3Divisions Sample Clauses
The "3Divisions" clause establishes how a contract or document is organized into three distinct sections or divisions, each addressing a specific aspect of the agreement. Typically, these divisions might separate general terms, specific obligations, and miscellaneous provisions, making it easier for parties to locate and reference relevant information. By structuring the document in this way, the clause ensures clarity and improves navigability, reducing the risk of misunderstandings or overlooked obligations.
3Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.