Template:ISDA Master Agreement 2002 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 Specified <br>Entity of such party:―<br><br>

:(l) 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 its <br>debts as they become due; (3) makes a general assignment, arrangement or composition with or for <br>the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or <br>any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the <br>jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a <br>proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any <br>bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is <br>presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or <br>(B) has 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 creditors’ rights, <br>or a petition is presented for its winding-up or liquidation, and such proceeding or petition is <br>instituted or presented by a person or entity not described in clause (A) above and either (I) results <br>in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an <br>order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in <br>each case within 15 days of the institution or presentation thereof; (5) has a resolution passed for its <br>winding-up, official management or liquidation (other than pursuant to a consolidation, <br>amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, <br>provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for <br>all or substantially all its assets; (7) has a secured party take possession of all or substantially all its <br>assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced <br>or sued on or against all or substantially all its assets and such secured party maintains possession, <br>or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days <br>thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of <br>any jurisdiction, has an analogous effect to any of the events specified in clauses (l) to (7) above <br>(inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or <br>acquiescence in, any of the foregoing acts; or