Asset Swap. Any transfer of assets of any of the Issuer, any Subsidiary, the Austin Partnership or RAM to any Person other than the Issuer or a wholly-owned Subsidiary of Emmis OpCo in exchange for assets of such Person if such exchange would qualify, whether in part or in full, as a like-kind exchange pursuant to §1031 of the Code. Nothing in this definition shall require the Issuer, any Subsidiary, the Austin Partnership or RAM to elect that §1031 of the Code be applicable to any Asset Swap.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Emmis Communications Corp), Note Purchase Agreement (Emmis Communications Corp)