Common use of Annual Valuation Clause in Contracts

Annual Valuation. When funds are not present in the TRUST the TRUSTEE shall not be required to perform the annual valuation, otherwise the TRUSTEE shall annually, at least 30 days prior to the anniversary date of establishment of the FUND, furnish to the GRANTOR and to the appropriate DIRECTOR a statement confirming the value of the Trust. Any securities in the FUND shall be valued at market value as of no more than 60 days prior to the anniversary date of establishment of the FUND. The failure of the GRANTOR to object in writing to the TRUSTEE within 90 days after the statement has been furnished to the GRANTOR and the DIRECTOR shall constitute a conclusively binding assent by the GRANTOR, barring the GRANTOR from asserting any claim or liability against the TRUSTEE with respect to matters disclosed in the statement.

Annual Valuation. When funds are not present in the TRUST the TRUSTEE shall not be required to perform the annual valuation, otherwise the The TRUSTEE shall annually, at least 30 days prior to the anniversary date of establishment of the FUND, furnish to the GRANTOR and to the appropriate DIRECTOR a statement confirming the value of the Trust. Any securities in the FUND shall be valued at market value as of no more than 60 days prior to the anniversary date of establishment of the FUND. The failure of the GRANTOR to object in writing to the TRUSTEE within 90 days after the statement has been furnished to the GRANTOR and the DIRECTOR shall constitute a conclusively binding assent by the GRANTOR, barring the GRANTOR from asserting any claim or liability against the TRUSTEE with respect to matters disclosed in the statement.