Common use of Transfer, Conveyance and Assumption Clause in Contracts

Transfer, Conveyance and Assumption. At the Effective Time, the Surviving LLC shall continue in existence and, without further transfer, succeed to and possess all of the rights, privileges and powers of the Non-Surviving LLC, and all of the assets and property of whatever kind and character of the Non-Surviving LLC shall vest in the Surviving LLC without further act or deed; thereafter, the Surviving LLC shall be liable for all of the liabilities and obligations of the Non-Surviving LLC, and any claim or judgment against the Non-Surviving LLC may be enforced against the Surviving LLC, in accordance with Section 18-209 of the Act.