Common use of Successor Exchange Administrator Clause in Contracts

Successor Exchange Administrator. Any successor bank or other entity into which the Exchange Administrator is merged or converted or with which it is consolidated or which results from any merger, conversion or consolidation to which it is a party, or any entity which succeeds to all or substantially all of the corporate trust business of Exchange Administrator, shall, to the extent permitted by applicable law, be deemed the Exchange Administrator under this Agreement. Such Exchange Administrator shall promptly notify Issuer of any such event.