Merger, Conversion, Consolidation or Succession to Business of Custodian Clause Samples
This clause outlines the procedures and consequences if the custodian undergoes a merger, conversion, consolidation, or is succeeded by another business entity. It typically specifies that the rights and obligations of the original custodian under the agreement will automatically transfer to the successor entity without requiring further action from the other parties. This ensures continuity of custodial services and prevents disruption in the management or safeguarding of assets due to changes in the custodian’s corporate structure.
Merger, Conversion, Consolidation or Succession to Business of Custodian. Any organization or entity into which the Custodian may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Custodian, shall be the successor of the Custodian hereunder and any other Facility Document to which the Custodian is a party, without the execution or filing of any document or any further act on the part of any of the parties hereto.
Merger, Conversion, Consolidation or Succession to Business of Custodian. Any organization or entity into which the Custodian may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, -178- DOCPROPERTY "DocID" \* MERGEFORMAT USActive 60781347.5 conversion or consolidation to which the Custodian shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Custodian, shall be the successor of the Custodian hereunder and any other Facility Document to which the Custodian is a party, without the execution or filing of any document or any further act on the part of any of the parties hereto.
Merger, Conversion, Consolidation or Succession to Business of Custodian. Any Person into which the Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any corporation succeeding to all or substantially all of the business of the Custodian, shall be the successor of the Custodian hereunder, provided such Person shall be acceptable to MBIA and shall be otherwise qualified and eligible, without the execution or filing of any paper or any further act on the part of any of the parties hereto, and notice thereof shall be provided by the Custodian to the Indenture Trustee, MBIA and the Rating Agencies.
Merger, Conversion, Consolidation or Succession to Business of Custodian. Any Person into which the Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Custodian, shall be the successor of the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.