This excerpt taken from the LUX 20-F filed Jun 28, 2006.
Any corporate action, legal proceedings or other procedure or step is taken in relation to:
(a) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Obligor or any of its Material Subsidiaries other than a solvent liquidation or reorganisation of any Material Subsidiary or any other transaction permitted under Clause 22.7 (Merger);
(b) a composition, compromise, assignment or arrangement with all the creditors of any Obligor or any of its Material Subsidiaries;
(c) the appointment of a liquidator (other than in respect of a solvent liquidation of any Material Subsidiaries or any other transaction permitted under Clause 22.7 (Merger)), receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any Obligor or any of its Material Subsidiaries or any of its assets; or
(d) in respect of any Obligor or any of its Material Subsidiaries which is a corporation incorporated in Italy, the submission of such corporation to any procedure which is a procedura concorsuale, including without limitation, fallimento, concordato preventivo and amministrazione controllata under R.d 16 March 1942 No.267 and amministrazione straordinaria under Lg. 8 July 1999 No.270 (as amended from time to time), as amministrazione straordinaria under L. 18. February 2004 No. 39,
or any analogous procedure or step is taken in any jurisdiction unless in each case any Agreed Exception applies to any such proceedings.