AMENDMENT BY THE CUSTODIAN Clause Samples
AMENDMENT BY THE CUSTODIAN. The Custodian may make any retroactive or prospective modification of, or amendment to, this Agreement that the Custodian, in its sole discretion, determines to be desirable for the administration of this Agreement or necessary to conform the Agreement to or satisfy the conditions of any law, governmental regulation or ruling. The Custodian shall deliver notice of any such amendment to the Participant and Employer. No amendment to this Agreement shall cause or permit: (i) any part of the assets of the Account to be used for, or diverted to, purposes other than for the exclusive benefit of the Participant or Beneficiary; or (ii) a reduction in the Participant’s accumulated benefits under this Agreement as described in §1.403(b)– 10(b)(2), unless such amendment is required for the purpose of conforming the Agreement to the requirements of any ruling, regulation or law. The Participant understands and agrees that the Account may be amended and restated by the Custodian, in its sole discretion (with the agreement of the Employer), into a Group Custodial Account between the Employer and the Custodian. Upon such amendment and restatement, this Agreement shall terminate in its present form. 2.
AMENDMENT BY THE CUSTODIAN. The Account is established with the intention that it will meet the requirements of Code Section 403(b)(7). By execution and delivery of the Application, the Participant authorizes the Custodian to amend this Agreement in any respect at any time in order to meet the requirements of such Code Section 403(b)(7), or to obtain an Internal Revenue Service determination, opinion or ruling that such requirements have been met. The Custodian will give prompt written notice to the Participant of any such amendment. Notwithstanding the foregoing, however, the Custodian shall not have the right to modify or amend this Agreement in such a manner as to deprive any Participant or his/her Beneficiary of any benefit to which he/she was entitled under this Agreement by reason of contributions made prior to the modification or amendment, unless such modification or amendment is necessary to conform this Agreement to, or satisfy the conditions of, any law, including, without limitation, Code Section 403(b)(7). 2.
AMENDMENT BY THE CUSTODIAN. The Custodian shall have the exclusive authority to amend and interpret the provisions of this Agreement. The Custodian shall exercise such authority consistent with the applicable sections of the Code and the regulations thereunder. The Custodian shall timely provide notice to the Depositor of any such amendments and the Depositor shall be deemed to have consented to any amendment as of its issuance. The Custodian shall have the exclusive authority to cease offering a ▇▇▇▇▇▇▇ ▇▇▇▇▇ Traditional or ▇▇▇▇ ▇▇▇ via the IRS model forms and have the Depositor adopt this Agreement by negative consent after a 30-day advance notice period. The Custodian shall also have the authority to have a Depositor adopt this Agreement by negative consent after a 30-day advance notice period with respect to acquired Traditional and ▇▇▇▇ IRAs. For any adoptions under this paragraph, if the Depositor maintained a Traditional ▇▇▇, then this restatement will be treated as explicit and unambiguous execution of a Traditional ▇▇▇ under this Agreement. Similarly, if the Depositor maintained a ▇▇▇▇ ▇▇▇, then this restatement will be treated as an explicit and unambiguous execution of a ▇▇▇▇ ▇▇▇ under this Agreement. The Custodian has the exclusive authority to amend, revise or substitute the fee schedule identified or referred to in the Disclosure Statement and such amendment, revision or substitution will not be deemed an amendment to this Agreement.