Template:ISDA Master Agreement 1987 5(a)(vii)

5(a)(vii) Bankruptcy. The party or any applicable Specified Entity:–

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

other than in the case of clause (1) or (5) or, to the extent it relates to those clauses, clause (8),
for the purpose of a consolidation, amalgamation or merger which would not constitute an event
described in (viii) below; or