Insolvency Trigger for Events of Default Clauses

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Description:

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.

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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.

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Document Type:

Checklist / guideline / manual / policy / procedures

Category:

Business > Corporate > Insolvency, Liquidation and Winding Up

 
Keywords:

events of default

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trigger

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insolvency trigger

,  

bankruptcy

,  

winding up

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pay debts

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DocPro Legal

DocPro Legal is a team of legal professionals with a passion for making quality documents and legal contract templates widely available to the public through cutting edge technology. Our lawyers are qualified in numerous common law jurisdictions including the United Kingdom, Australia, New Zealand, India, Singapore and Hong Kong. We have experience in major law firms and international banks with expertise in business, commercial, finance, banking, litigation, family, succession and company laws.