Common use of Amendment by the Depositor Clause in Contracts

Amendment by the Depositor. Any Depositor who amends this Agreement, other than by changing an election or a Beneficiary designation (but only as provided in section 4 of this Article VIII) shall no longer be deemed to be participating in this Agreement. In such case and as a consequence of such deemed nonparticipation, the Depositor shall be directed to appoint a successor trustee or custodian to receive the balance of his or her Custodial Account in accordance with section 11 of this Article VIII. In no event shall the Depositor be permitted to make any change in an election or Beneficiary designation in such a manner as would contravene the provisions of this Agreement and/or cause the Agreement to fail to satisfy the conditions of law or regulation and/or otherwise fail to comply with the provisions of the Code and any amendments thereto.

Amendment by the Depositor. Any Depositor who amends this Agreement, other than by changing an election or a Beneficiary designation (but only as provided in section 4 of this Article VIIIIX) shall no longer be deemed to be participating in this Agreement. In such case and as a consequence of such deemed nonparticipation, the Depositor shall be directed to appoint a successor trustee or custodian to receive the balance of his or her Xxxx Custodial Account in accordance with section 11 of this Article VIIIIX. In no event shall the Depositor be permitted to make any change in an election or Beneficiary designation in such a manner as would contravene the provisions of this Agreement and/or cause the Agreement to fail to satisfy the conditions of law or regulation and/or otherwise fail to comply with the provisions of the Code and any amendments thereto.

Amendment by the Depositor. Any Depositor who amends this Agreement, other than by changing an election or a Beneficiary designation (but only as provided in section 4 of this Article VIIISection V) shall no longer be deemed to be participating in this Agreement. In such case and as a consequence of such deemed nonparticipation, the Depositor shall be directed to appoint a successor trustee or custodian to receive the balance of his or her Custodial Account in accordance with section 11 of this Article VIIISection XII. In no event shall the Depositor be permitted to make any change in an election or Beneficiary designation in such a manner as would contravene the provisions of this Agreement and/or cause the Agreement to fail to satisfy the conditions of law or regulation and/or otherwise fail to comply with the provisions of the Code and any amendments thereto.