Common use of Sale of Operating Companies Clause in Contracts

Sale of Operating Companies. In the event that one or more Operating Companies (or part thereof) are sold, divested, or otherwise disposed of by the Company subsequent to a Change in Control, the Company shall require such purchaser or acquirer, as a condition precedent to such purchase or acquisition, to assume, and agree to perform the Company's obligations under this Agreement, in the same manner, and to the same extent that the Company would be required to perform if no such acquisition or purchase had taken place. In such circumstances, the purchaser or acquirer shall be solely responsible for providing any benefits payable under this Agreement to such employees.