proposes or makes any agreement for the deferral, rescheduling or other readjustment of all or a material part of its debtsproposes or makes a general assignment or an arrangement or composition with or for the benefit of the relevant creditors in respect of all or a material part of its debts or a moratorium is agreed or declared in respect of or affecting all or any material part of the debts of the Issuer or any of the Principal Subsidiaries;