Template:Isda bankruptcy petition summ: Difference between revisions
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Amwelladmin (talk | contribs) Created page with "The JC’s colloquial expression for a Bankruptcy Event of Default that meets the criteria set out in Section {{isdaprov|5(a)(vii)}}(4) of the {{isdama}}. {{quote|{{ISDA Master Agreement 2002 5(a)(vii)(4)}}}} Points to note: Section (A), wherein the petition is presented by a regulator of some kind, the event is an Event of Default in itself. Where, per Section (B), the petition ie presented by a random creditor or other public agitant, there is a grace period in whi..." |
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The JC’s colloquial expression for a Bankruptcy Event of Default that meets the criteria set out in Section {{isdaprov|5(a)(vii)}}(4) of the {{isdama}}. | The JC’s colloquial expression for a Bankruptcy Event of Default that meets the criteria set out in Section {{isdaprov|5(a)(vii)}}(4) of the {{isdama}}. | ||
Points to note: Section (A), wherein the petition is presented by a regulator of some kind, the event is an Event of Default in itself. Where, per Section (B), the petition ie presented by a random creditor or other public agitant, there is a [[grace period]] in which the subject entity may apply to dismiss the petition — 15 days in the {{2002ma}}, 30 days in the {{1987ma}} and {{1992ma}} — so until this grace period has expired (or a bankruptcy judgment is entered) a Section 5(a)(vii)(4)(B) event is only a Potential Event of default. | Points to note: Section (A), wherein the petition is presented by a regulator of some kind, the event is an Event of Default in itself. Where, per Section (B), the petition ie presented by a random creditor or other public agitant, there is a [[grace period]] in which the subject entity may apply to dismiss the petition — 15 days in the {{2002ma}}, 30 days in the {{1987ma}} and {{1992ma}} — so until this grace period has expired (or a bankruptcy judgment is entered) a Section 5(a)(vii)(4)(B) event is only a Potential Event of default. | ||
Latest revision as of 09:16, 3 October 2024
The JC’s colloquial expression for a Bankruptcy Event of Default that meets the criteria set out in Section 5(a)(vii)(4) of the ISDA Master Agreement.
Points to note: Section (A), wherein the petition is presented by a regulator of some kind, the event is an Event of Default in itself. Where, per Section (B), the petition ie presented by a random creditor or other public agitant, there is a grace period in which the subject entity may apply to dismiss the petition — 15 days in the 2002 ISDA, 30 days in the 1987 ISDA and 1992 ISDA — so until this grace period has expired (or a bankruptcy judgment is entered) a Section 5(a)(vii)(4)(B) event is only a Potential Event of default.