Common use of Structure of the Merger Clause in Contracts

Structure of the Merger. On the Effective Date (as defined in Section 7.01), LISB will merge with and into AFC (the "Merger"), with AFC being the surviving entity, pursuant to the provisions of, and with the effect provided in the Delaware General Corporation Law (the "DGCL"). Upon consummation of the Merger, the separate corporate existence of LISB shall cease. The certificate of incorporation and bylaws of AFC, as in effect immediately prior to the Effective Time (as defined in Section 7.01), shall be the certificate of incorporation and bylaws of the surviving corporation, until altered, amended or repealed in accordance with their terms and applicable law. The authorized capital stock of the surviving corporation shall be as stated in the certificate of incorporation of AFC immediately prior to the Effective Time. Each share of AFC Common Stock and AFC Preferred Stock (as defined herein) issued and outstanding immediately prior to the Effective Time shall be unchanged and shall remain issued and outstanding.