Common use of Administrative Duties Clause in Contracts

Administrative Duties. This Article shall delineate the responsibilities of the Custodian. The Custodian shall maintain the Account in the name of the Participant and shall be responsible only for the contributions of which it receives notice from the Participant. The Custodian shall make distributions and transfers only in accordance with the directions of the Participant. The Custodian shall keep records of all receipts, investments and disbursements relating to the Account. The Custodian shall furnish the Participant or the Beneficiary, where applicable, with a written Statement of transactions relating to the Account. Unless the Participant shall have filed with the Custodian Agent written exceptions or objections to such Statement within thirty (30) days after it is furnished, the custodian shall be forever released and discharged from liability or accountability to the Participant or the Beneficiary, with respect to the acts and transactions shown in the Statement. No Beneficiary shall be entitled to Statements hereunder until the Participant is deceased and distribution shall have commenced to such Beneficiary. The duties and responsibilities of all parties to this Agreement are limited to those specifically stated herein and no other or further duties or responsibilities shall be implied.

Administrative Duties. This Article shall delineate the responsibilities of the Custodian. The Custodian shall maintain the Account in the name of the Participant and shall be responsible only for the contributions of which it receives notice from the Participant. The Custodian shall make distributions and transfers only in accordance with the directions of the Participant. The Custodian shall keep records of all receipts, investments and disbursements relating to the Account. The Custodian shall furnish the Participant or the Beneficiary, where applicable, with a written Statement statement of transactions relating to the Account. Unless the Participant shall have filed with the Custodian Agent written exceptions or objections to such Statement statement within thirty (30) days after it is furnished, the custodian shall be forever released and discharged from liability or accountability to the Participant or the Beneficiary, with respect to the acts and transactions shown in the Statementstatement. No Beneficiary shall be entitled to Statements statements hereunder until the Participant is deceased and distribution shall have commenced to such Beneficiary. The duties and responsibilities of all parties to this Agreement are limited to those specifically stated herein and no other or further duties or responsibilities shall be implied.