Common use of Resignation of Pooling Trustee Clause in Contracts

Resignation of Pooling Trustee. The Pooling Trustee may resign from its duties and responsibilities if it gives each of the Parties hereto three calendar days’ written notice in advance. Upon receipt of notice of the Pooling Trustee’s intention to resign, the Parties shall, within three calendar days, select a replacement Pooling Trustee and jointly advise the Pooling Trustee in writing to deliver the Pooled Share Documents to the replacement Pooling Trustee. If the Parties fail to agree on a replacement Pooling Trustee within three calendar days of such notice, the replacement Pooling Trustee shall be selected by a Judge of the Supreme Court of the Province of British Columbia upon application by any Party hereto. The Pooling Trustee shall continue to be bound by this Agreement until the replacement Pooling Trustee has been selected and the Pooling Trustee receives and complies with the joint instructions of the Parties to deliver the Pooled Share Documents to the replacement Pooling Trustee. The Parties agree to enter into a pooling agreement substantially in the same form of this Agreement with the replacement Pooling Trustee.