Common use of Agent for the Custodian Clause in Contracts

Agent for the Custodian. The Custodian has appointed the Administrator to act as agent and/or nominee for the Custodian to perform administrative and/or custodial-related services with respect to the Custodial Account for which the Custodian otherwise has responsibility under this Agreement. All limitations of, and duties owed to the Depositor by the Custodian, and releases or indemnifications of the Custodian by the Depositor in this Agreement shall apply equally to the Administrator. Except where the Depositor is a resident of North Carolina, where all assets shall be vested solely in the name of the Custodian for the benefit of (“FBO”) the Depositor, the Administrator may, for administrative convenience, perform duties on behalf of the Custodian which include, but are not limited to, executing applications or adoption agreements, transfers, stock powers, escrow accounts, purchase agreements, notes, deeds, conveyances, liens, placing assets or liabilities in the Administrator’s name as Nominee for the Custodian and FBO the Depositor to provide administrative convenience for such transactions, depositing contributions, and income, paying liabilities and distributions and government reporting for Depositors who have established a Custodial Account with the Custodian. Notwithstanding the foregoing, the Custodian shall maintain control over all Account assets.