negotiations commenced, by any of the Borrower and the Corporate Guarantor Security Party or by any of its creditors with a view to the general readjustment or rescheduling of all or part of its indebtedness or to proposing any kind of composition, compromise or arrangement involving such company and any of its creditors provided, however, that if the Borrower is able to provide such evidence as is satisfactory in all respects to the Lender that such rescheduling will not relate to any payment default or anticipated default the same shall not constitute an Event of Default; or

Compositions. any steps are taken, or negotiations commenced, by any of the Borrower and the Corporate Guarantor Security Party or by any of its creditors with a view to the general readjustment or rescheduling of all or part of its indebtedness or to proposing any kind of composition, compromise or arrangement involving such company and any of its creditors provided, however, that if the Borrower is are able to provide such evidence as is satisfactory in all respects to the Lender that such rescheduling will not relate to any payment default or anticipated default the same shall not constitute an Event of Default; or

Compositions. any steps are taken, or negotiations commenced, by any of the Borrower and the Corporate Guarantor Security Party or by any of its creditors with a view to the general readjustment or rescheduling of all or part of its indebtedness or to proposing any kind of composition, compromise or arrangement involving such company and any of its creditors providedcreditors, however, provided however that if the Borrower is Security Parties are able to provide such evidence as is satisfactory in all respects to the Lender Agent that such rescheduling will not relate to any payment default or anticipated default the same shall not constitute an Event of Default; or