Common use of the Defaulting Pool Member Clause in Contracts

the Defaulting Pool Member. (a) is unable to pay its debts (within the meaning of section 123(1) or (2) of the Insolvency Xxx 0000, but subject as hereinafter provided in this Clause 66.3.6) or if any voluntary agreement is proposed in relation to it under section 1 of that Act or enters into any scheme of arrangement (other than for the purpose of reconstruction or amalgamation upon terms and within such period as may previously have been approved in writing by the Executive Committee); (b) has a receiver (which expression shall include an administrative receiver within the meaning of section 29 of the Insolvency Act 1986) of the whole or any material part of its assets or undertaking appointed; (c) has an administration order under section 8 of the Insolvency Xxx 0000 made in relation to it; (d) passes any resolution for winding-up other than a resolution previously approved in writing by the Executive Committee; or (e) becomes subject to an order by the High Court for winding-up. For the purposes of paragraph (a) above section 123(1)(a) of the Insolvency Xxx 0000 shall have effect as if for "(pound)750" there was substituted (pound)10,000 and, further, the Defaulting Pool Member shall not be deemed to be unable to pay its debts for the purposes of paragraph (a) above if any such demand as is mentioned in the said section is being contested in good faith by the Defaulting Pool Member with recourse to all appropriate measures and procedures; or

the Defaulting Pool Member. (a) is unable to pay its debts (within the meaning of section 123(1) or (2) of the Insolvency Xxx 0000Act 1986, but subject as hereinafter provided in this Clause 66.3.666.3.5) or if any voluntary agreement is proposed in relation to it under section 1 of that Act or enters into any scheme of arrangement (other than for the purpose of reconstruction or amalgamation upon terms and within such period as may previously have been approved in writing by the Executive Committee); (b) has a receiver (which expression shall include an administrative receiver within the meaning of section 29 of the 219 Insolvency Act 1986) of the whole or any material part of its assets or undertaking appointed; (c) has an administration order under section 8 of the Insolvency Xxx 0000 Act 1986 made in relation to it; (d) passes any resolution for winding-up other than a resolution previously approved in writing by the Executive Committee; or (e) becomes subject to an order by the High Court for winding-up. For the purposes of paragraph (a) above section 123(1)(a) of the Insolvency Xxx 0000 Act 1986 shall have effect as if for the "(pound)750" there was substituted (pound)10,000 and, further, the Defaulting Pool Member shall not be deemed to be unable to pay its debts for the purposes of paragraph (a) above if it any such demand as is mentioned in the said section is being contested in good faith by the Defaulting Pool Member with recourse to all appropriate measures and procedures; or

the Defaulting Pool Member. (a) is unable to pay its debts (within the meaning of section 123(1) or (2) of the Insolvency Xxx Axx 0000, but subject as hereinafter provided in this Clause 66.3.6) or if any voluntary agreement is proposed in relation to it under section 1 of that Act or enters into any scheme of arrangement (other than for the purpose of reconstruction or amalgamation upon terms and within such period as may previously have been approved in writing by the Executive Committee); (b) has a receiver (which expression shall include an administrative receiver within the meaning of section 29 of the Insolvency Act 1986) of the whole or any material part of its assets or undertaking appointed; (c) has an administration order under section 8 of the Insolvency Xxx Axx 0000 made in relation to it; (d) passes any resolution for winding-up other than a resolution previously approved in writing by the Executive Committee; or (e) becomes subject to an order by the High Court for winding-winding- up. For the purposes of paragraph (a) above section 123(1)(a) of the Insolvency Xxx Axx 0000 shall have effect as if for "(pound)750o750" there was substituted (pound)10,000 o10,000 and, further, the Defaulting Pool Member shall not be deemed to be unable to pay its debts for the purposes of paragraph (a) above if any such demand as is mentioned in the said section is being contested in good faith by the Defaulting Pool Member with recourse to all appropriate measures and procedures; or

the Defaulting Pool Member. (a) is unable to pay its debts (within the meaning of section 123(1) or (2) of the Insolvency Xxx 0000, but subject as hereinafter provided in this Clause 66.3.6) or if any voluntary agreement is proposed in relation to it under section 1 of that Act or enters into any scheme of arrangement (other than for the purpose of reconstruction or amalgamation upon terms and within such period as may previously have been approved in writing by the Executive Committee); (b) has a receiver (which expression shall include an administrative receiver within the meaning of section 29 of the Insolvency Act 1986) of the whole or any material part of its assets or undertaking appointed; (c) has an administration order under section 8 of the Insolvency Xxx 0000 made in relation to it; (d) passes any resolution for winding-up other than a resolution previously approved in writing by the Executive Committee; or (e) becomes subject to an order by the High Court for winding-up. For the purposes of paragraph (a) above section 123(1)(a) of the Insolvency Xxx 0000 shall have effect as if for "(pound)750pounds 750" there was substituted (pound)10,000 ,10,000 and, further, the Defaulting Pool Member shall not - be deemed to be unable to pay its debts for the purposes of paragraph (a) above if any such demand as is mentioned in the said section is being contested in good faith by the Defaulting Pool Member with recourse to all appropriate measures and procedures; or