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]] {{isdaprov|Specified Entity}} of such party:―

:(l) is dissolved (other than pursuant to a [[consolidation]], [[amalgamation]] or [[merger]]); <br>

:(2) becomes [[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 [[creditor]]s; <br>

:(4)

::(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary [[insolvency]], rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, 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]] by it or such regulator, supervisor or similar official, or  

::(B) 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 such proceeding or petition is instituted or presented by a person or entity not described in clause (A) above and either  

:::(I) 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  

:::(II) is not dismissed, discharged, stayed or restrained in each case within 15 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 15 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 (l) to (7) above (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