Common use of Involuntary Liquidations and Distributions Clause in Contracts

Involuntary Liquidations and Distributions. I have read Article X, Section J. of the Xxxxxxxxx ESA Custodial Agreement. I acknowledge that certain circumstances beyond the control of the Custodian may occur, which result in a liquidation of Mutual Funds that are Eligible Investment in which the Xxxxxxxxx ESA Account is invested, or which result in the liquidation of Investments of the Xxxxxxxxx ESA Account. I acknowledge that at Article X, Section J. of the Xxxxxxxxx ESA Custodial Agreement, I have authorized the Custodian, following such occurrences, to act in its discretion with regard to the disposition of the liquidation proceeds if it does not receive clear instructions regarding the placement of the liquidation proceeds that it can practicably carry out, including distributing the liquidation proceeds to the Designated Beneficiary.