Clause 24. 7.1 shall not apply to: (a) any winding-up petition which the Borrower can demonstrate, by providing opinion of leading Counsel to that effect, to the reasonable satisfaction of the Agent, is frivolous or vexatious and such winding-up petition is discharged, stayed or dismissed within ten days of commencement or, if earlier, the date on which it is advertised; or (b) any step or procedure contemplated by paragraph (b) of the definition of Permitted Transaction.
Appears in 2 contracts
Sources: Facilities Agreement (International Shipping Enterprises, Inc.), Facilities Agreement (Navios Maritime Holdings Inc.)