SPARE CUSTODIAN Sample Clauses

The "Spare Custodian" clause designates an alternative party to assume custodial responsibilities if the primary custodian is unable or unwilling to perform their duties. In practice, this clause identifies a backup custodian and outlines the conditions under which the transition of custodianship would occur, such as incapacity, resignation, or disqualification of the original custodian. Its core function is to ensure continuity and safeguard the assets or interests under custody by providing a clear succession plan, thereby minimizing disruption and uncertainty.