Withdrawal of Acceptance of Delegation as Foreign Custody Manager Sample Clauses
The "Withdrawal of Acceptance of Delegation as Foreign Custody Manager" clause defines the process by which a party, typically a custodian, can revoke its agreement to act as a foreign custody manager. This clause outlines the conditions and procedures for providing notice of withdrawal, such as required advance notice periods and any obligations to ensure a smooth transition of custodial responsibilities. Its core function is to provide a clear mechanism for ending the delegation relationship, thereby managing risk and ensuring continuity in the safekeeping of assets held in foreign jurisdictions.
Withdrawal of Acceptance of Delegation as Foreign Custody Manager. Upon reasonable prior written notice to the Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect to a specified Covered Foreign Country, and the Custodian will have no further responsibility in its capacity as Foreign Custody Manager to the Client generally or with respect to the designated Covered Foreign Country, as applicable.