Common use of Failure to Appoint Successor Custodian Clause in Contracts

Failure to Appoint Successor Custodian. If a successor custodian is not designated by the Trust on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to an entity in compliance with Section 17(f) of the 1940 Act. Upon such delivery and transfer, such entity shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, copies of all books, records and other data of the Trust shall be returned to the Trust. Notwithstanding the foregoing, either party may retain copies of Confidential Information to the extent required by applicable laws or regulations or as may be retained as party of an automated archival or backup system.