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, defend and hold harmless Custodian, 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. (Section references are to the Internal Revenue Code unless otherwise noted. Regulation references are to U.S. Treasury Regulations.) Purpose of Form Form 5305-RA is a model custodial account agreement that meets the requirements of section 408A and has been pre-approved by the IRS. ARoth individual retirement account (Xxxx XXX) is established after the applicable adoption agreement is fully executed by the individual (depositor) and the custodian. This account must be created in the United States for the exclusive benefit of the depositor and his or her beneficiaries. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the depositor's gross income; and distributions after 5 years that are made when the depositor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures Custodian must give the depositor, see Pub. 590, Individual Retirement Arrangements (IRAs).

Indemnification of Custodian. To the extent not prohibited by Federal or State law, the Depositor agrees to indemnify, defend and hold harmless Custodian, 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. (Section references are to the Internal Revenue Code unless otherwise noted. Regulation references are to U.S. Treasury Regulations.) Purpose of Form Form 5305-RA is a model custodial account agreement that meets the requirements of section 408A and has been pre-approved by the IRS. ARoth A Xxxx individual retirement account (Xxxx XXX) is established after the applicable adoption agreement is fully executed by the individual (depositor) and the custodian. This account must be created in the United States for the exclusive benefit of the depositor and his or her beneficiaries. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the depositor's gross income; and distributions after 5 years that are made when the depositor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures Custodian must give the depositor, see Pub. 590, Individual Retirement Arrangements (IRAs).

Indemnification of Custodian. To the extent not prohibited by Federal or State law, the Depositor depositor agrees to indemnify, defend and hold harmless CustodianKingdom 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 depositor or the Depositordepositor'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 depositor (or the beneficiary(ies), or an account designated representative), and further agrees that the Custodian 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 Depositordepositor'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-RA A is a model custodial account agreement that meets the requirements of section 408A 408(a) and has been pre-pre- approved by the IRS. ARoth A Traditional individual retirement account (Xxxx XXXTraditional IRA) is established after the applicable adoption agreement is fully executed by the individual (depositor) and the custodiancustodian 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 and or his or her beneficiaries. Unlike contributions to traditional individual retirement arrangementsDo not file Form 5305-A with the IRS. Instead, contributions to a Xxxx XXX are not deductible from the depositor's gross income; and distributions after 5 years that are made when the depositor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross incomekeep it with your records. For more information on Xxxx IRAs, including the required disclosures Custodian the custodian must give the depositor, see Pub. 590, Individual Retirement Arrangements (IRAslRAs). 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 any successor thereto who serves under this custodial agreement.