Common use of Successor Registrar Clause in Contracts

Successor Registrar. CMHC agrees that there shall at all times be a Registrar hereunder and that the Registrar shall be a Canadian or United States bank or trust company; provided that CMHC may choose to act at any time as its own fiscal agent, transfer agent, registrar and principal paying agent. The Registrar shall not transfer or assign this Agreement or any interest or obligation herein without CMHC's prior written consent. Any corporation into which the Registrar hereunder may be amalgamated, merged or converted, or any corporation with which the Registrar may be consolidated, or any corporation resulting from any amalgamation, merger, conversion or consolidation to which the Registrar shall sell or otherwise transfer all or substantially all of the corporate trust business of the Registrar, provided that it shall be qualified as aforesaid, shall be the successor Registrar under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, but subject to prior notice to and the prior approval of CMHC.