Common use of Successors of Xxxxxx Clause in Contracts

Successors of Xxxxxx. Xxxxxx will 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 Xxxxxx, by agreement in form and substance satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that Xxxxxx would be required to perform it if no such succession had taken place. Failure of Xxxxxx to obtain such agreement prior to the effectiveness of any such succession shall be a breach hereof and shall entitle Executive to compensation from Xxxxxx in the same amount and on the same terms as Executive would be entitled hereunder if Executive terminated his employment for Good Reason, the date on which any such succession becomes effective shall be deemed the Date of Termination; provided however, that such compensation shall be paid to Executive only if such successor is a considered to be a successor to Xxxxxx by reason of a Change of Control. As used herein, “Xxxxxx Petroleum Company” shall mean Xxxxxx as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 7.1 or which otherwise becomes bound by all the terms and provisions hereof by operation of law.

Successors of Xxxxxx. Xxxxxx will require any successor (whether direct or indirect, by purchase, merger, consolidation, consolidation or otherwise) to all or substantially all of the business and/or assets of Xxxxxx, by agreement in form and substance satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that Xxxxxx would be required to perform it if no such succession had taken place. Failure of Xxxxxx to obtain such agreement prior to the effectiveness of any such succession shall be a breach hereof and shall entitle Executive to compensation from Xxxxxx in the same amount and on the same terms as Executive would be entitled hereunder if Executive terminated his employment for Good Reason, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination; provided however, that such compensation shall be paid to Executive only if such successor is a considered to be a successor to Xxxxxx by reason of a Change of Control. As used herein, “Xxxxxx Petroleum Company” "XXXXXX PETROLEUM COMPANY" shall mean Xxxxxx Callon as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 7.1 6 or which otherwise becomes bound by all the terms and provisions hereof by operation of law.

Successors of Xxxxxx. Xxxxxx will 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 Xxxxxx, by agreement in form and substance satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that Xxxxxx would be required to perform it if no such succession had taken place. Failure of Xxxxxx to obtain such agreement prior to the effectiveness of any such succession shall be a breach hereof and shall entitle Executive to compensation from Xxxxxx in the same amount and on the same terms as Executive would be entitled hereunder if Executive terminated his employment for Good Reason, the date on which any such succession becomes effective shall be deemed the Date of Termination; provided however, that such compensation shall be paid to Executive only if such successor is a considered to be a successor to Xxxxxx by reason of a Change of Control. As used herein, “Xxxxxx Petroleum Company” shall mean Xxxxxx as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 7.1 6 or which otherwise becomes bound by all the terms and provisions hereof by operation of law.