Common use of Merger, Consolidation, Sale of Assets Clause in Contracts

Merger, Consolidation, Sale of Assets. In the event of (a) a merger of Pamida with another corporation in a transaction in which Pamida is not the surviving corporation, (b) the consolidation of Pamida into a new corporation resulting from such consolidation, (c) the sale or other disposition of all or substantially all of the assets of Pamida, the Companies may assign this agreement and all of the rights and obligations of the Companies under this agreement to the surviving, resulting, or acquiring entity (a "Permitted Assignee"); provided, that such surviving, resulting, or acquiring entity shall in writing assume and agree to perform all of the obligations of the Companies under this agreement; and provided further, that the Companies shall remain jointly and severally liable for the performance of their obligations under this agreement in the event of a failure of the Permitted Assignee to perform its obligations under this agreement.