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 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.

Examples of Succession Event in a sentence

• Such entity shall be deemed to be the sole Successor on and with effect from the date of the Succession Event (if the entity selected was a Successor) or from the date of notification to the parties, in any other case.

• The Issuer shall have no obligation to notify Securityholders as to whether or not a Credit Event, determination of a successor or a Sovereign Succession Event has, or may have, taken place prior to the Trade Date.

• In circumstances where, prior to a Succession Event, the relevant Reference Entity was carrying on business as an authorised deposit-taker, the Calculation Agent is required, to the extent possible, to specify as the Successor a successor entity which is not carrying on business as an authorised deposit-taker, or in the event that this is not possible, the successor entity for which such deposit-taking business is the least significant part of its business.

• The Succession Event Backstop Date shall not be subject to adjustment in accordance with any Business Day Convention unless the parties specify in the Notes or, as the case may be, the Swap Agreement that the Succession Event Backstop Date will be adjusted in accordance with a specified Business Day Convention.

• In the event that such Successor is subject to, or involved in, any further Succession Event, the Credit Position of such Successor (or the Successor to that entity, as the case may be) shall be determined in accordance with the foregoing, taking into account and maintaining any distinction between the Subordinated Credit Position and Senior Credit Position already established for the relevant entity.

More Definitions of Succession Event

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;

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 the occurrence of any one or more of the following events:

Succession Event means, with respect to such Reference Entity, a consolidation, a demerger or a merger with another legal entity by way of a foundation, incorporation or any other comparable event, whether by an operation of law or pursuant to a resolution or an agreement. If, based on information taken from Public Sources of Information (as defined below), the Determination Agent determines that a Succession Event has occurred, it shall determine in its reasonable discretion whether the relevant Reference Entity shall be replaced by the relevant Successor, by one or more of the Successors or all of the Successors, as the case may be. The Determination Agent shall take into account that a Successor, if possible, should have the same rating and should mainly operate in the same sector as the Reference Entity affected by the Succession Event.