Credit Event Upon Merger has the meaning specified in Section 5(b).

Credit Event Upon Merger provisions of Section 5(b)(iv) will not apply to Party A and will not apply to Party B.

Credit Event Upon Merger is specified in the Schedule as applying to the party, such party ("X"), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or

Examples of Credit Event Upon Merger in a sentence

Sections 5(b)(iii) (Tax Event), 5(b)(iv) (Tax Event Upon Merger) and 5(b)(v) (Credit Event Upon Merger) shall not apply in respect of either party.

More Definitions of Credit Event Upon Merger

Credit Event Upon Merger provisions of Section 5(b)(iv) as amended below will apply to Party A and to Party B.

Credit Event Upon Merger provisions of Section 5(b)(iv) of the Agreement will be inapplicable to Party A and Party B.

Credit Event Upon Merger provisions of Section 5(b)(iv) will not apply to BSFP or Counterparty.

Credit Event Upon Merger provisions of Section 5(b)(iv) will not apply to Xxxxxx and will not apply to the Counterparty.

Credit Event Upon Merger is specified in the Schedule as applying to the party, a Designated Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, “X”) and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A “Designated Event” with respect to X means that:—

Credit Event Upon Merger provisions of Section 5(b)(iv) of the Agreement will not apply to Seller and Counterparty.

Credit Event Upon Merger provisions of Section 5(b)(iv) of the Form Master Agreement will not apply to Party A or to Party B.