Common use of Effect of the Initial Merger Clause in Contracts

Effect of the Initial Merger. At and after the Initial Merger Effective Time, the Initial Merger shall have the effects set forth in this Agreement, the Plan of Initial Merger and the applicable provisions of the Cayman Act. Without limiting the generality of the foregoing, and subject thereto, at the Initial Merger Effective Time, all the property, rights, privileges, agreements, powers and franchises, Liabilities and duties of SPAC and Merger Sub 1 shall vest in and become the property, rights, privileges, agreements, powers and franchises, Liabilities and duties of Merger Sub 1 as the surviving company (including all rights and obligations with respect to the Trust Account), which shall include the assumption by Merger Sub 1 of any and all agreements, covenants, duties and obligations of SPAC and Merger Sub 1 set forth in this Agreement and the other Transaction Documents to which SPAC or Merger Sub 1 is a party, and Merger Sub 1 shall thereafter exist as a wholly owned subsidiary of PubCo and the separate corporate existence of SPAC shall cease to exist.

Effect of the Initial Merger. At and after the Initial Merger Effective Time, the Initial Merger shall have the effects set forth in this Agreement, the Plan of Initial SPAC Merger and the applicable provisions of the Cayman Act. Without limiting the generality of the foregoing, and subject thereto, at the Initial Merger Effective Time, all the property, rights, privileges, agreements, powers and franchises, Liabilities and duties of SPAC CGAC and Merger Sub 1 shall vest in and become the property, rights, privileges, agreements, powers and franchises, Liabilities and duties of Merger Sub 1 the SPAC Surviving Entity as the surviving company (including all rights and obligations with respect to the Trust Account)company, which shall include the assumption by Merger Sub 1 the SPAC Surviving Entity of any and all agreements, covenants, duties and obligations of SPAC CGAC and Merger Sub 1 set forth in this Agreement and the other Transaction Documents to which SPAC CGAC or Merger Sub 1 is a party, and Merger Sub 1 the SPAC Surviving Entity shall thereafter exist as a wholly owned subsidiary of PubCo and the separate corporate existence of SPAC CGAC shall cease to exist.