Common use of Maintenance of Legal Existence Clause in Contracts

Maintenance of Legal Existence. (a) Except as provided in par. (b), the Municipality shall maintain its legal existence and shall not dissolve or otherwise dispose of all or substantially all of its assets and shall not consolidate with or merge into another legal entity. (b) A Municipality may consolidate with or merge into any other legal entity, dissolve or otherwise dispose of all of its assets or substantially all of its assets, or transfer all or substantially all of its assets to another legal entity (and thereafter be released of all further obligation under this FAA and the Municipal Obligations) if: (1) the resulting, surviving, or transferee legal entity is a legal entity established and duly existing under the laws of Wisconsin; (2) such resulting, surviving, or transferee legal entity is eligible to receive financial assistance under the Statute; (3) such resulting, surviving, or transferee legal entity expressly assumes in writing all of the obligations of the Municipality contained in this FAA and the Municipal Obligations and any other documents the CWFP deems reasonably necessary to protect its environmental and credit interests; and (4) the CWFP shall have consented in writing to such transaction, which consent may be withheld in the absolute discretion of the CWFP.

Maintenance of Legal Existence. (a) Except as provided in par. (b), the Municipality shall maintain its legal existence and shall not dissolve or otherwise dispose of all or substantially all of its assets and shall not consolidate with or merge into another legal entity. (b) A Municipality may consolidate with or merge into any other legal entity, dissolve or otherwise dispose of all of its assets or substantially all of its assets, or transfer all or substantially all of its assets to another legal entity (and thereafter be released of all further obligation under this FAA and the Municipal Obligations) if: (1) the resulting, surviving, or transferee legal entity is a legal entity established and duly existing under the laws of Wisconsin; (2) such resulting, surviving, or transferee legal entity is eligible to receive financial assistance under the Statute; (3) such resulting, surviving, or transferee legal entity expressly assumes in writing all of the obligations of the Municipality contained in this FAA and the Municipal Obligations and any other documents the CWFP SDWLP deems reasonably necessary to protect its environmental and credit interests; and (4) the CWFP shall have consented SDWLP consents in writing to such transaction, which consent may be withheld in the absolute discretion of the CWFPSDWLP.

Maintenance of Legal Existence. (a) Except as provided in par. (b), the Municipality shall maintain its legal existence and shall not dissolve or otherwise dispose of all or substantially all of its assets and shall not consolidate with or merge into another legal entity. (b) A Municipality may consolidate with or merge into any other legal entity, dissolve or otherwise dispose of all of its assets or substantially all of its assets, or transfer all or substantially all of its assets to another legal entity (and thereafter be released of all further obligation under this FAA and the Municipal Obligations) if: (1) the resulting, surviving, or transferee legal entity is a legal entity established and duly existing under the laws of Wisconsin; (2) such resulting, surviving, or transferee legal entity is eligible to receive financial assistance under the Statute; (3) such resulting, surviving, or transferee legal entity expressly assumes in writing all of the obligations of the Municipality contained in this FAA and the Municipal Obligations and any other documents the CWFP deems reasonably necessary to protect its environmental and credit interests; and (4) the CWFP shall have consented in writing to such transaction, which consent may be withheld in the absolute discretion of the CWFP.