SUBCONTRACT/ASSIGNMENT. The Bank shall not subcontract or assign its obligations under this Agreement without the prior written consent of the Contract Administrator. The Bank shall be responsible to ensure that all requirements of the Agreement shall be communicated to any and all Subcontractors. Substitution of another financial institution to act as the Bank under this Agreement may occur in the event of a takeover, merger, or acquisition. In this event, the successor bank shall provide an automatic continuation of all terms of this Agreement, provided the successor bank can meet all required terms of the Agreement. However, the Agency reserves the right to terminate the Agreement in the event a successor bank is substituted, after providing 60 calendar days’ written termination notice.
Appears in 2 contracts
Sources: Custody Services Agreement, Custody Services Agreement