Bankruptcy - ISDA Provision: Difference between revisions
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{{isdasnap|5(a)(vii)}} | |||
===Speed Read=== | ===Speed Read=== | ||
In essence the {{2002ma}} defintion amounts to the following | In essence the {{2002ma}} defintion amounts to the following: | ||
The Counterparty, any {{isdaprov|Credit Support Provider}} or {{isdaprov|Specified Entity}}:― | The Counterparty, any {{isdaprov|Credit Support Provider}} or {{isdaprov|Specified Entity}}:― |
Revision as of 12:27, 10 August 2012
In gory detail
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Speed Read
In essence the 2002 ISDA defintion amounts to the following:
The Counterparty, any Credit Support Provider or Specified Entity:―
- Dissolved: is dissolved (other than pursuant to a merger);
- Insolvent: becomes insolvent, unable to pay debts, or admits that in writing;
- Composition with Creditors: makes a composition its creditors;
- Involvency Proceedings: (A) becomes subject to insolvency (or similar) proceedings instituted by a regulator; or (B) becomes subject to insolvency (or similar) proceedings instituted by anyone other than a regulator which result in a winding up order or are not discharged within 15 days
- Voluntary Winding Up: has a resolution passed for its winding-up (other than pursuant to a merger);
- Put in Administration: has an administrator, provisional liquidator, or similar appointed for it or for all or substantially all its assets;
- Security Exercised: has a secured party take possession of all or substantially all its assets which process is not dismissed within 15 days ;
- Analogous events: Causes or is subject to any event which, under the applicable laws of any jurisdiction, has an analogous effect to any of the above; or
- Action in furtherance: takes any action in furtherance of any of the above.
Analysis
Note the contraction of the grace period from 30 days to 15 days.