Successor Notes Collateral Agent Sample Clauses

Successor Notes Collateral Agent. (a) Any successor collateral agent appointed as provided in Section 2.7 shall execute, acknowledge and deliver to the Noteholders and to its predecessor collateral agent an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor collateral agent shall become effective, and such successor collateral agent, without any further act, deed or reconveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as collateral agent herein. The predecessor collateral agent shall deliver to the successor collateral agent all documents and statements held by it hereunder, and the predecessor collateral agent shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor collateral agent all such rights, powers, duties and obligations. (b) No successor collateral agent shall accept appointment as provided in this Section unless at the time of such acceptance such successor collateral agent shall be an Eligible Agent.