Common use of Effectiveness of Resignation or Removal Clause in Contracts

Effectiveness of Resignation or Removal. No resignation or removal of the Paying Agent shall be effective until a successor Paying Agent shall have been appointed and shall have accepted the duties of the Paying Agent. If, within 30 days after notice by the Paying Agent to the Trust or by the Trust to the Paying Agent of any such resignation or removal, no successor Paying Agent shall have been selected and accepted the duties of the Paying Agent, the Paying Agent may apply to a court of competent jurisdiction for the appointment of a successor Paying Agent, and the Trust shall pay all fees and expenses, including but not limited to the cost of legal counsel, reasonably incurred by the Paying Agent in applying to such court for the appointment of a successor Paying Agent.