Template:ISDA Master Agreement 1987 5(a)(vii): Difference between revisions

:(1) is dissolved; (2) becomes insolvent or fails or is unable or admits in writing its <br>inability generally to pay its debts as they become due; (3) makes a general assignment, <br>arrangement or composition with or for the benefit of its creditors; (4) institutes or has <br>instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any <br>other relief under any bankruptcy or insolvency law or other similar law affecting <br>creditors’ rights, or a petition is presented for the winding-up or liquidation of the party or <br>any such Specified Entity, and, in the case of any such proceeding or petition instituted or <br>presented against it, such proceeding or petition (A) results in a judgment of insolvency or <br>bankruptcy or the entry of an order for relief or the making of an order for the winding-up <br>or liquidation of the party or such Specified Entity or (B) is not dismissed, discharged, <br>stayed or restrained in each case within 30 days of the institution or presentation thereof; <br>(5) has a resolution passed for its winding-up or liquidation; (6) seeks or becomes subject <br>to the appointment of an administrator, receiver, trustee, custodian or other similar <br>official for it or for all or substantially all its assets (regardless of how brief such <br>appointment may be, or whether any obligations are promptly assumed by another entity <br>or whether any other event described in this clause (6) has occurred and is continuing); (7) <br>any event occurs with respect to the party or any such Specified Entity which, under the <br>applicable laws of any jurisdiction, has an analogous effect to any of the events specified <br>in clauses (1) to (6) (inclusive); or (8) takes any action in furtherance of, or indicating its <br>consent to, approval of, or acquiescence in, any of the foregoing acts;<br><br>