Common use of Transfer of Rights and Obligations upon Reorganization Clause in Contracts

Transfer of Rights and Obligations upon Reorganization. In the event that the Seller is subject to a corporate restructuring having as its object the transfer of, or succession by operation of law in, all or a substantial part of its assets and liabilities, rights and obligations, including those existing under this Agreement, to a person (the “Successor”) that is an Affiliate of the Seller at the time of that restructuring, for the purpose of the Successor’s carrying on the business carried on by the Seller at the time of the restructuring, such restructuring will be completed without consent of the Buyer following notification by the Seller to the Buyer in writing. The Buyer recognizes that succession of the Successor to the Agreement by operation of law, which is valid under the law pursuant to which that succession occurs, will be binding upon the Buyer. The Seller will ensure that the Successor agrees in writing in a form enforceable by the Buyer to be bound by and comply with all applicable terms, conditions and limitations of this Agreement to the same extent as if the successor had been the Seller originally under this Agreement.