Common use of Removal or Resignation Clause in Contracts

Removal or Resignation. The Company may remove the Trustee at any time, without assigning any cause therefor, by delivering to the Trustee and the Representative written notice of removal, effective not less than ninety (90) days after receipt by the Trustee and the Representative of such notice. If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee, during which time the Trustee shall continue to act in accordance with the terms of this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including the transfer of copies of the reports and statements relating to the Trust Account. Any removal or resignation shall not be effective until the Company has duly appointed and approved a successor trustee and all of the Trust Property held by the Trustee in the Trust Account has been duly transferred to the successor trustee. If the Company does not locate a successor trustee within ninety (90) days of receipt of a resignation notice from the Trustee, the Trustee may (but shall not be obligated to) submit an application to have the Trust Property deposited with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any actions or omissions to act by the other Party after such deposit.