Template:Nutshell 1992 ISDA 5(a)(vii): Difference between revisions
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:{{isda92prov|5(a)(vii)}}. '''{{isda92prov|Bankruptcy}}'''. A party of its {{isda92prov|Credit Support Provider}} or {{isda92prov|Specified Entity}}:― | |||
:{{ | |||
::(1) '''Dissolved''': is dissolved (other than by [[merger]]); | ::(1) '''Dissolved''': is dissolved (other than by [[merger]]); | ||
::(2) '''Insolvent''': becomes [[insolvent]], [[unable to pay its debts]], or admits it in writing; | ::(2) '''Insolvent''': becomes [[insolvent]], [[unable to pay its debts]], or admits it in writing; | ||
::(3) '''Composition with Creditors''': makes a [[composition]] its [[creditor|creditors]]; | ::(3) '''Composition with Creditors''': makes a [[composition]] its [[creditor|creditors]]; | ||
::(4) '''Insolvency Proceedings''': suffers [[insolvency]] proceedings | ::(4) '''Insolvency Proceedings''': suffers [[insolvency]] proceedings which: | ||
:::(I) result in a winding up order; or | |||
:::(II) are not discharged within 30 days; | |||
::(5) '''Voluntary Winding Up''': resolves to wind itself up (other than by [[merger]]); | ::(5) '''Voluntary Winding Up''': resolves to wind itself up (other than by [[merger]]); | ||
::(6) '''Put in Administration''': has an administrator, provisional liquidator, or similar appointed for it or for [[substantially all]] its assets; | ::(6) '''Put in Administration''': has an administrator, provisional liquidator, or similar appointed for it or for [[substantially all]] its assets; | ||
::(7) '''Security Exercised''': has a secured party take possession of, or a legal process is enforced against, [[substantially all]] its assets for at | ::(7) '''Security Exercised''': has a secured party take possession of, or a legal process is enforced against, [[substantially all]] its assets for at 30 days without a court dismissing it; | ||
::(8) '''Analogous events''': suffers any event which, under the laws of any jurisdiction, has the same effect as any of the above events; or | ::(8) '''Analogous events''': suffers any event which, under the laws of any jurisdiction, has the same effect as any of the above events; or | ||
::(9) '''Action in furtherance''': takes any action towards any of the above events. <br> | ::(9) '''Action in furtherance''': takes any action towards any of the above events. <br> | ||
Latest revision as of 17:12, 11 April 2020
- 5(a)(vii). Bankruptcy. A party of its Credit Support Provider or Specified Entity:―
- (1) Dissolved: is dissolved (other than by merger);
- (2) Insolvent: becomes insolvent, unable to pay its debts, or admits it in writing;
- (3) Composition with Creditors: makes a composition its creditors;
- (4) Insolvency Proceedings: suffers insolvency proceedings which:
- (I) result in a winding up order; or
- (II) are not discharged within 30 days;
- (5) Voluntary Winding Up: resolves to wind itself up (other than by merger);
- (6) Put in Administration: has an administrator, provisional liquidator, or similar appointed for it or for substantially all its assets;
- (7) Security Exercised: has a secured party take possession of, or a legal process is enforced against, substantially all its assets for at 30 days without a court dismissing it;
- (8) Analogous events: suffers any event which, under the laws of any jurisdiction, has the same effect as any of the above events; or
- (9) Action in furtherance: takes any action towards any of the above events.