Common use of Transfer to Successor Entity(ies) Clause in Contracts

Transfer to Successor Entity(ies). If the Assets are to be transferred to a successor entity(ies), the Assets will be transferred in such manner as is determined by unanimous affirmative vote of all, or one less than all, of the Directors serving on the Board at the time of termination, subject to any outstanding liens, mortgages, or other pledges of such Assets.

Transfer to Successor Entity(ies). If the Assets are to be transferred to a successor entity(ies), the Assets will be transferred in such manner as is determined by unanimous affirmative vote of all, or one less than all, of the Voting Directors serving on the Board at the time of termination, subject to any outstanding debts, liens, mortgages, or other pledges of such Assets.