Issuer Insolvency Event means the Issuer (1) is dissolved (other than pursuant to a
Issuer Insolvency Event means the Issuer (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4) has a declaration made against it declaring the assets of the Issuer en désastre pursuant to the Bankruptcy (Désastre) (Jersey) Law 1990, as amended; (5) institutes or has instituted against it any other proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (6) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (7) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (8) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (9) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (8) (inclusive); or (10) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts, provided that no action taken by the Trustee in respect of the Issuer pursuant to the Trust Deed or a Security Document shall constitute an Issuer Insolvency Event
Issuer Insolvency Event means the Issuer:
Examples of Issuer Insolvency Event in a sentence
Except following the service of an Issuer Enforcement Notice or the occurrence of an Issuer Insolvency Event, no mandatory redemption of the Principal Amount Outstanding under the Notes by the Issuer may occur during the Initial Period.
If an Issuer Insolvency Event has occurred and is continuing, the Trustee may at any time, at its discretion, and shall if so directed in writing by Security Holders holding not less than 25 per cent.
Therefore, there is no assurance that, over the life of the Notes or at the redemption date of the Notes (whether on maturity or upon redemption by acceleration of maturity upon the Representative of the Noteholders giving the Issuer an Issuer Enforcement Notice following the occurrence of an Event of Default or an Issuer Insolvency Event or otherwise), there will be sufficient funds to enable the Issuer to repay the Notes in full.
Pursuant to the Deed of Charge, the Representative of the Noteholders will, following the service of an Issuer Enforcement Notice on the Issuer or the occurrence of an Issuer Insolvency Event, hold and exercise the Issuer Secured Creditors’ rights under the Deed of Charge for the account and benefit of the Issuer Secured Creditors.
Pursuant to the terms of the Trust Deed, at any time after an Issuer Insolvency Event, an Event of Default or a Potential Event of Default has occurred in relation to the WT Securities, the Trustee may (i) by notice in writing to the Issuer, the Issuing and Paying Agent, if applicable.
More Definitions of Issuer Insolvency Event
Issuer Insolvency Event means each of the Events of Default set out at Condition 8.3(c) (Events of Default) and Condition 8.3(d) (Events of Default).
Issuer Insolvency Event means any of the following events occurs:
Issuer Insolvency Event means that (a) an Issuer or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (b) such Issuer or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been publicly appointed for such Issuer or its Parent Company, or such Issuer or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment.
Issuer Insolvency Event means, with respect to any Person, (i) the voluntary or involuntary liquidation, bankruptcy, insolvency, dissolution or winding-up of, or any analogous proceeding affecting, such Person, (ii) such Person institutes or has instituted against it by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization or the jurisdiction of its head or home office, or consents to, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights with respect to such Person, or any other petition is presented by any such Person or any creditor of such Person or any Governmental Authority for such Person’s liquidation, bankruptcy, insolvency, dissolution or winding-up, or (iii) the occurrence of any event of the type set forth in Section 7.01(f) (with references therein to any “Loan Party” being deemed replaced by references to such Person).
Issuer Insolvency Event means any corporate action, legal proceeding or other procedure, step or circumstance described in clause 22.6 (Insolvency), 22.7 (Insolvency proceedings) and/or 22.8 (Creditors’ process) has been taken or threatened in relation to an Issuer (but as if references in those clauses to an Obligor were instead to an Issuer).
Issuer Insolvency Event means any corporate action, legal proceedings, formal application or other procedure or step taken in relation to or with a view to:
Issuer Insolvency Event means any of the following: (A) The Issuer (i) files, or consents by answer or otherwise to the filing against it of, a petition or Reorganization (as defined below), (ii) makes an assignment for the benefit of its creditors, (iii) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (iv) is adjudicated as insolvent or to be liquidated, or (v) takes corporate action for the purpose of approving a Reorganization with respect to the Issuer, or any of the foregoing; (B) a governmental authority enters an order appointing, without consent by the Issuer, a custodian, receiver, trustee or other officer with similar powers with respect to the Issuer or with respect to any substantial part of the Issuer’s property, or constituting an order for relief or approving a petition for Reorganization, or any such petition is filed against the Issuer and such petition is not dismissed within sixty (60) days; or (C) the Issuer fails to pay scheduled principal or interest on the Pledged Note as and when due and such failure remains uncured for fifteen (15) Business Days.