Successor Criteria definition

Successor Criteria. The meaning specified in Section 12(a).
Sample 1Sample 2
Successor Criteria. A Successor Manager: (i) that has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Manager hereunder; (ii) that is legally qualified and has the capacity to act as Manager; (iii) whose appointment would not cause or result in the Issuer or the Co-Issuer becoming, or require the pool of Assets to be registered as, an investment company under the Investment Company Act; (iv) whose appointment would not cause the Issuer to be subject to net income tax outside the Issuer's jurisdiction of incorporation; and (v) of whom the Rating Agencies have been notified.
Sample 1
Successor Criteria. A Successor Manager: (i) that has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Manager hereunder; (ii) that is legally qualified and has the capacity to act as Manager; (iii) whose appointment would not cause or result in the Issuer or the Co-Issuer becoming, or require the pool of Assets to be registered as, an investment company under the Investment Company Act; (iv) whose appointment would not cause the Issuer to be subject to net income tax outside the Issuer's jurisdiction of incorporation; and (v) of whom the Rating Agencies have been notified.
Sample 1

Examples of Successor Criteria in a sentence

  • As detailed in the Request for Controlling Class Consent, the CMA Assignment is being consummated as part of a sale by the Collateral Manager to the Successor Collateral Manager of substantially all of the Collateral Manager’s assets and/or collateral management business, and, based on representations from the Successor Collateral Manager, the Collateral Manager has determined that the Successor Collateral Manager satisfies the Successor Criteria.

  • Notwithstanding the provisions of Section 11, no resignation or removal of the Collateral Manager or termination of this Agreement shall become effective until the acceptance of appointment by a successor Collateral Manager (the "Successor Manager") satisfying the Successor Criteria described below and notice of which has been given to the Rating Agency.

  • The Issuer will appoint such Successor Manager if it satisfies the Successor Criteria, subject to the approval of the Holders of a Majority of the Controlling Class.

  • If no Successor Manager has been selected within 60 days of the Manager Termination Date, the Issuer, the resigning Collateral Manager, the Trustee or any Holder of Notes may petition a court of competent jurisdiction for the appointment of a Successor Manager that satisfies the Successor Criteria.

Related to Successor Criteria

  • Successor Company shall have the meaning specified in Section 11.01(a).

  • Successor Rate means a successor to or replacement of the Original Reference Rate which is formally recommended by any Relevant Nominating Body.

  • Successor Manager Any Independent Contractor as selected or retained by the Special Servicer, on behalf of the Trustee for the benefit of the Trust and the Companion Loan Holders, to serve as manager of a Foreclosed Property, which designation, as evidenced by written confirmation from each Rating Agency, shall not result in the downgrade, withdrawal or qualification of the ratings assigned to the Certificates by such Rating Agency.

  • Successor Entity means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into.

  • ASAM criteria means the most current edition of the American Society of Addiction Medicine's published criteria for admission to treatment, continued services, and discharge.

  • Successor Person has the meaning assigned to such term in Section 6.03(b)(i).

  • Board-Established Criteria means criteria that the Board of a Regulated Fund may establish from time to time to describe the characteristics of Potential Co-Investment Transactions regarding which the Adviser to the Regulated Fund should be notified under Condition 1. The Board-Established Criteria will be consistent with the Regulated Fund’s Objectives and Strategies (defined below). If no Board-Established Criteria are in effect, then the Regulated Fund’s Adviser will be notified of all Potential Co-Investment Transactions that fall within the Regulated Fund’s then-current Objectives and Strategies. Board-Established Criteria will be objective and testable, meaning that they will be based on observable information, such as industry/sector of the issuer, minimum EBITDA of the issuer, asset class of the investment opportunity or required commitment size, and not on characteristics that involve a discretionary assessment. The Adviser to the Regulated Fund may from time to time recommend criteria for the Board’s consideration, but Board-Established Criteria will only become effective if approved by a majority of the Independent Directors (defined below). The Independent Directors of a Regulated Fund may at any time rescind, suspend or qualify their approval of any Board-Established Criteria, though Applicants anticipate that, under normal circumstances, the Board would not modify these criteria more often than quarterly.