Template:ISDA Master Agreement 1987 5(a)(vii): Difference between revisions
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5(a)(vii) '''{{isda87prov|Bankruptcy}}'''. The party or any applicable {{isda87prov|Specified Entity}}:– <br> | :{{isda87prov|5(a)(vii)}} '''{{isda87prov|Bankruptcy}}'''. The party or any applicable {{isda87prov|Specified Entity}}:– <br> | ||
:(1) is dissolved; | ::(1) is dissolved; | ||
:(2) becomes insolvent or fails or is unable or admits in writing its inability generally to pay its debts as they become due; | ::(2) becomes insolvent or fails or is unable or admits in writing its inability generally to pay its debts as they become due; | ||
:(3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; | ::(3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; | ||
{{ISDA Master Agreement 1987 5(a)(vii)(4)}} | |||
::(5) has a resolution passed for its winding-up or liquidation; | |||
: | ::(6) seeks or becomes subject to the appointment of an [[Insolvency administrator|administrator]], [[receiver]], [[trustee]], [[custodian]] or other similar official for it or for [[all or substantially all]] its assets (regardless of how brief such appointment may be, or whether any obligations are promptly assumed by another entity or whether any other event described in this clause (6) has occurred and is continuing); | ||
:(5) has a resolution passed for its winding-up or liquidation; | ::(7) any event occurs with respect to the party or any such {{isda87prov|Specified Entity}} which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (6) (inclusive); or | ||
:(6) seeks or becomes subject to the appointment of an [[Insolvency administrator|administrator]], [[receiver]], [[trustee]], [[custodian]] or other similar official for it or for [[all or substantially all]] its assets (regardless of how brief such appointment may be, or whether any obligations are promptly assumed by another entity or whether any other event described in this clause (6) has occurred and is continuing); | ::(8) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; | ||
:(7) any event occurs with respect to the party or any such {{isda87prov|Specified Entity}} which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (6) (inclusive); or | ::other than in the case of clause (1) or (5) or, to the extent it relates to those clauses, clause (8), for the purpose of a consolidation, amalgamation or merger which would not constitute an event described in (viii) below; or <br> | ||
:(8) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; | |||
other than in the case of clause (1) or (5) or, to the extent it relates to those clauses, clause (8), for the purpose of a consolidation, amalgamation or merger which would not constitute an event described in (viii) below; or <br> | |||
Latest revision as of 09:25, 3 October 2024
- 5(a)(vii) Bankruptcy. The party or any applicable Specified Entity:–
- (1) is dissolved;
- (2) becomes insolvent or fails or is unable or admits in writing its inability generally to pay its debts as they become due;
- (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors;
- (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for the winding-up or liquidation of the party or any such Specified Entity, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition
- (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for the winding-up or liquidation of the party or such Specified Entity or
- (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;
- (5) has a resolution passed for its winding-up or liquidation;
- (6) seeks or becomes subject to the appointment of an administrator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (regardless of how brief such appointment may be, or whether any obligations are promptly assumed by another entity or whether any other event described in this clause (6) has occurred and is continuing);
- (7) any event occurs with respect to the party or any such Specified Entity which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (6) (inclusive); or
- (8) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts;
- other than in the case of clause (1) or (5) or, to the extent it relates to those clauses, clause (8), for the purpose of a consolidation, amalgamation or merger which would not constitute an event described in (viii) below; or