Common use of Asset Swap Clause in Contracts

Asset Swap. Any transfer of assets of the Borrower or any of its Subsidiaries to any Person other than the Parent, the Borrower or a wholly-owned Subsidiary of the Parent or the Borrower 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 Parent, the Borrower or any of its Subsidiaries to elect that §1031 of the Code be applicable to any Asset Swap. Assignment and Acceptance. See §17.1(b).

Asset Swap. Any transfer of assets of the Borrower or any of its Subsidiaries to any Person other than the Parent, the Borrower or a wholly-owned Subsidiary of the Parent or the Borrower 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 ss.1031 of the Code. Nothing in this definition shall require the Parent, the Borrower or any of its Subsidiaries to elect that §1031 ss.1031 of the Code be applicable to any Asset Swap. Assignment and Acceptance. See §17.1(b).