Change of Custodian Clause Samples
The Change of Custodian clause outlines the procedures and requirements for transferring custodial responsibility from one party to another. Typically, this clause specifies the conditions under which a change can occur, such as notification requirements, approval processes, and the effective date of the transfer. For example, it may require written notice to all parties involved and the completion of certain documentation before the new custodian assumes responsibility. The core function of this clause is to ensure a smooth and transparent transition of custodianship, minimizing confusion and safeguarding the interests of all parties during the handover process.
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Change of Custodian. (a) If there is a change of Custodian, subject to the terms of the Custody Agreement, such change will only become effective when the proposed new Custodian agrees with the Investor and the Chargor, in a manner satisfactory to the Investor (acting reasonably), to fulfil the role of the Custodian under this Deed.
(b) If there is a change of Custodian:
(i) the amount (if any) standing to the credit of the relevant Security Account maintained with the old Custodian will be transferred to the corresponding Security Account maintained with the new Custodian immediately upon the appointment taking effect; and
(ii) the Share Collateral standing to the credit of the Secured Securities Account maintained with the old Custodian will be transferred to the corresponding Secured Securities Account maintained with the new Custodian immediately upon the appointment taking effect.
(c) The Chargor must give all authorisations and instructions necessary for any such transfer to be made. The Chargor must take any action which the Investor may reasonably require to facilitate a change of Custodian and any transfer of credit balances or Share Collateral (including the execution of bank mandate forms).
Change of Custodian. To reflect the change in the custodian, the Deposit Agreement is hereby amended as of the Effective Date by:
(a) deleting the definition of "Custodian" contained in Article I of the Deposit Agreement in its entirety and inserting the following in its stead:
Change of Custodian. If the custodian changes its name, reorganizes, merges with another organization (or comes under the control of any federal or state agency), or if the custodian (or any portion of the organization which includes this ▇▇▇) is bought by another organization, that organization (or agency) shall automatically become the trustee or custodian of this
Change of Custodian. In the event the Custodian notifies the Company and the Representative that its acceptance of the duties of Custodian has been terminated by the Custodian, or in the event the Custodian files for protection under the United States Bankruptcy Code or is liquidated or ceases operations for any reason, the Company and the Representative shall have the right to jointly designate a replacement Custodian who shall succeed to the rights and duties of the Custodian hereunder. Any such replacement Custodian shall be a trust or stock transfer company experienced in stock transfer, escrow and related matters and shall have a minimum net worth of $5 million. Upon appointment of such successor Custodian, the Custodian shall be discharged from all duties and responsibilities hereunder.
Change of Custodian. No change in Custodian may occur without the express written consent of the Pledgee and the Pledgor. The Custodian may resign by giving thirty (30) days' notice to the parties to this Agreement. The Pledgee may then appoint a successor Custodian with the prior written consent of the Pledgor, which shall not be unreasonably withheld or delayed, whereupon the successor Custodian shall succeed to the rights, powers and duties of the Custodian.
Change of Custodian. There will be no change of the Custodian for Borrower unless any such successor custodian is a bank or trust company organized under the laws of the United States or a political subdivision thereof having assets of at least $10,000,000,000 and a long-term debt or deposit rating of at leas▇ "▇▇" ▇▇om Mood▇'▇ ▇▇▇estors Service and, after giving effect to such change, no Default or Event of Default shall have occurred and be continuing.
Change of Custodian. If:
(a) another person replaces the Owner as the custodian of the assets of the Trust; or
(b) another person becomes the custodian of the Trust jointly with the Owner, (New Custodian), the Trustee must procure that the Owner and the New Custodian enter into an agreement with the Council under which the New Custodian agrees to be bound by the Owner's obligations under this Agreement.
Change of Custodian. In the event the Custodian notifies the Company and the Representative that its acceptance of the duties of Custodian has been terminated by the Custodian, or in the event the Custodian files for protection under the United States Bankruptcy Code or is liquidated or ceases operations for any reason, the Company and the Representative shall have the right to jointly designate a replacement Custodian who shall succeed to the rights and duties of the Custodian hereunder. Any such replacement Custodian shall be a trust or stock transfer company experienced in stock transfer, escrow and related matters and shall have a minimum net worth of $1 million. Upon appointment of such successor Custodian, the Custodian shall be discharged from all duties and responsibilities hereunder.
Change of Custodian. In the event the Custodian shall be converted into, merged or consolidated with, shall sell and transfer substantially all of its assets and business to, or shall transfer substantially all of its Custodial Accounts maintained pursuant to agreements comparable to this Agreement to a bank, financial institution or other organization approved by the Secretary of the Treasury to hold assets of individual retirement accounts (a "Successor"), such Successor shall thereupon become and be the Custodian of the Account with the same effect as though specifically so named. The Depositor shall be provided with 30 days' prior written notice of any change of Custodian pursuant to this paragraph, and shall be deemed to have consented thereto unless, within 30 days after such notice to Depositor is mailed, Depositor gives Custodian a written order for a complete distribution or transfer of the Custodial Account assets in accordance with paragraph 10. Upon receipt by Custodian of written acceptance by its Successor of such Successor's appointment, Custodian shall transfer and pay over to such Successor the assets of the Custodial Account and all records (or copies thereof) of Custodian pertaining thereto, provided that the Successor agrees not to dispose of any such records without the Custodian's consent. Custodian is authorized, however, to reserve such sum of money or property 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 the Custodial Account or on or against the Custodian, with any balance of such reserve remaining after the payment of all such items to be paid over to the Successor. No Custodian shall be liable for the acts or omissions of its predecessor or its successor.
Change of Custodian. The custodian may resign as custodian and substitute a successor custodian, and it will do so if it receives notice from the IRS that such substitution is required to protect the tax status of this HSA. If the custodian resigns, the account owner can appoint a qualified successor custodian or trustee to whom the HSA assets will be transferred or request a distribution. Any resulting fees will be deducted from the transfer or distribution. If the account owner fails to provide direction to the resigning custodian within 30 days, the custodian may transfer the assets to the successor custodian. A successor custodian will have all of the same duties and rights granted to the original custodian under this agreement. A successor custodian will not be liable for any act or omission of a predecessor custodian.