Common use of Appointment of and Acceptance by Successor Clause in Contracts

Appointment of and Acceptance by Successor. (i) Financial Security shall have the sole right to appoint each successor Collateral Agent. Every successor Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to Financial Security and Pledgor an instrument in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor Collateral Agent, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of Financial Security, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. (ii) Every predecessor Collateral Agent shall assign, transfer and deliver all Collateral held by it as Collateral Agent hereunder to its successor as Collateral Agent. (iii) Should any instrument in writing from Pledgor or the Pledged Entity be reasonably required by a successor Collateral Agent for more fully and certainly vesting in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested hereunder in the Collateral Agent, any and all such written instruments shall, at the request of the successor Collateral Agent, be forthwith executed, acknowledged and delivered by Pledgor. (iv) The designation of any successor Collateral Agent and the instrument or instruments removing any Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the Collateral and, to the extent required by applicable law, filed or recorded by the successor Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the Collateral to the successor Collateral Agent or to protect and preserve the security interests granted hereunder.

Appointment of and Acceptance by Successor. (i) Financial For so long as the Senior Security Interests shall continue, the Senior Creditors shall have the right to appoint any successor Collateral Agent and, at such time as the Senior Obligations shall have been paid in full, the Secured Party shall have the sole right right, pursuant to this Pledge Agreement, to appoint each any successor Collateral Agent. Every successor Collateral Agent appointed or approved hereunder shall execute, acknowledge and deliver to its predecessor and predecessor, to Financial the Pledgor, to the Senior Creditors for so long as the Senior Security and Pledgor Interests shall continue and, at such time as the Senior Obligations shall have been paid in full, to the Secured Party, an instrument in writing accepting such appointment hereunder hereunder, and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all FMARC Collateral to the successor Collateral Agent, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of Financial Securitythe Secured Party, and, at such time as the Senior Obligations shall have been paid in full, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. (ii) Every predecessor Collateral Agent shall assign, transfer and deliver all FMARC Collateral held by it as Collateral Agent hereunder to its successor as Collateral Agent. (iii) Should any instrument in writing from the Pledgor or the Pledged Entity be reasonably required by a successor Collateral Agent for the purpose of more fully and certainly vesting in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested hereunder in the Collateral Agent, any and all such written instruments shall, at the request of the successor Collateral Agent, be forthwith executed, acknowledged and delivered by the Pledgor. (iv) The designation of any successor Collateral Agent and the instrument or instruments removing any Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the FMARC Collateral and, to the extent required by applicable law, filed or recorded by the successor Collateral Agent in each place where such filing or recording is 16 necessary to effect the transfer of the FMARC Collateral to the successor Collateral Agent or to protect and preserve the security interests interest granted hereunder. (v) Neither the original Collateral Agent nor any successor Collateral Agent named under this Section 16 shall be liable for the acts or omissions of any successor Collateral Agent named under this Section 16 in connection with fulfilling its duties as Collateral Agent hereunder.

Appointment of and Acceptance by Successor. (i) Financial Security Xxxxxx shall have the sole right to appoint each successor Collateral Agent. Every successor Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to Financial Security Xxxxxx and Pledgor the Pledgors an instrument in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor Collateral Agent, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of Financial SecurityXxxxxx, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. (ii) Every predecessor Collateral Agent shall assign, transfer and deliver all Collateral held by it as Collateral Agent hereunder to its successor as Collateral Agent. (iii) Should any instrument in writing from Pledgor or the Pledged Entity Pledgors be reasonably required by a successor Collateral Agent for more fully and certainly vesting in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested hereunder in the Collateral Agent, any and all such written instruments shall, at the request of the successor Collateral Agent, be forthwith executed, acknowledged and delivered by Pledgorthe applicable Pledgors. (iv) The designation of any successor Collateral Agent and the instrument or instruments removing any Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the Collateral and, to the extent required by applicable law, filed or recorded by the successor Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the Collateral to the successor Collateral Agent or to protect and preserve the security interests interest granted hereunder.

Appointment of and Acceptance by Successor. (i) Financial Security shall have the sole right to appoint each successor Collateral Agent. Every successor Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to Financial Security and the Pledgor an instrument in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor Collateral Agent, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of Financial Security, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. (ii) Every predecessor Collateral Agent shall assign, transfer and deliver all Collateral held by it as Collateral Agent hereunder to its successor as Collateral Agent. (iii) Should any instrument in writing from the Pledgor or the any Pledged Entity be reasonably required by a successor Collateral Agent for more fully and certainly vesting in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested hereunder in the Collateral Agent, any and all such written instruments shall, at the request of the successor Collateral Agent, be forthwith executed, acknowledged and delivered by Pledgorthe Pledgor or such Subsidiary, as the case may be. (iv) The designation of any successor Collateral Agent and the instrument or instruments removing any Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the Collateral and, to the extent required by applicable law, filed or recorded by the successor Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the Collateral to the successor Collateral Agent or to protect and preserve the security interests granted hereunder.