Common use of Change of Custodian Clause in Contracts

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.