Common use of Term; Resignation Clause in Contracts

Term; Resignation. (a) Wilmington Trust Company has been appointed and hereby agrees to serve as the Trust’s Resident Delaware Trustee. The Resident Delaware Trustee shall serve until such time as the Manager removes the Resident Delaware Trustee or the Resident Delaware Trustee resigns and a successor Resident Delaware Trustee is appointed by the Manager in accordance with the terms of Section 2.5 or by the Court of Chancery of the State of Delaware as provided in Section 2.1(b). (b) The Resident Delaware Trustee may resign at any time upon the giving of at least sixty (60) days’ advance written notice to the Trust and the Manager; provided, however, that such resignation shall not become effective unless and until a successor Resident Delaware Trustee shall have been appointed by the Manager in accordance with Section 2.5 or by the Court of Chancery as provided in the following sentence. If the Manager does not act within such sixty (60) day period, the Resident Delaware Trustee may apply, at the Trust’s expense, to the Court of Chancery of the State of Delaware for the appointment of a successor Resident Delaware Trustee.

Term; Resignation. (a) Wilmington Trust Company has been appointed and hereby agrees to serve as the Trust’s Resident Delaware Trustee. The Resident Delaware Trustee shall serve until such time as the Manager removes the Resident Delaware Trustee or the Resident Delaware Trustee resigns and a successor Resident Delaware Trustee is appointed by the Manager in accordance with the terms of Section 2.5 2.5(a) or by the Court of Chancery of the State of Delaware as provided in Section 2.1(b). (b) The Resident Delaware Trustee may resign at any time upon the giving of at least sixty (60) days’ advance written notice to the Trust and the Manager; provided, however, that such resignation shall not become effective unless and until a successor Resident Delaware Trustee shall have been appointed by the Manager in accordance with Section 2.5 2.5(a) or by the Court of Chancery as provided in the following sentence. If the Manager does not act within such sixty (60) day period, the Resident Delaware Trustee may apply, at the Trust’s expense, to the Court of Chancery of the State of Delaware for the appointment of a successor Resident Delaware Trustee.