Common use of Resignation by Assignee Clause in Contracts

Resignation by Assignee. The Assignee may resign and be discharged from its duties hereunder at any time; provided, that such resignation shall not become effective until (i) a successor Xxxxxxxx has been appointed by the resigning Assignee, and such successor has accepted its appointment in writing delivered to the resigning Assignee, or (ii) the Assignee petitions any court of competent jurisdiction to appoint a successor assignee, and the Court so appoints such a successor; provided, however, that Xxxxxxxx may resign upon immediate written notice if it learns or discovers that this General Assignment is invalid, or that any of the representations and warranties made herein are materially false or inaccurate. Xxxxxxxxx, such successor Assignee shall, without any further act, become vested with all the estate, properties, rights, powers, trusts, and duties of its predecessor in connection with this General Assignment with like effect as if originally named therein, but the resigning Assignee shall nevertheless, when requested in writing by the successor Assignee, execute and deliver an instrument or instruments conveying and transferring to such successor Assignee all of the estates, properties, rights, powers, and trusts of such resigning Assignee in connection with this General Assignment, and shall duly assign, transfer and deliver to such successor Assignee all property and money held by it hereunder.

Resignation by Assignee. The Assignee may resign and be discharged from its duties hereunder at any time; providedprovided that, that such resignation shall not become effective until (i) a successor Xxxxxxxx assignee has been appointed by the resigning Assignee, Assignee and such successor has accepted its appointment in writing delivered to the resigning Assignee, or (ii) the Assignee petitions any court the Court of competent jurisdiction Chancery of the State of Delaware (the “Court”) to appoint a successor assignee, and the Court so appoints such a successor; provided, however, that Xxxxxxxx may resign upon immediate written notice if it learns or discovers that this General Assignment is invalid, or that any of the representations and warranties made herein are materially false or inaccurate. Xxxxxxxxx, such successor Assignee assignee shall, without any further act, become vested with all of the estateestates, properties, rights, powers, trusts, and duties of its predecessor in connection with this General Assignment with like effect as if originally named therein, but the resigning Assignee shall nevertheless, when requested in writing by the successor Assigneeassignee, execute and deliver an instrument or instruments conveying and transferring to such successor Assignee assignee all of the estates, estate’s properties, rights, powers, and trusts of such resigning Assignee in connection with this General Assignment, Assignment and shall duly assign, transfer transfer, and deliver to such successor Assignee assignee all property and money held by it Assignee hereunder.

Resignation by Assignee. The Assignee may resign and be discharged from its duties hereunder at any time; providedprovided that, that such resignation shall not become effective until (i) a successor Xxxxxxxx assignee has been appointed by the resigning Assignee, Assignee and such successor has accepted its appointment in writing delivered to the resigning Assignee, or (ii) the Assignee petitions any court the Court of competent jurisdiction Chancery of the State of Delaware (the “Court”) to appoint a successor assignee, and the Court so appoints such a successor; provided, however, that Xxxxxxxx may resign upon immediate written notice if it learns or discovers that this General Assignment is invalid, or that any of the representations and warranties made herein are materially false or inaccurate. XxxxxxxxxThereupon, such successor Assignee assignee shall, without any further act, become vested with all of the estateestates, properties, rights, powers, trusts, and duties of its predecessor in connection with this General Assignment with like effect as if originally named therein, but the resigning Assignee shall nevertheless, when requested in writing by the successor Assigneeassignee, execute and deliver an instrument or instruments conveying and transferring to such successor Assignee assignee all of the estates, estate’s properties, rights, powers, and trusts of such resigning Assignee in connection with this General Assignment, Assignment and shall duly assign, transfer transfer, and deliver to such successor Assignee assignee all property and money held by it Assignee hereunder.