Examples of Merger Without Assumption in a sentence
If a Tax Event, a Tax Event Upon Merger or a Merger Without Assumption occurs, then the Clearing House will not unreasonably withhold or delay its Consent to, or stipulate unreasonable conditions on a transfer under Rule 408(a)(i).
Notwithstanding Part 1, paragraph 8 ( Merger Without Assumption) of the Schedule, the “Merger Without Assumption” provision (Section 5(a)(viii)) will apply to Party A but shall not apply to Party B.
Either party has the right to terminate the Swap Agreement before the Swap Termination Date upon a failure to pay by the other party, the bankruptcy of the other party, or a Merger Without Assumption (as defined in the Swap Agreement) by the other party except that the Swap Counterparty does not have the right to terminate upon a failure to pay by the Trust if such failure occurs as a result of the assets of the Trust being insufficient to make the related payment in full.
This narrow reading ties in with the drafting and operation/scope of the Credit Event upon Merger Termination Event (Section 5(b)(iv)/(v)), the Merger Without Assumption Event of Default (Section 5(a)(viii)) and the transfer provisions (Section 7) of the ISDA Master Agreement, all of which refer to a consolidation, amalgamation or merger of the specific counterparty.
The following ISDA Events of Default apply for the purposes of the ISDA Master Agreement: (a) Failure to Pay or Deliver; (b) Breach of Agreement/Repudiation of Agreement (in relation to the Counterparty only); (c) Bankruptcy (subject to certain amendments in the case of the Issuer); and (d) Merger Without Assumption (in relation to the Counterparty only) (each as defined in the ISDA Master Agreement).