Common use of Mergers or Acquisitions Clause in Contracts

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than twenty five percent (25% %) of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. (i) Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) provided no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may ; or (ii) merge or consolidate a Subsidiary into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during transactions do not in the term of this Agreement and (ii) such transaction would not aggregate result in a decrease of more than 25% of Tangible Net WorthWorth and (ii) no Event of Default has occurred, is continuing or would exist after giving effect to the transactions. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (ia) no Event of Default has occurred and is continuing or would result from such action during exist after giving effect to the term of this Agreement transaction, (b) Borrower is the surviving legal entity and (iic) such the transaction would does not result in a decrease to Borrower’s Tangible Net Worth of more than 25% of Tangible Net Worth%. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and Agreement; (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Borrower will be or will control the surviving entity; and (iii) a Subsidiary may merge or consolidate into another Subsidiary or into a Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrowerthe Company.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other Personbusiness organization, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) if Borrower is the surviving entity of any such merger or consolidation (except for the merger or consolidation of one Subsidiary into another Subsidiary) and (ii) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borroweraction.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Borrower’s Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement Agreement, and (ii) such transaction would not result in a decrease of more than twenty-five percent (25% %) of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) such acquisitions do not involve consideration other than Borrower s equity securities with an aggregate value greater than $250,000 and (ii) no Event of Default has occurred and is continuing or would result from such action during exist after giving effect to the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worthtransactions. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) such transactions do not in the aggregate result in a decrease of more than 25% of Tangible Net Worth and (ii) no Event of Default has occurred and is continuing or would result from such action during exist after giving effect to the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worthtransactions. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another PersonPerson (including, without limitation, by the formation of any Subsidiary), except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.Agreement:

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) where no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and Tangible Net Worth will not decrease by more than 25%; or (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate a Subsidiary into another Subsidiary or into Borrower.

Mergers or Acquisitions. (i) Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) where no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and Tangible Net Worth will not decrease by more than 25%; or (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate a Subsidiary into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than twenty five percent (25% %) of Tangible Net Worth. A Subsidiary may merge or consolidate with or into another Subsidiary or with or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and Agreement; (ii) such transaction would not result in a decrease of more than 25% of Tangible Net WorthWorth and (iii) such transaction would not result in a change of --- ownership of greater than 35% of Borrower outstanding shares. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) if no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not or result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may ; or (ii) merge or consolidate a Subsidiary into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would transactions do not result in a decrease of more than 25% of Tangible Net WorthWorth and (ii) no Event of Default has occurred and is continuing or would exist after giving effect to the transactions. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (ia) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (iib) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (iiIi) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into Into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (ia) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement Agreement, (b) Borrower is the sole surviving entity, and (iic) such transaction would transactions do not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and Agreement; (ii) such transactions do not in the aggregate exceed $ 10,000,000; or (iii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.. 7.4

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into BorrowerBorrower is the sole surviving entity.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where that after the Approved Mortgage has been closed Borrower may take such action so long as (ia) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (iib), the acquisition price is less than an amount equal to twenty-five percent (25%) such transaction would not result in a decrease of more than 25% of Borrower's Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 2535% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, other than Permitted Investments, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net WorthAgreement. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and Agreement; (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth; and (iii) the surviving entity of any such transaction will be formed under the laws of Borrower's current state of incorporation. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (ia) such transactions do not in the aggregate exceed $500,000.00 (including the assumption of any indebtedness), (b) no Event of Default has occurred and is continuing or would result from such action during exist after giving effect to the term of this Agreement transactions, and (iic) such transaction would not result in a decrease of more than 25% of Tangible Net WorthBorrower is the surviving legal entity. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its ----------------------- Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) such transactions do not in the aggregate exceed result in a decrease of more than 25% of Tangible Net Worth and (ii) no Event of Default has occurred and is continuing or would result from such action during exist after giving effect to the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worthtransactions. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) Borrowers remain in compliance with Section 6.3 hereof following any such transaction would not result in a decrease of more than 25% of Tangible Net Worthtransaction. A Subsidiary may merge or consolidate into another Subsidiary or into any Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than --- 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other Personbusiness organization (other than mergers or consolidations of a Subsidiary into another wholly-owned Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) such transactions do not in the aggregate exceed $500,000 and (ii) no Event of Default has occurred and occurred, is continuing or would result from such action during exist after giving effect to the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrowertransactions.

Mergers or Acquisitions. Merge or consolidate, or permit any of -of-its Subsidiaries -Subsidiaries to merge or consolidate, ; with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other Personbusiness organization (other than the Merger and other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) such transactions do not in the aggregate exceed $100,000 and (ii) no Event of Default has occurred and occurred, is continuing or would result from such action during exist after giving effect to the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrowertransactions.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other Personbusiness organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) such transactions do not in the aggregate exceed $75,000 and (ii) no Event of Default has occurred and occurred, is continuing or would result from such action during exist after giving effect to the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrowertransactions.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (ia) no Event of Default has occurred and is continuing or would result from such action during exist after giving effect to the term of this Agreement transactions; and (iib) such transaction would not result in a decrease of more than 25% of Tangible Net WorthBorrower is the surviving legal entity. A Subsidiary may merge or consolidate into another Subsidiary or into BorrowerSubsidiary.

Mergers or Acquisitions. Merge or consolidate, or permit any of its ----------------------- Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) such transactions do not in the aggregate exceed One Hundred Thousand Dollars ($100,000) and (ii) no Event of Default has occurred and is continuing or would result from such action during exist after giving effect to the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worthtransactions. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (ia) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement Agreement, and (iib) such the value of the transaction would does not result in a decrease of more than exceed 25% of Tangible Net Worththe market capitalization of Borrower at the time of the announcement of such transaction. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into BorrowerBorrower without Bank’s consent.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would transactions do not result in a decrease of more than 25% of Tangible Net WorthWorth and (ii) no Event of Default has occurred, is continuing or would exist after giving effect to the transactions. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Notwithstanding the foregoing, a Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) no Event of Default has occurred and Borrower is continuing or would result from such action during the term of this Agreement and surviving entity, (ii) such transaction would transactions do not result in a decrease of more than 25% of Tangible Net Worth, and (iii) no Event of Default has occurred and is continuing or would exist after giving effect to the transactions. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) such transaction would not result in a decrease of more than twenty five percent (25% %) of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into another Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other Personbusiness organization, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) such transactions do not in the aggregate exceed $1,000,000 and (ii) no Event of Default has occurred and is continuing or would result from such action during exist after giving effect to the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrowertransactions.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another PersonPerson (other than Permitted Investments), except where (i) no Event of Default has occurred and is continuing or would result from such action during the term of this Agreement and (ii) and the aggregate value of such transaction transactions would not result in a decrease of more than 25exceed 10% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from such action during including the term of this Agreement and Agreement; (ii) such transactions do not in the aggregate exceed $10,000,000; or (iii) such transaction would not result in a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, Person except where (i) such transactions do not in the aggregate result in a decrease of more than 33% of Tangible Net Worth and (ii) no Event of Default has occurred and is continuing or would result from such action during exist after giving effect to the term of this Agreement and (ii) such transaction would not result in a decrease of more than 25% of Tangible Net Worthtransactions. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would result from be in existence after giving effect to such action during the term of this Agreement transaction and (ii) Borrower or such Subsidiary is the surviving entity and there is no Change in Control upon the consummation of the transaction would not result (provided that in no event shall Borrower merge into a decrease of more than 25% of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary or into BorrowerSubsidiary).