Template:Nutshell 2002 ISDA 5(a)(vii): Difference between revisions

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Created page with ":{{isdaprov|5(a)(vii)}}. '''{{isdaprov|Bankruptcy}}'''. A party of its {{isdaprov|Credit Support Provider}} or {{isdaprov|Specified Entity}}:― ::(1) '''Dissolved''': is diss..."
 
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:{{isdaprov|5(a)(vii)}}. '''{{isdaprov|Bankruptcy}}'''. A party of its {{isdaprov|Credit Support Provider}} or {{isdaprov|Specified Entity}}:―
:{{isdaprov|5(a)(vii)}}. '''{{isdaprov|Bankruptcy}}'''. A party of its {{isdaprov|Credit Support Provider}} or {{isdaprov|Specified Entity}}:―
::(1) '''Dissolved''': is dissolved (other than by merger);  
::(1) '''Dissolved''': is dissolved (other than by [[merger]]);  
::(2)'''Insolvent''': becomes [[insolvent]], [[unable to pay its debts]], or admits it in writing;  
::(2) '''Insolvent''': becomes [[insolvent]], [[unable to pay its debts]], or admits it in writing;  
::(3)'''Composition with Creditors''': makes a [[composition]] its [[creditor|creditors]];  
::(3) '''Composition with Creditors''': makes a [[composition]] with its [[creditor|creditors]];  
::(4)'''Involvency Proceedings''': becomes subject to [[insolvency]] proceedings instituted by  
::(4) '''Insolvency Proceedings''': suffers [[insolvency]] proceedings instituted by:
:::(A) a regulator; or  
:::(A) a regulator; or  
:::(B) anyone ''other than'' a regulator, and
:::(B) anyone ''other than'' a regulator, and
::::(I) it results in a winding up order; or  
::::(I) it results in a winding up order; or  
::::(II) those proceedings are not discharged within 15 days;  
::::(II) those proceedings are not discharged within 15 days;  
::(5)'''Voluntary Winding Up''': resolves to wind itself up (other than by merger);  
::(5) '''Voluntary Winding Up''': resolves to wind itself up (other than by [[merger]]);  
::(6)'''Put in Administration''': has an administrator, provisional liquidator, or similar appointed for it or for [[substantially all]] its assets;  
::(6) '''Put in Administration''': has an administrator, provisional liquidator, or similar appointed for it or for [[substantially all]] its assets;  
::(7)'''Security Exercised''': has a secured party take possession of, or a legal process is enforced against, [[substantially all]] its assets for at 15 days without a court dismissing it;  
::(7) '''Security Exercised''': has a secured party take possession of, or a legal process is enforced against, [[substantially all]] its assets for at 15 days without a court dismissing it;  
::(8)'''Analogous events''': suffers any event which, under the laws of any jurisdiction, has the same effect as any of the above events; or  
::(8) '''Analogous events''': suffers any event which, under the laws of any jurisdiction, has the same effect as any of the above events; or  
::(9)'''Action in furtherance''': takes any action towards any of the above events.
::(9) '''Action in furtherance''': takes any action towards any of the above events. <br>

Latest revision as of 09:22, 7 February 2023

5(a)(vii). Bankruptcy. A party of its Credit Support Provider or Specified Entity:―
(1) Dissolved: is dissolved (other than by merger);
(2) Insolvent: becomes insolvent, unable to pay its debts, or admits it in writing;
(3) Composition with Creditors: makes a composition with its creditors;
(4) Insolvency Proceedings: suffers insolvency proceedings instituted by:
(A) a regulator; or
(B) anyone other than a regulator, and
(I) it results in a winding up order; or
(II) those proceedings are not discharged within 15 days;
(5) Voluntary Winding Up: resolves to wind itself up (other than by merger);
(6) Put in Administration: has an administrator, provisional liquidator, or similar appointed for it or for substantially all its assets;
(7) Security Exercised: has a secured party take possession of, or a legal process is enforced against, substantially all its assets for at 15 days without a court dismissing it;
(8) Analogous events: suffers any event which, under the laws of any jurisdiction, has the same effect as any of the above events; or
(9) Action in furtherance: takes any action towards any of the above events.