Common use of Account Application Clause in Contracts

Account Application. To establish an Account, a Participant must complete an Account Application and agree to the terms and conditions of the Participation Agreement. Either FAME or the Program Manager may require the completion of certain other documents for an Account to be established. There is no fee or charge for establishing an Account. Accounts will not be established, orders will not be executed, and the Account Application and Contribution amount will be returned if the Account Application is not complete. Signing an Account Application acknowledges receipt of this Program Description and Participation Agreement and acceptance of the terms and conditions of the Participation Agreement. There may be only one Participant and one Designated Beneficiary for each Account. A Successor Participant (defined below) may be identified for an Account on the Account Application. There is no limit to the number of Accounts that a Participant can open. A Participant, except a non-U.S. resident, may also establish an Account electronically through a self-directed online investing platform (“Self-Directed Online Investing”) at any time such a service is provided by the Program Manager. There is no guarantee that this service will be available at all times. In addition, certain types of Accounts may not be established through Self-Directed Online Investing and certain additional limitations may apply. An individual who is a permanent resident of, but not a citizen of, the United States may establish an Account, provided that such individual is otherwise eligible to establish an Account. To establish an Account, any such individual must provide evidence of permanent residency in the United States and evidence of the individual’s country of citizenship to the satisfaction of the Program Manager. Individuals who reside outside the United States are generally not eligible to open an Account.