Common use of Successors Bound By Agreement Clause in Contracts

Successors Bound By Agreement. The Corporation shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Corporation, by written agreement, to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform it if no such succession had taken place. As used in this Agreement, the term "Corporation" shall mean the Corporation as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement required by this Section 12, or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.

Successors Bound By Agreement. The Corporation Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the CorporationCompany, by written agreement, to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Corporation Company would be required to perform it if no such succession had taken place. As used in this Agreement, the term "CorporationCompany" shall mean the Corporation Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement required by this Section 12, or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.