Eligible Successor means a Person that (i) is a corporation, limited liability company or business trust duly incorporated or organized, validly existing and in good standing under the laws of one of the states of the United States or the District of Columbia, (ii) as a result of a contemplated acquisition, consolidation or merger, will succeed to all or substantially all of the consolidated business and assets of the Borrower or Exelon, as applicable, (iii) upon giving effect to such contemplated acquisition, consolidation or merger, will have all or substantially all of its consolidated business and assets conducted and located in the United States and (iv) in the case of the Borrower, is acceptable to the Majority Lenders as a credit matter.
Eligible Successor means a Person which (i) is a corporation, limited liability company or business trust duly incorporated or organized, validly existing and in good standing under the laws of one of the states of the United States or the District of Columbia, (ii) as a result of a contemplated acquisition, consolidation or merger, will succeed to all or substantially all of the consolidated business and assets of a Borrower and its Subsidiaries, (iii) upon giving effect to such contemplated acquisition, consolidation or merger, will have all or substantially all of its consolidated business and assets conducted and located in the United States and (iv) is acceptable to the Majority Lenders as a credit matter.
Eligible Successor means an entity (1) that is legally qualified and has the capacity to act as Servicer under this Agreement in the assumption of all of the responsibilities, duties and obligations of the Servicer under this Agreement and (2) the appointment of which will not cause either of the Borrower or the pool of Collateral Obligations to become required to register under the provisions of the 1940 Act.
Examples of Eligible Successor in a sentence
No termination or resignation shall be effective unless an Eligible Successor has agreed to assume all the duties and obligations of the Portfolio Manager arising out of the Portfolio Management Agreement in accordance with the terms and conditions of the Portfolio Management Agreement.
In addition to its other rights, Landowner shall be deemed to be an Eligible Successor Homeowner during any step in the offering process described herein.
The Assignee Collateral Manager represents and warrants to each of the Issuer and the Assignor Collateral Manager that it constitutes an Eligible Successor under the Collateral Management Agreement.
Each of the numerous projects this would entail would be a hybrid of brownfield and greenfield, in that the approach calls for a corridor with a long, well-documented traffic history, but would involve billion-dollar-scale reconstruction and in some cases widening and interchange replacement.
In accordance with the terms and conditions of the Portfolio Management Agreement, within 90 days of the receipt of such notice, the holders of a majority in Stated Amount of the Securities may select an Eligible Successor to be appointed as the replacement portfolio manager.
More Definitions of Eligible Successor
Eligible Successor means a Person that (i) is a corporation, limited liability company or business trust duly incorporated or organized, validly existing and in good standing under the laws of one of the states of the United States or the District of Columbia, (ii) as a result of a contemplated acquisition, consolidation or merger, will succeed to all or substantially all of the consolidated business and assets of the Borrower, (iii) upon giving effect to such contemplated acquisition, consolidation or merger, will have all or substantially all of its consolidated business and assets conducted and located in the United States and (iv) is acceptable to the Majority Lenders as a credit matter.
Eligible Successor. An entity which, at the time it is appointed as Successor Property Manager or Successor Special Servicer, (i) is legally qualified and has the capacity to carry out the duties and obligations hereunder of the Property Manager or Special Servicer, as applicable, and (ii) has demonstrated the ability to administer professionally and competently a portfolio of leases, mortgaged properties and mortgage loans that are similar to the Leases, Mortgaged Properties and Mortgage Loans with high standards of skill and care.
Eligible Successor means any nationally recognized independent engineering firm or any nationally recognized independent consulting firm with expertise in engineering and financial analysis that is selected by PIC and not objected to by the Trustee within ten (10) days after receipt of notice of such selection (which firm shall make the statements contemplated by Section 4.11(d) of the Indenture). For purposes of the foregoing, a Person shall be considered "independent" if from the date which was six months prior to the date of such instrument, neither such Person nor any Member of such Person (i) had, or was committed to acquire, any direct financial interest or material indirect financial interest in PIC or any Affiliate thereof or (ii) was, or will be connected as a promoter, underwriter, voting trustee, director, officer or employee of PIC or any Affiliate thereof. "Member" shall mean (a) all partners, shareholders or other Persons holding 5% or more of the capital stock and other principals of the applicable Person, (b) any professional employee of the Person involved in providing any professional service to PIC or any Affiliate thereof and (c) any professional employee having managerial responsibilities and located in an office of such Person which will participate in a significant portion of the services to be performed by such Person.
Eligible Successor. An entity which, at the time it is appointed as Successor Property Manager or Successor Special Servicer, (i) is legally qualified and has the capacity to carry out the duties and obligations hereunder of the Property Manager or Special Servicer, as applicable, and (ii) has demonstrated the ability to administer professionally and competently a portfolio of leases, mortgaged properties and mortgage loans that are similar to the Leases, Mortgaged Properties and Mortgage Loans with high standards of skill and care. “Emergency Property Expenses ”: As defined in Section 3.03(e) . “Environmental Condition Mortgaged Property ”: Any Mortgaged Property (i) on which a gasoline station or other gasoline pumping facility is operated, (ii) on which, to the Property Manager’s knowledge, oil or other hazardous materials are stored in underground storage tanks, (iii) in the Manufacturing Business Sector or (iv) any other Mortgaged Property that the Property Manager believes, in its reasonable discretion exercised in accordance with the Servicing Standard (including based on the review of any Environmental Report), has a material risk of declining in value due to environmental conditions existing on or in respect of such Mortgaged Property; provided that no Mortgaged Property described in clauses (i) through (iv) 8 US-DOCS\ 96557504.7 102826315.7
Eligible Successor means a Person that (i) is a corporation, limited liability company or business trust duly incorporated or organized, validly existing and in good standing under the laws of one of the states of the United States or the District of Columbia, (ii) as a result of a
Eligible Successor means (a) in the case of a Midwest Assumption Event, a designee of Midwest (i) which shall be a direct or indirect wholly-owned Subsidiary of NRG or another Person acceptable to the Holders (in their sole discretion), (ii) that is a “United States person” within the meaning of Section 7701(a)(30) of the Code and (iii) that is not (A) an “investment company” or a company “controlled” by and “investment company” within the meaning of the Investment Company Act of 1940, as amended or (B) subject to (or is exempt from) regulation of its accounting and books and records by FERC under PUHCA (b) in the case of an Owner Participant Assumption Event, a direct or indirect wholly-owned Subsidiary of Public Service Enterprise Group, Inc. or another person acceptable to the Holders (in their sole discretion) (i) that is a “United States person” within the meaning of Section 7701(a)(30) of the Code and (ii) that is not (1) an “investment company” or a company “controlled” by and “investment company” within the meaning of the Investment Company Act of 1940, as amended or (2) subject to (or is exempt from) regulation of its accounting and books and records by FERC under PUHCA.
Eligible Successor means a Person that (i) is a corporation, limited liability company or business trust duly incorporated or organized, validly existing and in good standing under the laws of one of the states of the United States or the District of Columbia, (ii) as a result of a contemplated acquisition, consolidation or merger, will succeed to all or substantially all of the consolidated business and assets of the Borrower or Exelon, as applicable,