Common use of Receipt of Assets Clause in Contracts

Receipt of Assets. Subject to restrictions mutually acceptable to the Program Sponsor and the Custodian on the categories of assets, and subject to the restrictions stated in Section 5.4, the Custodian or its agents will receive and accept for the Custodial Account all money, securities and other property transferred, assigned and delivered to it from any source by or at the direction of the Program Sponsor. The Custodian has no duty to inquire into the source of any assets transferred to it or the right of the transferor of such assets to transfer them to the Custodian. Each Contribution shall be in a form acceptable to the Custodian. If a Custodial Account to which a Contribution is to be credited has not yet been established, or if in the opinion of the Program Sponsor or the Custodian the documents received by either of them are not clear with respect to any Contribution, the Custodian may invest such Contribution as directed by the Program Sponsor, without liability, pending establishment of the Participant Account or completion or clarification of the information necessary for proper credit to the Participant Account, as the case may be.

Receipt of Assets. Subject to restrictions mutually acceptable to the Program Sponsor and the Custodian on the categories of assets, and subject to the restrictions stated in Section 5.4, the Custodian or its agents will receive and accept for the Custodial Account all money, securities and other property transferred, assigned and delivered to it from any source by or at the direction of the Program Sponsor. The Custodian has no duty to inquire into the source of any assets transferred to it or the right of the transferor of such assets to transfer them to the Custodian. Each Contribution shall be in a form acceptable to the Custodian. If a Custodial Account to which a Contribution is to be credited has not yet been established, or if in the opinion of the Program Sponsor or the Custodian the documents received by either of them are not clear with respect to any Contribution, the Custodian may invest such Contribution as directed by the Program Sponsor, without liability, pending establishment of the Participant Account or completion or clarification of the information necessary for proper credit to the Participant Account, as the case may be.