Common use of Assumption and Substitution Clause in Contracts

Assumption and Substitution. Section 1.01. As of the Effective Time, Merger Company hereby expressly agrees to assume the due and punctual payment of all amounts owed on the Securities and the performance of every covenant of the Indenture to be performed or observed by SSBH. Section 1.02. As of the Effective Time, and by virtue of such assumption and of the Merger Agreement, Merger Company hereby will succeed and be substituted for SSBH under the Indenture with the same effect as if Merger Company had been named as "the Company" in the Indenture, and thereafter from time to time may exercise every right and power of "the Company" under the Indenture, in the name of SSBH or its own name; and any act or proceeding by provision of the Indenture required or permitted to be done by the Board of Directors or any officer of SSBH may be done with like force and effect by the like Board of Directors or officer of Merger Company.