3142625 - Msg 208 on execution of a sp having "execute as caller" after dump & load from 15.7

A create procedure containing "execute with caller" clause fails with the following on subsequent execution attempts after the database has been dumped and loaded from 15.7 to 16.0. The sp executes succesfully on the first attempt:

Cannot use variable  '@xxxxx' without first declaring it.
Cannot use variable  '@yyyyy' without first declaring it.
Msg 208, Level 16, State 1:
Server 'servername', Procedure 'procname', Line XXX:
#<table> not found. Specify owner.objectname or use sp_help to check whether the object exists (sp_help may produce lots of output).
(return status = -6)

SAP Adaptive Server Enterprise 16.0 

"execute as caller", Msg 208, "Cannot use variable" , KBA , BC-SYB-ASE , Sybase ASE Database Platform (non Business Suite) , Problem