Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank may thereupon resign as Custodian in respect to any or all of the Retirement Accounts upon thirty (30) days' prior written notice to the Fund. In such an event, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. 4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. 4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. 4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. 4.5 If within thirty (30) days (or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3, the Fund or the Custodian has not appointed a successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the Custodian's right to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any. 4.6 Upon appointment of and acceptance by a successor custodian under this Section 4, the Custodian shall transfer all assets in book entry form relating to the Retirement Accounts to the successor custodian.
Appears in 2 contracts
Samples: Transfer Agency and Service Agreement (CGM Trust), Transfer Agency and Service Agreement (CGM Capital Development Fund)
Resignation or Removal of Custodian. 4.1 If either party chooses (1) Subject to terminate the Agreement pursuant provisions of Section 11.6(3), the Custodian may at any time tender its resignation by giving written notice thereof to Section 10 the Co-Owners (or their Agent on their behalf), the Seller and the Servicer and, upon the receipt and acceptance thereof by the Servicer, on behalf of the Agreement Seller and the Bank Co-Owners, shall be discharged from its obligations and duties hereunder. Upon receiving such notice, the Co-Owners (or their Agent on their behalf) and the Seller shall promptly seek to retain a successor Custodian and, subject to acceptance by the Servicer of the resignation of the resigning Custodian, shall appoint such Person by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Custodian and one copy to the successor Custodian. If no successor Custodian shall have been so appointed or shall have accepted an appointment within 30 days after the giving of such notice of resignation, the Servicer may thereupon resign petition any court of competent jurisdiction for the appointment of a successor Custodian. The Servicer shall not accept the resignation of the resigning Custodian until a successor Custodian has been appointed and has agreed to act as Custodian in respect to any or all of accordance with the Retirement Accounts upon thirty (30) days' prior written notice to the Fund. In such an event, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accountsterms hereof.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (1202) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, Custodian shall cease to be effective, shall designate a successor custodian eligible in accordance with the provisions of Section 11.5 and shall be accompanied fail to resign after written request therefor by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by Servicer or the successor custodianCo-Owners (or their Agent on their behalf), the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If or if at any time the Custodian shall be legally unable to act, or commits any act of bankruptcy, including the making of an assignment or filing of notice of intention to make any proposal for the benefit of some or all of its creditors under applicable bankruptcy or insolvency law, or if a receiver of the Custodian or of its property shall be appointed, or any public officer shall take charge or control of the Custodian or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Servicer or the Co-Owners (or their Agent on their behalf) and the Seller may remove the Custodian and promptly appoint a successor Custodian by written instrument, in duplicate, one copy of which instrument shall be delivered to the Custodian so removed and one copy to the successor Custodian. The Custodian may also be removed for any other reason at any time upon a Co-Owner Direction of all Series, delivered to the Bank chooses Custodian, with a copy to resign the Seller and the Servicer. If a delay in obtaining a Co-Owner Direction with respect to the termination of the Custodian would reasonably be expected to have a material adverse effect on the interests of Co-Owners, the Servicer, as agent for and on behalf of the Co-Owners and the Seller, shall, except if the Servicer has received a Co-Owner Direction directing it to do otherwise, promptly elicit offers to become the Custodian (on a sealed bid basis) from at least three Persons, who are not Affiliates of one another and who satisfy the requirements of Section 11.5. Each such offer shall specify an annual fee that the offeror is prepared to accept as full compensation for the assumption of the obligations of the Custodian hereunder. The Servicer shall, within fifteen Business Days from the date that the last of such offers is submitted to the Servicer, select the Person, from among those Persons submitting offers, who is prepared to immediately accept the appointment as Custodian of any or all Retirement Accounts, it will give and whose specified servicing fee as set forth in the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, offer is the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Banklowest annual amount therefor.
4.5 If within thirty (303) days (or such longer time as the Custodian may agree to in writing) after Any resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3, the Fund or the Custodian has not appointed a successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for and appointment of a the successor custodian, provided that if (i) the Fund shall have failed Custodian pursuant to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination any of the Custodian's responsibilities provisions of this Section 11.6 shall be effected not become effective until acceptance of appointment by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the Custodian's right to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if anyCustodian as provided in Section 11.7.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4, the Custodian shall transfer all assets in book entry form relating to the Retirement Accounts to the successor custodian.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank (a) The Custodian may thereupon resign as Custodian in respect to at any time with or all of the Retirement Accounts without cause upon thirty (30) days' prior written notice to the FundParticipant. In such an event, Resignation will take effect 30 days after the Fund will promptly distribute date the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed is sent, unless a successor trustee/custodian is duly appointed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement AccountsParticipant or the Custodian before that date.
4.2 If the Fund chooses to discontinue performing (b) The Custodian may be removed at any of its duties and obligations described in time with or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) without cause upon 60 days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior ’ written notice to the FundCustodian. In such an eventSuch effective date may be changed upon written mutual agreement. To be effective, the Fund shall be responsible to obtain Participant’s notice of removal of the Custodian must include notice of the appointment of a successor trustee/custodian for the Retirement Accounts. Upon and a written acceptance of such appointment by the successor trustee/custodian.
(c) If, by the Fund will promptly distribute the notice effective date, of either the Custodian's ’s resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (removal or such longer time as the Custodian may agree to in writing) after resignation by to, neither the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of nor the Custodian under Section 4.3, the Fund or the Custodian Participant has not appointed a successor trustee/custodian who which has duly accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian the Custodian shall have then accepted appointment terminate the IRA, then (iv) termination of the Custodian's responsibilities which shall be effected effective by distributing all assets of in the Retirement Participant’s Account in a single payment sum in cash or in kind to each Participant, subject to the Custodian's ’s right to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment provided below. In the event of any other liabilities constituting a charge on or against distribution in kind, the Custodian and the Participant shall execute, acknowledge and deliver all documents and written instruments necessary to transfer and convey the right, title and interest in the assets of Retirement Accounts the Custodial Account to the Participant.
(d) Upon the resignation or on or against removal of the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4, the Custodian shall be entitled to deduct from the Custodial Account such reasonable amount as it deems necessary to provide for expenses in the settlement of its account, the amount of compensation due to it, and any taxes or other sums chargeable against the Custodial Account for which it may be liable. If the Custodial Account is not sufficient for such purposes, the Custodian shall have the right to a settlement of its account, which, at the option of the Custodian, may be by judicial settlement in an action the Custodian institutes in a court of competent jurisdiction; or by a settlement agreement between the Custodian and the Participant. Upon settlement under this Section, all right, title and interest of the Custodian in the assets of the Custodial Account shall vest in the successor trustee/custodian. At that time, all future liability of the Custodian shall terminate under the IRA; provided, however, the Custodian shall execute, acknowledge and deliver all documents and written instruments necessary to transfer all and convey the right, title and interest in the assets in book entry form relating to of the Retirement Accounts Custodial Account to the successor trustee/custodian.
Appears in 2 contracts
Samples: Custodial Account Agreement, Custodial Account Agreement
Resignation or Removal of Custodian. 4.1 (a) If either party chooses to terminate the Agreement pursuant to Section 10 13 of the Agreement the Bank Transfer Agent may thereupon resign as Custodian custodian in respect to any or all of the Retirement Accounts upon thirty (30) days' prior written notice to the Fund. In such an event, the Fund will promptly distribute the notice of the Custodiancustodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the BankTransfer Agent. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 (b) If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in with respect to any or all Retirement Accounts, it will give the Bank Transfer Agent at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank Transfer Agent may thereupon resign as Custodian custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120c) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank Transfer Agent chooses to resign as Custodian custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its Transfer Agent resignation hereunder or pursuant to Sections 4.11.5(a), 4.2 or 4.31.5(b), the Custodian Transfer Agent may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian Transfer Agent specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the CustodianTransfer Agent's resignation as custodian to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the BankTransfer Agent.
4.5 (d) If within thirty (30) days (or such longer time as the Custodian custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3custodian, the Fund or the Custodian Transfer Agent has not appointed a successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodiancustodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the CustodianTransfer Agent's right as custodian to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodiancustodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 (e) Upon appointment of and acceptance by a successor custodian under this Section 41.5, the Custodian custodian shall transfer all assets in book entry form relating to the Retirement Accounts to the successor custodian.
Appears in 2 contracts
Samples: Transfer Agency and Service Agreement (CGM Trust), Transfer Agency and Service Agreement (CGM Capital Development Fund)
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank The Custodian may thereupon resign as Custodian in respect to at any or all of the Retirement Accounts time upon thirty (30) days' prior written days notice in writing to the FundEmployee. In The Employee may remove the Custodian upon thirty (30) days notice in writing to the Custodian. Upon such an eventresignation or removal, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund Employee shall be responsible to obtain appoint a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund which successor shall be responsible a "bank" as defined in Section 408(n) of the Code and which has agreed to obtain a successor and is qualified to act as custodian for under an agreement having the Retirement Accountssame force and the effect as this Agreement. Upon receipt by the Custodian of written acceptance of such appointment by the successor custodian, the Fund will promptly distribute Custodian shall transfer and pay over to such successor the notice assets of the Account and all records (or copies thereof) pertaining thereto, provided that (if so required by the Custodian) any successor custodian shall agree not to dispose of any such records without the Custodian's resignation consent. The Custodian is authorized, however, to reserve such persons and in such manner sum of money or property as are called it may deem advisable for under the applicable provisions payment of any fees, taxes, expenses or costs of the Retirement Account and in form and content satisfactory to and signed by account constituting a charge on or against the Bank.
4.3 If at assets of the account on or against the Custodian, with any time balance of such reserve remaining after the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to payment of all such termination. Such notice, items to be effective, shall designate a successor custodian and shall be accompanied by paid over to the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by shall hold the successor custodian, the Fund will promptly distribute the notice assets paid over to it under terms similar to those of this Agreement that qualify under Section 401(f) of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written noticeCode. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (after the Custodian's resignation or removal, or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3to, the Fund or the Custodian Employee has not appointed a successor custodian who which has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the Custodian's right to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4, the Custodian shall transfer all assets in book entry form relating to terminate the Retirement Accounts to Account. The Custodian shall not be liable for the successor custodianacts or omissions of such successor.
Appears in 1 contract
Samples: Custody Agreement (Lutheran Brotherhood Family of Funds)
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate The Custodian may at any time resign and be discharged from the Agreement pursuant to Section 10 of the Agreement the Bank may thereupon resign as Custodian in respect to any or all of the Retirement Accounts upon thirty (30) trusts hereby created by giving 30 days' prior written notice thereof to the FundServicer. In Upon receiving such an eventnotice of resignation, with the prior written consent of the Administrator, the Fund will Servicer shall promptly distribute appoint a successor Custodian by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Custodian and one copy to the successor Custodian. If no successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the Custodian's resignation to such persons and in such manner as are called resigning Custodian may petition any court of competent jurisdiction for under the applicable provisions appointment of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) days' written notice prior to such discontinuanceCustodian. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, Custodian shall cease to be effective, shall designate a successor custodian eligible in accordance with the provisions of Section 11.7 and shall be accompanied fail to resign after written request therefor by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodianServicer, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If or if at any time and the Custodian shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver, conservator or liquidator of the Custodian or of its property shall be appointed, or any public officer shall take charge or control of the Custodian or of its property or affairs for any reason the Bank chooses to resign as purpose of rehabilitation, conservation or liquidation, then the Administrator or the Servicer, with the consent of the Administrator, may remove the Custodian. If the Administrator or the Servicer shall remove the Custodian under the authority of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3immediately preceding sentence, the Custodian may, but is not required to, designate Servicer shall promptly appoint a successor custodian Custodian by written notice instrument, in duplicate, one copy of which instrument shall be delivered to the FundCustodian so removed and one copy to the successor Custodian, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice pay all fees owed to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successoroutgoing Custodian. The Fund will promptly distribute the notice of the Custodian's Any resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3, the Fund or the Custodian has not appointed a successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for and appointment of a successor custodian, provided that if (i) the Fund shall have failed Custodian pursuant to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination any of the Custodian's responsibilities provisions of this Section 11.8 shall be effected not become effective until acceptance of appointment by distributing all assets of the Retirement Account in a single payment in cash or in kind successor Custodian pursuant to each Participant, subject to the Custodian's right to reserve such funds as it may deem advisable for Section 11.9 and payment of all its fees, compensation, costs fees and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered owed to the successor custodian, if anyoutgoing Custodian.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4, the Custodian shall transfer all assets in book entry form relating to the Retirement Accounts to the successor custodian.
Appears in 1 contract
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank may thereupon resign as Custodian in respect to any or all of the Retirement Accounts upon (a) Upon thirty (30) days' prior written notice to the Fund. In such an eventCustodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of Depositor may remove it from its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such terminationoffice hereunder. Such notice, to be effective, shall designate a successor custodian Custodian and shall be accompanied by the successor custodiansuccessor's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If Custodian also may at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least unilaterally upon thirty (30) days' prior written notice. In connection with its resignation hereunder notice to Depositor, whereupon the Depositor shall appoint a successor to the Custodian.
(b) The successor Custodian shall be a bank, insured credit union, or other person satisfactory to the Secretary of the Treasury pursuant to Sections 4.1Section 408(a)(2) of the Code. Upon receipt by Custodian of written acceptance by its successor of such successor's appointment, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, shall transfer and the Fund will be deemed to have consented pay over to such successor unless the Fund designates a different successor custodian assets of the custodial account and provides written notice thereof together with such a different successor's written acceptance by such date as the all records (or copies thereof) of Custodian specifies in its original notice to the Fund pertaining thereto, provided that the Fund will have a minimum successor Custodian agrees not to dispose of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of any such records without the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (or such longer time as the consent. Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1is authorized, 4.2 or 4.4 or removal of the Custodian under Section 4.3however, the Fund or the Custodian has not appointed a successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the Custodian's right to reserve such funds sum of money or property as it may deem advisable for payment of all its fees, compensation, costs costs, and expenses expenses, or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts the custodial account or on or against the Custodian. Any amounts , with any balance of such reserve remaining after the payment of all such costs shall items to be delivered paid over to the successor custodian, if anyCustodian.
4.6 (c) If within thirty (30) days after Custodian's resignation or removal or such longer time as Custodian may agree to, Depositor has not appointed a Successor Custodian which has accepted such appointment, Custodian shall terminate the custodial account pursuant to paragraph (d) unless within that time the Sponsor appoints such successor and gives written notice thereof to Depositor and Custodian.
(d) Custodian shall terminate the Custodial Account, if, within the time referred to in paragraph (c) neither Depositor nor the Sponsor has appointed a Successor Custodian which has accepted such appointment. Termination of the Custodial Account shall be affected by distributing all assets thereof in a lump sum in cash or in kind to Depositor, subject to Custodian's right to reserve funds as provided in this Article VII.
(e) Upon appointment termination of the Custodial Account, this Agreement shall terminate and acceptance by a successor custodian under have no further force and effect, and Custodian shall be relieved from all further liability with respect to this Section 4Agreement, the Custodian shall transfer Custodial Account, and all assets in book entry form relating to the Retirement Accounts to the successor custodianso distributed.
Appears in 1 contract
Samples: Custodial Agreement (Phoenix Strategic Allocation Fund Inc)
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank (a) The Custodian may thereupon resign as Custodian in respect to at any time with or all of the Retirement Accounts without cause upon thirty (30) days' prior written notice to the FundParticipant. In such an event, Resignation will take effect 30 days after the Fund will promptly distribute date the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed is sent, unless a successor trustee/custodian is duly appointed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement AccountsParticipant or the Custodian before that date.
4.2 If the Fund chooses to discontinue performing (b) The Custodian may be removed at any of its duties and obligations described in time with or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) without cause upon 60 days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior ’ written notice to the FundCustodian. In such an eventSuch effective date may be changed upon written mutual agreement. To be effective, the Fund shall be responsible to obtain Participant’s notice of removal of the Custodian must include notice of the appointment of a successor trustee/custodian for the Retirement Accounts. Upon and a written acceptance of such appointment by the successor trustee/custodian.
(c) If, by the Fund will promptly distribute the notice effective date, of either the Custodian's ’s resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (removal or such longer time as the Custodian may agree to in writing) after resignation by to, neither the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of nor the Custodian under Section 4.3, the Fund or the Custodian Participant has not appointed a successor trustee/custodian who which has duly accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian the Custodian shall have then accepted appointment terminate the IRA, then (iv) termination of the Custodian's responsibilities which shall be effected effective by distributing all assets of in the Retirement Participant’s Account in a single payment sum in cash or in kind to each Participant, subject to the Custodian's ’s right to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment provided below. In the event of any other liabilities constituting a charge on or against distribution in kind, the Custodian and the Participant shall execute, acknowledge and deliver all documents and written instruments necessary to transfer and convey the right, title and interest in the assets of Retirement Accounts the Custodial Account to the Participant.
(d) Upon the resignation or on or against removal of the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4, the Custodian shall transfer be entitled to deduct from the Custodial Account such reasonable amount as it deems necessary to provide for expenses in the settlement of its account, the amount of compensation due to it, and any taxes or other sums chargeable against the Custodial Account for which it may be liable. If the Custodial Account is not sufficient for such purposes, the Custodian shall have the right to a settlement of its account, which, at the option of the Custodian, may be by judicial settlement in an action the Custodian institutes in a court of competent jurisdiction; or by a settlement agreement between the Custodian and the Participant. Upon settlement under this Section, all right, title and interest of the Custodian in the assets of the Custodial Account shall vest in book entry form relating to the Retirement Accounts to the successor custodianTrustee/Custodian.
Appears in 1 contract
Samples: Custodial Account Agreement
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank The Custodian may thereupon resign as Custodian in respect to at any time with or all of the Retirement Accounts without cause upon thirty (30) days' prior written notice to the FundParticipant. In such an event, Resignation will take effect 30 days after the Fund will promptly distribute date the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed is sent, unless a successor Trustee/ Custodian is duly appointed before that date. The Custodian may be removed at any time with or without cause by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) Participant on 60 days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior ’ written notice to the FundCustodian. In such an eventSuch effective date may be changed upon written mutual agreement. To be effective, the Fund shall be responsible to obtain Participant’s notice of removal of the Custodian must include notice of the appointment of a successor custodian for the Retirement Accounts. Upon Trustee/Custodian and a written acceptance of such appointment by the successor custodian, Trustee/ Custodian. If by the Fund will promptly distribute the notice effective date of either the Custodian's ’s resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (removal or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3to, the Fund or the Custodian Participant has not appointed a successor custodian who Trustee/ Custodian which has duly accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian the Custodian shall have then accepted appointment terminate the Plan, then (iv) termination of the Custodian's responsibilities which shall be effected effective by distributing all assets of in the Retirement Participant’s Account in a single payment sum in cash or in kind to each the Participant, subject to the Custodian's ’s right to reserve such funds as it may deem advisable for payment provided below. Upon the resignation or removal of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4, the Custodian shall be entitled to deduct from the Custodial Account such reasonable amount as it deems necessary to provide for expenses in the settlement of its account, the amount of compensation due to it, and any taxes or other sums chargeable against the Custodial Account for which it may be liable. If the Custodial Account is not sufficient for such purposes, the Custodian shall have the right to a settlement of its account, which, at the option of the Custodian, may be by judicial settlement in an action the Custodian institutes in a court of competent jurisdiction; or by a settlement agreement between the Custodian and the Participant (or Beneficiary if the Participant has died). Upon settlement under this Section 14.2, all right, title and interest of the Custodian in the assets of the Custodial Account shall vest in the successor Trustee/Custodian. At that time, all future liability of the Custodian shall terminate under the Plan; provided, however, the Custodian shall execute, acknowledge and deliver all documents and written instruments necessary to transfer all and convey the right, title and interest in the assets in book entry form relating to of the Retirement Accounts Custodial Account to the successor custodianTrustee/ Custodian.
Appears in 1 contract
Samples: Custodial Account Agreement
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank The Custodian may thereupon resign as Custodian in respect to at any or all of the Retirement Accounts time, upon thirty (30) at least 30 days' prior ’ written notice to the FundEmployer. In such an eventThe Custodian may be removed by the Employer at any time, upon 30 days’ writ- ten notice to the Fund will promptly distribute the notice Custodian. Upon resignation of the Custodian's resignation to such persons and in such manner as are called for under , the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund Sponsoring Organization may, but shall not be responsible to obtain required to, appoint a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accountscustodian. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice removal of the Custodian's resignation to such persons and , the Employer shall appoint a suc- cessor custodian, but in such manner as are called for under that event the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and Plan shall be accompanied by considered an individually designed plan for purposes of Section 9.2 and the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement AccountsEmployer may no longer rely on the opinion letter received from the IRS in connection with the Prototype Plan. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (or such longer time as the Custodian may agree to in writing) after resignation receipt by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3, the Fund or the Custodian has not appointed a successor custodian who has accepted such written acceptance of appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of by a successor custodian, provided that if (i) and notice by the Fund Custodian to the Participants, the Custodian shall have failed transfer and pay over to have made such application within successor the assets held in the Participants’ SIMPLE-IRAs under the Plan, to such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind custodian. The Custodian is authorized to reserve from each Participant, subject to the Custodian's right to reserve ’s SIMPLE-IRA such funds sum of money or property as it may deem advisable for payment of all its fees, compensation, costs and expenses expenses, or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts the Plan, or on or against the Custodian. Any amounts Custodian or the Sponsoring Organization, with any balance of such reserve remaining after the payment of all such costs shall items to be delivered paid over to the successor custodian. The Custodian shall not be liable for the acts or omissions of any successor to it. If, if any.
4.6 Upon appointment of and acceptance by a after the Custodian’s resignation or removal, no successor custodian under this Section 4, the Custodian shall transfer all assets in book entry form relating to the Retirement Accounts to the successor custodian.is appointed within (30) thirty days,
Appears in 1 contract
Samples: Simple Ira Plan Agreement
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank (a) The Custodian may thereupon resign as Custodian in respect to at any time with or all of the Retirement Accounts without cause upon thirty (30) days' prior written notice to the FundAccount Owner. In such an event, Resignation will take effect 30 days after the Fund will promptly distribute date the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed is sent unless a successor Trustee/Custodian is duly appointed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement AccountsCustodian or the Account Owner before that date.
4.2 If the Fund chooses to discontinue performing (b) The Custodian may be removed at any of its duties and obligations described in time with or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) without cause upon 60 days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior ’ written notice to the FundCustodian. In such an eventSuch effective date may be changed upon written mutual agreement. To be effective, the Fund shall be responsible to obtain Account Owner’s notice of removal of the Custodian must include notice of the appointment of a successor custodian for the Retirement Accounts. Upon Trustee/ Custodian and a written acceptance of such appointment by the successor custodianTrustee/Custodian.
(c) If, by the Fund will promptly distribute the notice effective date, of either the Custodian's ’s resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (removal or such longer time as the Custodian may agree to in writing) after resignation by to, neither the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of nor the Custodian under Section 4.3, the Fund or the Custodian Account Owner has not appointed a successor custodian who Trustee/Custodian which has duly accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian the Custodian shall have then accepted appointment , then (iv) termination of terminate the Custodian's responsibilities Account which shall be effected effective by distributing all assets of in the Retirement Account Owner in a single payment sum in cash or in kind to each Participant, the Account Owner subject to the Custodian's ’s right to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment provided below. In the event of any other liabilities constituting a charge on or against distribution in kind, the Custodian and the Account Owner shall execute, acknowledge and deliver all documents and written instruments necessary to transfer and convey the right, title and interest in the assets of Retirement Accounts the Custodial Account to the Account Owner.
(d) Upon the resignation or on or against removal of the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4, the Custodian shall be entitled to deduct from the Fund such reasonable amount as it deems necessary to provide for expenses in the settlement of its account, the amount of compensation due to it, and any taxes or other sums chargeable against the Fund for which it may be liable. If the Fund is not sufficient for such purposes, the Custodian shall have the right to a settlement of its account, which, at the option of the Custodian, may be by judicial settlement in an action the Custodian institutes in a court of competent jurisdiction; or by a settlement agreement between the Custodian and the Account Owner. Upon settlement under this Section, all right, title and interest of the Custodian in the assets of the Fund shall vest in the successor Trustee/ Custodian. At that time, all future liability of the Custodian shall terminate under the Account; provided, however, the Custodian shall execute, acknowledge and deliver all documents and written instruments necessary to transfer all and convey the right, title and interest in the assets in book entry form relating to of the Retirement Accounts Fund to the successor custodianTrustee/Custodian.
Appears in 1 contract
Samples: Custodial Account Agreement
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank The Custodian may thereupon resign as Custodian in respect to any or all of the Retirement Accounts upon thirty (30) days' prior written notice to the Fund. In such an event, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of less than thirty (30) days notice in writing to designate a different successor. The Fund will promptly distribute the Participant and may be removed by the Participant at any time upon thirty days' notice of in writing to the Custodian's . Upon such resignation to such persons and in such manner as are called for under or removal, the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (individual Participant shall appoint a qualified successor trustee or such longer time as the Custodian may agree to in writing) after resignation Custodian. Upon receipt by the Custodian pursuant to Sections 4.1of written acceptance of such appointment by the successor trustee or Custodian, 4.2 or 4.4 or removal of the Custodian under Section 4.3, shall transfer and pay over to the Fund or successor the Custodian has not appointed a successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodian's responsibilities shall be effected by distributing all assets of the Retirement Custodial Accounts or Account in a single payment in cash or in kind to each Participantand all records pertaining thereto. The Custodian is authorized, subject to the Custodian's right however, to reserve such funds sum of money as it may deem advisable for payment of all its fees, compensation, costs and expenses expenses, or for payment of any other liabilities constituting a charge on or against the assets of Retirement the Custodial Accounts or on Account or against the Custodian. Any amounts , with any balance of such reserve remaining after the payment of all such costs shall items to be delivered paid over to the successor custodian, if any.
4.6 Upon appointment trustee or Custodian. It shall be a condition of the removal of the Custodian that the Participant shall have appointed a qualified successor trustee or Custodian. In the event of the resignation of the Custodian and acceptance by failure to appoint a successor custodian under this Section 4qualified successor, the Custodian may apply to a court of competent jurisdiction for the appointment of such successor and the costs of such a proceeding shall transfer all assets be treated as an expense under Article IX hereof. Upon such resignation or removal, the Custodian's accounting procedures set forth in book entry form relating to the Retirement Accounts to the successor custodianArticle VIII hereof shall be applicable.
Appears in 1 contract
Samples: Individual Retirement Account Custodial Agreement (Rushmore Fund Inc)
Resignation or Removal of Custodian. 4.1 If either party chooses (a) Subject to terminate the Agreement pursuant to provisions of Section 10 of 11.07(c), the Agreement the Bank Custodian may thereupon at any time resign as Custodian in respect to any or all of the Retirement Accounts upon thirty (30) days' prior and be discharged from its obligations and duties hereunder by giving written notice thereof to the FundMaster Custodial Certificateholders, Seller and the Servicer. In Upon receiving such an eventnotice of resignation, the Fund will Master Custodial Certificateholders shall promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund shall be responsible to obtain appoint a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any by written instrument, in duplicate, one copy of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice which instrument shall be delivered to the Fund. In such an event, the Fund shall be responsible resigning Custodian and one copy to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian. If no successor custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the Fund will promptly distribute resigning Custodian or the notice Seller may petition any court of competent jurisdiction for the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions appointment of the Retirement Account and in form and content satisfactory to and signed by the Banka successor custodian.
4.3 (b) If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, Custodian shall cease to be effective, shall designate a successor custodian eligible in accordance with the provisions of Section 11.06 hereof and shall be accompanied fail to resign after written request therefor by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by Servicer or the successor custodianMaster Custodial Certificateholders, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If or if at any time and the Custodian shall be legally unable to act, or commits any act of bankruptcy, including the making of an assignment or filing of notice of intention to make any proposal for any reason the Bank chooses to resign as Custodian benefit of any some or all Retirement Accountsof its creditors under applicable bankruptcy or insolvency law, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, if a receiver of the Custodian or of its property shall be appointed, or any public officer shall take charge or control of the Custodian or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Servicer or the Master Custodial Certificateholders may, but is not required to, designate remove the Custodian and promptly appoint a successor custodian by written notice instrument, in duplicate, one copy of which instrument shall be delivered to the FundCustodian so removed and one copy to the successor custodian.
(c) At any time the Seller or the Servicer may, and with the Fund will be deemed to have consented to such successor unless consent of the Fund designates Holders of Investor Master Custodial Certificates evidencing not less than 66 2/3% of the aggregate unpaid principal amount of the Investor Master Custodial Certificates of each Series, appoint a different successor custodian and provides which is eligible in accordance with the provisions of Section 11.06 hereof by giving at least 60 days written notice thereof together with such of intention to appoint a different successor's written acceptance by such date as the Custodian specifies in its original notice successor custodian to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons , any Agent and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bankeach Rating Agency.
4.5 If within thirty (30d) days (or such longer time as the Custodian may agree to in writing) after Any resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3, the Fund or the Custodian has not appointed a and appointment of successor custodian who has accepted such pursuant to any of the provisions of this Section 11.07 shall not become effective until acceptance of appointment in writing, by the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodian's responsibilities shall be effected by distributing all assets of the Retirement Account as provided in a single payment in cash or in kind to each Participant, subject to the Custodian's right to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if anySection 11.08 hereof.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4, the Custodian shall transfer all assets in book entry form relating to the Retirement Accounts to the successor custodian.
Appears in 1 contract
Samples: Master Custodial and Servicing Agreement (Chrysler Financial Corp)
Resignation or Removal of Custodian. 4.1 (a) If either party chooses to terminate the Agreement pursuant to Section 10 12 of the Agreement the Bank Transfer Agent may thereupon resign as Custodian custodian in respect to any or all of the Retirement Accounts upon thirty sixty (3060) days' prior written notice to the FundTrust. In such an event, the Fund Trust will promptly distribute the notice of the custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Transfer Agent. The Trust shall be responsible to obtain a successor custodian for all Retirement Accounts.
(b) If the Trust chooses to discontinue performing any of its duties and obligations with respect to any or all Retirement Accounts, it will give the Transfer Agent at least one hundred twenty (120) days' written notice prior to such discontinuance. The Transfer Agent may thereupon resign as custodian in respect to any or all Retirement Accounts by providing sixty (60) days' prior written notice to the Trust. In such an event, the Trust shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Trust will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement AccountsTransfer Agent.
4.2 (c) If at any time and for any reason the Fund Transfer Agent chooses to discontinue performing any resign as custodian of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank Trust at least one hundred twenty sixty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (3060) days' prior written notice. In connection with Transfer Agent resignation hereunder or pursuant to Sections 1.6(a), 1.6(b), the Transfer Agent may, but is not required to, designate a successor custodian by written notice to the Fund. In Trust, and the Trust will be deemed to have consented to such an event, successor unless the Fund shall be responsible to obtain Trust designates a different successor custodian for the Retirement Accounts. Upon and provides written notice thereof together with such a different successor's written acceptance by such date as the successor custodian, Transfer Agent specifies in its original notice to the Fund Trust provided that the Trust will have a minimum of sixty (60) days to designate a different successor. The Trust will promptly distribute the notice of the CustodianTransfer Agent's resignation as custodian to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the BankTransfer Agent.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120d) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty sixty (3060) days (or such longer time as the Custodian custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3custodian, the Fund Trust or the Custodian Transfer Agent has not appointed a successor custodian who has accepted such appointment in writing, the Fund Trust shall within a further period of thirty sixty (3060) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund Trust shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodiancustodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the CustodianTransfer Agent's right as custodian to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodiancustodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 (e) Upon appointment of and acceptance by a successor custodian under this Section 41.6, the Custodian custodian shall transfer all assets in book entry form relating to the Retirement Accounts to the successor custodian.
Appears in 1 contract
Samples: Transfer Agency and Service Agreement (Lehman Brothers Reserve Liquidity Series)
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank (a) The Custodian may thereupon resign as Custodian in respect to any by mailing or all of the Retirement Accounts upon thirty (30) days' prior actually delivering written notice to the Fund. In such an eventEmployer, with a copy to Alliance, at least 60 days prior to the Fund will promptly distribute the notice effectiveness of the Custodian's resignation to such persons and in such manner as are called for under resignation. Alliance may remove the applicable provisions of the Retirement Account and in form and content satisfactory to and signed Custodian by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in mailing or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior actually delivering written notice to the FundCustodian, with a copy to the Employer, at least 60 days prior to removal. In such an event, The notice period may be waived by the Fund shall be responsible person entitled to obtain a successor custodian for the Retirement Accountsnotice. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3this subsection (a), the Fund or the Custodian has not appointed Alliance may designate a successor. The successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointmentall rights, powers, privileges, liabilities, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination duties of the Custodian's responsibilities shall be effected . Upon receipt by distributing all assets the Custodian of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the Custodiansuccessor's right to reserve such funds as it may deem advisable for payment written acceptance of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4appointment, the Custodian shall transfer all assets in book entry form relating to the Retirement Accounts and deliver to the successor custodianall funds previously held by the Custodian, and all records of the Custodian pertaining thereto. If Alliance should fail to designate a successor within thirty days of its resignation or removal, it will transfer to the Trustee, or a person designated by the Trustee, all funds it previously held and all records pertaining thereto.
(b) The Employer may remove the Custodian by mailing or actually delivering written notice to the Custodian at least 60 days prior to the removal. The notice period may be waived by the Custodian. Such removal shall constitute a withdrawal of the Employer of its Plan from under the Prototype Plan and the Employer's Plan shall thereupon be considered an "individually designed retirement plan". Upon its removal, the Custodian will transfer to the Trustee, or a person designated by the Trustee, all funds it previously held and all records pertaining thereto.
Appears in 1 contract
Samples: 401(k) Plan Adoption Agreement (Biomune Systems Inc)
Resignation or Removal of Custodian. 4.1 (a) If either party chooses to terminate the Agreement pursuant to Section 10 13 of the Agreement the Bank Custodian may thereupon resign as Custodian in respect to any or all of the Retirement Accounts upon thirty (30) days' ’ prior written notice to the Fund. In such an event, the Fund will promptly distribute the notice of the Custodian's ’s resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the BankCustodian. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 (b) If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in with respect to any or all Retirement Accounts, it will give the Bank Custodian at least one hundred twenty (120) days' ’ written notice prior to such discontinuance. The Bank Custodian may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing sixty (3060) days' ’ prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's ’s resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the BankCustodian.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120c) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank Custodian chooses to resign as Custodian of from any or all Retirement Accounts, it will give the Fund at least thirty sixty (3060) days' ’ prior written notice. In connection with its the Custodian resignation hereunder or pursuant to Sections 4.11.5(a), 4.2 or 4.31.5(b), the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's ’s written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty sixty (3060) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's ’s resignation as custodian to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the BankCustodian.
4.5 (d) If within thirty sixty (3060) days (or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3Custodian, the Fund or the Custodian has not appointed a successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodian's ’s responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the Custodian's ’s right as custodian to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 (e) Upon appointment of and acceptance by a successor custodian under this Section 41.5, the Custodian shall transfer cause to be transferred all assets in book entry form relating to the Retirement Accounts to the successor custodian.
Appears in 1 contract
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank (a) The Custodian may thereupon resign as Custodian in respect to at any time with or all of the Retirement Accounts without cause upon thirty (30) days' prior written notice to the FundEmployer. In such an event, Resignation will take effect 30 days after the Fund will promptly distribute date the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed is sent, unless a successor Trustee/Custodian is duly appointed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement AccountsCustodian or the Employer before that date.
4.2 If the Fund chooses to discontinue performing (b) The Custodian may be removed at any of its duties and obligations described in time with or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) without cause upon 60 days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior ’ written notice to the FundCustodian. In such an eventSuch effective date may be changed upon written mutual agreement. To be effective, the Fund shall be responsible to obtain Employer’s notice of removal of the Custodian must include notice of the appointment of a successor custodian for the Retirement Accounts. Upon Trustee/Custodian and a written acceptance of such appointment by the successor custodianTrustee/ Custodian.
(c) If, by the Fund will promptly distribute the notice effective date, of either the Custodian's ’s resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (removal or such longer time as the Custodian may agree to in writing) after resignation by to, neither the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of nor the Custodian under Section 4.3, the Fund or the Custodian Employer has not appointed a successor custodian who Trustee/ Custodian which has duly accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian the Custodian shall have then accepted appointment , then (iv) termination of terminate the Custodian's responsibilities Account which shall be effected effective by distributing all assets of in the Retirement Employer’s Account in a single payment sum in cash or in kind to each Participant, the Plan’s trustee subject to the Custodian's ’s right to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment provided below. In the event of any other liabilities constituting a charge on distribution in kind, the Custodian and the Employer shall (or against shall cause the Plan’s trustee to) execute, acknowledge and deliver all documents and written instruments necessary to transfer and convey the right, title and interest in the assets of Retirement Accounts the Custodial Account to the Plan’s trustee.
(d) Upon the resignation or on or against removal of the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4, the Custodian shall be entitled to deduct from the Fund such reasonable amount as it deems necessary to provide for expenses in the settlement of its account, the amount of compensation due to it, and any taxes or other sums chargeable against the Fund for which it may be liable. If the Fund is not sufficient for such purposes, the Custodian shall have the right to a settlement of its account, which, at the option of the Custodian, may be by judicial settlement in an action the Custodian institutes in a court of competent jurisdiction; or by a settlement agreement between the Custodian and the Employer. Upon settlement under this Section, all rights, title and interest of the Custodian in the assets of the Fund shall vest in the successor Trustee/Custodian. At that time, all future liability of the Custodian shall terminate under the Account; provided, however, the Custodian shall execute, acknowledge and deliver all documents and written instruments necessary to transfer all and convey the right, title and interest in the assets in book entry form relating to of the Retirement Accounts Fund to the successor custodianTrustee/Custodian.
Appears in 1 contract
Samples: Custodial Account Agreement
Resignation or Removal of Custodian. 4.1 If either party chooses Upon thirty (30) days' prior written notice to terminate the Agreement pursuant Custodian, the Employer may remove the Custodian from its office hereunder. Such notice, to Section 10 of be effective, shall designate a successor Custodian and shall be xxxxxxxnied by the Agreement the Bank successor's written acceptance. The Custodian also may thereupon at any time resign as Custodian in respect to any or all of the Retirement Accounts unilaterally upon thirty (30) days' prior written notice to the FundEmployer, whereupon the Employer shall appoint a successor Custodian. In The successor Custodian shall be a bank, insured credit union, or other person satisfactory to the Secretary of the Treasury pursuant to Section 401(d)(1) of the Code, and (while serving hereunder) a broker-dealer registered under the Securities Exchange Act of 1934, as now in effect and hereafter amended. Upon receipt by the Custodian of written acceptance by its successor of such an eventsuccessor's appointment, the Fund will promptly distribute Custodian shall transfer and pay over to such successor the notice assets of the Custodial Account and all records (or copies thereof) of the Custodian pertaining thereto provided that the successor Custodian agrees not to dispose of any such records without the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bankconsent. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund PrototypesCustodian is authorized, either of a general nature or in respect to any or all Retirement Accountshowever, it will give the Bank at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3, the Fund or the Custodian has not appointed a successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the Custodian's right to reserve such funds sum of money or property as it may deem advisable for payment of all its fees, compensation, costs costs, and expenses expenses, or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts the Custodial Account or on or against the Custodian. Any amounts , with any balance of such reserve remaining after the payment of all such costs shall items to be delivered paid over to the successor custodian, if any.
4.6 Upon appointment Custodian. The Employer shall substitute another Custodian in place of and acceptance by a successor custodian under this Section 4, the Custodian specified in the Plan upon receipt of notice from the Commissioner of the Internal Revenue Service or his delegate that such substitution is required because the specified Custodian has failed to comply with the requirements of Temporary Income Tax Regulations Section 11.401(d)(1)-1, or is not keeping such records, making such returns or rendering such statements as are required by applicable law, regulations or other rulings. The Custodian shall transfer all assets in book entry form relating to not be liable for the Retirement Accounts to the successor custodianacts or omissions of its successor.
Appears in 1 contract
Samples: Self Employed Retirement Plan (Freedom Mutual Fund)
Resignation or Removal of Custodian. 4.1 (a) If either party chooses to terminate the Agreement pursuant to Section 10 13 of the Agreement the Bank Custodian may thereupon resign as Custodian in respect to any or all of the Retirement Accounts upon thirty (30) days' prior written notice to the Fund. In such an event, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the BankCustodian. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 (b) If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in with respect to any or all Retirement Accounts, it will give the Bank Custodian at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank Custodian may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing sixty (3060) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the BankCustodian.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120c) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank Custodian chooses to resign as Custodian of from any or all Retirement Accounts, it will give the Fund at least thirty sixty (3060) days' prior written notice. In connection with its the Custodian resignation hereunder or pursuant to Sections 4.11.5(a), 4.2 or 4.31.5(b), the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty sixty (3060) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation as custodian to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the BankCustodian.
4.5 (d) If within thirty sixty (3060) days (or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3Custodian, the Fund or the Custodian has not appointed a successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment appointment, then (iv) termination of the Custodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the Custodian's right as custodian to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 (e) Upon appointment of and acceptance by a successor custodian under this Section 41.5, the Custodian shall transfer cause to be transferred all assets in book entry form relating to the Retirement Accounts to the successor custodian.
Appears in 1 contract
Resignation or Removal of Custodian. 4.1 (a) If either party chooses to terminate the Agreement pursuant to Section 10 12 of the Agreement the Bank Transfer Agent may thereupon resign as Custodian custodian in respect to any or all of the Retirement Accounts upon thirty sixty (3060) days' prior written notice to the FundTrust. In such an event, the Fund Trust will promptly distribute the notice of the custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Transfer Agent. The Trust shall be responsible to obtain a successor custodian for all Retirement Accounts.
(b) If the Trust chooses to discontinue performing any of its duties and obligations with respect to any or all Retirement Accounts, it will give the Transfer Agent at least one hundred twenty (120) days' written notice prior to such discontinuance. The Transfer Agent may thereupon resign as custodian in respect to any or all Retirement Accounts by providing sixty (60) days' prior written notice to the Trust. In such an event, the Trust shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Trust will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement AccountsTransfer Agent.
4.2 (c) If at any time and for any reason the Fund Transfer Agent chooses to discontinue performing any resign as custodian of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank Trust at least one hundred twenty sixty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (3060) days' prior written notice. In connection with Transfer Agent resignation hereunder or pursuant to Sections 1.6(a), 1.6(b), the Transfer Agent may, but is not required to, designate a successor custodian by written notice to the Fund. In Trust, and the Trust will be deemed to have consented to such an event, successor unless the Fund shall be responsible to obtain Trust designates a different successor custodian for the Retirement Accounts. Upon and provides written notice thereof together with such a different successor's written acceptance by such date as the successor custodian, Transfer Agent specifies in its original notice to the Fund Trust provided that the Trust will have a minimum of sixty (60) days to designate a different successor. The Trust will promptly distribute the notice of the CustodianTransfer Agent's resignation as custodian to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the BankTransfer Agent.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120d) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty sixty (3060) days (or such longer time as the Custodian custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3custodian, the Fund Trust or the Custodian Transfer Agent has not appointed a successor custodian who has accepted such appointment in writing, the Fund Trust shall within a further period of thirty sixty (3060) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund Trust shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment appointment, then (iv) termination of the Custodiancustodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the CustodianTransfer Agent's right as custodian to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodiancustodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 (e) Upon appointment of and acceptance by a successor custodian under this Section 41.6, the Custodian custodian shall transfer all assets in book entry form relating to the Retirement Accounts to the successor custodian.
Appears in 1 contract
Samples: Transfer Agency and Service Agreement (Neuberger Berman Advisers Management Trust)
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank The Custodian may thereupon resign as Custodian in respect to at any time with or all of the Retirement Accounts without cause upon thirty (30) days' prior written notice to the FundResponsible Individual. In such an event, Resignation will take effect 30 days after the Fund will promptly distribute date the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed is sent, unless a successor Trustee/Custodian is duly appointed before that date. The Custo- dian may be removed at any time with or without cause by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) Responsible Individual on 60 days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior ’ written notice to the FundCusto- dian. In such an eventSuch effective date may be changed upon written mutual agreement. To be effective, the Fund shall be responsible to obtain Responsible Individual’s notice of removal of the Custodian must include notice of the appointment of a successor custodian for the Retirement Accounts. Upon Trustee/Custodian and a written acceptance of such appointment by the successor custodianTrustee/Custodian. If, by the Fund will promptly distribute the notice effec- tive date of either the Custodian's ’s resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (removal or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3to, the Fund or the Custodian Responsible Indi- vidual has not appointed a successor custodian who Trustee/Custodian which has duly accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian the Custodian shall have then accepted appointment terminate the Plan, then (iv) termination of the Custodian's responsibilities which shall be effected effective by distributing all assets of in the Retirement Account in a single payment sum in cash or in kind to each Participantthe Designated Xxxxxx- ciary, subject to the Custodian's ’s right to reserve such funds as provided below. Upon the resignation or removal of the Custodian, the Custo- dian shall be entitled to deduct from the Custodial Account such reasonable amount as it deems necessary to provide for expenses in the settlement of its account, the amount of compensation due to it, and any taxes or other sums chargeable against the Custodial Account for which it may deem advisable be liable. If the Custodial Account is not sufficient for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4purposes, the Custodian shall have the right to a settlement of its account, which, at the option of the Custodian, may be by judicial settlement in an action the Custodian institutes in a court of competent jurisdiction; or by a settlement agreement between the Custodian and the Responsible Individual (or Succes- sor Responsible Individual, if applicable). Upon settlement under this Section 10.6.3, all right, title and interest of the Custodian in the assets of the Custodial Account shall vest in the successor Trustee/ Custodian or, if no duly appointed successor Trustee/Custodian, in the Designated Beneficiary. At that time, all future liability of the Custodian shall terminate under the Plan; provided, however, the Custodian shall execute, acknowledge and deliver all documents and written instruments necessary to transfer all and convey the right, title and interest in the assets in book entry form relating to of the Retirement Accounts Custodial Account, to the successor custodianTrustee/Custodian or, if no duly appointed successor Trustee/Custodian, to the Designated Beneficiary.
Appears in 1 contract
Samples: Coverdell Education Savings Custodial Account Agreement
Resignation or Removal of Custodian. 4.1 If either party chooses (a) Subject to terminate the Agreement pursuant provisions of Section 9.05(c), the Custodian may, at any time, tender its resignation by giving written notice thereof to Section 10 the Co-Owners, the Credit Enhancement Providers, if any, the Seller and the Servicer and, upon the receipt and acceptance thereof by the Servicer, on behalf of the Agreement Seller, the Bank may thereupon resign Co-Owners and any Credit Enhancement Providers, shall be discharged from its obligations and duties hereunder. Upon receiving such notice, the Co-Owners and the Seller shall promptly seek to retain a successor Xxxxxxxxx and, subject to acceptance by the Servicer of the resignation of the resigning Custodian, shall appoint such Person by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Custodian and one copy to the successor Custodian. If no successor Xxxxxxxxx shall have been so appointed or shall have accepted an appointment within 30 days after the giving of such notice of resignation, the Servicer or the resigning Custodian shall petition any court of competent jurisdiction for the appointment of a successor Xxxxxxxxx. The Servicer shall not accept the resignation of the resigning Custodian until a successor Xxxxxxxxx has been appointed and has agreed to act as Custodian in respect to any or all of accordance with the Retirement Accounts upon thirty (30) days' prior written notice to the Fund. In such an event, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accountsterms hereof.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120b) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, Custodian shall cease to be effective, shall designate a successor custodian eligible in accordance with the provisions of Section 9.04 and shall be accompanied fail to resign after written request therefor by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodianServicer, the Fund will promptly distribute Seller or the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If Co-Owners, or if at any time and the Custodian shall be legally unable to act, or commits any act of bankruptcy, including the making of an assignment or filing of notice of intention to make any proposal for any reason the Bank chooses to resign as Custodian benefit of any some or all Retirement Accountsof its creditors under applicable bankruptcy or insolvency law, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate if a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal receiver of the Custodian under Section 4.3or of its property shall be appointed, or any public officer shall take charge or control of the Fund Custodian or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Servicer or the Co-Owners and the Seller may remove the Custodian has not appointed and promptly appoint a successor custodian who has accepted such appointment Custodian by written instrument, in writingduplicate, the Fund shall within a further period one copy of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the Custodian's right to reserve such funds as it may deem advisable for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs which instrument shall be delivered to the successor custodian, if any.
4.6 Upon appointment of Custodian so removed and acceptance by a successor custodian under this Section 4, the Custodian shall transfer all assets in book entry form relating to the Retirement Accounts one copy to the successor custodian.Custodian. The Custodian may also be removed for any other reason at any time upon a Co-Owner Direction delivered to the Custodian, with a copy to the Servicer and the Seller. If a delay in obtaining a Co-Owner Direction with respect to the termination of the Custodian would reasonably be expected to have a material adverse effect on the interests of the Co-Owners or the Seller, the Servicer, as agent for and on behalf of the Co-Owners and the Seller, shall, except if the Servicer has received a Co-Owner Direction directing it to do otherwise, promptly request offers to become the Custodian (on a sealed bid basis) from at least three Persons, who are not Affiliates of one another and who satisfy the requirements of Section
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Golden Credit Card Trust)
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank A. The Custodian may thereupon resign as Custodian in respect to any or all of the Retirement Accounts upon thirty (30) days' prior written notice to the Fund. In such an event, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior written notice to the Fund. In such an event, the Fund shall be responsible to obtain a successor custodian for the Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund upon at least thirty (30) days' days prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice in writing to the FundDepositor, and may be removed by the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of Depositor at any time upon at least thirty (30) days prior notice in writing to designate the Custodian. Upon such resignation or removal, the Depositor shall appoint a different successorsuccessor Custodian to serve under this Agreement. The Fund will promptly distribute Upon receipt by the notice Custodian of written acceptance of such appointment by the successor Xxxxxxxxx, the Custodian shall transfer to such successor the assets of the Agreement and all necessary records (or copies thereof) pertaining thereto, provided that (if so requested by Xxxxxxxxx) any successor Custodian agrees not to dispose of any such records without the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (or such longer time as the consent. The Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1is authorized, 4.2 or 4.4 or removal of the Custodian under Section 4.3however, the Fund or the Custodian has not appointed a successor custodian who has accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian shall have then accepted appointment , then (iv) termination of the Custodian's responsibilities shall be effected by distributing all assets of the Retirement Account in a single payment in cash or in kind to each Participant, subject to the Custodian's right to reserve such funds a portion of such assets as it may deem advisable for payment of all its fees, compensation, costs costs, and expenses expense, or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts the Agreement or on or against the Custodian. Any amounts , with any balance of such reserve remaining after the payment of all such costs shall items to be delivered paid over to the successor custodian, if anyCustodian.
4.6 Upon appointment of and acceptance by B. If within thirty (30) days after Xxxxxxxxx's resignation or removal or such longer time as Custodian may agree to, the Depositor has not appointed a successor custodian under this Section 4Custodian which has accepted such appointment, the Custodian shall transfer all terminate the Agreement.
C. The Custodian shall not be liable for the acts or omissions of such successor.
D. The Custodian, and every successor Xxxxxxxxx appointed to serve under this Agreement, must be a bank as defined in Code section 408(n).
E. After the Custodian has transferred the Agreement assets in book entry form relating to the Retirement Accounts (including any reserve balance as contemplated above) to the successor custodianCustodian, the Custodian shall be relieved of all further liability with respect to this Custodial Agreement, and the assets thereof.
Appears in 1 contract
Samples: Tax Sheltered Custodial Account Agreement (New England Funds Trust I)
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank The Custodian may thereupon resign as Custodian in respect to at any time with or all of the Retirement Accounts without cause upon thirty (30) days' prior written notice to the FundParticipant. In such an event, Resignation will take effect 30 days after the Fund will promptly distribute date the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed is sent, unless a successor Trustee/ Custodian is duly appointed before that date. The Custodian may be removed at any time with or without cause by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) Participant on 60 days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior ’ written notice to the FundCustodian. In such an eventSuch effective date may be changed upon written mutual agreement. To be effective, the Fund shall be responsible to obtain Participant’s notice of removal of the Custodian must include notice of the appointment of a successor custodian for the Retirement Accounts. Upon Trustee/Custodian and a written acceptance of such appointment by the successor custodianTrustee/Custo- dian. If, by the Fund will promptly distribute the notice effective date of either the Custodian's ’s resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (removal or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3to, the Fund or the Custodian Participant has not appointed a successor custodian who Trustee/Custodian which has duly accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian the Custodian shall have then accepted appointment terminate the Plan, then (iv) termination of the Custodian's responsibilities which shall be effected effective by distributing all assets of in the Retirement Account in a single payment sum in cash or in kind to each Participantthe Designated Benefi- ciary, subject to the Custodian's ’s right to reserve such funds as provided below. Upon the resignation or removal of the Custodian, the Custo- dian shall be entitled to deduct from the Custodial Account such reasonable amount as it deems necessary to provide for expenses in the settlement of its account, the amount of compensation due to it, and any taxes or other sums chargeable against the Custodial Account for which it may deem advisable be liable. If the Custodial Account is not sufficient for payment of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4purposes, the Custodian shall have the right to a settlement of its account, which, at the option of the Custodian, may be by judicial settlement in an action the Custodian institutes in a court of competent jurisdiction; or by a settlement agreement between the Custodian and the Participant (or Successor Partici- pant, if applicable). Upon settlement under this Section 14.2, all right, title and interest of the Custodian in the assets of the Custo- dial Account shall vest in the successor Trustee/Custodian or, if no duly appointed successor Trustee/Custodian, in the Designated Beneficiary. At that time, all future liability of the Custodian shall terminate under the Plan; provided, however, the Custodian shall execute, acknowledge and deliver all documents and written instru- ments necessary to transfer all and convey the right, title and interest in the assets in book entry form relating to of the Retirement Accounts Custodial Account, to the successor custodianTrustee/ Custodian or, if no duly appointed successor Trustee/Custodian, to the Designated Beneficiary.
Appears in 1 contract
Resignation or Removal of Custodian. 4.1 If either party chooses to terminate the Agreement pursuant to Section 10 of the Agreement the Bank The Custodian may thereupon resign as Custodian in respect to at any time with or all of the Retirement Accounts without cause upon thirty (30) days' prior written notice to the FundParticipant. In such an event, Resignation will take effect 30 days after the Fund will promptly distribute date the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed is sent, unless a successor Trustee/ Custodian is duly appointed before that date. The Custodian may be removed at any time with or without cause by the Bank. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts.
4.2 If the Fund chooses to discontinue performing any of its duties and obligations described in or contemplated by this 1999 Amendment or the Fund Prototypes, either of a general nature or in respect to any or all Retirement Accounts, it will give the Bank at least one hundred twenty (120) Participant on 60 days' written notice prior to such discontinuance. The Bank may thereupon resign as Custodian in respect to any or all Retirement Accounts by providing (30) days' prior ’ written notice to the FundCustodian. In such an eventSuch effective date may be changed upon written mutual agreement. To be effective, the Fund shall be responsible to obtain Participant’s notice of removal of the Custodian must include notice of the appointment of a successor custodian for the Retirement Accounts. Upon Trustee/Custodian and a written acceptance of such appointment by the successor custodian, Trustee/ Custodian. If by the Fund will promptly distribute the notice effective date of either the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.3 If at any time the Fund chooses to terminate the services requested under this 1999 Amendment, it will give the Bank at least one hundred and twenty (120) days' written notice prior to such termination. Such notice, to be effective, shall designate a successor custodian and shall be accompanied by the successor custodian's written acceptance. The Fund shall be responsible to obtain a successor custodian for all Retirement Accounts. Upon written acceptance by the successor custodian, the Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.4 If at any time and for any reason the Bank chooses to resign as Custodian of any ’s resigna- tion or all Retirement Accounts, it will give the Fund at least thirty (30) days' prior written notice. In connection with its resignation hereunder or pursuant to Sections 4.1, 4.2 or 4.3, the Custodian may, but is not required to, designate a successor custodian by written notice to the Fund, and the Fund will be deemed to have consented to such successor unless the Fund designates a different successor custodian and provides written notice thereof together with such a different successor's written acceptance by such date as the Custodian specifies in its original notice to the Fund provided that the Fund will have a minimum of thirty (30) days to designate a different successor. The Fund will promptly distribute the notice of the Custodian's resignation to such persons and in such manner as are called for under the applicable provisions of the Retirement Account and in form and content satisfactory to and signed by the Bank.
4.5 If within thirty (30) days (removal or such longer time as the Custodian may agree to in writing) after resignation by the Custodian pursuant to Sections 4.1, 4.2 or 4.4 or removal of the Custodian under Section 4.3to, the Fund or the Custodian Participant has not appointed a successor custodian who Trustee/Custodian which has duly accepted such appointment in writing, the Fund shall within a further period of thirty (30) days apply to a court of competent jurisdiction for appointment of a successor custodian, provided that if (i) the Fund shall have failed to have made such application within such period or (ii) the court shall have dismissed such application without having made such appointment, and (iii) no successor custodian the Custodian shall have then accepted appointment terminate the Plan, then (iv) termination of the Custodian's responsibilities which shall be effected effective by distributing all assets of in the Retirement Participant’s Account in a single payment sum in cash or in kind to each the Participant, subject to the Custodian's ’s right to reserve such funds as it may deem advisable for payment provided below. Upon the resignation or removal of all its fees, compensation, costs and expenses or for payment of any other liabilities constituting a charge on or against the assets of Retirement Accounts or on or against the Custodian. Any amounts remaining after payment of such costs shall be delivered to the successor custodian, if any.
4.6 Upon appointment of and acceptance by a successor custodian under this Section 4Custo- dian, the Custodian shall be entitled to deduct from the Custo- dial Account such reasonable amount as it deems necessary to provide for expenses in the settlement of its account, the amount of compensation due to it, and any taxes or other sums charge- able against the Custodial Account for which it may be liable. If the Custodial Account is not sufficient for such purposes, the Custo- dian shall have the right to a settlement of its account, which, at the option of the Custodian, may be by judicial settlement in an action the Custodian institutes in a court of competent jurisdiction; or by a settlement agreement between the Custodian and the Partici- pant (or Beneficiary if the Participant has died). Upon settlement under this Section 15.2, all right, title and interest of the Custodian in the assets of the Custodial Account shall vest in the successor Trustee/Custodian. At that time, all future liability of the Custodian shall terminate under the Plan; provided, however, the Custodian shall execute, acknowledge and deliver all documents and written instruments necessary to transfer all and convey the right, title and interest in the assets in book entry form relating to of the Retirement Accounts Custodial Account to the successor custodianTrustee/Custodian.
Appears in 1 contract
Samples: Roth Ira Custodial Account Agreement
