Common use of NON-JUDICIAL ACCOUNTINGS Clause in Contracts

NON-JUDICIAL ACCOUNTINGS. In order to avoid the expense and delay incident to a judicial settlement of its accounts, the Trustee from time to time during the term of any Trust hereunder, in the Trustee's sole and absolute discretion, may render an accounting of its proceedings as Trustee to the Grantor, who shall have full power to settle finally any such accounting and on the basis of such settlement to release the Trustee from all liability for its acts or omissions as Trustee. Such settlement and release shall be binding upon all persons interested or who may become interested in the Trust Estate or any trust created hereunder (including creditors), including those who may be under legal disability or not yet in being, and shall have the force and effect of a final decree, judgment or order of a court of competent jurisdiction rendered in an appropriate action or proceeding for an accounting in which jurisdiction was duly obtained over all necessary and proper parties. The foregoing provisions, however, shall not preclude the Trustee from having its accounts judicially settled if it shall so desire.