(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.