Liberty Global (LBTYA)

20.7        Insolvency proceedings

(a)           Except as provided below, any of the following occurs in respect of a Material Group Member:

(i)            any step is taken with a view to a moratorium or a composition, assignment or similar arrangement with any of its creditors;

(ii)           a meeting of it is convened for the purpose of considering any resolution for (or to petition for) its winding-up, administration, examination or dissolution or any such resolution is passed;

(iii)          any person presents a petition or files documents with the appropriate legal authorities for its winding-up, administration, examination, dissolution, bankruptcy (faillite/faillissement) or judicial composition (concordat judiciaire/gerechtelijk akkoord);

(iv)          an order for its winding-up, administration, examination, dissolution, bankruptcy (faillite/faillissement) or judicial composition (concordat judiciaire/gerechtelijk akkoord) is made;

(v)           any liquidator, trustee in bankruptcy, examination, judicial custodian, compulsory manager, receiver, administrative receiver, administrator, voorlopig bewindvoerder/ administrateur judiciaire or similar officer is appointed in respect of it;

(vi)          its directors or other officers request the appointment of a liquidator, trustee in bankruptcy, examination, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer; or

(vii)         any other analogous step or procedure is taken in any jurisdiction.

(b)           Paragraph (a) above does not apply to:

(i)            any step or procedure which is part of a Permitted Transaction; or

(ii)           a petition for winding-up presented by a creditor which is being contested in good faith and with due diligence or where steps are diligently being taken to remedy the grounds for the petition and (in each case) the relevant petition is discharged or struck out within 90 days (or within 30 days of the end of any longer period applicable under an order of court staying proceedings) or such longer period as the Majority Lenders may agree (acting reasonably).