Common use of Indemnification of Custodian Clause in Contracts

Indemnification of Custodian. To the extent not prohibited by Federal or State law, the depositor agrees to indemnify and hold harmless Kingdom Trust, its respective subsidiaries and administrators, officers, directors, managers, members, representatives, agents, employees, affiliates, successors and assigns from and against any and all claims, demands, liabilities, damages, costs, expenses, attorneys' fees, payments and assessments arising in connection with the depositor or the depositor's IRA or which may result from any good faith actions, errors or omissions and from following or attempting to follow any directions of the depositor (or the beneficiary(ies), or an account designated representative), and further agrees that the custodian shall not be subject to margin calls or have any other obligation to extend credit or otherwise disburse payment beyond the cash balance of depositor's account for any reason whatsoever. General Instructions - Section references are to the Internal Revenue Code unless otherwise noted. Regulation references are to U.S. Treasury Regulations. Purpose of Form - Form 5305-A is a model custodial account agreement that meets the requirements of section 408(a) and has been pre- approved by the IRS. A Traditional individual retirement account (Traditional IRA) is established after the applicable adoption agreement is fully executed by the individual (depositor) and the custodian and must be completed no later than the due date (excluding extensions) of the individual's income tax return for the tax year. This account must be created in the United States for the exclusive benefit of the depositor or his or her beneficiaries. Do not file Form 5305-A with the IRS. Instead, keep it with your records. For more information on IRAs, including the required disclosures the custodian must give the depositor, see Pub. 590-A, Contributions to Individual Retirement Arrangements (lRAs), and Pub. 590-B Distributions from Individual Retirement Arrangements (IRAs).

Indemnification of Custodian. To the extent not prohibited by Federal or State law, the depositor agrees to indemnify indemnify, defend and hold harmless Kingdom Trust, its respective subsidiaries and administrators, officers, directors, managers, members, representatives, agents, employees, affiliates, successors and assigns from and against any and all claims, demands, liabilities, damages, costs, expenses, attorneys' fees, payments and assessments arising in connection with the depositor or the depositor's IRA or which may result from any good faith actions, errors or omissions and from following or attempting to follow any directions of the depositor (or the beneficiary(ies), or an account designated representative), and further agrees that the custodian shall not be subject to margin calls or have any other obligation to extend credit or otherwise disburse payment beyond the cash balance of depositor's account for any reason whatsoever. General Instructions - Section references are to the Internal Revenue Code unless otherwise noted. Regulation references are to U.S. Treasury Regulations. Purpose of Form - Form 5305-A is a model custodial account agreement that meets the requirements of section 408(a) and has been pre- approved by the IRS. A Traditional individual retirement account (Traditional IRA) is established after the applicable adoption agreement is fully executed by the individual (depositor) and the custodian and must be completed no later than the due date (excluding extensions) of the individual's income tax return for the tax year. This account must be created in the United States for the exclusive benefit of the depositor or his or her beneficiaries. Do not file Form 5305-A with the IRS. Instead, keep it with your records. For more information on IRAs, including the required disclosures the custodian must give the depositor, see Pub. 590-A, Contributions to Individual Retirement Arrangements (lRAs). Definitions - Custodian: The custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as custodian. The term custodian includes Kingdom Trust and Pub. 590-B Distributions from Individual Retirement Arrangements (IRAs)any successor thereto who serves under this custodial agreement.