Template:ISDA Master Agreement 1992 5(a)(vii): Difference between revisions
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{{isdaprov|5(a)(vii)}} '''{{isdaprov|Bankruptcy}}'''. The party, any {{isdaprov|Credit Support Provider}} of such party or any applicable | {{isdaprov|5(a)(vii)}} '''{{isdaprov|Bankruptcy}}'''. The party, any {{isdaprov|Credit Support Provider}} of such party or any applicable Specified <br>Entity of such party: — <br><br> | ||
(1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes <br>insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay <br>its debts as they become due; (3) makes a general assignment, arrangement or composition <br>with or for the benefit of its creditors; (4) institutes or has instituted against it a proceeding <br>seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or <br>insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its <br>winding-up or liquidation, and, in the case of any such proceeding or petition instituted or <br>presented against it, such proceeding or petition (A) results in a judgment of insolvency or <br>bankruptcy or the entry of an order for relief or the making of an order for its winding-up or <br>liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days <br>of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official <br>management or liquidation (other than pursuant to a consolidation, amalgamation or merger); <br>(6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, <br>conservator, receiver, trustee, custodian or other similar official for it or for all or substantially <br>all its assets; (7) has a secured party take possession of all or substantially all its assets or has <br>a distress, execution, attachment, sequestration or other legal process levied, enforced or sued <br>on or against all or substantially all its assets and such secured party maintains possession, or <br>any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days <br>thereafter; (8) causes or is subject to any event with respect to it which, under the applicable <br>laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) <br>to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval <br>of, or acquiescence in, any of the foregoing acts; or | |||
Revision as of 12:29, 10 August 2012
5(a)(vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable Specified
Entity of such party: —
(1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes
insolvent or is unable to pay its debts or fails 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 its
winding-up or liquidation, 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 its winding-up or
liquidation 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, official
management or liquidation (other than pursuant to a consolidation, amalgamation or merger);
(6) seeks or becomes subject to the appointment of an administrator, provisional liquidator,
conservator, receiver, trustee, custodian or other similar official for it or for all or substantially
all its assets; (7) has a secured party take possession of all or substantially all its assets or has
a distress, execution, attachment, sequestration or other legal process levied, enforced or sued
on or against all or substantially all its assets and such secured party maintains possession, or
any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days
thereafter; (8) causes or is subject to any event with respect to it which, under the applicable
laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1)
to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval
of, or acquiescence in, any of the foregoing acts; or