Common use of Effect of the Transaction Clause in Contracts

Effect of the Transaction. The Transaction shall have the effect of causing Worldwide to become a wholly owned subsidiary of the Company; provided, however, the separate existence of Worldwide shall continue, and all of the property, rights, privileges, and powers of Worldwide shall remain vested in Worldwide, and all debts, liabilities, and obligations of Worldwide shall remain the debts, liabilities, and obligations of Worldwide, subject to any and all setoffs and defenses of Worldwide.