succeeds definition
succeeds means, with respect to the Borrower and its obligations, that a party other than the Borrower (a) assumes or becomes liable for such obligations whether by operation of law or pursuant to any agreement or (b) issues bonds that are exchanged for such obligations, in each case such that Borrower is no longer an obligor (primarily or secondarily) with respect to such obligations.
succeeds means, with respect to a Reference Entity and its Relevant Obligations (or, as applicable, obligations), that a party other than such Reference Entity (i) assumes or becomes liable for such Relevant Obligations (or, as applicable, obligations) whether by operation of law or pursuant to any agreement or (ii) issues Bonds that are exchanged for the Relevant Obligations (or, as applicable, obligations) and, in either case, such Reference Entity is no longer an obligor (primarily or secondarily) or guarantor or insurer with respect to such Relevant Obligations (or, as applicable, obligations). The determinations of the Calculation Agent set out above with regard to a Successor shall be made, in the case of an exchange offer, on the basis of the outstanding principal balance of the Relevant Obligations tendered and accepted in the exchange and not on the basis of the outstanding principal balance of the Bonds for which Relevant Obligations have been exchanged.
succeeds means, with respect to a Reference Entity and its Relevant Obligations (or, as applicable, obligations), that a party other than such Reference Entity: