Common use of Custodian Acting in Passive Capacity Only Clause in Contracts

Custodian Acting in Passive Capacity Only. i. The Custodian is acting solely as a passive custodian to hold the Depositor’s assets and the Custodian shall have no discretion to direct any investment in the Depositor’s Custodial Account. Accordingly, the Custodian is not a fiduciary (as said term is defined in the Internal Revenue Code, The Employee Retirement Income Security Act of 1974 (“ERISA”), or any other applicable federal, state or local laws) with respect to the Depositor’s Custodial Account. However, through the Custodian’s affiliates, the Custodian may receive a commission in connection with the unsolicited purchase or sale of publicly-traded securities.

Custodian Acting in Passive Capacity Only. i. The Custodian is acting solely as a passive custodian to hold the Depositor’s assets and the Custodian shall have no discretion to direct any investment in the Depositor’s Custodial Account. Accordingly, the Custodian is not a fiduciary (as said term is defined in the Internal Revenue Code, The Employee Retirement Income Security Act of 1974 (“ERISA”), or any other applicable federal, state or local laws) with respect to the Depositor’s Custodial Account. However, through the Custodian’s affiliates, the Custodian may receive a commission in connection with the unsolicited purchase or sale of a publicly-traded securities.