Common use of Acceptance of Appointment by Successor Trustee or Successor Securities Administrator Clause in Contracts

Acceptance of Appointment by Successor Trustee or Successor Securities Administrator. Any successor trustee or successor securities administrator appointed as provided in Section 6.10 shall execute and deliver to the Issuer, the Guarantor and to its predecessor trustee or predecessor securities administrator, as applicable an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee or predecessor securities administrator, as applicable with respect to all or any applicable series shall become effective and such successor trustee or successor securities administrator, as applicable, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer, the Guarantor or of the successor trustee or successor securities administrator, as applicable, upon payment of its charges then unpaid, the trustee or securities administrator, as applicable ceasing to act shall, subject to Section 10.04 pay over to the successor trustee or successor securities administrator, as applicable all monies at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee or successor securities administrator, as applicable all such rights, powers, duties and obligations. Upon request of any such successor trustee or successor securities administrator, as applicable, the Issuer or the Guarantor shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee or successor securities administrator, as applicable all such rights and powers. Any trustee or securities administrator ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such trustee or securities administrator to secure any amounts then due it pursuant to the provisions of Section 6.06. If any successor trustee or securities administrator is or are appointed with respect to the Securities of one or more (but not all) series, the Issuer, the Guarantor, the predecessor trustee, the predecessor securities administrator and each successor trustee and successor securities administrator, as applicable, with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor trustee or predecessor securities administrator, as applicable, with respect to the Securities of any series as to which the predecessor trustee or predecessor securities administrator, as applicable, is not retiring shall continue to be vested in the predecessor trustee or predecessor securities administrator, as applicable, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee or Securities Administrator, it being understood that nothing herein or in such supplemental indenture shall constitute each Trustee, Securities Administrator, co-trustees or co-securities administrators of the same trust and that each such Trustee shall be trustee of a trust or trusts under separate indentures. No successor trustee with respect to any series of Securities shall accept appointment as provided in this Section 6.11 unless at the time of such acceptance such successor trustee shall be qualified under Section 310(b) of the Trust Indenture Act of 1939 and eligible under the provisions of Section 6.09. Upon acceptance of appointment by any successor trustee or successor securities administrator as provided in this Section 6.11, the Issuer or the Guarantor shall give notice thereof by mailing notice to the Holders of then Outstanding Registered Securities of each series affected at their addresses as they shall appear on the registry books. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 6.10. If the Issuer or the Guarantor fails to give such notice within ten days after acceptance of appointment by the successor trustee or successor securities administrator, as applicable, the successor trustee or successor securities administrator, as applicable shall cause such notice to be given at the expense of the Issuer or the Guarantor.

Acceptance of Appointment by Successor Trustee or Successor Securities Administrator. Any successor trustee or successor securities administrator appointed as provided in Section 6.10 shall execute and deliver to the Issuer, the Guarantor and to its predecessor trustee or predecessor securities administrator, as applicable an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee or predecessor securities administrator, as applicable with respect to all or any applicable series shall become effective and such successor trustee or successor securities administrator, as applicable, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer, the Guarantor or of the successor trustee or successor securities administrator, as applicable, upon payment of its charges then unpaid, the trustee or securities administrator, as applicable ceasing to act shall, subject to Section 10.04 pay over to the successor trustee or successor securities administrator, as applicable all monies at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee or successor securities administrator, as applicable all such rights, powers, duties and obligations. Upon request of any such successor trustee or successor securities administrator, as applicable, the Issuer or the Guarantor shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee or successor securities administrator, as applicable all such rights and powers. Any trustee or securities administrator ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such trustee or securities administrator to secure any amounts then due it pursuant to the provisions of Section 6.06. If any successor trustee or securities administrator is or are appointed with respect to the Securities of one or more (but not all) series, the Issuer, the Guarantor, the predecessor trustee, the predecessor securities administrator and each successor trustee and successor securities administrator, as applicable, with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor trustee or predecessor securities administrator, as applicable, with respect to the Securities of any series as to which the predecessor trustee or predecessor securities administrator, as applicable, is not retiring shall continue to be vested in the predecessor trustee or predecessor securities administrator, as applicable, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee or Securities Administrator, it being understood that nothing herein or in such supplemental indenture shall constitute each Trustee, Securities Administrator, co-trustees or co-securities administrators of the same trust and that each such Trustee shall be trustee of a trust or trusts under separate indentures. No successor trustee with respect to any series of Securities shall accept appointment as provided in this Section 6.11 unless at the time of such acceptance such successor trustee shall be qualified under Section 310(b) of the Trust Indenture Act of 1939 and eligible under the provisions of Section 6.09. Upon acceptance of appointment by any successor trustee or successor securities administrator as provided in this Section 6.11, the Issuer or the Guarantor shall give notice thereof by mailing notice to the Holders of then Outstanding Registered Securities of each series affected at their addresses as they shall appear on the registry books. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 6.10. If the Issuer or the Guarantor fails to give such notice within ten days after acceptance of appointment by the successor trustee or successor securities administrator, as applicable, the successor trustee or successor securities administrator, as applicable applicable, shall cause such notice to be given at the expense of the Issuer or the Guarantor.