Template:Nutshell Credit Derivatives 4.2

4.2. Bankruptcy. A Reference Entity:

(a) Dissolved: is dissolved (other than by merger);

(b) Insolvent: becomes insolvent, unable to pay its debts, or admits it in writing;

(c) Composition with Creditors: makes a composition with its creditors;

(d) Insolvency Proceedings: starts or suffers insolvency proceedings which are not discharged within 15 days or result in a winding up order;

(e) Voluntary Winding Up: resolves to wind itself up (other than by merger);

(f) Put in Administration: has an administrator, provisional liquidator, or similar appointed for it or for substantially all its assets;

(g) 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;

(h) Analogous events: suffers any event which, under the laws of any jurisdiction, has the same effect as any of the above events.