Common use of LLC Division Clause in Contracts

LLC Division. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (including any LLC Division, or any comparable event under a different jurisdiction’s laws, as applicable): (a) if any asset, right, obligation or liability of any person becomes the asset, right, obligation or liability of a different person, then it shall be deemed to have been transferred from the original person to the subsequent person, and (b) if any new person comes into existence, such new person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

LLC Division. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law Law (including any LLC Division, or any comparable event under a different jurisdiction’s laws, as applicable): (a) if any asset, right, obligation or liability of any person Person becomes the asset, right, obligation or liability of a different personPerson, then it shall be deemed to have been transferred from the original person Person to the subsequent personPerson, and (b) if any new person Person comes into existence, such new person Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such timeInterests.

LLC Division. For all purposes under the Loan Credit Documents, in connection with any division or plan of division under Delaware law (including any LLC Division, or any comparable event under a different jurisdiction’s laws, as applicable): (a) if any asset, right, obligation or liability of any person Person becomes the asset, right, obligation or liability of a different personPerson, then it shall be deemed to have been transferred from the original person Person to the subsequent personPerson, and (b) if any new person Person comes into existence, such new person Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.