Common use of THE TRUSTEE OR CUSTODIAN Clause in Contracts

THE TRUSTEE OR CUSTODIAN. MUST BE A BANK, federally insured credit union, savings and loan association or another person eligible to act as trustee or custodian; (2) EXCEPT FOR ROLLOVER CONTRIBUTIONS (as described in Part F below), no contribution will be accepted unless it is in cash or cash equivalent, including, but not by way of limitation, personal checks, cashier's checks, and wire transfers; (3) EXCEPT FOR ROLLOVERS, simplified employee pension ("SEP") contributions, and spousal IRA xxxtributions described below, contributions of more than $2,000 for any tax year may not be made; (4) YOU WILL HAVE A NONFORFEITABLE INTEREST IN THE ACCOUNT; (5) NO PART OF THE TRUST OR CUSTODIAL FUNDS will be invested in life insurance contracts, nor may the assets be commingled with other property except in a common trust fund or common investment fund. Furthermore, as provided in section 408(m) of the Internal Revenue Code of 1986, as amended (the "Code"), your IRA xxx not be invested in "collectibles," such as art works, antiques, metals, gems, stamps, coins (with an exception for certain U.S.-minted gold and silver coins), and certain other types of tangible personal property. An investment in a collectible would be treated as a distribution from your IRA xxxch would be includible in your gross income, and, if you had not attained the age of 59 1/2, the distribution would also be subject to the premature distribution penalty as discussed in Part E(4) below; (6) YOUR ENTIRE INTEREST IN THE ACCOUNT MUST BE, or begin to be, distributed on or before April 1 of the calendar year following the calendar year in which you reach age 70 1/2. The distribution may be made in a single sum, or you may receive periodic distributions, so long as your entire interest is distributed in equal or substantially equal payments over any of the following periods: (a) your life; (b) the lives of you and your designated beneficiary; (c) a period certain not extending beyond your life expectancy; (d) a period certain not extending beyond the life expectancy of you and your designated beneficiary. If the distributions from your IRA xxx to be made over one of the foregoing periods, the amount distributed each year must meet the minimum distribution requirements set forth in your IRA Xxxtodial Agreement, or you will incur a penalty as described in Part E(8) below; (7) IF YOU DIE AFTER DISTRIBUTIONS HAVE commenced but before your entire interest has been distributed to you, payments must continue at least as rapidly as under the method of distribution in effect, at your death. If you die before distributions have commenced, generally your entire interest must be distributed within five years of your death. However, if your interest is payable to a designated beneficiary, payments may be made over the life or a period not exceeding the life expectancy of the beneficiary; provided, however, that such payments must commence within one year of your death unless your designated beneficiary is your surviving spouse, in which case payments need not commence until the date on which you would have attained age 70 1/2. You should advise the Custodian as to your beneficiary and the method of distribution desired.

THE TRUSTEE OR CUSTODIAN. MUST BE A BANK, federally insured credit union, savings and loan association or another person eligible to act as trustee or custodian; (2) EXCEPT FOR ROLLOVER CONTRIBUTIONS (as described in Part F below), no contribution will be accepted unless it is in cash or cash equivalent, including, but not by way of limitation, personal checks, cashier's checks, and wire transfers; (3) EXCEPT FOR ROLLOVERS, simplified employee pension ("SEP") contributions, and spousal IRA xxxtributions contributions described below, contributions of more than $2,000 for xor any tax year may not be made; (4) YOU WILL HAVE A NONFORFEITABLE INTEREST IN THE ACCOUNT; (5) NO PART OF THE TRUST OR CUSTODIAL FUNDS will be invested in life insurance contracts, nor may the assets be commingled with other property except in a common trust fund or common investment fund. Furthermore, as provided in section 408(m) of the Internal Revenue Code of 1986, as amended (the "Code"), your IRA xxx may not be invested in "collectibles," such as art works, antiquesantiqxxx, metals, gems, stamps, coins (with an exception for certain U.S.-minted gold and silver coins), and certain other types of tangible personal property. An investment in a collectible would be treated as a distribution from your IRA xxxch which would be includible in your gross income, and, if you had not xxt attained the age of 59 1/2, the distribution would also be subject to the premature distribution penalty as discussed in Part E(4) below; (6) YOUR ENTIRE INTEREST IN THE ACCOUNT MUST BE, or begin to be, distributed on or before April 1 of the calendar year following the calendar year in which you reach age 70 1/2. The distribution may be made in a single sum, or you may receive periodic distributions, so long as your entire interest is distributed in equal or substantially equal payments over any of the following periods: (a) your life; (b) the lives of you and your designated beneficiary; (c) a period certain not extending beyond your life expectancy; (d) a period certain not extending beyond the life expectancy of you and your designated beneficiary. If the distributions from your IRA xxx are to be made over one of the foregoing periods, the amount distributed dixxxibuted each year must meet the minimum distribution requirements set forth in your IRA Xxxtodial Custodial Agreement, or you will incur a penalty as described in Part ix Xart E(8) below; (7) IF YOU DIE AFTER DISTRIBUTIONS HAVE commenced but before your entire interest has been distributed to you, payments must continue at least as rapidly as under the method of distribution in effect, at your death. If you die before distributions have commenced, generally your entire interest must be distributed within five years of your death. However, if your interest is payable to a designated beneficiary, payments may be made over the life or a period not exceeding the life expectancy of the beneficiary; provided, however, that such payments must commence within one year of your death unless your designated beneficiary is your surviving spouse, in which case payments need not commence until the date on which you would have attained age 70 1/2. You should advise the Custodian as to your beneficiary and the method of distribution desired.