Succession Event definition

Succession Event means an event such as a merger, consolidation, amalgamation, transfer of assets or liabilities, demerger, spin-off or other similar event in which one entity succeeds to the obligations of another entity, whether by operation of law or pursuant to any agreement. Notwithstanding the foregoing, “Succession Event” shall not include an event in which the holders of obligations of the Reference Entity exchange such obligations for the obligations of another entity, unless such exchange occurs in connection with a merger, consolidation, amalgamation, transfer of assets or liabilities, demerger, spin-off or other similar event.

Succession Event means (i) with respect to a Reference Entity that is not a Sovereign, an event such as a merger, consolidation, amalgamation, transfer of assets or liabilities, demerger, spin-off or other similar event in which one entity succeeds to the obligations of another entity, whether by operation of law or pursuant to any agreement or (ii) with respect to a Reference Entity that is a Sovereign, an event such as an annexation, unification, secession, partition, dissolution, consolidation, reconstitution or other event that results in any direct or indirect successor(s) to such Reference Entity. Notwithstanding the foregoing, “Succession Event” shall not include an event (A) in which the holders of obligations of the Reference Entity exchange such obligations for the obligations of another entity, unless such exchange occurs in connection with a merger, consolidation, amalgamation, transfer of assets or liabilities, demerger, spin-off or other similar event or (B) with respect to which the legally effective date (or, in the case of a Reference Entity that is a Sovereign, the date of occurrence) has occurred prior to the Succession Event Backstop Date applicable to the relevant Reference Entity (determined by reference to Greenwich Mean Time (or, if the relevant Standard is Japan or Japan Sovereign, Tokyo time)).

Succession Event means an event such as a merger, consolidation, amalgamation, transfer of assets or liabilities, demerger, spin-off or other similar event in which one entity succeeds to the obligations of another entity, whether by operation of law or pursuant to any agreement;

Examples of Succession Event in a sentence

• Notwithstanding any provision of these Bylaws to the contrary, for any meeting of the Board relating in whole or part to a Succession Event or a potential Succession Event, a number of directors equal to the Reduced Quorum (as defined below) shall constitute a quorum for all purposes at such meeting and the act of a majority of the directors present at such meeting at which there is a quorum shall be the act of the Board.

• Subject to Tenant’s obligation to provide notice of defaults to Agent as provided in Section 7, below: (x) nothing herein shall affect or delay Tenant’s rights under Sections 18 and 19 of the Lease, and (y) no holder shall be relieved of its obligations as party-Landlord arising under the Lease from or after the date of a Succession Event that such holder first acquires title or possession to the Premises.

• Upon any Succession Event in accordance with Section 7.1, such succeeding entity (the “Successor Person”) formed by such Succession Event shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such Successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Notes.

• The parties confirm that it is their wish that this Agreement may be executed by means of electronic signature, or in any number of counterparts, where all such counterparts taken together will be deemed to constitute one and the same instrument.

• In the event that a Credit Event Determination or a Succession Event Determination occurs with respect to the Borrower, the principal amount of the Loan then outstanding, and accrued interest on the Loan, and all other amounts payable by Borrower hereunder, together with the Make-Whole Amount, Prepayment Premium and any Breakage Costs shall automatically become immediately due and payable without demand, protest or other formalities of any kind, all of which are hereby expressly waived by Borrower.

More Definitions of Succession Event

Succession Event means a corporate event relating to a Reference Entity, for example a merger, demerger, transfer of assets or liabilities, or other similar event, in which one entity succeeds to the obligations of another entity, whether by operation of law or pursuant to an agreement.

Succession Event means any of the following events with respect to a Reference Entity which does not qualify as a Sovereign: merger, consolidation, amalgamation, transfer of assets or liabilities, demerger, spin-off or similar event in which one entity succeeds to the obligations of another entity whether by operation of law or pursuant to any agreement.

Succession Event means an event such as a merger, demerger (whether by voluntary exchange of obligations or otherwise), consolidation, amalgamation, transfer or other similar event affecting a Reference Entity, whether by operation of law or pursuant to any agreement.

Succession Event has the meaning specified in Section 7.1.

Succession Event means a Succession Event as defined under the section “Description of the Notes – Succession Event.”

Succession Event means a merger, consolidation, asset transfer, transfer of assets or liabilities, demerger, spin-off or other event, taken in the operation of law or by contract, of the liabilities of the REFERENCE FUND. Notwithstanding the foregoing, a succession event is no event in which the holders of obligations of the Borrower convert such liabilities, the liabilities of another legal person or other legal entity, unless such exchange occurs in connection with a merger, consolidation, transfer of assets, transfer of assets or liabilities, demerger, spin-off or other similar event.

Succession Event means the occurrence of an event described in clause (a)(i).