Common use of Assumption and Substitution Clause in Contracts

Assumption and Substitution. (a) Pursuant to the Merger and this Assumption Agreement, CIT Holdings has expressly assumed, as its direct and primary obligation, the due and punctual performance and observance of all of the covenants and conditions to be performed or observed by CIT Delaware under the Credit Agreement, and has succeeded to, and has been substituted for, CIT Delaware, with the same effect as if CIT Holdings had been named in the Credit Agreement. (b) Pursuant to the Transfer and this Assumption Agreement, CIT has expressly assumed the due and punctual performance and observance of all the covenants and conditions to be performed or observed by CIT Holdings, as successor of CIT Delaware, under the Credit Agreement, and has succeeded to, and is substituted for, CIT Delaware and CIT Holdings, with the same effect as if CIT had been named in the Credit Agreement.

Assumption and Substitution. (a) Pursuant to the Merger and this Assumption Agreement, CIT Holdings has expressly assumed, as its direct and primary obligation, the due and punctual performance and observance of all of the covenants and conditions to be performed or observed by CIT Delaware under the Credit AgreementGuaranty, and has succeeded to, and has been substituted for, CIT Delaware, with the same effect as if CIT Holdings had been named in the Credit AgreementGuaranty. (b) Pursuant to the Transfer and this Assumption Agreement, CIT has expressly assumed the due and punctual performance and observance of all the covenants and conditions to be performed or observed by CIT Holdings, as successor of CIT Delaware, under the Credit AgreementGuaranty, and has succeeded to, and is substituted for, CIT Delaware and CIT Holdings, with the same effect as if CIT had been named in the Credit AgreementGuaranty.