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Bankruptcy - ISDA Provision: Difference between revisions
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{{fullanat2|isda|5(a)(vii)|2002|5(a)(vii)|1992}} | {{fullanat2|isda|5(a)(vii)|2002|5(a)(vii)|1992}} | ||
In essence the {{2002ma}} definition amounts to the following: | In essence the {{2002ma}} definition amounts to the following: | ||
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#'''Action in furtherance''': takes any action in furtherance of any of the above. | #'''Action in furtherance''': takes any action in furtherance of any of the above. | ||
====Change betwee | ====Change betwee {{1992isda}} and {{2002isda}}==== | ||
There are two: | There are two: | ||
*'''Slightly more specific concept of insolvency''': firstly, in limb 4('''insolvency proceedings''') a new limb (A) has been included to cover action taken by an entity-specific regulator or supervisor (as opposed to a common or garden insolvency proceeding) | *'''Slightly more specific concept of insolvency''': firstly, in limb 4('''insolvency proceedings''') a new limb (A) has been included to cover action taken by an entity-specific regulator or supervisor (as opposed to a common or garden insolvency proceeding) | ||
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<sup>*</sup>"meaningful" is in the eye of the beholder, you understand. | <sup>*</sup>"meaningful" is in the eye of the beholder, you understand. | ||
===Regional Bankruptcy variations=== | |||
*[[Swiss Bankruptcy Language|Switzerland]] | |||
====Market standard==== | ====Market standard==== | ||
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}}*.) | 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}}*.) | ||