Common use of Merger Date Clause in Contracts

Merger Date. In the case of the Borrowing on the Merger Date: (a) the fact that substantially simultaneously therewith, the Merger shall be consummated and all capital stock of Conrail, after giving effect thereto, shall be held by the Voting Trust (if the Merger Date occurs prior to the STB Approval Date) or by the Borrower or a Significant Subsidiary party to a Pledge Agreement (if the Merger Date occurs on or after the STB Approval Date); and (b) the fact that, immediately after giving effect to such Borrowing and the application of the proceeds of the Loans included therein, the Borrower shall be in compliance on a pro forma basis on the Merger Date with the provisions of each subsection of Section 5.07 (it being understood that with respect to subsections (a) and (c) of such Section the Borrower shall be required to be in compliance on the Merger Date with the ratio set forth in each such subsection opposite the period in which the Merger Date occurs).