Common use of Corporate Reorganization Clause in Contracts

Corporate Reorganization. In the event of a corporate reorganization of an Indemnifying Party, which for the purposes of this subsection 13(b) means any transaction whereby the assets and undertaking of such Indemnifying Party as an entirety or substantially as an entirety would become the property of any other corporation or other entity by way of reconstruction, reorganization, recapitalization, consolidation, amalgamation, merger, transfer, sale or otherwise, such Indemnifying Party shall make reasonable efforts to ensure that the rights of the Indemnified Party hereunder are preserved in all material respects, shall so notify the Indemnified Party and shall ensure that the purchaser or transferee of such assets or the successor to such Indemnifying Party shall assume liability for the obligations of such Indemnifying Party hereunder.