Model clauses for Events of Default in relation to the insolvency / winding up / bankruptcy of the counterparty. This is drafted in neutral terms and maybe triggered intermediately.
(a) Except as provided in paragraph (b) below, any corporate action, legal proceedings or formal step is taken with a view to/any of the following occurs in relation to any Obligor:
(b) Paragraph (a) does not apply to:
(i) a petition for winding-up presented by a creditor which is being contested in good faith and with due diligence and is discharged or struck out within 14 days;
(ii) a solvent liquidation of any member of the Group which is not an Obligor; or
(ii) a transaction agreed by the majority creditors.
events of default,