Common use of Successor VG Funding Eligible Lender Trustee Clause in Contracts

Successor VG Funding Eligible Lender Trustee. Any successor VG Funding Eligible Lender Trustee appointed pursuant to Section 8.2 shall execute, acknowledge and deliver to VG Funding and to its predecessor VG Funding Eligible Lender Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor VG Funding Eligible Lender Trustee shall become effective and such successor VG Funding Eligible Lender Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as VG Funding Eligible Lender Trustee. The predecessor VG Funding Eligible Lender Trustee shall upon payment of its fees and expenses deliver to the successor VG Funding Eligible Lender Trustee all documents, statements, moneys and properties held by it under this Agreement and shall assign, if permissible, to the successor VG Funding Eligible Lender Trustee any lender identification number obtained from the Department with respect to the Interim Trust Loans; and VG Funding and the predecessor VG Funding Eligible Lender Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor VG Funding Eligible Lender Trustee all such rights, powers, duties and obligations. No successor VG Funding Eligible Lender Trustee shall accept such appointment as provided in this Section unless at the time of such acceptance such successor VG Funding Eligible Lender Trustee shall be eligible pursuant to Section 8.1.

Successor VG Funding Eligible Lender Trustee. Any successor VG Funding Eligible Lender Trustee appointed pursuant to Section 8.2 shall execute, acknowledge and deliver to VG Funding and to its predecessor VG Funding Eligible Lender Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor VG Funding Eligible Lender Trustee shall become effective and such successor VG Funding Eligible Lender Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as VG Funding Eligible Lender Trustee. The predecessor VG Funding Eligible Lender Trustee shall upon payment of its fees and expenses deliver to the successor VG Funding Eligible Lender Trustee all documents, statements, moneys and properties held by it under this Agreement and shall assign, if permissible, to the successor VG Funding Eligible Lender Trustee any lender identification number obtained from the Department with respect to the Interim Trust Loans; and VG Funding and the predecessor VG Funding Eligible Lender Trustee Trustee, at the sole cost and expense of the Depositor, shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor VG Funding Eligible Lender Trustee all such rights, powers, duties and obligations. No successor VG Funding Eligible Lender Trustee shall accept such appointment as provided in this Section unless at the time of such acceptance such successor VG Funding Eligible Lender Trustee shall be eligible pursuant to Section 8.1.