Common use of Action upon Termination or Removal Clause in Contracts

Action upon Termination or Removal. Promptly upon the effective date of termination of this Agreement or the removal of the Administrator pursuant to Section 8 of this Agreement, the Administrator shall (a) be entitled to be paid by the Trust in accordance with the terms and conditions of the Trust Agreement all reimbursable expenses accruing to it to the date of such termination or removal and (b) deliver to the successor Administrator all property and documents of or relating to the Trust Loans then in the custody of the Administrator. In the event of the removal of the Administrator pursuant to Sections 8(b) or (c) of this Agreement, the Administrator, for a period of not less than 120 days following notice of such removal, shall cooperate with the Trust and take all reasonable steps requested to assist the Trust in making an orderly transfer of the duties of the Administrator.