Common use of Successor Guarantor Clause in Contracts

Successor Guarantor. (a) If there is a sale or disposition of all or substantially all (in one or a series of transactions) of the assets of the Guarantor (a “Substantial Transfer of Assets”) to a single Person (the “Substantial Transfer Transferee”), the Guarantor shall cause the Substantial Transfer Transferee promptly to execute and deliver an Endorsement to the other Parties. Upon the execution of such Endorsement by the Substantial Transfer Transferee and the delivery of such executed Endorsement to the other Parties, (i) the Guarantor then party hereto will be released from its obligations hereunder, (ii) all references herein to the Guarantor shall be deemed to exclude such Person, and (iii) such Substantial Transfer Transferee shall be the Successor Guarantor.

Successor Guarantor. (a) If there is a sale or disposition of all or substantially all (in one or a series of transactions) of the assets of the Guarantor (a “Substantial Transfer of Assets”) of the Guarantor to a single Person (the a “Substantial Transfer Transferee”), the Guarantor shall cause the Substantial Transfer Transferee promptly to execute and deliver an Endorsement to the other Parties. Upon the execution of such Endorsement by the Substantial Transfer Transferee and the delivery of such executed Endorsement to the other Parties, (i) the Guarantor then party hereto will be released from its obligations hereunder, (ii) all references herein to the Guarantor shall be deemed to exclude such Person, and (iii) such Substantial Transfer Transferee shall be the Successor GuarantorGuarantor hereunder.