Common use of Insolvency Events of Default Clause in Contracts

Insolvency Events of Default. If an event occurs in respect of the Borrower or the other Security Parties of the type described in Clauses 9.1(g) (Insolvency) to (l) (Compositions) (inclusive) (except (i) in the case when a petition was presented or proceedings were commenced or a suit or writ were issued by a third party and the Borrower or the relevant Security Party is defending itself in bona fide and (ii) in the case that such events mentioned in Clauses 9.1(g) (Insolvency) to (l) (Compositions) (inclusive) relate to only a part of the undertakings, assets, rights or revenues which in the opinion of the Bank does not affect the ability of the Borrower or the relevant Security Party to perform its respective obligations under this Agreement and/or the other Security Documents) the obligation of the Bank to make the Facility available shall terminate immediately upon receipt by the Bank of the relevant information (as such receipt shall be conclusively certified by a certificate of the Bank) and all amounts payable under sub-Clause 9.2(b) shall become immediately due and payable without any notice or other formality which is hereby expressly waived by the Borrower.

Insolvency Events of Default. If an event occurs in respect of the Borrower Borrowers (or either of them) or the other Security Parties of the type described in Clauses Clause 9.1(g) ), (Insolvency) to i), (j), (k), (l) ), (Compositions) (inclusiveo) (except (i) in the case when a petition was presented or proceedings were commenced or a suit or writ were issued by a third party and the relevant Borrower or the relevant Security Party is defending itself in bona fide proceedings and (ii) in the case that such events mentioned in Clauses 9.1(g) (Insolvency) to (l) (Compositions) (inclusive) Clause 9.1 relate to only a part of the undertakings, assets, rights or revenues which in the opinion of the Bank does not affect the ability of the Borrower Borrowers (or either of them) or the relevant Security Party to perform its respective obligations under this Agreement and/or the other Security Documents) the obligation of the Bank to make the Facility Commitment or the relevant part thereof (as the case may be) available shall terminate immediately upon receipt by the Bank of the relevant information (as such receipt shall be conclusively certified by a certificate of the Bank) and all amounts payable under sub-Clause clause 9.2(b) above shall become immediately due and payable without any notice or other formality which is hereby expressly waived by each of the BorrowerBorrowers.