Common use of Assumption and Substitution Clause in Contracts

Assumption and Substitution. Pursuant to the Merger and this Assumption Agreement, CIT did and does expressly assume the obligations of CIT Nevada, as the Company, under the Credit Agreement and agree to be bound by all other provisions applicable to CIT Nevada, as the Company, under the Credit Agreement, and has succeeded to and has been substituted for CIT Nevada, as the Company, with the same effect as if CIT had been named as the Company in the Credit Agreement.