Common use of Successor Security Agent Clause in Contracts

Successor Security Agent. The term Security Agent shall mean the Person named as the "Security Agent" in the first paragraph of this Escrow and Security Agreement until a successor Security Agent shall have become such, and thereafter "Security Agent" shall mean the Person who is then the Security Agent hereunder. If the Security Agent consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to another entity, the resulting, surviving or transferee entity, without any further act, shall be the successor Security Agent.

Successor Security Agent. The term Security Agent shall mean the Person named as the "Security Agent" ' in the first paragraph of this Escrow the Security and Security Disbursement Agreement until a successor Security Agent shall have become such, and thereafter "Security Agent" shall mean the Person who is then the Security Agent hereunder. If the Security Agent consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to another entity, the resulting, surviving or transferee entity, without any further act, shall be the successor Security Agent.