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]]); <br />

:(2) becomes [[Insolvency|insolvent]] or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; <br />

:(3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; <br />

:(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 [[creditor]]s’ rights, or a petition is presented for its [[winding-up]] or [[liquidation]], and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition <br />

::(A) results in a judgment of [[insolvency]] or [[bankruptcy]] or the entry of an order for relief or the making of an order for its winding-up or liquidation or <br />

::(B) is not dismissed, discharged, 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]], official 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, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets;<br />

:(7) has a [[secured party]] take possession of [[all or substantially all]] its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against [[all or substantially all]] its assets and such [[secured party]] maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; <br />

:(8) causes or is subject to any event with respect to it which, under the [[applicable]] laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or <br />

:(9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or