Common use of Arrangements with Creditors Clause in Contracts

Arrangements with Creditors. The directors of the Franchisee or the Parent or any Bond Provider making any proposal under Section 1 of the Insolvency ▇▇▇ ▇▇▇▇, or any of the Franchisee or the Parent or any Bond Provider proposing or making any agreement for the deferral, rescheduling or other readjustment (or proposing or making a general assignment or an arrangement or composition with or for the benefit of creditors) of all or, in the reasonable opinion of the Secretary of State, a material part of (or of a particular type of) its debts, or a moratorium being agreed or declared in respect of or affecting all or, in the reasonable opinion of the Secretary of State, a material part of (or of a particular type of) its debts;