Common use of Collateral Custodian Removal Clause in Contracts

Collateral Custodian Removal. The Collateral Custodian may be removed, with or without cause, by mutual agreement of the Borrower and the Administrative Agent by 30 days’ prior written notice given in writing to the Collateral Custodian (the “Collateral Custodian Termination Notice”); provided that, notwithstanding its receipt of a Collateral Custodian Termination Notice, the Collateral Custodian shall continue to act in such capacity until a successor Collateral Custodian has been appointed and has agreed to act as Collateral Custodian hereunder. In the event no successor Collateral Custodian shall have been appointed within 30 days after the giving of the Collateral Custodian Termination Notice, the Collateral Custodian may petition any court of competent jurisdiction to appoint a successor Collateral Custodian.

Collateral Custodian Removal. The Collateral Custodian may be removed, with or without cause, by mutual agreement of the Borrower and the Administrative Agent by 30 days’ prior written notice given in writing to the Collateral Custodian (the “Collateral Custodian Termination Notice”); provided that, notwithstanding its receipt of a Collateral Custodian Termination Notice, the Collateral Custodian shall continue to act in such capacity until a successor Collateral Custodian has been appointed and has agreed to act as Collateral Custodian hereunder. In the event no ; provided that if a successor Collateral Custodian shall have has not been appointed within 30 90 days after the giving of delivery to the Collateral Custodian Termination Noticeof such written notice of removal, the Collateral Custodian may shall be entitled to petition any a court of competent jurisdiction to appoint a successor Collateral Custodian.