Common use of Assumption and Substitution Clause in Contracts

Assumption and Substitution. By reason of the Merger and this Third Supplemental Indenture and effective as of the consummation of the Merger, CIT did and does agree to succeed to and be substituted for CIT Nevada, as the Corporation, with the same effect as if it had been named as the Corporation in the Indenture and to become liable and bound for, and to expressly assume, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the Debt Securities outstanding as of the date hereof and the performance and observance of each and every covenant and condition of the Indenture on the part of CIT Nevada, as the Corporation, to be performed or observed. ARTICLE THREE

Assumption and Substitution. By reason of the Merger and this Third Fourth Supplemental Indenture and effective as of the consummation of the Merger, CIT did and does agree to succeed to and be substituted for CIT Nevada, as the Corporation, with the same effect as if it had been named as the Corporation in the Indenture and to become liable and bound for, and to expressly assume, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the Debt Securities outstanding as of the date hereof and the performance and observance of each and every covenant and condition of the Indenture on the part of CIT Nevada, as the Corporation, to be performed or observed. ARTICLE THREE