Common use of Voluntary Proceeding Clause in Contracts

Voluntary Proceeding. The commencement by the Borrower or any Guarantor of, or the making of any order for substantive relief against the Borrower or any Guarantor in, any bankruptcy, insolvency, debt restructuring, reorganization, incorporation, readjustment of debt, dissolution, liquidation or other similar proceedings (including without limitation proceedings under the Bankruptcy and Insolvency Act, the Winding-Up and Restructuring Act, the Companies' Creditors Arrangement Act, the corporation statute under which the Borrower or any Guarantor is organized or other similar legislation) or proceedings for the appointment of an interim receiver, receiver, receiver manager, liquidator, provisional liquidator, trustee in bankruptcy, sequestrator or other like official with respect to the Borrower or any Guarantor or all or any material part of the Borrower's assets or the Guarantor's assets.

Voluntary Proceeding. The commencement by the Borrower or any Guarantor of, or the making of any order for substantive relief against the Borrower or any Guarantor in, any bankruptcy, insolvency, debt restructuring, reorganization, incorporation, readjustment of debt, dissolution, liquidation or other similar proceedings (including without limitation proceedings under the Bankruptcy and Insolvency Act, the Winding-Up and Restructuring Act, the Companies' ’ Creditors Arrangement Act, the corporation statute under which the Borrower or any Guarantor is organized or other similar legislation) or proceedings for the appointment of an interim receiver, receiver, receiver manager, liquidator, provisional liquidator, trustee in bankruptcy, sequestrator or other like official with respect to the Borrower or any Guarantor or all or any material part of the Borrower's ’s assets or the Guarantor's ’s assets.