Bankruptcy Events

1. the Reference Entity is adjudicated in concordato preventivo (a preventative composition with creditors in which the Reference Entity must guarantee the payment of at least 40 per cent of its non-preferred creditors) by a decree of court;
2. the Reference Entity is declared bankrupt by a judgment (dichiarazione di fallimento) issued by the court in which the Reference Entity has its registered office;
3. the Reference Entity is adjudicated in amministrazione straordinaria by a decree of the Minister of the Treasury pursuant to a proposal from the relevant supervisory authority which regulates the Reference Entity;
4. the Reference Entity is adjudicated in liquidazione coatta amministrative by a decree of the Minister of the Treasury or the Minister of Industry pursuant to a proposal from the relevant supervisory authority which regulates the Reference Entity;
5. the Reference Entity is adjudicated in amministrazione straordinaria delle grandi imprese in crisi by a decree of the Minister of Industry;
6. a resolution is passed for the liquidazione volontaria (voluntary winding-up) of the Reference Entity;
7. the Reference Entity is adjudicated in amministrazione controllata;
8. any event with consequences similar or analogous to any of those referred to in (i) to (vii) (inclusive) above occurs in any jurisdiction outside Italy in relation to the Reference Entity;