Common use of Allocation of Assets Clause in Contracts

Allocation of Assets. At the Effective Time, by virtue of the Merger and without any action on the part of any party: (a) all rights, title and interest in and to the SU Assets shall be allocated to and vested in SU AssetCo, without reversion or impairment, without further act or deed, and without any transfer or assignment having occurred, but subject to any existing liens or encumbrances thereon; and (b) all rights, title and interest in and to the SU Retained Assets shall be retained by and continue to be vested in SU.