Common use of Assumption and Substitution Clause in Contracts

Assumption and Substitution. (a) By reason of the Merger and this First Supplemental Indenture and effective as of the consummation of the Merger, CIT Holdings did expressly assume, as its direct and primary obligation, the due and punctual payment of the principal of and interest, if any, on all the Debt Securities according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions under the Indenture to be performed or observed by CIT Delaware, and did succeed to, and was substituted for, CIT Delaware, with the same effect as if CIT Holdings had been named in the Indenture. (b) By reason of Transfer and this First Supplemental Indenture and effective as of the consummation of the Transfer, CIT does expressly assume the due and punctual payment of the principal of and interest, if any, on all of the Debt Securities, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of the Indenture to be performed or observed by CIT Holdings as successor of CIT Delaware, and does succeeds to, and is substituted for, CIT Delaware and CIT Holdings, with the same effect as if CIT had been named in the Indenture.

Assumption and Substitution. (a) By reason of the Merger and this First Second Supplemental Indenture and effective as of the consummation of the Merger, CIT Holdings did expressly assume, as its direct and primary obligation, the due and punctual payment of the principal of and interest, if any, on all the Debt Securities according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions under the Indenture to be performed or observed by CIT Delaware, and did succeed to, and was substituted for, CIT Delaware, with the same effect as if CIT Holdings had been named in the Indenture. (b) By reason of Transfer and this First Second Supplemental Indenture and effective as of the consummation of the Transfer, CIT does expressly assume the due and punctual payment of the principal of and interest, if any, on all of the Debt Securities, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of the Indenture to be performed or observed by CIT Holdings as successor of CIT Delaware, and does succeeds to, and is substituted for, CIT Delaware and CIT Holdings, with the same effect as if CIT had been named in the Indenture.