Person Serving as Mortgagee Clause Samples

Person Serving as Mortgagee. On the Closing Date and as of the date hereof, Mortgagee 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 Mortgagee under this Mortgage. 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 Mortgagee 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 Mortgagee for all purposes under this Mortgage. Mortgagee immediately prior to any change in Mortgagee pursuant to this Section 8.13 (the “Prior Mortgagee”) shall be deemed to have assigned all of its rights, powers and duties hereunder to the successor Mortgagee determined in accordance with this Section 8.13 (the “Successor Mortgagee”) and the Successor Mortgagee shall be deemed to have accepted, assumed and succeeded to such rights, powers and duties. The Prior Mortgagee shall cooperate with Mortgagor and such Successor Mortgagee to ensure that all actions are taken that are necessary or reasonably requested by the Successor Mortgagee to vest in such Successor Mortgagee the rights granted to the Prior Mortgagee 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 Mortgagee 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 Mortgage or any other Security Document, the delivery to the Successor Mortgagee of the Mortgaged Property in its possession or control together with any necessary endorsements to the extent required by this Mortgage, 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 Mortgagee may reasonably request, all without recourse to, or representation or warranty by, the Prior Mortgagee and at the sole cost and expense ...