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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:
| | {{nuts|2002 ISDA|Bankruptcy}} |
| | | ====[[Delta]] between {{1992isda}} and {{2002isda}}==== |
| The Counterparty, any {{isdaprov|Credit Support Provider}} or {{isdaprov|Specified Entity}}:―
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| #'''Dissolved''': is dissolved (other than pursuant to a merger);
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| #'''Insolvent''': becomes insolvent, [[unable to pay its debts]], or admits that in writing;
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| #'''Composition with Creditors''': makes a composition its creditors;
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| #'''Involvency Proceedings''': (A) becomes subject to insolvency (or similar) proceedings instituted by a regulator; or (B) becomes subject to insolvency (or similar) proceedings instituted by anyone ''other than'' a regulator which result in a winding up order or are not discharged within 15 days
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| #'''Voluntary Winding Up''': has a resolution passed for its winding-up (other than pursuant to a merger);
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| #'''Put in Administration''': has an administrator, provisional liquidator, or similar appointed for it or for all or substantially all its assets;
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| #'''Security Exercised''': has a secured party take possession of all or substantially all its assets which process is not dismissed within 15 days ;
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| #'''Analogous events''': Causes or is subject to any event which, under the applicable laws of any jurisdiction, has an analogous effect to any of the above; or
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| #'''Action in furtherance''': takes any action in furtherance of any of the above.
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| ====Change betwee {{1992isda}} and {{2002isda}}====
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| 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) |