Insolvency and Insolvency proceedings. (a) Any corporate action, legal proceedings or other procedure or step is taken in relation to the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any of the Obligors;
Insolvency and Insolvency proceedings. Any Obligor:
Insolvency and Insolvency proceedings. (a) Any member of the Group shall commence any case, proceedings or other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganisation or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganisation, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee in bankruptcy, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any member of the Group shall make a general assignment for the benefit of its creditors; or
Insolvency and Insolvency proceedings. The passing of a board resolution by SIHPL or any Material South African Group Company or filing, or commencement, by any person of:
Insolvency and Insolvency proceedings. The Issuer or any Group Company:
Insolvency and Insolvency proceedings. 10.5.1 Any of the following occurs in respect of an Obligor (each of which is an “Insolvency Proceeding”)
Insolvency and Insolvency proceedings. Borrower and/or any Guarantor (A) (i) shall make an assignment for the benefit of creditors or if any step is taken with a view to a moratorium or a composition, assignment or similar arrangement with any of Borrower's or any Guarantor's creditors; or (ii) shall be or shall be deemed for the purposes of any law to be unable to pay its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent (without having to make any proof to the satisfaction of the Court under section 123(2) of the Insolvency Act 1986); or (iii) shall suspend making payment on any of its debts or announces an intention to do so; or (iv) a moratorium is declared in respect of any of its indebtedness; or (iv) by reason of actual or anticipated inability to pay debts as they fall due or insolvency it begins negotiations with any creditor for the rescheduling of any of its indebtedness; or (v) shall file a voluntary petition in bankruptcy; or (vi) shall file any petition, answer, or document seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances; or (vii) shall seek or consent to or acquiesce in the appointment of any trustee, receiver, liquidator, administrator or similar officer of Borrower and/or any Guarantor or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower and/or any Guarantor; or (viiii) shall cease operations of its business as its business has normally been conducted, or terminate substantially all of its employees; or (ix) Borrower and/or any Guarantor or its directors or majority shareholders shall take any action initiating any of the foregoing actions described in clauses (i) through (viii); or (B) either (i) (A) fourteen days with respect to Borrower, or (B) sixty (60) days with respect to any Guarantor shall have expired after the commencement of an involuntary action against Borrower and/or any Guarantor seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the business of Borrower and/or any Guarantor being stayed; or (ii) a stay of any such order or proceedings shall thereafter be set aside and the action setting it a...
Insolvency and Insolvency proceedings. 18.6 The value of the Borrower's assets is less than its liabilities (taking into account contingent and prospective liabilities).
Insolvency and Insolvency proceedings. (a) An involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of any Obligor or any Subsidiary, or of a substantial part of the property or assets of any Obligor or a Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal or state
Insolvency and Insolvency proceedings. (a) An involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of any Obligor or any Subsidiary, or of a substantial part of the property or assets of any Obligor or a Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal or state bankruptcy, insolvency, receivership or similar law (or similar statute or law in any other jurisdiction), (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Obligor or any Subsidiary or for a substantial part of the property or assets of any Obligor or a Subsidiary or (iii) the winding-up or liquidation of any Obligor or any -38- 42 Subsidiary; and such proceeding or petition shall continue undismissed for 30 days or an order or decree approving or ordering any of the foregoing shall be entered;
