Bankruptcy Events:

1. Insolvency proceedings are instituted in respect of the Reference Entity (Insolvenzeröffnug);
2. a petition for the institution of insolvency proceedings in respect of the Reference Entity is filed by the Reference Entity (or any of its directors/general partners), or any other person; and, in the case of a petition filed by any other person, such petition is not withdrawn, dismissed or stayed within 30 days of its filing;
3. the Reference Entity is wound up (auflösung) by resolution, judgment, order, deregistration or by any other means;
4. any event with consequences similar or analogous to any of those referred to in (i) to (iii) (inclusive) above occurs in any jurisdiction outside Germany in relation to the Reference Entity;