Common use of Substitute Depositary Clause in Contracts

Substitute Depositary. In the event that Atlas is required under the provisions of Section 6 or Section 7 of the Indemnity Agreement to make payments in a material amount to the Depositary, Atlas may elect to terminate the Depositary as a party to this Agreement, the other Deposit Agreements and the Indemnity Agreement; provided that, concurrently with such termination, (i) Atlas shall pay the Depositary all amounts (including, without limitation, amounts, if any, owed under such Section 6 and Section 7) owed to the Depositary pursuant to any such Agreement through such date of termination, (ii) another financial institution satisfactory to Atlas and the Rating Agencies (as defined in the Note Purchase Agreement) shall agree, as of such date, to assume all rights and obligations of the Depositary under all such Agreements to be terminated as of such date, and (iii) all documents and supporting materials necessary to evidence the termination of the Depositary and the substitution of such other financial institution shall have been received as of such date.

Substitute Depositary. In the event that Atlas is required under the provisions of Section 6 9 or Section 7 10 of the Indemnity Agreement to make payments in a material amount to the Depositary, Atlas may elect to terminate the Depositary as a party to this Agreement, the other Deposit Agreements and the Indemnity Agreement; provided that, concurrently with such termination, (i) Atlas shall pay the Depositary all amounts (including, without limitation, amounts, if any, owed under such Section 6 9 and Section 710) owed to the Depositary pursuant to any such Agreement through such date of termination, (ii) another financial institution satisfactory to Atlas and the Rating Agencies (as defined in the Note Purchase Agreement) shall agree, as of such date, to assume all rights and obligations of the Depositary under all such Agreements to be terminated as of such date, and (iii) all documents and supporting materials necessary to evidence the termination of the Depositary and the substitution of such other financial institution shall have been received as of such date.