Person Serving as Beneficiary Sample Clauses

Person Serving as Beneficiary. On the Closing Date and as of the date hereof, Beneficiary is the Administrative Agent. Written notice of resignation by the Administrative Agent under the Credit Agreement pursuant to the Credit Agreement shall also constitute notice of resignation as Beneficiary under this Deed of Trust. Upon the acceptance of any appointment as the Administrative Agent under the Credit Agreement by a successor, that successor shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Beneficiary pursuant hereto. Immediately upon the occurrence of the Termination Date, if any other Series of Secured Obligations is then outstanding, the Authorized Representative of such Series (or, if more than one such Series is outstanding, the Applicable First Lien Authorized Representative) shall be deemed Beneficiary for all purposes under this Deed of Trust. Beneficiary immediately prior to any change in Beneficiary pursuant to this Section 8.13 (the “Prior Beneficiary”) shall be deemed to have assigned all of its rights, powers and duties hereunder to the successor Beneficiary determined in accordance with this Section 8.13 (the “Successor Beneficiary”) and the Successor Beneficiary shall be deemed to have accepted, assumed and succeeded to such rights, powers and duties. The Prior Beneficiary shall cooperate with Grantor and such Successor Beneficiary to ensure that all actions are taken that are necessary or reasonably requested by the Successor Beneficiary to vest in such Successor Beneficiary the rights granted to the Prior Beneficiary hereunder with respect to the Mortgaged Property, including (a) the filing of amended financing statements in the appropriate filing offices, (b) to the extent that the Prior Beneficiary holds, or a third party holds on its behalf, physical possession of or “control” (as defined in the UCC) (or any similar concept under foreign law) over Mortgaged Property pursuant to this Deed of Trust or any other Security Document, the delivery to the Successor Beneficiary of the Mortgaged Property in its possession or control together with any necessary endorsements to the extent required by this Deed of Trust, and (c) the execution and delivery of any further documents, financing statements or agreements and the taking of all such further action that may be required under any applicable law, or that the Successor Beneficiary may reasonably request, all without recourse to, or representation or warranty by,...