NO SUCCESSOR APPOINTED Clause Samples
The "No Successor Appointed" clause defines what happens if a party responsible for a particular role or obligation under the agreement does not have a replacement or successor named when their term ends or they are otherwise unable to continue. In practice, this clause may specify that certain rights, responsibilities, or assets are held in abeyance, transferred to another party, or managed according to a default procedure until a successor is appointed. Its core function is to ensure continuity and prevent operational gaps or disputes by clarifying the process to follow in the absence of an immediate successor.
NO SUCCESSOR APPOINTED. If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer the cash and the securities and other financial assets of the Portfolio in accordance with the Proper Instructions.
NO SUCCESSOR APPOINTED. AND NO PROPER INSTRUCTIONS. If no successor custodian has been appointed and no Proper Instructions have been delivered to the Custodian on or before the termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company, which is a “bank” as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, all cash and all securities and other financial assets of the Portfolio then held by the Custodian hereunder, and to transfer to an account of the bank or trust company all of the securities and other financial assets of the Portfolio held in any U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense incurred by the Custodian, in connection with the transfer shall be for the account of the Portfolio.
NO SUCCESSOR APPOINTED. If no such successor sub-custodian shall be appointed, State Street shall, in like manner, upon receipt of Proper Instructions, deliver at the office of State Street and transfer the cash and the securities and other financial assets of the Fund in accordance with the Proper Instructions.