Common use of Effective Time; Effects of the Merger Clause in Contracts

Effective Time; Effects of the Merger. a. The Merger shall become effective at the latest of (i) the issuance by the Virginia State Corporation Commission (the “SCC”) of a certificate of merger relating to the Merger; and (ii) the time set forth in articles of merger relating to the Merger filed with the SCC; such time referred to herein as the “Effective Time.” b. At the Effective Time, the Merger shall have the effects set forth in Section 13.1-721 of the VSCA. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time the separate corporate existence of VCBI shall cease and all of the properties, rights, powers, privileges, franchises, patents, trademarks, licenses, registrations, and other assets of every kind and description of VCBI shall be vested in, and all debts, liabilities and obligations of VCBI shall be the obligation of, Xxxxxx Xxxxx as the Surviving Corporation, all without further act or deed, in accordance with the applicable provisions of the VSCA.

Effective Time; Effects of the Merger. a. The Merger shall become effective at the latest of (i) the issuance by the Virginia State Corporation Commission (the “SCC”) of a certificate of merger relating to the Merger; and (ii) the time set forth in articles of merger relating to the Merger filed with the SCC; such time referred to herein as the “Effective Time.” b. At the Effective Time, the Merger shall have the effects set forth in Section 13.1-721 of the VSCA. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time the separate corporate existence of VCBI FP Holding shall cease and all of the properties, rights, powers, privileges, franchises, patents, trademarks, licenses, registrations, and other assets of every kind and description of VCBI FP Holding shall be vested in, and all debts, liabilities and obligations of VCBI FP Holding shall be the obligation of, Xxxxxx Xxxxx WFBI as the Surviving Corporation, all without further act or deed, in accordance with the applicable provisions of the VSCA.

Effective Time; Effects of the Merger. a. The Merger shall become effective at the latest of (i) the issuance by the Virginia State Corporation Commission (the “SCC”) of a certificate of merger relating to the Merger; and (ii) the time set forth in articles of merger relating to the Merger filed with the SCC; such time referred to herein as the “Effective Time.” b. At the Effective Time, the Merger shall have the effects set forth in Section 13.1-721 of the VSCA. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time the separate corporate existence of VCBI Alliance shall cease and all of the properties, rights, powers, privileges, franchises, patents, trademarks, licenses, registrations, and other assets of every kind and description of VCBI Alliance shall be vested in, and all debts, liabilities and obligations of VCBI Alliance shall be the obligation of, Xxxxxx Xxxxx WFBI as the Surviving Corporation, all without further act or deed, in accordance with the applicable provisions of the VSCA.