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