Common use of Resignation Removal and Succession Clause in Contracts

Resignation Removal and Succession. The Warrant Agent may resign and be discharged from its duties under this Agreement after giving 60 days prior written notice to the Company and the Warrant Holder as provided by Section 6.07, except that such shorter notice as the Company shall accept in writing, may be given. The Warrant Agent may be removed by the Company by like notice to the Warrant Agent. If the office of the Warrant Agent becomes vacant by resignation, removal, incapacity to act, or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 60 days after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or within 60 days after the Warrant Agent has been removed by the Company, then any Warrant Holder may apply to any court of a competent jurisdiction for t he appointment of a successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such a court, shall be a corporation organized, in good standing, and doing business under the laws of the United States of America or of any state, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by Federal or state authority and having a combined capital and surplus of not less than $1,000,000. After appointment, any successor Warrant Agent shall be vested with all authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; provided, however, that if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver an instrument transferring to such successor Warrant Agent with authority, powers, and rights of such predecessor Warrant Agent hereunder and any property held by it hereunder; and, provided further, upon request of any successor Warrant Agent, the Company shall make, execute, acknowledged, and deliver any and all written instruments in order more fully and effectually to vest in and confirm to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. Failure to give any notice provided for in this Section or any defect therein shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the case may be. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated, or any corporation succeeding to substantially all the business of the Warrant Agent, shall be the successor Warrant Agent under this Agreement without any further act.

Resignation Removal and Succession. The Warrant Agent may resign and be discharged from its duties under this Agreement after giving 60 days prior written notice to the Company and the Warrant Holder as provided by Section 6.07, except that such shorter notice as the Company shall accept in writing, may be given. The Warrant Agent may be removed by the Company by like notice to the Warrant Agent. If the office of the Warrant Agent becomes vacant by resignation, removal, incapacity to act, or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 60 days after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or within 60 days after the Warrant Agent has been removed by the Company, then any Warrant Holder may apply to any court of a competent jurisdiction for t he the appointment of a successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such a court, shall be a corporation organized, in good standing, and doing business under the laws of the United States of America or of any state, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by Federal or state authority and having a combined capital and surplus of not less than $1,000,000. After appointment, any successor Warrant Agent shall be vested with all authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; provided, however, that if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver an instrument transferring to such successor Warrant Agent with authority, powers, and rights of such predecessor Warrant Agent hereunder and any property held by it hereunder; and, provided further, upon request of any successor Warrant Agent, the Company shall make, execute, acknowledgedacknowledge, and deliver any and all written instruments in order more fully and effectually to vest in and confirm to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. Failure to give any notice provided for in this Section or any defect therein shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the case may be. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated, or any corporation succeeding to substantially all the business of the Warrant Agent, shall be the successor Warrant Agent under this Agreement without any further act.