Common use of CUSTODIAL ACCOUNT STATEMENTS Clause in Contracts

CUSTODIAL ACCOUNT STATEMENTS. The Custodian shall keep accurate and detailed records of all transactions it is required to perform hereunder. Within sixty (60) days after the close of each calendar year (or after the Custodian's resignation or removal pursuant to Article X hereof), the Custodian shall deliver to the Participant a written statement of the transactions effected by the Custodian during such year (or period ending with such resignation or removal) and the fair market value of the assets of the Custodial Account as of the close of such year. Upon expiration of the sixty (60) day period following the date on which the foregoing statement is delivered by the Custodian, the Custodian shall (to the extent permitted by applicable law) be forever released and discharged from all liability and accountability to anyone with respect to its acts in transactions shown on or reflected by such statement, except with respect to any such acts or transactions as to which the Participant has filed written objections with the Custodian within the sixty (60) day period. Nothing herein contained shall be deemed to preclude the Custodian from its right to have its accounts judicially settled by a court of competent jurisdiction.

CUSTODIAL ACCOUNT STATEMENTS. The Custodian shall keep accurate and detailed records of all transactions it is required to perform hereunder. Within sixty (60) days after the close of each calendar year (or after the Custodian's resignation or removal pursuant to Article X Section 9 hereof), the Custodian shall deliver to the Participant Depositor a written statement of the transactions effected by the Custodian during such year (or period ending with such resignation or removal) and the fair market value of the assets of the Custodial Account as of the close of such year. Upon expiration of the sixty (60) day period following the date on which the foregoing statement is delivered by the Custodian, the Custodian shall (to the extent permitted by applicable law) be forever released and discharged from all liability and accountability to anyone with respect to its acts in transactions shown on or reflected by such statement, except with respect to any such acts or transactions as to which the Participant Depositor has filed written objections with the Custodian Custodian, within the sixty (60) day period. Nothing herein contained shall be deemed to preclude the Custodian from its right to have its accounts judicially settled by a court of competent jurisdiction.