Removal of the Liquidation Manager. Upon request of a party in interest, the Bankruptcy Court may remove the Liquidation Manager for cause. For purposes of this section, “cause” shall mean (i) an act of fraud, embezzlement or theft in connection with the Liquidation Manager’s duties or in the course of his engagement in such capacity, (ii) the intentional wrongful damage of property of the Debtor or the Estate, or (iii) gross neglect by the Liquidation Manager of his duties under this Agreement. Unless the Bankruptcy Court orders immediate removal for cause, the Liquidation Manager shall continue to serve until a successor Liquidation Manager is appointed, and such appointment becomes effective, in accordance with section 4.4 hereof.
Appears in 4 contracts
Samples: Liquidation Manager Agreement (Franklin Credit Management Corp), Liquidation Manager Agreement (Franklin Credit Holding Corp/De/), Liquidation Manager Agreement (Franklin Credit Holding Corp/De/)
