Common use of Permitted Assignment by Buyer Clause in Contracts

Permitted Assignment by Buyer. (a) Buyer shall have the right to assign this Agreement without consent of Seller: (i) in connection with any merger or consolidation of Buyer with or into another Person or any exchange of all of the common stock or other equity interests of Buyer or Buyer’s parent for cash, securities or other property or any acquisition, reorganization, or other similar corporate transaction involving all or substantially all of the common stock or other equity interests in, or assets of, Buyer; provided that (x) either (A) the proposed assignee’s credit rating is at least either “BBB-” from S&P or “Baa3” from Xxxxx’x or (B) the proposed assignee’s credit rating is equal to or better than that of Buyer at the time of the proposed assignment or (y) if such approval is required under applicable Law, the transaction associated with such assignment, has been approved by the MDPU or the appropriate Governmental Entity, in each case, with an express assumption of Buyer’s obligations hereunder in writing, reasonably acceptable to Seller and Buyer; or (ii) to any substitute purchaser of the Products; provided that (x) both (A) the proposed assignee’s credit rating is at least either “BBB-”