Common use of Grantee as Agent; Successor Agents Clause in Contracts

Grantee as Agent; Successor Agents. (a) Agent has been appointed to act as Agent hereunder by the other Secured Parties. Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without limitation, the release or substitution of the Mortgaged Property) in accordance with the terms of the Credit Agreement and this Deed to Secure Debt. Grantor and all other Persons shall be entitled to rely on releases, waivers, consents, approvals, notifications and other acts of Agent, without inquiry into the existence of required consents or approvals of any other party therefor. (b) Grantee shall at all times be the same Person that is Agent under the Credit Agreement. Written notice of resignation by Agent pursuant to the Credit Agreement shall also constitute notice of resignation as Agent under this Deed to Secure Debt. Removal of Agent pursuant to any provision of the Credit Agreement shall also constitute removal as Agent under this Deed to Secure Debt. Appointment of a successor Agent pursuant to the Credit Agreement shall also constitute appointment of a successor Agent under this Deed to Secure Debt. Upon the acceptance of any appointment as Agent by a successor Agent under the Credit Agreement, that successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent as the Grantee under this Deed to Secure Debt, and the retiring or removed Agent shall promptly, at the expense of Grantor, (i) assign and transfer to such successor Agent all of its right, title and interest in and to this Deed to Secure Debt and the Mortgaged Property, and (ii) execute and deliver to such successor Agent such assignments and amendments and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Agent of the liens and security interests created hereunder, whereupon such retiring or removed Agent shall be discharged from its duties and obligations under this Deed to Secure Debt. After any retiring or removed Agent’s resignation or removal hereunder as Agent, the provisions of this Deed to Secure Debt and the Credit Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Deed to Secure Debt while it was Agent or Grantee hereunder.