Common use of Termination or Assignment Clause in Contracts

Termination or Assignment. This agreement may be terminated by the Trust, or by the Custodian, on sixty (60) days' notice, given in writing and sent by registered mail to the Custodian, or to the Trust, as the case may be, at the address hereinafter set forth. Upon any termination of this Agreement, pending appointment by the Trust of a successor to the Custodian or a vote of the shareholders of the Trust to dissolve or to function without a Custodian of its funds, the Custodian shall not deliver funds, Securities or other property of the Trust to the Trust, but may deliver them to a bank or trust company of its own selection having an aggregate capital, surplus, and undivided profits, as shown by its last published report of not less than ten million dollars ($10,000,000) and otherwise qualified to act as a custodian to a registered investment company as a Custodian for the Trust to be held under terms similar to those of this Agreement; provided, however, that the Custodian shall not be required to make any such delivery or payment until full payment shall have been made to the Custodian of all its contractual fees, compensations, costs and expenses, except for fees and expenses all as set forth in Section 13 of this Agreement.

Termination or Assignment. This agreement may be terminated by the Trust, or by the Custodian, on sixty (60) days' notice, given in writing and sent by registered mail to the Custodian, or to the Trust, as the case may be, at the address hereinafter set forth. Upon any termination of this Agreement, pending appointment by the Trust of a successor to the Custodian or a vote of the shareholders of the Trust to dissolve or to function without a Custodian of its funds, securities and other property, the Custodian shall not deliver funds, Securities securities or other property of the Trust to the Trust, but may deliver them to a bank or trust company of its own selection selection, having an aggregate capital, surplus, surplus and undivided undividend profits, as shown by its last published report of not less than ten million dollars ($10,000,000) and otherwise qualified to act as a custodian to a registered investment company as a Custodian for the Trust to be held under terms similar to those of this Agreement; provided, however, that the Custodian shall not be required to make any such delivery or payment until full payment shall have been made by the Trust of all liabilities constituting a charge on or against the properties then held by the Custodian or on or against the Custodian, and until full payment shall have been made to the Custodian of all its contractual fees, compensations, costs and expenses, except for fees and expenses all as set forth in subject to the provisions of Section 13 11 of this Agreement.