Assumption of Agreement by Acquiror. It shall be a condition precedent to SNC entering into any agreement whereby SNC shall (i) consolidate with or merge into any other entity and shall not be the continuing or surviving person of such consolidation or merger, or (ii) transfer all or substantially all of its assets to any entity, that proper provision shall be made so that the successor and assigns of SNC shall specifically agree to assume SNC's obligations under this Agreement.
Appears in 3 contracts
Samples: Merger Agreement (United Carolina Bancshares Corp), Merger Agreement (Southern National Corp /Nc/), Agreement and Plan of Reorganization (Southern National Corp /Nc/)
Assumption of Agreement by Acquiror. It shall be a condition precedent to SNC entering into any agreement whereby SNC shall (i) consolidate with or merge into any other entity and shall not be the continuing or surviving person of such consolidation or merger, or (ii) transfer all or substantially all of its assets to any entity, that proper provision shall be made so that the successor and assigns of SNC shall specifically agree to assume SNC's obligations under this Agreement.
Appears in 1 contract
Samples: Agreement and Plan of Reorganization (Virginia First Financial Corp)
