Common use of Entity Existence Clause in Contracts

Entity Existence. Except as permitted by Article 5 and Section 10.04, the Company and its Subsidiaries shall do all things necessary to preserve and keep their existence, rights and franchises; provided, however, that the existence of a Subsidiary may be terminated if the Board of Directors of the Company shall determine reasonably and in good faith that the preservation thereof is no longer desirable in the conduct of its business.