Common use of Resignation by the Agent Clause in Contracts

Resignation by the Agent. (a) The Agent may resign from the performance of all its functions and duties under the Capital Protection Documents at any time by giving 15 Business Days’ prior written notice to the Capital Protection Provider and the Fund. (b) Upon any such notice of resignation by Agent, the Capital Protection Provider shall appoint a successor Agent hereunder upon the written approval of the Fund (such approval not to be unreasonably withheld or delayed). (c) If a successor Agent shall not have been so appointed within such 15 Business Day period, such Agent’s resignation shall become effective and the Capital Protection Provider shall thereafter perform all the duties of such Agent under all Capital Protection Documents until such time as the Capital Protection Provider appoints a successor Agent as provided above.