Common use of Merger, Acquisition or Sale of Assets Clause in Contracts

Merger, Acquisition or Sale of Assets. (1) Enter into any merger or consolidation with, or acquire all or substantially all of the assets of, any person, firm, joint venture, or corporation, unless the Cooperative is the surviving corporation and upon the consummation of its merger the net worth of the surviving corporation is not less than the net worth of the Cooperative prior to the merger and there shall exist no Event of Default, provided, however, that in the case of any merger of a Local Cooperative, as defined in Article I - Section 1.01, the Cooperative's Chief Financial Officer shall certify to Statesman Financial Corporation that the Cooperative has Net Worth in an amount not less than 95% of the Net Worth of the Cooperative immediately prior to such merger and no event shall have occurred or condition exist which with the giving of notice or lapse of time, or both, would constitute such an Event of Default, or (2) sell, lease, or otherwise dispose of all or substantially all of its assets except in the ordinary course of its business.

Merger, Acquisition or Sale of Assets. (1) Enter into any ------------------------------------- merger or consolidation with, or acquire all or substantially all of the assets of, any person, firm, joint venture, or corporation, unless the Cooperative is the surviving corporation and upon the consummation of its merger the net worth of the surviving corporation is not less than the net worth of the Cooperative prior to the merger and there shall exist no Event of Default, provided, however, that in the case of any merger of a Local Cooperative, as defined in Article I - Section 1.01, the Cooperative's Chief Financial Officer shall certify to Statesman Financial Corporation that the Cooperative has Net Worth in an amount not less than 95% of the Net Worth of the Cooperative immediately prior to such merger and no event shall have occurred or condition exist which with the giving of notice or lapse of time, or both, would constitute such an Event of Default, or (2) sell, lease, or otherwise dispose of all or substantially all of its assets except in the ordinary course of its business.

Merger, Acquisition or Sale of Assets. (1) Enter into any merger or consolidation with, or acquire all or substantially all of the assets of, any person, firm, joint venture, or corporation, unless the Cooperative is the surviving corporation and upon the consummation of its merger the net worth of the surviving corporation is not less than the net worth of the Cooperative prior to the merger and there shall exist no Event of DefaultDefault as defined in Section 10.01, provided, however, that in the case of any merger of a Local Cooperative, as defined in Article I - Section 1.01, the Cooperative's Chief Financial Officer shall certify to Statesman Financial Corporation that the Cooperative has Net Worth in an amount not less than 95% of the Net Worth of the Cooperative immediately prior to such merger and no event shall have occurred or condition exist which with the giving of notice or lapse of time, or both, would constitute such an Event of Default, or (2) sell, lease, or otherwise dispose of all or substantially all of its assets except in the ordinary course of its business.

Merger, Acquisition or Sale of Assets. (1) Enter into any merger or consolidation with, or acquire all or substantially all of the assets of, any person, firm, joint venture, or corporation, unless the Cooperative is the surviving corporation and upon the consummation of its merger the net worth of the surviving corporation is not less than the net worth of the Cooperative prior to the merger and there shall exist no Event of DefaultDefault as defined in Section 14.01, provided, however, that in the case of any merger of a Local Cooperative, as defined in Article I - Section 1.01, the Cooperative's Chief Financial Officer shall certify to Statesman Financial Corporation MLCC that the Cooperative has Net Worth in an amount not less than 95% of the Net Worth of the Cooperative immediately prior to such merger and no event shall have occurred or condition exist which with the giving of notice or lapse of time, or both, would constitute such an Event of Default, or (2) sell, lease, or otherwise dispose of all or substantially all of its assets except in the ordinary course of its business.