Common use of Resignation of Renewal Clause in Contracts

Resignation of Renewal. Pledgeholder may resign at any time by giving written notice of resignation to Pledgee and Pledgor. No resignation of Pledgeholder shall become effective untill the acceptance of its appoinment by a successor Pledgeholder appointed by Pledgee in accordance with this paragraph; provided, however, that, if no successor Pledgeholder shall have accepted its appointment at the expiration of 90 days from the date of delivery of such notice of resignation, the resigning Pledgeholder may petition any court of competent jurisdiction for the appointment of a successor Pledgeholder. Pledgee may at any time remove Pledgeholder for or without cause by written notice to Pledgeholder and Pledgor; provided the successor Pledgeholder is a bank, trust company, savings and loan association, escrow company or such other institution. No removal of Pledgeholder shall become effective until the acceptance of its appointment by successor Pledgeholder appointed by Pledgee in accordance with this paragraph. If Pledgeholder shall resign, be removed or otherwise become incapable of acting as such on behalf of Pledgee, Pledgee shall, by written notice as promptly thereafter as practicable, appoint a successor Pledgeholder, provided the successor Pledgeholder is a bank, trust company, savings and loan association, escrow company or such other institution. Pledgee shall furnish notice to Pledgor of the appoinment of a successor Pledgeholder. Every successor Pledgeholder appointed by Pledgee shall execute and deliver to Pledgor and Pledgee an instrument accepting its appointment and assuming all of the obligations of a Pledgeholder under this Agreement. Upon the removal, resignation or other incapacity of a Pledgeholder, such Pledgeholder shall assign, transfer and deliver to the successor Pledgeholder the Shares and all other property and instruments delivered to Pledgeholder hereunder.