Template:ISDA Master Agreement 1992 5(a)(vii): Difference between revisions

{{isdaprov|5(a)(vii)}} '''{{isdaprov|Bankruptcy}}'''. The party, any {{isdaprov|Credit Support Provider}} of such party or any applicable {{isdaprov|Specified Entity}} of such party: — <br>(1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes <br>insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay <br>its debts as they become due; (3) makes a general assignment, arrangement or composition <br>with or for the benefit of its creditors; (4) institutes or has instituted against it a proceeding <br>seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or <br>insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its <br>winding-up or liquidation, 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 its winding-up or <br>liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days <br>of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official <br>management or liquidation (other than pursuant to a consolidation, amalgamation or merger); <br>(6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, <br>conservator, receiver, trustee, custodian or other similar official for it or for all or substantially <br>all its assets; (7) has a secured party take possession of all or substantially all its assets or has <br>a distress, execution, attachment, sequestration or other legal process levied, enforced or sued <br>on or against all or substantially all its assets and such secured party maintains possession, or <br>any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days <br>thereafter; (8) causes or is subject to any event with respect to it which, under the applicable <br>laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) <br>to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval <br>of, or acquiescence in, any of the foregoing acts; or