By Custodian (Existing Plans and New Plans) Sample Clauses

By Custodian (Existing Plans and New Plans). The Custodian shall have the right to resign as custodian under any existing Plan at any time but only if either: (a) the Plan has been completely liquidated and the proceeds of the liquidation distributed to the Planholders; or (b) a successor custodian, meeting with the approval of the Sponsor (which approval shall not be unreasonably withheld) and having the qualifications prescribed in paragraph I(B)(2) above, has been designated and has accepted such custodianship. The Custodian shall have the right, upon at least 90 days' notice to the Sponsor, to terminate its obligation to accept any new Plan for custodianship hereunder. In addition, the obligation of the Custodian to accept any new Plan for custodianship hereunder shall terminate if the Sponsor: (1) fails to maintain an effective registration statement under the 1933 Act covering the Plans; (2) fails to cause the requirements of the 1940 Act to remain satisfied in connection with the issuance of the Plans; (3) has its membership in the NASD or its registration as a broker-dealer under the 1934 Act, cancelled or revoked or suspended for more than 120 days for any cause involving failure on the part of an executive officer or director to follow ethical standards or serious neglect of his duty to require representatives to follow such standards; or (4) defaults in the performance of any other duty, covenant or agreement contained in this Agreement and such default shall remain unremedied for 30 days after written notice thereof shall have been given to the Sponsor by the Custodian.
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By Custodian (Existing Plans and New Plans). The Custodian shall have the right to resign as custodian under any existing Plan at any time but only if either: (a) the Plan has been completely liquidated and the proceeds of the liquidation distributed to the Planholders; or (b) a successor custodian, meeting with the approval of the Sponsor (which approval shall not be unreasonably withheld) and having the qualifications prescribed in paragraph I(B)(2) above, has been designated and
Sample 1

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