Common use of Termination and Resignation Clause in Contracts

Termination and Resignation. This Agreement may be terminated by agreement of BNPPLC and LRC upon fifteen (15) days’ prior written notice to Deposit Taker; provided, however, that this Agreement shall terminate immediately upon notice from BNPPLC that all of LRC’s obligations secured by the Pledge Agreement are satisfied. Deposit Taker may, at any time upon thirty (30) days’ prior written notice to BNPPLC and LRC, terminate this Agreement and close the Deposit Account; provided, however, that a substitute deposit taker has been appointed for [BNPPLC or name of Participant] [if name of Participant is inserted, then also insert: (in its capacity as a Participant)] and as described in the Pledge Agreement. Deposit Taker may terminate this Agreement upon ten (10) days’ prior written notice to BNPPLC and LRC in the event of a material breach of this Agreement (including non-payment of any Charges or other obligations under this Agreement), and which constitutes an Event of Default as that term is defined in the Common Definitions and Provisions Agreement, by either LRC or BNPPLC. Upon termination of this Agreement any funds in the Deposit Account shall be subject to the direction of BNPPLC, including any direction given by BNPPLC that such funds be wired to another “Deposit Taker” designated for [BNPPLC or name of Participant] under and as defined in the Pledge Agreement.