Common use of Resignation or Removal of Custodian Clause in Contracts

Resignation or Removal of Custodian. The Custodian may resign as Custodian of any Participant’s Account upon 30 days written notice to the Participant. The Participant may remove a Custodian upon 30 days prior written notice. Upon such resignation or removal, a successor Xxxxxxxxx shall be named. Upon designation of a successor Xxxxxxxxx, the Custodian shall transfer the assets held pursuant to the terms of this Agreement to the successor Custodian. The Custodian may retain a portion of the assets to the extent necessary to cover reasonable administrative fees and expenses. Where the Custodian is serving as a nonbank custodian pursuant to Treasury Regulation 1.408-2(e), the Participant will appoint a successor Custodian upon notification by the Commissioner of the Internal Revenue Service that such substitution is required because the Custodian has failed to comply with the requirements of Treasury Regulation 1.408-2(e) or is not keeping such records or making such returns or rendering such statements as are required by forms or regulations.

Resignation or Removal of Custodian. The Custodian may resign as Custodian of any Participant’s Account upon 30 days written notice to the Participant. The Participant may remove a Custodian upon 30 days prior written notice. Upon such resignation or removal, a successor Xxxxxxxxx Custodian shall be named. Upon designation of a successor XxxxxxxxxCustodian, the Custodian shall transfer the assets held pursuant to the terms of this Agreement to the successor Custodian. The Custodian may retain a portion of the assets to the extent necessary to cover reasonable administrative fees and expenses. Where the Custodian is serving as a nonbank custodian pursuant to Treasury Regulation 1.408-2(e), the Participant will appoint a successor Custodian upon notification by the Commissioner of the Internal Revenue Service that such substitution is required because the Custodian has failed to comply with the requirements of Treasury Regulation 1.408-2(e) or is not keeping such records or making such returns or rendering such statements as are required by forms or regulations.

Resignation or Removal of Custodian. The Custodian may resign as Custodian of any Participant’s 's Account upon 30 days written notice to the Participant. The Participant may remove a Custodian upon 30 days prior written notice. Upon such resignation or removal, a successor Xxxxxxxxx Custodian shall be named. Upon designation of a successor XxxxxxxxxCustodian, the Custodian shall transfer the assets held pursuant to the terms of this Agreement to the successor Custodian. The Custodian may retain a portion of the assets to the extent necessary to cover reasonable administrative fees and expenses. Where the Custodian is serving as a nonbank custodian pursuant to Section 1.401-12(n) of the Treasury Regulation 1.408-2(e)Regulations, the Participant will appoint a successor Custodian custodian upon notification by the Commissioner of the Internal Revenue Service that such substitution is required because the Custodian has failed to comply with the requirements of Treasury Regulation 1.408Section 1.401-2(e12(n) or is not keeping such records or making such returns or rendering such statements as are required by forms or regulations.