Common use of Effect of Resignation or Removal Clause in Contracts

Effect of Resignation or Removal. The death, dissolution, resignation, incompetency or removal of the Creditors’ Trustee, as applicable, shall not operate to terminate the Creditors’ Trust created by this Creditors’ Trust Agreement or to revoke any existing agency created pursuant to the terms of this Creditors’ Trust Agreement or invalidate any action theretofore taken by the Creditors’ Trustee or any prior Creditors’ Trustee. In the event of the resignation or removal of the Creditors’ Trustee, such Creditors’ Trustee will promptly (a) execute and deliver such documents, instruments and other writings as may be reasonably requested by Creditors’ Trust Advisory Board or the successor Creditors’ Trustee to effect the termination of such Creditors’ Trustee's capacity under this Creditors’ Trust Agreement, (b) deliver to the Creditors’ Trust Advisory Board or the successor Creditors’ Trustee all documents, instruments, records and other writings related to the Creditors’ Trust as may be in the possession of such Creditors’ Trustee (provided that such Creditors’ Trustee may retain one copy of such documents for archival purposes) and (c) otherwise assist and cooperate in effecting the assumption of its obligations and functions by such successor Creditors’ Trustee.

Effect of Resignation or Removal. The death, disability, dissolution, bankruptcy, resignation, incompetency incompetency, incapacity or removal of the Creditors’ Litigation Trustee, as applicable, shall not operate to terminate the Creditors’ Litigation Trust created by this Creditors’ Trust Agreement or to revoke any existing agency created pursuant to the terms of this Creditors’ Trust Agreement or invalidate any action theretofore taken by the Creditors’ Litigation Trustee or any prior Creditors’ Litigation Trustee. In the event of the resignation or removal of the Creditors’ Litigation Trustee, such Creditors’ Litigation Trustee will promptly (a) execute and deliver such documents, instruments and other writings as may be reasonably requested ordered by Creditors’ Trust Advisory Board the Bankruptcy Court or the successor Creditors’ Litigation Trustee to effect the termination of such Creditors’ Litigation Trustee's ’s capacity under this Creditors’ Trust Agreement, (b) deliver to the Creditors’ Trust Advisory Board Bankruptcy Court (if required) or the successor Creditors’ Litigation Trustee all documents, instruments, records and other writings related to the Creditors’ Litigation Trust as may be in the possession of such Creditors’ Trustee (provided that such Creditors’ Trustee may Litigation Trustee, including any Litigation Claims Materials, and shall not retain one copy any copies of such documents materials, even for archival purposes) , and (c) otherwise assist and cooperate in effecting the assumption of its obligations and functions by such successor Creditors’ Litigation Trustee.