Common use of Limitations on Fundamental Changes Clause in Contracts

Limitations on Fundamental Changes. The Borrower shall not, and shall not permit any of its Subsidiaries to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets, except, so long as no Default or Event of Default has occurred and is continuing or would result therefrom: (a) that the Borrower may enter into any merger, consolidation or amalgamation for the purpose of effecting any corporate or tax reorganization of the Borrower and the Subsidiaries or for the purpose of effecting any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), that the ownership of the Borrower (or its successor) is not materially different after such transaction from what it was prior thereto, that the Borrower (or its successor) remains the holding company for the Subsidiaries of the Borrower prior thereto, and that, if the Borrower is not the successor corporation in such transaction, such successor corporation is a corporation organized and validly existing under the laws of the United States or any state thereof and, by operation of law or otherwise, assumes the obligations of the Borrower hereunder and such organization and assumption are evidenced by an opinion of counsel to such successor satisfactory in form and substance to the Administrative Agent; and (b) that any Subsidiary of the Borrower may enter into any such transaction for the purpose of effecting any corporate or tax reorganization of the Borrower and its Subsidiaries or for the purpose of effecting any sale or other disposition of any of its property, business or assets permitted under subsection 6.5 or any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), unless such Subsidiary is also a Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary, as the case may be.

Limitations on Fundamental Changes. The Borrower shall not, and shall not permit any of its Subsidiaries to, enter Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or conveymake any material change in its present method of conducting business, except: (a) any Restricted Subsidiary may be merged or consolidated with or into the Borrower (as long as the Borrower is the surviving entity) or any one or more Restricted Subsidiaries which is a Subsidiary Guarantor (provided that, if any of such Restricted Subsidiaries is not wholly owned by the Borrower and the General Partner, the Restricted Subsidiary or Restricted Subsidiaries in which the Borrower owns the greatest interest shall be the continuing or surviving corporation); (b) any Restricted Subsidiary may sell, lease, assign, transfer or otherwise dispose of, all of any or substantially all of its propertyassets (upon voluntary liquidation or otherwise) to the Borrower or any other Restricted Subsidiary which is a Subsidiary Guarantor and in which, business if not wholly owned by the Borrower and the General Partner, the Borrower owns at least the same percentage interests as the Borrower owns in the transferor Restricted Subsidiary; and (c) the Borrower or assetsany Restricted Subsidiary may enter into a merger, except, consolidation or share exchange with any other Person so long as as: (i) such transaction is permitted under Section 8.8; (ii) such transaction shall be effected in such manner so that (A) if the Borrower is a party to such transaction, the Borrower is the surviving entity and (B) otherwise, the Restricted Subsidiary shall be the continuing or surviving entity or the continuing or surviving entity shall become a Restricted Subsidiary; (iii) at the time of such acquisition and after giving effect thereto, no Default or Event of Default has shall have occurred and is continuing or would result therefrom: (a) that the Borrower may enter into any merger, consolidation or amalgamation for the purpose of effecting any corporate or tax reorganization of the Borrower and the Subsidiaries or for the purpose of effecting any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), that the ownership of the Borrower (or its successor) is not materially different after such transaction from what it was prior thereto, that the Borrower (or its successor) remains the holding company for the Subsidiaries of the Borrower prior thereto, and that, if the Borrower is not the successor corporation in such transaction, such successor corporation is a corporation organized and validly existing under the laws of the United States or any state thereof and, by operation of law or otherwise, assumes the obligations of the Borrower hereunder and such organization and assumption are evidenced by an opinion of counsel to such successor satisfactory in form and substance to the Administrative Agentshall be continuing; and (bd) that solely to effect any Subsidiary transaction permitted by subsection 8.6(b). The transactions permitted under this Section 8.5 shall be permitted notwithstanding anything to the contrary in subsection 4(j) of the Borrower may enter into any such transaction for the purpose of effecting any corporate or tax reorganization Pledge Agreement and subsection 4(j) of the Borrower and its Subsidiaries or for the purpose of effecting any sale or other disposition of any of its property, business or assets permitted under subsection 6.5 or any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), unless such Subsidiary is also a Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary, as the case may bePledge Agreement.

Limitations on Fundamental Changes. The Borrower shall notMerge, and shall not permit any of its Subsidiaries to, consolidate or enter into any merger, consolidation or amalgamation, similar combination with any other Person or liquidate, wind wind-up or dissolve itself (or suffer any liquidation or dissolution) except: (a) (i) any Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated or consolidated with or into the Borrower (provided that the Borrower shall be the continuing or surviving entity) or (ii) any Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated or consolidated with or into any Subsidiary Guarantor (provided that the Subsidiary Guarantor shall be the continuing or surviving entity or, simultaneously with such transaction, the continuing or surviving entity shall become a Subsidiary Guarantor and the Borrower shall comply with Section 9.11 in connection therewith); (b) (i) any Non-Guarantor Subsidiary that is a Foreign Subsidiary may be merged, amalgamated or consolidated with or into, or conveybe liquidated into, sellany other Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that is a Domestic Subsidiary may be merged, leaseamalgamated or consolidated with or into, assignor be liquidated into, transfer or otherwise any other Non-Guarantor Subsidiary that is a Domestic Subsidiary; (c) any Subsidiary may dispose of, of all or substantially all of its propertyassets (upon voluntary liquidation, business dissolution, winding up or otherwise) to the Borrower or any Subsidiary Guarantor; provided that, with respect to any such disposition by any Non-Guarantor Subsidiary, the consideration for such disposition shall not exceed the fair value of such assets, except, so long as no Default or Event of Default has occurred and is continuing or would result therefrom:; (ai) any Non-Guarantor Subsidiary that the Borrower is a Foreign Subsidiary may enter into any mergerdispose of all or substantially all of its assets (upon voluntary liquidation, consolidation dissolution, winding up or amalgamation for the purpose of effecting any corporate or tax reorganization of the Borrower and the Subsidiaries or for the purpose of effecting any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with otherwise) to any other Person which is principally engaged in the banking or trust, insurance or real estate business), Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that the ownership of the Borrower (or its successor) is not materially different after such transaction from what it was prior thereto, that the Borrower (or its successor) remains the holding company for the Subsidiaries of the Borrower prior thereto, and that, if the Borrower is not the successor corporation in such transaction, such successor corporation is a corporation organized and validly existing under the laws Domestic Subsidiary may dispose of the United States all or any state thereof andsubstantially all of its assets (upon voluntary liquidation, by operation of law dissolution, winding up or otherwise, assumes the obligations of the Borrower hereunder and such organization and assumption are evidenced by an opinion of counsel ) to such successor satisfactory in form and substance to the Administrative Agent; andany other Non-Guarantor Subsidiary that is a Domestic Subsidiary; (be) that dispositions permitted by Section 11.5; (f) any Wholly-Owned Subsidiary of the Borrower may enter merge with or into any the Person such transaction for Wholly-Owned Subsidiary was formed to acquire in connection with a Permitted Acquisition; provided that (i) a Subsidiary Guarantor shall be the purpose of effecting any corporate continuing or tax reorganization of surviving entity or (ii) simultaneously with such transaction, the continuing or surviving entity shall become a Subsidiary Guarantor and the Borrower and its Subsidiaries shall comply with Section 9.11 in connection therewith; and (g) any Person may merge into the Borrower or for the purpose of effecting any sale or other disposition of any of its property, business or assets permitted under subsection 6.5 or any investment permitted under subsection 6.6, PROVIDED Wholly-Owned Subsidiaries in connection with a Permitted Acquisition; provided that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged i) in the banking case of a merger involving the Borrower or trusta Subsidiary Guarantor, insurance the continuing or real estate business), unless surviving Person shall be the Borrower or such Subsidiary is also Guarantor and (ii) the continuing or surviving Person shall be the Borrower or a Banking Wholly-Owned Subsidiary, Insurance Subsidiary or Real Estate Subsidiary, as the case may be.

Limitations on Fundamental Changes. The Borrower shall not, and shall not permit any of its Subsidiaries to, enter Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or conveymake any material change in its present method of conducting business, except: (a) any Restricted Subsidiary may be merged or consolidated with or into the Borrower (as long as the Borrower is the surviving entity) or any one or more Restricted Subsidiaries which is a Subsidiary Guarantor (provided that, if any of such Restricted Subsidiaries is not wholly owned by the Borrower and the General Partner, the Restricted Subsidiary or Restricted Subsidiaries in which the Borrower owns the greatest interest shall be the continuing or surviving corporation); (b) any Restricted Subsidiary may sell, lease, assign, transfer or otherwise dispose of, all of any or substantially all of its propertyassets (upon voluntary liquidation or otherwise) to the Borrower or any other Restricted Subsidiary which is a Subsidiary Guarantor and in which, business if not wholly owned by the Borrower and the General Partner, the Borrower owns at least the same percentage interests as the Borrower owns in the transferor Restricted Subsidiary; and (c) the Borrower or assetsany Restricted Subsidiary may enter into a merger, except, consolidation or share exchange with any other Person so long as as: (i) such transaction is permitted under Section 8.8; (ii) such transaction shall be effected in such manner so that (A) if the Borrower is a party to such transaction, the Borrower is the surviving entity and (B) otherwise, the Restricted Subsidiary shall be the continuing or surviving entity or the continuing or surviving entity shall become a Restricted Subsidiary; (iii) at the time of such acquisition and after giving effect thereto, no Default or Event of Default has shall have occurred and is continuing or would result therefrom: (a) that the Borrower may enter into any merger, consolidation or amalgamation for the purpose of effecting any corporate or tax reorganization of the Borrower and the Subsidiaries or for the purpose of effecting any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), that the ownership of the Borrower (or its successor) is not materially different after such transaction from what it was prior thereto, that the Borrower (or its successor) remains the holding company for the Subsidiaries of the Borrower prior thereto, and that, if the Borrower is not the successor corporation in such transaction, such successor corporation is a corporation organized and validly existing under the laws of the United States or any state thereof and, by operation of law or otherwise, assumes the obligations of the Borrower hereunder and such organization and assumption are evidenced by an opinion of counsel to such successor satisfactory in form and substance to the Administrative Agentshall be continuing; and (bd) that solely to effect any Subsidiary transaction permitted by subsection 8.6(b). The transactions permitted under this Section 8.5 shall be permitted notwithstanding anything to the contrary in subsection 4(j) of each of the Borrower may enter into any such transaction for Pledge Agreement and the purpose of effecting any corporate or tax reorganization of the Borrower and its Subsidiaries or for the purpose of effecting any sale or other disposition of any of its property, business or assets permitted under subsection 6.5 or any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), unless such Subsidiary is also a Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary, as the case may beEPEPC Pledge Agreement.

Limitations on Fundamental Changes. The Borrower shall not, and shall not permit any of its Subsidiaries to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets, except, so long as no Default or Event of Default has occurred and is continuing or would result therefrom: (a) that the Borrower may enter into any merger, consolidation or amalgamation for the purpose of effecting any corporate or tax reorganization of the Borrower and the Subsidiaries or for the purpose of effecting any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), that the ownership of the Borrower (or its successor) is not materially different after such transaction from what it was prior thereto, that the Borrower (or its successor) remains the holding company for the Subsidiaries of the Borrower prior thereto, and that, if the Borrower is not the successor corporation in such transaction, such successor corporation is a corporation organized and validly existing under the laws of the United States or any state thereof and, by operation of law or otherwise, assumes the obligations of the Borrower hereunder and such organization and assumption are evidenced by an opinion of counsel to such successor satisfactory in form and substance to the Administrative Agent; and (b) that any Subsidiary of the Borrower may enter into any such transaction for the purpose of effecting any corporate or tax reorganization of the Borrower and its Subsidiaries or for the purpose of effecting any sale or other disposition of any of its property, business or assets permitted under subsection 6.5 or any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), unless such Subsidiary is also a Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary, as the case may be.. --------------------------------------------------------------------------------

Limitations on Fundamental Changes. The Borrower shall not, and shall not permit any of its Subsidiaries to, enter Enter into any merger, consolidation or amalgamation, or consummate any Delaware LLC Division, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets, exceptexcept that: (a) any Subsidiary of the Company may be merged, so long amalgamated or consolidated (i) with or into the Company (provided, that, the Company shall be the continuing or surviving corporation) or (ii) with or into any Borrower (other than the Company) (provided, that, (A) such Borrower shall be the continuing or surviving corporation or such surviving or continuing corporation is or becomes a Borrower hereunder and (B) no Domestic Borrower may merge, amalgamate or consolidate into a Foreign Subsidiary or Foreign Subsidiary Holdco unless such Domestic Borrower shall be the continuing or surviving corporation); (b) any Subsidiary of the Company that is not a Borrower may be merged, amalgamated or consolidated with or into any Subsidiary of the Company (other than a Foreign Subsidiary or a Foreign Subsidiary Holdco) not required under Section 5.09 to become a Borrower hereunder both immediately before and after such transaction; (c) any Foreign Subsidiary of the Company or Foreign Subsidiary Holdco may be merged, amalgamated or consolidated with or into a Foreign Subsidiary or a Foreign Subsidiary Holdco; provided, that, if any such Foreign Subsidiary or Foreign Subsidiary Holdco is a Borrower, such surviving or continuing company is or becomes a Borrower hereunder; (d) any Subsidiary of the Company may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) (i) to a Domestic Borrower, (ii) to any Subsidiary (other than a Foreign Subsidiary or Foreign Subsidiary Holdco) not required under Section 5.09 to be a Borrower hereunder both immediately before and after such transaction, or (iii) as permitted by Section 6.04 of this Agreement (other than to the extent permitted by reference to this Section 6.03); (e) any Foreign Subsidiary or Foreign Subsidiary Holdco may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) (i) to any Foreign Subsidiary or (ii) to any Foreign Subsidiary Holdco; (f) any merger, consolidation or amalgamation, liquidation, winding up, dissolution, conveyance, sale, lease, transfer or other disposition as part of a Permitted Restructuring (provided, that, after giving effect to all of the steps of any Permitted Restructuring, nothing herein shall effect the Borrowers’ obligations to comply with Section 5.09 in connection with any Permitted Restructuring, to the extent applicable) shall be permitted; and (g) any Subsidiary of a Borrower (other than another Borrower) may dissolve or liquidate, provided, that, such Subsidiary has assets with a fair market value no greater than $1,000,000; provided, that, immediately after any such transaction referred to in clauses (a) - (e) above and after giving effect thereto, each of the Borrowers is in compliance with this Agreement and no Default or Event of Default has shall have occurred and is be continuing or would result therefrom: (a) that the Borrower may enter into any merger, consolidation or amalgamation for the purpose of effecting any corporate or tax reorganization of the Borrower and the Subsidiaries or for the purpose of effecting any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), that the ownership of the Borrower (or its successor) is not materially different after such transaction from what it was prior thereto, that the Borrower (or its successor) remains the holding company for the Subsidiaries of the Borrower prior thereto, and that, if the Borrower is not the successor corporation in such transaction, such successor corporation is a corporation organized and validly existing under the laws of the United States or any state thereof and, by operation of law or otherwise, assumes the obligations of the Borrower hereunder and such organization and assumption are evidenced by an opinion of counsel to such successor satisfactory in form and substance to the Administrative Agent; and (b) that any Subsidiary of the Borrower may enter into any such transaction for the purpose of effecting any corporate or tax reorganization of the Borrower and its Subsidiaries or for the purpose of effecting any sale or other disposition of any of its property, business or assets permitted under subsection 6.5 or any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), unless such Subsidiary is also a Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary, as the case may be.

Limitations on Fundamental Changes. The Borrower shall not, and shall not permit any of its Subsidiaries to, enter Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, of all or substantially all of its property, business or assets, except, so long as no Default or Event of Default has occurred and is continuing or would result therefrom: (ai) any Subsidiary of the Company may be merged or consolidated with or into the Company (provided that the Borrower may enter Company shall be the continuing or surviving corporation) or with or into any mergerone or more Subsidiary Guarantors (or Persons that become Subsidiary Guarantors concurrently with the consummation of such transaction), consolidation provided that the Subsidiary Guarantor or amalgamation for Subsidiary Guarantors shall be the purpose of effecting continuing or surviving corporation, (ii) any corporate or tax reorganization Foreign Subsidiary of the Borrower and the Subsidiaries Company may be merged or for the purpose of effecting any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation consolidated with or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with into any other Person which is principally engaged in the banking or trust, insurance or real estate business), that the ownership Foreign Subsidiary of the Company, provided that, (x) if one or both of the parties to such merger or consolidation is a Subsidiary Borrower, a Subsidiary Borrower shall be the continuing or surviving corporation and (y) if both of the parties to such merger or its successor) consolidation is not materially different after a Subsidiary Borrower, each Fronting Lender that has agreed to lend Fronted Loans to the non-surviving Subsidiary Borrower shall have approved such transaction from what it was prior thereto, that the Borrower and (iii) any acquisition of a Person permitted by Section 7.10 may be structured as a merger or its successor) remains the holding company for the Subsidiaries of the Borrower prior thereto, and thatconsolidation so long as, if the Borrower acquiring Person is not the successor corporation in such transactiona Loan Party, such successor corporation is Loan Party shall be the continuing or surviving corporation; (b) any Subsidiary may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Company or any Subsidiary Guarantor; (c) Essex Holdings may be merged with and into the Company (the "Holdings/Company Merger"), provided that (i) the Company shall be the surviving corporation, (ii) no violation of or default under any material Requirement of Law or material Contractual Obligation applicable to Holdings, the Company or any of its Subsidiaries shall occur as a corporation organized result thereof, and validly existing under (iii) within three Business Days after the laws consummation of the United States or any state thereof andHoldings/Company Merger, the Administrative Agent shall have received (with, where applicable, sufficient copies for each Lender) (A) the Holdings Security Agreement and the Holdings Pledge Agreement (together with an appropriate undated stock power), in each case executed and delivered by operation a duly authorized officer of law or otherwise, assumes the obligations a holding company parent ("New Holdings") of the Borrower hereunder and such organization and Company created simultaneously with the consummation of the Holdings/Company Merger, (B) an assumption are evidenced by an opinion of counsel to such successor satisfactory agreement in form and substance satisfactory to the Administrative Agent pursuant to which New Holdings shall become a party to this Agreement, (C) from New Holdings, all certificates and documents of the type delivered by Holdings on the Effective Date and described in Section 5.1 of the Existing Credit Agreement and (D) the unqualified executed legal opinion of Cravath, Swaine & Xxxxx relating to the matters described in the preceding clauses (A) and (B), which opinion shall be in form and substance satisfactory to the Administrative Agent; and (bd) that any Subsidiary of the Borrower may enter into any such transaction for the purpose of effecting any corporate or tax reorganization of the Borrower and its Subsidiaries or for the purpose of effecting pursuant to any sale or other disposition of any of its property, business or assets expressly permitted under subsection 6.5 or any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), unless such Subsidiary is also a Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary, as the case may beby Section 7.6.

Limitations on Fundamental Changes. The Borrower shall not, and shall not permit any of its Subsidiaries toExcept as otherwise permitted by Section 6.06 or Section 6.07(e), enter into any merger, transaction of acquisition or merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets, exceptor make any material change in its present method of conducting business, so long as no Default except that (i) the Parent may liquidate, wind-up or Event dissolve or otherwise dispose of Default has occurred any inactive Subsidiary, (ii) any Wholly Owned Subsidiary of the Parent (other than the Company) may be merged or consolidated with, or may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to, any other Wholly Owned Subsidiary of the Parent or the Parent and is continuing or would result therefrom: (iii) provided that (a) that in any merger or consolidation involving the Borrower may enter into Parent, the Parent shall be the continuing or surviving entity, (b) if any merger, such merger or consolidation or amalgamation for the purpose shall involve at least one entity of effecting any corporate or tax reorganization which less than 100% of the Borrower and the Subsidiaries or for the purpose of effecting any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), that the ownership of the Borrower (or its successor) is not materially different after such transaction from what it was prior thereto, that the Borrower (or its successor) remains the holding company for the Subsidiaries of the Borrower prior thereto, and that, if the Borrower is not the successor corporation in such transaction, such successor corporation is a corporation organized and validly existing under the laws of the United States or any state thereof and, by operation of law or otherwise, assumes the obligations of the Borrower hereunder and such organization and assumption are evidenced by an opinion of counsel to such successor satisfactory in form and substance Capital Stock has been pledged to the Administrative Agent; and Agent for the benefit of the Lenders, then the continuing or surviving entity shall be that entity in which the greater percentage of Capital Stock has been so pledged, and (bc) that no Subsidiary (for purposes of this clause (c), the "FIRST Subsidiary") may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (other than sales and transfers of assets in the ordinary course or of assets immaterial to the value of the first Subsidiary) or issue equity securities of any type to any Subsidiary of which less than 100% of the Borrower may enter into any such transaction Capital Stock has been pledged to the Administrative Agent for the purpose of effecting any corporate or tax reorganization benefit of the Borrower and its Subsidiaries or Lenders (for purposes of this clause (c), the purpose of effecting any sale or other disposition of any of its property, business or assets permitted under subsection 6.5 or any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business"SECOND SUBSIDIARY"), unless such the first Subsidiary is also an Excluded Foreign Subsidiary and the second Subsidiary is a Banking Subsidiary, Insurance Subsidiary of the first Subsidiary or Real Estate of another Excluded Foreign Subsidiary, as the case may be.

Limitations on Fundamental Changes. The Borrower shall not, and shall not permit any of its Subsidiaries toExcept as ---------------------------------- otherwise permitted by Section 6.06 or Section 6.07(e), enter into any merger, transaction of acquisition or merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets, exceptor make any material change in its present method of conducting business, so long as no Default except that (i) the Parent may liquidate, wind-up or Event dissolve or otherwise dispose of Default has occurred any inactive Subsidiary and is continuing (ii) any Wholly Owned Subsidiary of the Parent may be merged or would result therefrom: consolidated with, or may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to, any other Wholly Owned Subsidiary of the Parent or the Parent; provided that (a) that in any merger or consolidation involving the Borrower may enter into Parent, the -------- Parent shall be the continuing or surviving entity, (b) if any merger, such merger or consolidation or amalgamation for the purpose shall involve at least one entity of effecting any corporate or tax reorganization which less than 100% of the Borrower and the Subsidiaries or for the purpose of effecting any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business), that the ownership of the Borrower (or its successor) is not materially different after such transaction from what it was prior thereto, that the Borrower (or its successor) remains the holding company for the Subsidiaries of the Borrower prior thereto, and that, if the Borrower is not the successor corporation in such transaction, such successor corporation is a corporation organized and validly existing under the laws of the United States or any state thereof and, by operation of law or otherwise, assumes the obligations of the Borrower hereunder and such organization and assumption are evidenced by an opinion of counsel to such successor satisfactory in form and substance Capital Stock has been pledged to the Administrative Agent; and Agent for the benefit of the Lenders, then the continuing or surviving entity shall be that entity in which the greater percentage of Capital Stock has been so pledged, and (bc) that no Subsidiary (for purposes of this clause (c), the "first Subsidiary") may convey, ---------------- sell, lease, assign, transfer or otherwise dispose of any or all of its assets (other than sales and transfers of assets in the ordinary course or of assets immaterial to the value of the first Subsidiary) or issue equity securities of any type to any Subsidiary of which less than 100% of the Borrower may enter into any such transaction Capital Stock has been pledged to the Administrative Agent for the purpose of effecting any corporate or tax reorganization benefit of the Borrower and its Subsidiaries or Lenders (for purposes of this clause (c), the purpose of effecting any sale or other disposition of any of its property, business or assets permitted under subsection 6.5 or any investment permitted under subsection 6.6, PROVIDED that such merger, consolidation or amalgamation is not with any Banking "second Subsidiary, Insurance Subsidiary or Real Estate Subsidiary (or with any other Person which is principally engaged in the banking or trust, insurance or real estate business"), unless such the first Subsidiary is also a Banking Subsidiary, Insurance ----------------- Foreign Subsidiary and the second Subsidiary is a Subsidiary of the first Subsidiary or Real Estate of another Foreign Subsidiary, as the case may be.