Common use of Other Matters Relating to the Sellers Clause in Contracts

Other Matters Relating to the Sellers. Section 5.1. Merger or Consolidation of, or Assumption of, the Obligations of the Sellers. Neither Seller shall consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person, unless: (a) the corporation formed by such consolidation or into which such Seller is merged or the Person which acquires by conveyance or transfer the properties and assets of such Seller substantially as an entirety shall be a corporation organized and existing under the laws of the United States of America or any State or the District of Columbia and, if such Seller is not the surviving entity, such corporation shall assume, without the execution or filing of any paper or any further act on the part of any of the parties hereto, the performance of every covenant and obligation of such Seller hereunder; and (b) such Seller has delivered to the Buyer and the Trustee an Officers' Certificate and an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer comply with this Section 5.1 and that all conditions precedent herein provided for relating to such transaction have been complied with.

Appears in 2 contracts

Samples: Receivables Contribution and Sale Agreement (Distribution Financial Services Floorplan Master Trust), Receivables Contribution and Sale Agreement (Deutsche Floorplan Receivables L P)

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Other Matters Relating to the Sellers. Section 5.1. 5.1 Merger or Consolidation of, or Assumption of, the Obligations of the Sellers. Neither Seller shall consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person, unless: (a) the corporation formed by such consolidation or into which such Seller is merged or the Person which acquires by conveyance or transfer the properties and assets of such Seller substantially as an entirety shall be a corporation organized and existing under the laws of the United States of America or any State or the District of Columbia and, if such Seller is not the surviving entity, such corporation shall assume, without the execution or filing of any paper or any further act on the part of any of the parties hereto, the performance of every covenant and obligation of such Seller hereunder; and (b) such Seller has delivered to the Buyer and the Trustee an Officers' Certificate and an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer comply with this Section 5.1 and that all conditions precedent herein provided for relating to such transaction have been complied with.

Appears in 1 contract

Samples: Receivables Contribution and Sale Agreement (CDF Funding, Inc.)

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Other Matters Relating to the Sellers. Section 5.1. Merger or Consolidation of, or Assumption of, the ------------------------------------------------- Obligations of the Sellers. Neither Seller shall consolidate with or merge into -------------------------- any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person, unless: (a) the corporation formed by such consolidation or into which such Seller is merged or the Person which acquires by conveyance or transfer the properties and assets of such Seller substantially as an entirety shall be a corporation organized and existing under the laws of the United States of America or any State or the District of Columbia and, if such Seller is not the surviving entity, such corporation shall assume, without the execution or filing of any paper or any further act on the part of any of the parties hereto, the performance of every covenant and obligation of such Seller hereunder; and (b) such Seller has delivered to the Buyer and the Trustee an Officers' Certificate and an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer comply with this Section 5.1 and that all conditions precedent herein provided for relating to such transaction have been complied with.

Appears in 1 contract

Samples: Receivables Contribution and Sale Agreement (Deutsche Floorplan Receivables L P)

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