Common use of Resignation, Insolvency or Bankruptcy of the Manager Clause in Contracts

Resignation, Insolvency or Bankruptcy of the Manager. (a) The Manager shall have the right to resign as Manager of the Trust by giving notice in writing to the Trustee and by press release to the Unitholders in each case on not less than 90 days prior to the date on which such resignation is to take effect. Such resignation shall take effect on the date specified in such notice. Notwithstanding the foregoing, no approval of, or notice to, Unitholders is required to effect a Manager Reorganization. The Manager shall appoint a successor manager of the Trust, or if the Manager does not appoint a successor manager, the Trustee shall appoint a successor manager and, unless the successor manager is an Affiliate of the Manager, such appointment must be approved by the Unitholders by an Extraordinary Resolution.