Template:Nutshell 2002 ISDA 5(a)(vii): Difference between revisions
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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]] its [[creditor|creditors]]; | ||
::(4)''' | ::(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. <br> | ::(9) '''Action in furtherance''': takes any action towards any of the above events. <br> | ||
Revision as of 16:02, 22 March 2018
- 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 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.