Common use of Company Successor Clause in Contracts

Company Successor. PROMISTAR shall require any person (or persons acting as a group) who acquires ownership or effective control of PROMISTAR or ownership of a substantial portion of the business or assets of PROMISTAR (whether direct or indirect, by purchase, merger, consolidation or otherwise), by agreement in form and substance satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as PROMISTAR would be required to perform it if no such acquisition had taken place. In the event that PROMISTAR fails to obtain such agreement prior to the effectiveness of any such acquisition, PROMISTAR shall establish an irrevocable trust fund or similar arrangement containing assets sufficient to assure payment of all obligation under this Agreement, provided that Executive's right to payment from such trust fund or arrangement shall be no greater than the right of an unsecured creditor of PROMISTAR and its affiliates. As used in this Agreement, "PROMISTAR" shall mean PROMISTAR as defined in the first sentence of this Agreement and any person (or group) who acquires ownership or effective control of PROMISTAR or ownership of a substantial portion of the business or assets of PROMISTAR or which otherwise becomes bounded by all the terms and provisions of this Agreement, whether by the terms hereof, by operation of law or otherwise.