noun
regular event; annual event
Refers to an event that is held regularly, often annually, as a customary or established practice.
このお祭りは町の恒例行事です。
This festival is a regular event in the town.
会社の恒例行事として、毎年忘年会を開いている。
As an annual company event, we hold a year-end party every year.
Compound of 恒例 (regular practice, custom) and 行事 (event, function).