Common use of Resignation and Removal of Custodian Clause in Contracts

Resignation and Removal of Custodian. The Custodian may resign at any time upon 30 days' notice to the Participant. The Custodian may elect to appoint a successor Custodian to be effective as of the date specified in such instrument and upon acceptance by the successor custodian, provided, however, that any successor custodian so appointed shall be an entity authorized to act as Custodian of custodial accounts established under individual retirement accounts, organized under the laws of the United States or any state of the United States, and subject to supervision and examination by governmental authority. The Custodian may be removed at any time by the Participant upon 30 days' written notice to the Custodian. Upon resignation or removal of the Custodian, the Participant shall appoint a successor Custodian which shall have the same powers and duties as are conferred upon the Custodian hereunder, and in default thereof, such successor Custodian may be appointed by a court of competent jurisdiction. The Participant shall substitute a trustee or another custodian upon notification by the Commissioner of Internal Revenue that such substitution is required because the Custodian has failed to comply with Treasury Regulation 1.401-12(n) or is not keeping records, or is not making such returns, or is not rendering such statements as are required by the applicable forms and regulations. Upon the delivery by the resigning or removed Custodian to its successor Custodian of all property of the Custodial Account, less such reasonable amount as it shall deem necessary to provide for its expenses, compensation and any taxes or advances chargeable or payable out of the Custodial Account, the successor Custodian shall thereupon have the same powers and duties as are conferred upon the Custodian.

Resignation and Removal of Custodian. (a) The Custodian may resign at any time upon 30 days' resign hereunder by giving written notice of its resignation to the Participant. The Custodian may elect Owner at least one hundred and twenty (120) days prior to appoint a successor Custodian to be effective as of the date specified in for such instrument resignation to take effect, and upon acceptance the effective date of such resignation, the Custodial Assets hereunder shall be delivered by it to such person as may be designated in writing by the successor custodianOwner, providedwhereupon all the Custodian’s obligations hereunder shall cease and terminate. If no such person shall have been designated by such date, howeverall obligations of the Custodian hereunder shall, that any successor custodian so appointed nevertheless, cease and terminate. The Custodian’s sole responsibility thereafter shall be an entity authorized to act as Custodian of custodial accounts established under individual retirement accounts, organized under keep safely all Custodial Assets then held by it and to deliver the laws of the United States or any state of the United States, and subject same to supervision and examination by governmental authority. The Custodian may be removed at any time a person designated by the Participant upon 30 days' written notice to Owner or in accordance with the Custodian. Upon resignation direction of a final order or removal judgment of the Custodian, the Participant shall appoint a successor Custodian which shall have the same powers and duties as are conferred upon the Custodian hereunder, and in default thereof, such successor Custodian may be appointed by a court of competent jurisdiction. (b) The Participant shall substitute a trustee or another custodian upon notification Owner may remove the Custodian at any time by giving the Custodian at least thirty (30) days’ prior written notice. Upon receipt of the identity of the successor Custodian as designated by the Commissioner of Internal Revenue that such substitution is required because Owner in writing, the Custodian has failed shall either deliver the Custodial Assets then held hereunder to comply with Treasury Regulation 1.401-12(n) the successor Custodian, less the Custodian’s fees, costs and expenses or is not keeping recordsother obligations owed to the Custodian, or is not making hold such returnsAssets (or any portion thereof), pending distribution, until all such fees, costs and expenses or is not rendering such statements as other obligations are required by the applicable forms and regulationspaid. Upon the delivery by the resigning or removed Custodian to its successor Custodian of all property of the Custodial Account, less such reasonable amount as it shall deem necessary Assets to provide for its expenses, compensation and any taxes or advances chargeable or payable out of the Custodial Accountsuccessor Custodian, the successor Custodian shall thereupon have the same powers and duties as are conferred upon the Custodianno further duties, responsibilities or obligations hereunder. Section 7.

Resignation and Removal of Custodian. (a) The Custodian may resign at any time upon 30 days' resign hereunder by giving written notice of its resignation to the Participant. The Custodian may elect Owner at least sixty (60) days prior to appoint a successor Custodian to be effective as of the date specified in for such instrument resignation to take effect, and upon acceptance the effective date of such resignation, the Custodial Assets hereunder shall be delivered by it to such person as may be designated in writing by the successor custodianOwner, providedwhereupon all the Custodian’s obligations hereunder shall cease and terminate. If no such person shall have been designated by such date, howeverall obligations of the Custodian hereunder shall, that any successor custodian so appointed nevertheless, cease and terminate. The Custodian’s sole responsibility thereafter shall be an entity authorized to act as Custodian of custodial accounts established under individual retirement accounts, organized under keep safely all Custodial Assets then held by it and to deliver the laws of the United States or any state of the United States, and subject same to supervision and examination by governmental authority. The Custodian may be removed at any time a person designated by the Participant upon 30 days' written notice to Owner or in accordance with the Custodian. Upon resignation direction of a final order or removal judgment of the Custodian, the Participant shall appoint a successor Custodian which shall have the same powers and duties as are conferred upon the Custodian hereunder, and in default thereof, such successor Custodian may be appointed by a court of competent jurisdiction. (b) The Participant shall substitute a trustee or another custodian upon notification Owner may remove the Custodian at any time by giving the Custodian at least sixty (60) days’ prior written notice. Upon receipt of the identity of the successor Custodian as designated by the Commissioner of Internal Revenue that such substitution is required because Owner in writing, the Custodian has failed shall either deliver the Custodial Assets then held hereunder to comply with Treasury Regulation 1.401-12(n) the successor Custodian, less the Custodian’s fees, costs and expenses or is not keeping recordsother obligations owed to the Custodian, or is not making hold such returnsCustodial Assets (or any portion thereof), pending distribution, until all such fees, costs and expenses or is not rendering such statements as other obligations are required by the applicable forms and regulationspaid. Upon the delivery by the resigning or removed Custodian to its successor Custodian of all property of the Custodial Account, less such reasonable amount as it shall deem necessary Assets to provide for its expenses, compensation and any taxes or advances chargeable or payable out of the Custodial Accountsuccessor Custodian, the successor Custodian shall thereupon have the same powers and duties as are conferred upon the Custodianno further duties, responsibilities or obligations hereunder. Section 7.

Resignation and Removal of Custodian. The Custodian may may, upon at least sixty (60) days notice tothe Borrower, the Administrative Agent and the Insurer, resign at any time upon 30 days' notice to as Custodian. In addition, the Participant. The Custodian may elect to appoint a successor Custodian to be effective as of the date specified in such instrument and upon acceptance by the successor custodian, provided, however, that any successor custodian so appointed shall be an entity authorized to act as Custodian of custodial accounts established under individual retirement accounts, organized under the laws of the United States or any state of the United States, and subject to supervision and examination by governmental authority. The Custodian may be removed at any time with or without cause by the Participant Administrative Agent (acting at the direction of the Controlling Party and with the consent of the Insurer and, so long as no Event of Default has occurred and is continuing, the Borrower (such consent of the Insurer and the Borrower not to be unreasonably withheld)) upon 30 days' written notice to the CustodianCustodian and the Borrower. Upon No such resignation or removal of the Custodian, the Participant shall appoint become effective until a successor Custodian which is appointed by the Administrative Agent (acting at the direction of the Controlling Party with the consent of the Insurer) and has accepted such appointment. If no successor Custodian shall have been so appointed by the same powers and duties as are conferred upon Administrative Agent within 60 days after the departing Custodian's giving of notice of resignation, then the departing Custodian hereundermay petition any court of competent jurisdiction for the appointment of its successor Custodian, which successor Custodian shall have short-term debt ratings of at least A-1 from S&P, P-1 from Xxxxx'x and, if rated by Fitch, F1 by Fitch, and in default thereofshall be either a commercial bank having a combined capital and surplus of at least $250,000,000 or an Affiliate of such an institution. Upon such acceptance of its appointment as Custodian hereunder by a successor Custodian, such successor Custodian may shall succeed to and become vested with all the rights and duties of the retiring Custodian, and the retiring Custodian shall be appointed by a court discharged from its duties and obligations under the Transaction Documents. After any retiring Custodian's resignation hereunder, the provisions of competent jurisdiction. The Participant Article XII and this Article VII shall substitute a trustee or another custodian upon notification by the Commissioner of Internal Revenue that such substitution is required because the Custodian has failed to comply with Treasury Regulation 1.401-12(n) or is not keeping records, or is not making such returns, or is not rendering such statements as are required by the applicable forms and regulations. Upon the delivery by the resigning or removed Custodian inure to its successor Custodian of all property of the Custodial Account, less such reasonable amount benefit as to any actions taken or omitted to be taken by it shall deem necessary to provide for its expenses, compensation and any taxes or advances chargeable or payable out of the Custodial Account, the successor Custodian shall thereupon have the same powers and duties as are conferred upon while it was the Custodian.