Common use of ESTABLISHMENT OF CUSTODIAL ACCOUNTS Clause in Contracts

ESTABLISHMENT OF CUSTODIAL ACCOUNTS. The Participant hereby requests that the Program Sponsor establish a separate recordkeeping account (Participant Account). The Program Sponsor hereby requests that the Custodian establish a Custodial Account for and in the name of the Participant to hold the assets of the Participant’s Account established by the Program Sponsor. A Participant may establish a Participant Account by completing the Enrollment Form and delivering it to the Program Sponsor or by previously having done so and consented to the Sponsor’s right to select the Custodian and amend this Custodial Agreement. Program Sponsor and the Participant each represent to Custodian that all necessary action has been taken for such appointment and that this Agreement constitutes a legal, valid and binding obligation of the Program Sponsor and the Participant. All Contributions made by or on behalf of the Participant shall be applied by the Program Sponsor, in accordance with the instructions of the Participant, to the purchase of Mutual Fund shares. The Custodian shall not be obligated to provide detailed accounting for the recordkeeping account or for any individual investment option, such as with respect to Contributions, distributions, loan activity, and rollovers. Participant agrees to look solely to the Program Sponsor or other record keeper that Program Sponsor has retained for all such detailed information.

ESTABLISHMENT OF CUSTODIAL ACCOUNTS. The Participant hereby requests that the Program Sponsor establish a separate recordkeeping account (“Participant Account”). The Program Sponsor hereby requests that the Custodian establish a Custodial Account for and in the name of the Participant to hold the assets of the Participant’s Account established by the Program Sponsor. A Participant may establish a Participant Account by completing the Enrollment Form and delivering it to the Program Sponsor or by previously having done so and consented to the Sponsor’s right to select the Custodian and amend this Custodial Agreement. Program Sponsor and the Participant each represent to Custodian that all necessary action has been taken for such appointment and that this Agreement constitutes a legal, valid and binding obligation of the Program Sponsor and the Participant. All Contributions made by or on behalf of the Participant shall be applied by the Program Sponsor, in accordance with the instructions of the Participant, to the purchase of Mutual Fund shares. The Custodian shall not be obligated to provide detailed accounting for the recordkeeping account or for any individual investment option, such as with respect to Contributions, distributions, loan activity, and rollovers. Participant agrees to look solely to the Program Sponsor or other record keeper that Program Sponsor has retained for all such detailed information.