Common use of Failure to Designate Successor Custodian Clause in Contracts

Failure to Designate Successor Custodian. If a successor custodian is not designated by the Company, or by the Custodian in accordance with the preceding paragraph, or the designated successor cannot or will not serve, the Company shall, upon the delivery by the Custodian to the Company of all Securities (other than Securities held in the Book-Entry System which cannot be delivered to the Company) and moneys then owned by the Company, be deemed to be the custodian for the Company, and the Custodian shall thereby be relieved of all duties and responsibilities pursuant to this Agreement, other than the duty with respect to Securities held in the Book-Entry System, which cannot be delivered to the Company, which shall be held by the Custodian in accordance with this Agreement for which the Custodian shall continue to charge its fees and expenses (in which case the Custodian’s sole obligation shall be for the safekeeping of assets held in the Accounts).

Failure to Designate Successor Custodian. If a successor custodian is not designated by the CompanyCorporation/Trust, or by the Custodian in accordance with the preceding paragraph, or the designated successor cannot or will not serve, the Company Corporation/Trust shall, upon the delivery by the Custodian to the Company Corporation/Trust of all Securities (other than Securities held in the Book-Entry System which cannot be delivered to the CompanyCorporation/Trust) and moneys then owned by the CompanyCorporation/Trust, be deemed to be the custodian for the CompanyCorporation/Trust, and the Custodian shall thereby be relieved of all duties and responsibilities pursuant to this Agreement, other than the duty with respect to Securities held in the Book-Entry System, which cannot be delivered to the CompanyCorporation/Trust, which shall be held by the Custodian in accordance with this Agreement for which the Custodian shall continue to charge its fees and expenses (in which case the Custodian’s sole obligation shall be for the safekeeping of assets held in the Accounts)Agreement.