Common use of APPOINTMENT OF BROKER Clause in Contracts

APPOINTMENT OF BROKER. The Broker, Financial Advisor, or Investment Professional (collectively, “the Broker”) shall be appointed by the Depositor (or following the death of the Depositor, the Beneficiary) in the Application (or on another signed form acceptable to and filed with the Custodian) as his or her agent to (i) execute such investment directions with respect to Funding Vehicles as the Depositor (or the Depositor’s Authorized Agent, or, after the death of the Depositor, the Beneficiary, executor, or administrator) may give under the terms of the Custodial Account, including the execution of purchase and sale orders, (ii) direct the Custodian to perform certain non-monetary transactions on the Depositor’s (or following the death of the Depositor, the Beneficiary’s) behalf, as permitted by the Custodian, and (iii) perform such other duties and responsibilities as set forth under this Agreement, as amended from time to time. The duties and responsibilities conveyed on the Broker through this Agreement shall be accepted by the Broker upon the earlier of the following: (i) the Broker’s written acceptance of such duties and responsibilities, as demonstrated by the Broker’s signature on the Depositor’s (or following the death of the Depositor, the Beneficiary’s) Application (or on another signed form acceptable to and filed with the Custodian), (ii) the delivery by the Broker of an instruction, direction, or inquiry to the Custodian with respect to a Depositor’s (or following the death of the Depositor, the Beneficiary’s) Custodial Account, or (iii) the Broker’s receipt of compensation as a result of Funding Vehicles maintained in a Custodial Account.