Common use of Administrative Duties of Custodian Clause in Contracts

Administrative Duties of Custodian. (a) The Custodian shall have the authority to take the following actions in the administration of the Account: (1) Maintain the investments in the Account invested as last directed; (2) Employ suitable agents, including appointing sub-custodians (including affiliates of the Custodian) as to part or all of the Account; (3) Make, execute and deliver any and all documents, agreements or other instruments in writing as is necessary or desirable for the accomplishment of any administrative duties under this Custodial Agreement; and (4) Generally take all action, whether or not expressly authorized, which the Custodian may deem necessary or desirable for the fulfillment of its duties under the Custodial Agreement. (b) The Custodian shall perform or shall cause its agents or sub-custodians to perform the following duties with respect to the Account: (1) Hold the property of the Account in safekeeping facilities of the Custodian or of other custodian banks or clearing corporations; provided that the Custodian shall not be responsible for any losses resulting from the deposit or maintenance of securities or other property (in accordance with market practice, custom or regulation) with any recognized clearing facility, book entry system, centralized custodial depository, or similar organization; (2) Collect income payable to and distributions due to the Account and sign on the Account’s behalf all declarations, affidavits, and certificates of ownership required to collect income and principal payments; provided that the Custodian shall not be responsible for the failure to receive payment of (or late payment of) distributions with respect to securities or other property held in the Account; (3) Subject to the timely receipt of notice from an issuer, collect all proceeds from investments held in the Account which may mature or be called; (4) Report the value of the Account as of such dates as the Employer and the Custodian may agree upon, in accordance with methods consistently followed and uniformly applied. In reporting the value of the Account, the Custodian, in accordance with the Custodian’s then current practices, shall obtain and rely upon prices and quotes from pricing sources; and (5) The Custodian shall keep accurate and detailed accounts of all contributions, receipts, investments, distributions and all other transactions.