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Amwelladmin (talk | contribs) (Created page with ":{{cddprov|2.2(a)}} “'''{{cddprov|Successor}}'''” means, subject to Section {{cddprov|2.2(c)}}, the entity or entities, if any, determined as follows:<br> ::(i) subject to Section {{cddprov|2.2(a)}}(vii), if one entity succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to seventy-five per cent or more of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, that entity will be the sole {{cddprov|Successor}} for the ent...") |
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::(i) subject to Section {{cddprov|2.2(a)}}(vii), if one entity succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to seventy-five per cent or more of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, that entity will be the sole {{cddprov|Successor}} for the entire {{cddprov|Credit Derivative Transaction}};<br> | ::(i) subject to Section {{cddprov|2.2(a)}}(vii), if one entity succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to seventy-five per cent or more of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, that entity will be the sole {{cddprov|Successor}} for the entire {{cddprov|Credit Derivative Transaction}};<br> | ||
::(ii) if only one entity succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to more than twenty-five per cent (but less than seventy-five per cent) of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, and not more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} remain with the {{cddprov|Reference Entity}}, the entity that succeeds to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} will be the sole {{cddprov|Successor}} for the entire {{cddprov|Credit Derivative Transaction}};<br> | ::(ii) if only one entity succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to more than twenty-five per cent (but less than seventy-five per cent) of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, and not more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} remain with the {{cddprov|Reference Entity}}, the entity that succeeds to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} will be the sole {{cddprov|Successor}} for the entire {{cddprov|Credit Derivative Transaction}};<br> | ||
::(iii) if more than one entity each succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, and not more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} remain with the {{cddprov|Reference Entity}}, the entities that succeed to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} will each be a {{cddprov|Successor}} for a | ::(iii) if more than one entity each succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, and not more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} remain with the {{cddprov|Reference Entity}}, the entities that succeed to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} will each be a {{cddprov|Successor}} for a {{cddprov|New Credit Derivative Transaction}} determined in accordance with Section {{cddprov|2.2(n)}};<br> | ||
::(iv) if one or more entities each succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, and more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} remain with the {{cddprov|Reference Entity}}, each such entity and the {{cddprov|Reference Entity}} will each be a {{cddprov|Successor}} for a | ::(iv) if one or more entities each succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, and more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} remain with the {{cddprov|Reference Entity}}, each such entity and the {{cddprov|Reference Entity}} will each be a {{cddprov|Successor}} for a {{cddprov|New Credit Derivative Transaction}} determined in accordance with Section {{cddprov|2.2(n)}};<br> | ||
::(v) if one or more entities succeed, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to a portion of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} , but no entity succeeds to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} and the {{cddprov|Reference Entity}} continues to exist, there will be no {{cddprov|Successor}} and the {{cddprov|Reference Entity}} and the {{cddprov|Credit Derivative Transaction}} will not be changed in any way as a result of such succession;<br> | ::(v) if one or more entities succeed, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to a portion of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} , but no entity succeeds to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} and the {{cddprov|Reference Entity}} continues to exist, there will be no {{cddprov|Successor}} and the {{cddprov|Reference Entity}} and the {{cddprov|Credit Derivative Transaction}} will not be changed in any way as a result of such succession;<br> | ||
::(vi) if one or more entities succeed, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to a portion of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} , but no entity succeeds to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} and the {{cddprov|Reference Entity}} ceases to exist, the entity which succeeds to the greatest percentage of {{cddprov|Relevant Obligations}} will be the {{cddprov|Successor}} (provided that if two or more entities succeed to an equal percentage of {{cddprov|Relevant Obligations}}, each such entity will be a {{cddprov|Successor}} for a | ::(vi) if one or more entities succeed, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to a portion of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} , but no entity succeeds to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} and the {{cddprov|Reference Entity}} ceases to exist, the entity which succeeds to the greatest percentage of {{cddprov|Relevant Obligations}} will be the {{cddprov|Successor}} (provided that if two or more entities succeed to an equal percentage of {{cddprov|Relevant Obligations}}, each such entity will be a {{cddprov|Successor}} for a {{cddprov|New Credit Derivative Transaction}} determined in accordance with Section {{cddprov|2.2(n)}}); and<br> | ||
::(vii) in respect of a {{cddprov|Reference Entity}} which is not a Sovereign, if one entity assumes all of the obligations (including at least one Relevant Obligation) of the {{cddprov|Reference Entity}}, and at the time of the determination either (A) the {{cddprov|Reference Entity}} has ceased to exist, or (B) the {{cddprov|Reference Entity}} is in the process of being dissolved (howsoever described) and the {{cddprov|Reference Entity}} has not issued or incurred any {{cddprov|Borrowed Money}} obligation at any time since the legally effective date of the assumption, such entity (the “'''{{cddprov|Universal Successor}}'''”) will be the sole {{cddprov|Successor}} for the entire {{cddprov|Credit Derivative Transaction}}.<br> | ::(vii) in respect of a {{cddprov|Reference Entity}} which is not a Sovereign, if one entity assumes all of the obligations (including at least one Relevant Obligation) of the {{cddprov|Reference Entity}}, and at the time of the determination either (A) the {{cddprov|Reference Entity}} has ceased to exist, or (B) the {{cddprov|Reference Entity}} is in the process of being dissolved (howsoever described) and the {{cddprov|Reference Entity}} has not issued or incurred any {{cddprov|Borrowed Money}} obligation at any time since the legally effective date of the assumption, such entity (the “'''{{cddprov|Universal Successor}}'''”) will be the sole {{cddprov|Successor}} for the entire {{cddprov|Credit Derivative Transaction}}.<br> |