Examples of Approved Successor in a sentence
In such an event, Westpac may make amendments to the terms of the Notes to effect the substitution of the Approved Successor as the debtor in respect of the Notes and as the issuer of any ordinary shares on Conversion.
In the event that it is proposed that Westpac be replaced as the ultimate holding company of the Westpac Group by an Approved Successor, then, provided certain conditions are satisfied and APRA’s prior written approval is obtained,Westpac may make amendments to the Conditions to effect the substitution of the Approved Successor as the debtor in respect of the Notes and as the issuer of any ordinary shares on Conversion.
Your consent to such amendments will not be required and you will be obliged to accept Approved Successor Shares rather than Westpac Shares on Conversion.
Any appointment of a successor Administrative Agent shall be subject to the approval of the Borrower, which approval shall not be unreasonably withheld or delayed, and shall be given in any event prior to the end of the 60th day from the date of the retiring Administrative Agent’s notice of resignation, provided that during any period in which there exists and is continuing an Event of Default, no approval from the Borrower to the appointment of an Approved Successor shall be required.
Your consent to such amendments will not be required.In such an event you will be obliged to accept Approved Successor Shares rather than Westpac Shares on Conversion.
If the Company shall cease to be the ultimate parent company of the Group and the successor company is an Approved Successor, the provisions of this Indenture may be amended in accordance with the provisions of Section 6.14 of this Indenture.
The financial position, including the profits and net assets, of the Approved Successor may be different to those of Westpac.Meetings and variation of the NotesMeetings of holders may be called to consider matters affecting their interests generally.
The financial position, including the profits and net assets, of the Approved Successor may be different to those of Westpac.See section 5.8, ‘Variation of the Notes if successor holding company’, for further details.No rights if control of Westpac changesYou do not have any rights to vote or object or take other action if a change of control is proposed or occurs in relation to Westpac.
The subordinated indenture provides that if Westpac shall cease to be the ultimate parent company of the Group and the successor company is an Approved Successor, the provisions described herein under "—Additional Provisions Applicable to Subordinated Debt Securities" may be amended in accordance with the provisions described in Section 3.14 below.
Any appointment of a successor Administrative Agent shall be subject to the approval of the Borrower, which approval shall not be unreasonably withheld or delayed, and shall be given in any event prior to the end of the 60th day from the date of the retiring Administrative Agent's notice of resignation, provided that during any period in which there exists and is continuing an Event of Default, no approval from the Borrower to the appointment of an Approved Successor shall be required.