Common use of Annual Accounting Clause in Contracts

Annual Accounting. The Custodian shall, at least annually, provide the Depositor or beneficiary (in the case of the Depositor’s death) with an accounting of such Depositor's Custodial Account. For this purpose, the Custodian may adopt the records of any third-party source. In the event the Custodial Account holds any securities or other assets for which a market value is not readily available, the Custodian shall for all purposes, including fee calculations and determining required minimum distributions, value such securities or other assets at their acquisition cost until the Custodian receives reliable information regarding current values from the Depositor or any other source. The Depositor agrees to indemnify and hold the Custodian harmless from and against any damages, liabilities, expenses, taxes, fines, penalties and any other costs incurred as a result of valuing assets in this manner. Such accounting shall be deemed to be accepted by the Depositor, if the Depositor does not object in writing within 60 days after the mailing of such accounting statement.

Annual Accounting. The Custodian shall, at least annually, provide the Depositor or beneficiary (in the case of the Depositor’s death) with an accounting of such Depositor's Custodial Accountaccount. For this purpose, the Custodian may adopt the records of any third-party source. In the event the Custodial Account holds any securities or other assets for which a market value is not readily available, the Custodian shall for all purposes, including fee calculations and determining required minimum distributions, value such securities or other assets at their acquisition cost until the Custodian receives reliable information regarding current values from the Depositor or any other source. The Depositor agrees to indemnify and hold the Custodian harmless from and against any damages, liabilities, expenses, taxes, fines, penalties and any other costs incurred as a result of valuing assets in this manner. Such accounting shall be deemed to be accepted by the Depositor, Depositor if the Depositor does not object in writing within 60 days after the mailing of such accounting statement.

Annual Accounting. The Custodian shall, at least annually, provide the Depositor or beneficiary (in the case of the Depositor’s death) with an accounting of such Depositor's Custodial AccountXxxxxxxxx’s account. For this purpose, the Custodian may adopt the records of any third-party source. In the event the Custodial Account holds any securities or other assets for which a market value is not readily available, the Custodian shall for all purposes, including fee calculations and determining required minimum distributions, value such securities or other assets at their acquisition cost until the Custodian receives reliable information regarding current values from the Depositor or any other source. The Depositor agrees to indemnify and hold the Custodian harmless from and against any damages, liabilities, expenses, taxes, fines, penalties and any other costs incurred as a result of valuing assets in this manner. Such accounting shall be deemed to be accepted by the Depositor, Depositor if the Depositor does not object in writing within 60 days after the mailing of such accounting statement.

Annual Accounting. The Custodian shall, at least annually, provide the Depositor or beneficiary (in the case of the Depositor’s death) with an accounting of such DepositorXxxxxxxxx's Custodial Accountaccount. For this purpose, the Custodian may adopt the records of any third-party source. In the event the Custodial Account holds any securities or other assets for which a market value is not readily available, the Custodian shall for all purposes, including fee calculations and determining required minimum distributions, value such securities or other assets at their acquisition cost until the Custodian receives reliable information regarding current values from the Depositor or any other source. The Depositor agrees to indemnify and hold the Custodian harmless from and against any damages, liabilities, expenses, taxes, fines, penalties and any other costs incurred as a result of valuing assets in this manner. Such accounting shall be deemed to be accepted by the Depositor, Depositor if the Depositor does not object in writing within 60 days after the mailing of such accounting statement.

Annual Accounting. The Custodian shall, at least annually, provide the Depositor or beneficiary (in the case of the Depositor’s death) with an accounting of such Depositor's Custodial Account. For this purpose, the Custodian may adopt the records of any third-party third‐party source. In the event the Custodial Account holds any securities or other assets for which a market value is not readily available, the Custodian shall for all purposes, including fee calculations and determining required minimum distributions, value such securities or other assets at their acquisition cost until the Custodian receives reliable information regarding current values from the Depositor or any other source. The Depositor agrees to indemnify and hold the Custodian harmless from and against any damages, liabilities, expenses, taxes, fines, penalties and any other costs incurred as a result of valuing assets in this manner. Such accounting shall be deemed to be accepted by the Depositor, if the Depositor does not object in writing within 60 days after the mailing of such accounting statement.