Common use of Custodian’s Powers Clause in Contracts

Custodian’s Powers. Subject to the limitations stated in Section 8.4 and otherwise by this Section 8, the Custodian has all powers provided by any applicable statute and otherwise at law or in equity (including the common law), and has the following specified powers in addition to and not by limitation upon any such powers. (a) The Custodian delegates to the Sponsor authority to exercise any of the Custodian’s rights or powers under the investments. The Custodian shall oversee the Sponsor’s actions so as to have reasonable assurance that the investments are used according to the Plan and not for any improper use. (b) The Sponsor has power to adjust, settle, contest, compromise and arbitrate any claims, debts, or damages due to owing to or from the Custodial Account, and to sue, commence, or defend any legal proceedings relating to the Custodial Account.

Custodian’s Powers. Subject to the limitations stated in Section 8.4 and otherwise by this Section 8, the Custodian has all powers provided by any applicable statute and otherwise at law or in equity (including the common law), and has the following specified powers in addition to and not by limitation upon any such powers. (a) The Custodian delegates to the Sponsor authority to exercise any of the Custodian’s rights or powers under the investments. The Custodian shall oversee the Sponsor’s actions so as to have reasonable assurance that the investments are used according to the Plan and not for any improper use. (b) The Sponsor has power to adjust, settle, contest, compromise and arbitrate any claims, debts, or damages due to owing to or from the Custodial Account, and to sue▇▇▇, commence, or defend any legal proceedings relating to the Custodial Account.