Bankruptcy Events:

1. the Reference Entity passes a resolution or institutes legal proceedings, or legal proceedings are instituted against it, for the making of an administration order or for the appointment of a receiver (redressement judiciaire), conciliator (conciliateur) or similar officer in respect of it or all, or substantially all, of its revenues or assets; and in the case of legal proceedings instituted against it, such proceedings are not dismissed, discharged, stayed or restrained, in each case within 60 days of the institution of such proceeding’s;
2. an administration order is made in respect of the Reference Entity or a receiver (redressement judiciaire), conciliator (conciliateur) or similar officer is appointed in respect of the Reference Entity or in respect of all, or substantially all, of the revenues or assets of the Reference Entity.
3. the Reference Entity passes a resolution or institutes legal proceedings, or legal proceedings are instituted against it, to effect its winding-up, dissolution (dissolution), judicial liquidation (liquidation judiciaire); and in the case of legal proceedings instituted against it, such proceedings result in a judicial liquidation (liquidation judiciaire) or are not dismissed, discharged, stayed or restrained, in each case within 60 days of the institution of such proceeding’s;
4. an order is made to effect its winding-up, dissolution (dissolution), or judicial liquidation (liquidation judiciaire);
5. any event with consequences similar or analogous to any of those referred to in (i) to (iv) (inclusive) above occurs in any jurisdiction outside France in relation to the Reference Entity;