Common use of Resignation and Appointment of Successor Clause in Contracts

Resignation and Appointment of Successor. The Custodian may resign with respect to any or all Custodial Accounts by giving thirty (30) days written notice to the Program Sponsor. The Custodian may designate a qualified successor custodian in its notice of resignation, subject to the consent of the Program Sponsor, which consent may not be unreasonably withheld. If the Program Sponsor does not respond within thirty (30) days after being given notice, the Program Sponsor shall be deemed to have consented to the appointment of the successor custodian. If the Custodian does not designate a successor custodian by the end of the thirty (30) day notification period, the Program Sponsor may appoint a new custodian. The Program Sponsor may assign its responsibilities under this Agreement to a qualified successor by giving thirty (30) days written notice to the Custodian, subject to the consent of the Custodian, which consent may not be unreasonably withheld. If the Custodian does not respond within thirty (30) days after being given notice, the Custodian shall be deemed to have consented to the appointment of the successor Program Sponsor. The party entitled to the notice may waive the notice period.