Common use of WINDING Clause in Contracts

WINDING. UP: any Obligor or Group Company takes any corporate action or other steps are taken or legal or other proceedings are started for its winding-up, dissolution or re-organisation other than for the purposes of a bona fide, solvent scheme of reconstruction or amalgamation previously approved in writing by the Agent (other than a petition for winding up which a Borrower has satisfied the Agent is vexatious, groundless or an abuse of process and in relation to which the relevant Group Company has taken steps within seven days of the petition to restrain the petitioner from advertising the petition and which in any event has been discharged within thirty days of the petition) or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or of any or all of its assets;

WINDING. UP: any Obligor or Group Company takes any corporate action or other steps are taken or legal or other proceedings are started for its winding-up, dissolution or re-organisation other than for the purposes of a bona fide, solvent scheme of reconstruction or amalgamation previously approved in writing by the Agent (other than a petition for winding up which a the Borrower has satisfied the Agent is vexatious, groundless or an abuse of process and in relation to which the relevant Group Company has taken steps within seven days of the petition to restrain the petitioner from advertising the petition and which in any event has been discharged within thirty days of the petition) or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or of any or all of its assets;