Common use of Trustee as Agent Clause in Contracts

Trustee as Agent. (a) Trustee has been appointed to act as Trustee hereunder by the Noteholders. Trustee shall be obligated, and shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action, solely in accordance with this Guaranty and the Indenture. (b) Trustee shall at all times be the same Person that is Trustee under the Indenture. Written notice of resignation by Trustee pursuant to Section 8.10 of the Indenture shall also constitute notice of resignation as Trustee under this Guaranty; removal of Trustee pursuant to Section 8.10 of the Indenture shall also constitute removal as Trustee under this Guaranty; and appointment of a successor Trustee pursuant to Section 8.10 of the Indenture shall also constitute appointment of a successor Trustee under this Guaranty. Upon the acceptance of any appointment as Trustee under Section 8.10 of the Indenture by a successor Trustee, that successor Trustee shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Trustee under this Guaranty, and the retiring or removed Trustee under this Guaranty shall promptly (i) transfer to such successor Trustee all sums held hereunder, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Trustee under this Guaranty, and (ii) take such other actions as may be necessary or appropriate in connection with the assignment to such successor Trustee of the rights created hereunder, whereupon such retiring or removed Trustee shall be discharged from its duties and obligations under this Guaranty. After any retiring or removed Trustee's resignation or removal hereunder as Trustee, the provisions of this Guaranty shall inure to its benefit as to any actions taken or omitted to be taken by it under this Guaranty while it was Trustee hereunder.