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2018 Global Master Securities Lending Agreement (Pledge version)
A Jolly Contrarian owner’s manual™
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Clause Act of Insolvency in a Nutshell™
Use at your own risk, campers!
Full text of Clause Act of Insolvency
Act of Insolvency means in relation to either Party:
- (a) its making a general assignment for the benefit of, or entering into a reorganisation, arrangement, or composition with creditors; or
- (b) its stating in writing that it is unable to pay its debts as they become due; or
- (c) its seeking, consenting to or acquiescing in the appointment of any trustee, administrator, receiver or liquidator or analogous officer of it or any material part of its property; or
- (d) the presentation or filing of a petition in respect of it (other than by the other Party to this Agreement in respect of any obligation under this Agreement) in any court or before any agency alleging or for the bankruptcy, winding up or insolvency of such Party (or any analogous proceeding) or seeking any reorganisation, arrangement, composition, re adjustment, administration, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such petition not having been stayed or dismissed within 30 days of its filing (except in the case of a petition for winding-up or any analogous proceeding in respect of which no such 30 day period shall apply); or
- (e) the appointment of a receiver, administrator, liquidator or trustee or analogous officer of such Party over all or any material part of such Party’s property; or
- (f) the convening of any meeting of its creditors for the purpose of considering a voluntary arrangement as referred to in Section 3 of the Insolvency Act 1986 (or any analogous proceeding);
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Related agreements and comparisons
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Related agreements: Click here for the same clause in the 2010 GMSLA
Comparisons: Click to compare the 2010 GMSLA and 2018 Pledge GMSLA versions of this clause.
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Template:M comm comparison
See also
References
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Pledge GMSLA Anatomy™
In a Nutshell™ Clause Act of Insolvency:
Act of Insolvency means for either Party:
- (a) a general assignment for the benefit of, or entering into a reorganisation, arrangement, or composition with creditors; or
- (b) its admission it is unable to pay its debts when due; or
- (c) an administrator is appointed over a material part of its business (or it seeks one); or
- (d) a bankruptcy petition is filed on it (other than in by reference to Agreement) and is not stayed or dismissed within 30 days; or
- (e) its creditors meet to consider a voluntary arrangement between them;
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2018 Pledge GMSLA full text of this provision:
Act of Insolvency means in relation to either Party:
- (a) its making a general assignment for the benefit of, or entering into a reorganisation, arrangement, or composition with creditors; or
- (b) its stating in writing that it is unable to pay its debts as they become due; or
- (c) its seeking, consenting to or acquiescing in the appointment of any trustee, administrator, receiver or liquidator or analogous officer of it or any material part of its property; or
- (d) the presentation or filing of a petition in respect of it (other than by the other Party to this Agreement in respect of any obligation under this Agreement) in any court or before any agency alleging or for the bankruptcy, winding up or insolvency of such Party (or any analogous proceeding) or seeking any reorganisation, arrangement, composition, re adjustment, administration, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such petition not having been stayed or dismissed within 30 days of its filing (except in the case of a petition for winding-up or any analogous proceeding in respect of which no such 30 day period shall apply); or
- (e) the appointment of a receiver, administrator, liquidator or trustee or analogous officer of such Party over all or any material part of such Party’s property; or
- (f) the convening of any meeting of its creditors for the purpose of considering a voluntary arrangement as referred to in Section 3 of the Insolvency Act 1986 (or any analogous proceeding);
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See equivalent provision in the 2010 GMSLA
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This provision in the new 2018 Pledge GMSLA is identical to corresponding part of the 2010 Title-transfer GMSLA. Good news! We have a page for that too! You can find it here. There is, no doubt, a wealth of fascinating, drily-delivered information there, if you will only click on over and have a look. Go on! Spoil yourself!