Common use of Insolvency and Rescheduling Clause in Contracts

Insolvency and Rescheduling. If (a) NTL CC; (b) any Obligor; (c) on or prior to the Pushdown Date, any member of the UK Group or (d) prior to all of the members of the Target Group required to become Guarantors in accordance with Clause 19.17 (Post-Acquisition Date Security) having done so, any member of the Target Group: 20.7.1 is unable to pay its debts as they fall due; 20.7.2 commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness (other than as part of a solvent reorganisation of NTL CC or the relevant Obligor, member of the UK Group or member of the Target Group, on terms which have been approved in writing by the Agent, acting on the instructions of an Instructing Group);

Insolvency and Rescheduling. If (a) NTL CC; (b) any Obligor; (c) on or prior to the Pushdown Date, any member of the UK Group or (d) prior to all of the members of the Target Group required to become Guarantors in accordance with Clause 19.17 23.17 (Post-Acquisition Date Security) having done so, any member of the Target Group: 20.7.1 24.7.1 is unable to pay its debts as they fall due; 20.7.2 24.7.2 commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness (other than as part of a solvent reorganisation of NTL CC or the relevant Obligor, member of the UK Group or member of the Target Group, on terms which have been approved in writing by the Agent, acting on the instructions of an Instructing Group); 24.7.3 makes a general assignment for the benefit of or a composition with its creditors; or 24.7.4 has a moratorium declared in respect of any of its indebtedness.