Statutory Divisions Sample Clauses
The Statutory Divisions clause defines how references to statutes, laws, or regulations within a contract are to be interpreted, particularly when those statutes are divided into sections, subsections, or other parts. This clause clarifies that any mention of a statute includes all its relevant subdivisions, amendments, or successor provisions, ensuring that the contract remains accurate and applicable even if the law is reorganized or renumbered. Its core function is to prevent ambiguity or disputes over legal references by ensuring that all parts of a referenced statute are covered, thus maintaining clarity and legal certainty in the contract.
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Statutory Divisions. In this Agreement, unless the context otherwise requires, 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 and the original Person survives such division in any form for any period, then such asset, right, obligation or liability 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 securities at such time.
Statutory Divisions. In this Agreement, unless the context otherwise requires, 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 such asset, right, obligation or liability 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 securities at such time.
Statutory Divisions. Notwithstanding anything herein or any other Loan Document to the contrary, no Credit Party that is a limited liability company may statutorily divide itself into two or more limited liability companies (pursuant to a statutory "plan of division" as contemplated under Section 18-217 of the Delaware Limited Liability Company Act or otherwise) without the prior written consent of Agent, and in the event that any Credit Party that is a limited liability company statutorily divides itself into two or more limited liability companies (with or without the prior consent of the Agent as required above), any limited liability companies formed as a result of such statutory division shall be required to comply with the obligations set forth in Section 8.15 (without giving effect to any grace periods for the completion of such actions) and the other further assurances obligations set forth in this Agreement and become a Borrower or Guarantor (as reasonably required by Agent in consultation with Borrower Representative) under this Agreement.