Common use of Winding-up/Insolvency Clause in Contracts

Winding-up/Insolvency. Attachment: A Party or its Credit Support Provider: (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (ii) 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; (iii) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (iv) institutes or has instituted against it a proceeding seeking a judgement of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation and, if specified as applying in Section B of Part I (Individual Terms), is not withdrawn, dismissed, discharged, stayed or restrained within such period specified; (v) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (vi) 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; (vii) 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; (viii) causes or is subject to any event with respect to it, which, under the Applicable Law of any jurisdiction, has an analogous effect to any of the events specified in clauses (i) to (vii) (inclusive); or (ix) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts referred to in this § 18.5(b), provided that, in the case of a Credit Support Provider, such Credit Support Provider has not been replaced within five (5) Business Days of the occurrence of the events listed in (i) to (ix) (inclusive).

Winding-up/Insolvency. Attachment: A Party or its Credit Support Provider: (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (ii) 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; (iii) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (iv) institutes or has instituted against it a proceeding seeking a judgement of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law Law or other similar law Law affecting creditors' rights, or a petition is presented for its winding-up or liquidation and, if specified as applying in Section B of Part I (Individual Terms)the Election Sheet, is not withdrawn, dismissed, discharged, stayed or restrained within such period specifiedas specified in the Election Sheet; (v) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (vi) 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 of its assets; (vii) has a secured party take possession of all or substantially all of its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all of its assets; (viii) causes or is subject to any event with respect to it, it which, under the Applicable Law Laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i§ 9.5(c)(i) to (vii) (inclusive); or (ix) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts referred to in this § 18.5(b), provided that, in the case of a Credit Support Provider, such Credit Support Provider has not been replaced within five (5) Business Days of the occurrence of the events listed in (i) to (ix) (inclusive9.5(c).

Winding-up/Insolvency. Attachment: A Party or its Credit Support Provider: (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (ii) 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; (iii) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (iv) institutes or has instituted against it a proceeding seeking a judgement of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law lawLaw or other similar law lawLaw affecting creditors’' rights, or a petition is presented for its winding-up or liquidation and, if specified as applying in Section B of Part I (Individual Terms)the Election Sheet, is not withdrawn, dismissed, discharged, stayed or restrained within such period specifiedas specified in the Election Sheet; (v) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (vi) 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 of its assets; (vii) has a secured party take possession of all or substantially all of its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all of its assets; (viii) causes or is subject to any event with respect to it, it which, under the Applicable Law applicable lawsApplicable Laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i§ 9.5(c)(i) to (vii) (inclusive); or (ix) takes any action ta ke s a ny a ctio n in furtherance offurthe rance o f, or indicating ind ica ting its consent cons ent to, approval ofa pproval o f, or acquiescence a cqu iesc ence in, any a ny of the acts referred re fe rre d to in this th is § 18.5(b), provided that, in the case of a Credit Support Provider, such Credit Support Provider has not been replaced within five (5) Business Days of the occurrence of the events listed in (i) to (ix) (inclusive9 .5(c).

Winding-up/Insolvency. Attachment: A Party or its Credit Support Provider: (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (ii) 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; (iii) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (iv) institutes or has instituted against it a proceeding seeking a judgement of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation and, if specified as applying in Section B of Part I (Individual Terms), is not withdrawn, dismissed, discharged, stayed or restrained within such period specified; (vi) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (viii) 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; (viiiii) 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; (viiiiv) causes or is subject to any event with respect to it, which, under the Applicable Law of any jurisdiction, has an analogous effect to any of the events specified in clauses (i) to (vii) (inclusive); or (ix) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts referred to in this § 18.5(bznajdujących zastosowanie na podstawie postanowień tych dokumentów), provided that, in the case of a Credit Support Provider, such Credit Support Provider has not been replaced within five (5) Business Days of the occurrence of the events listed in (i) to (ix) (inclusive).lub