Termination by Participant. The Participant may elect to terminate the Custodial Account at any time. Participant shall give written or oral notice of his/her election to terminate the Custodial Account to the Custodian. After receipt of such notice, the Custodian shall terminate the Custodial Account and distribute all assets in the Custodial Account pursuant to directions furnished by Participant and agreed to by Custodian. If Participant fails or is unable to furnish such directions, the Custodian shall distribute to Participant all assets of the Custodial Account in a lump-sum payment in cash or Shares, at the sole discretion of Custodian, subject to Custodian’s right to reserve funds as described in Section 11.1.
Appears in 3 contracts
Samples: Traditional Individual Retirement Account Custodial Account Agreement, Traditional Individual Retirement Account Custodial Account Agreement, Custodial Account Agreement
Termination by Participant. The Participant may elect to terminate the Custodial Account at any time. Participant shall give written or oral notice of his/her election to terminate the Custodial Account to the Custodian. After receipt of such notice, the Custodian shall terminate the Custodial Account and distribute all assets in the Custodial Account pursuant to directions furnished by Participant and agreed to by Custodian. If Participant fails or is unable to furnish such directions, the Custodian shall distribute to Participant all assets of the Custodial Account in a lump-sum payment in cash or in Shares, at the sole discretion of Custodian, subject to Custodian’s 's right to reserve funds as described in Section 11.1Article XI.
Appears in 2 contracts
Samples: Roth Individual Retirement Account Custodial Account Agreement, Roth Individual Retirement Account Custodial Account Agreement
