Common use of SUCCESSOR TO PRINCIPAL PAYING AGENT Clause in Contracts

SUCCESSOR TO PRINCIPAL PAYING AGENT. PAYING AGENT, AGENT BANK OR AN OFFERED NOTE REGISTRAR (a) (APPOINTMENT AND RELEASE): On the execution by the Issuer, the Manager and any successor Principal Paying Agent, Paying Agent, Agent Bank or Offered Note Registrar of an instrument effecting the appointment of that successor Principal Paying Agent, Paying Agent, Agent Bank or Offered Note Registrar that successor Principal Paying Agent, Paying Agent, Agent Bank or Offered Note Registrar, as the case may be, will, without any further act, deed or conveyance, become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of its predecessor as if originally named as Principal Paying Agent, Paying Agent, Agent Bank or Offered Note Registrar, as the case may be, in this Agreement and that predecessor, on payment to it of the pro rata proportion of its administration fee and disbursements then unpaid (if any), will have no further liabilities under this Agreement, except for any accrued liabilities arising from or relating to any act or omission occurring prior to the date on which the successor Principal Paying Agent, Paying Agent, Agent Bank or Offered Note Registrar was appointed.

SUCCESSOR TO PRINCIPAL PAYING AGENT. PAYING AGENT, AGENT BANK OR AN OFFERED OFFSHORE NOTE REGISTRAR (a) (APPOINTMENT AND RELEASE): On the execution by the Issuer, the Manager and any successor Principal Paying Agent, Paying Agent, Agent Bank or Offered Offshore Note Registrar of an instrument effecting the appointment of that successor Principal Paying Agent, Paying Agent, Agent Bank or Offered Offshore Note Registrar that successor Principal Paying Agent, Paying Agent, Agent Bank or Offered Offshore Note Registrar, as the case may be, will, without any further act, deed or conveyance, become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of its predecessor as if originally named as Principal Paying Agent, Paying Agent, Agent Bank or Offered Offshore Note Registrar, as the case may be, in this Agreement and that predecessor, on payment to it of the pro rata proportion of its administration fee and disbursements then unpaid (if any), will have no further liabilities under this Agreement, except for any accrued liabilities arising from or relating to any act or omission occurring prior to the date on which the successor Principal Paying Agent, Paying Agent, Agent Bank or Offered Offshore Note Registrar was appointed.