Common use of Secured Party as Disbursement Agent Clause in Contracts

Secured Party as Disbursement Agent. Secured Party has been appointed to act as Secured Party hereunder by Lenders pursuant to the Disbursement Agreement. Secured Party shall at all times be the same Person that is Disbursement Agent under the Disbursement Agreement. Written notice of resignation by Disbursement Agent pursuant to subsection 9.7 of the Disbursement Agreement shall also constitute notice of resignation as Secured Party under this Agreement; removal of Disbursement Agent pursuant to subsection 9.7 of the Disbursement Agreement shall also constitute removal as Secured Party under this Agreement; and substitution of a successor disbursement agent pursuant to subsection 9.7 of the Disbursement Agreement shall also constitute substitution of a successor Secured Party under this Agreement. Upon the acceptance of any appointment as Disbursement Agent under subsection 9.7 of the Disbursement Agreement by a successor Disbursement Agent, that successor Disbursement Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Secured Party under this Agreement, and the retiring or removed Secured Party under this Agreement shall promptly (i) transfer to such successor Secured Party all items of Collateral held by Secured Party, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Secured Party under this Agreement, and (ii) execute and deliver to such successor Secured Party such documents and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Secured Party of the security interests created hereunder, whereupon such retiring or removed Secured Party shall be discharged from its duties and obligations under this Agreement.

Secured Party as Disbursement Agent. Secured Party has been appointed to act as Secured Party hereunder by Lenders pursuant to the Disbursement Agreement. Secured Party shall at all times be the same Person that is Disbursement Agent under the Disbursement Agreement. Written notice of resignation by Disbursement Agent pursuant to subsection 9.7 of the Disbursement Agreement shall also constitute notice of resignation as Secured Party under this Agreement; removal of Disbursement Agent pursuant to subsection 9.7 of the Disbursement Agreement shall also constitute removal as Secured Party under this Agreement; and substitution of a successor disbursement agent pursuant to subsection 9.7 of the Disbursement Agreement shall also constitute substitution of a successor Secured Party under this Agreement. ANNEX A-14 Upon the acceptance of any appointment as Disbursement Agent under subsection 9.7 of the Disbursement Agreement by a successor Disbursement Agent, that successor Disbursement Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Secured Party under this Agreement, and the retiring or removed Secured Party under this Agreement shall promptly (i) transfer to such successor Secured Party all items of Collateral held by Secured Party, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Secured Party under this Agreement, and (ii) execute and deliver to such successor Secured Party such documents and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Secured Party of the security interests created hereunder, whereupon such retiring or removed Secured Party shall be discharged from its duties and obligations under this Agreement.

Secured Party as Disbursement Agent. Secured Party has been appointed to act as Secured Party hereunder by Lenders pursuant to the Disbursement Agreement. Secured Party shall at all times be the same Person that is Disbursement Agent under the Disbursement Agreement. Written notice of resignation by Disbursement Agent pursuant to subsection 9.7 of the Disbursement Agreement shall also constitute notice of resignation as Secured Party under this Agreement; removal of Disbursement Agent pursuant to subsection 9.7 of the Disbursement Agreement shall also constitute removal as Secured Party ANNEX A-13 under this Agreement; and substitution of a successor disbursement agent pursuant to subsection 9.7 of the Disbursement Agreement shall also constitute substitution of a successor Secured Party under this Agreement. Upon the acceptance of any appointment as Disbursement Agent under subsection 9.7 of the Disbursement Agreement by a successor Disbursement Agent, that successor Disbursement Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Secured Party under this Agreement, and the retiring or removed Secured Party under this Agreement shall promptly (i) transfer to such successor Secured Party all items of Collateral held by Secured Party, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Secured Party under this Agreement, and (ii) execute and deliver to such successor Secured Party such documents and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Secured Party of the security interests created hereunder, whereupon such retiring or removed Secured Party shall be discharged from its duties and obligations under this Agreement.