Common use of Removal or Resignation of the Securities Intermediary Clause in Contracts

Removal or Resignation of the Securities Intermediary. The Securities Intermediary may resign by notice to, or be removed by notice from, the Trustee at any time, except that in either case the Securities Intermediary's duties hereunder shall not terminate until the Trustee has appointed a successor Securities Intermediary, who has accepted the appointment (by delivery of an agreement substantially in the form hereof), and until all assets held by the retiring Securities Intermediary have been transferred to the successor Securities Intermediary in accordance with the Trustee's instruction.

Appears in 4 contracts

Samples: Security and Control Agreement (Horseshoe Gaming Holding Corp), Security Agreement (Waterford Gaming Finance Corp), Security Agreement (Waterford Gaming LLC)

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Removal or Resignation of the Securities Intermediary. The Securities Intermediary may resign by notice to, or be removed by notice from, the Trustee at any time, except that in either case the Securities Intermediary's ’s duties hereunder shall not terminate until the Trustee has appointed a successor Securities Intermediary, who has accepted the appointment (by delivery of an agreement substantially in the form hereof), and until all assets held by the retiring Securities Intermediary have been transferred to the successor Securities Intermediary in accordance with the Trustee's ’s instruction.

Appears in 3 contracts

Samples: Security Agreement (Health Net Inc), Security Agreement (Kinetic Concepts Inc /Tx/), Security Agreement (Health Net Inc)

Removal or Resignation of the Securities Intermediary. The Securities Intermediary may resign by written notice to, or be removed by written notice from, the Trustee at any time; provided, except however, that such resignation shall not be effective until, and in either the case of removal the Securities Intermediary's duties hereunder shall not terminate until the Trustee has appointed until, a successor Securities Intermediary, who has Intermediary shall have been appointed by the Trustee and accepted the such appointment (by delivery of an agreement substantially in the form hereof), ) and until any and all assets held by the retiring Securities Intermediary hereunder shall have been transferred to the such successor Securities Intermediary in accordance with the Trustee's instruction.

Appears in 1 contract

Samples: Security Agreement (Bell Atlantic Corp)

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Removal or Resignation of the Securities Intermediary. The Securities Intermediary may resign by notice to, or be removed by notice from, the Trustee at any time; provided, except however, that such resignation shall not be effective until, and in either the case of removal the Securities Intermediary's duties hereunder shall not terminate until the Trustee has appointed until, a successor Securities Intermediary, who has Intermediary shall have been appointed by the Trustee and accepted the such appointment (by delivery of an agreement substantially in the form hereof), ) and until any and all assets held by the retiring Securities Intermediary hereunder shall have been transferred to the such successor Securities Intermediary in accordance with the Trustee's instruction.

Appears in 1 contract

Samples: Security Agreement (Metromedia Fiber Network Inc)

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