Common use of Sale of Assets or Merger Clause in Contracts

Sale of Assets or Merger. Sell or otherwise Dispose of all or substantially all of the assets (other than Unrestricted Margin Stock but including pursuant to a Division), or merge with any other Person unless the Borrower or one of its Subsidiaries is the surviving Person, except that the sale of all or substantially all of the assets of a Subsidiary of the Borrower, or the merger of any Subsidiary of the Borrower when it is not the surviving Person, shall not violate this Section 7.04 if the assets of such Subsidiary are not material in relation to the assets of the Borrower and its Subsidiaries, taken as a whole; provided that, to the extent the Borrower is party to any merger with a Subsidiary and it is not the surviving Person, such Subsidiary shall expressly assume the performance of every covenant of this Agreement and any other Loan Documents on the part of the Borrower, as the case may be, to be performed or observed.

Sale of Assets or Merger. Sell or otherwise Dispose dispose of all or substantially all of the assets (other than Unrestricted Margin Stock but including pursuant to a DivisionStock), or merge with any other Person unless the Borrower or one of its Subsidiaries is the surviving Person, except that the sale of all or substantially all of the assets of a Subsidiary of the Borrower, or the merger of any Subsidiary of the Borrower when it is not the surviving Person, shall not violate this Section 7.04 if the assets of such Subsidiary are not material in relation to the assets of the Borrower and its Subsidiaries, taken as a whole; provided that, to the extent the Borrower is party to any merger with a Subsidiary and it is not the surviving Person, such Subsidiary shall expressly assume the performance of every covenant of this Agreement and any other Loan Documents on the part of the Borrower, as the case may be, to be performed or observed.