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| {{manual|MI|2002|5(a)(vii)|Section|5(a)(vii)|medium}} | | {{manual|MI|2002|5(a)(vii)|Section|5(a)(vii)|short}} |
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| ====Market standard====
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| The ISDA {{isdaprov|bankruptcy}} definition is rarely a source of great controversy (except for the [[grace period]], as to which see below, which gets negotiated only through custom amongst ISDA negotiators because, in its wisdom, [[ISDA]] thought fit to change it in the {{2002ma}}. So you have a sort of pas-de-deux between negotiators where they argue about it for a while before getting tired, being shouted at by their business people, and moving on to something more important to argue about, like {{isdaprov|Cross Default}}<ref>This, by the way, is an [[ISDA]] In-joke. In fact, {{isdaprov|Cross Default}} is pretty much pointless, a fact that every [[Mediocre lawyer|ISDA lawyer]] knows, but none will admit on the record.</ref>.)
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| Otherwise the ISDA ''{{isdaprov|bankruptcy}}'' clause is a much loved and well used market standard and you often see it being imported into other agreements precisely because everyone knows it and no one really argues about it.
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| ====[[Grace period]]====
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| Note the contraction of the [[grace period]] from 30 days to 15 days between the {{1992ma}} and the {{2002ma}}. Note also, for students of history, the problematic {{isdaprov|Automatic Early Termination}} situation under the {{1987ma}}.
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| ====1987 ISDA====
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| {{isdaquote|{{clause|1987|ISDA|Interest Rate and Currency Exchange Agreement|5(a)(vii)}}|5(a)(vii)|1987}}
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| *{{isdaprov|Automatic Early Termination}}
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| {{sa}}
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| {{ref}}
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