Common use of ASSETS AND LIABILITIES OF CNB Clause in Contracts

ASSETS AND LIABILITIES OF CNB. At the Effective Time, and by reason of the Merger, and in accordance with applicable law, all of the property, assets and rights of every kind and character of CNB (including without limitation all real, personal or mixed property, all debts due on whatever account, all other choses in action and every other interest of or belonging to or due to CNB, whether tangible or intangible) shall be transferred to and vest in MFC, and MFC shall succeed to all the rights, privileges, immunities, powers, purposes and franchises of a public or private nature of CNB, all without any conveyance, assignment or further act or deed; and MFC shall become responsible for all of the liabilities, duties and obligations of every kind, nature and description of CNB as of the Effective Time.

ASSETS AND LIABILITIES OF CNB. At the Effective Time, and by reason of the Merger, and in accordance with applicable law, all of the property, assets and rights of every kind and character of CNB (including without limitation all real, personal or mixed property, all debts due on whatever account, all other choses in action and every other interest of or belonging to or due to CNB, whether tangible or intangible) shall be transferred to and vest in MFC, ; and MFC shall succeed to all the rights, privileges, immunities, powers, purposes and franchises of a public or private nature of CNB, all without any conveyance, assignment or further act or deed; and MFC shall become responsible for all of the liabilities, duties and obligations of every kind, nature and description of CNB as of the Effective Time.