Common use of Accounting by Trustee Clause in Contracts

Accounting by Trustee. The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) days following (1) the close of each calendar year, (2) the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation or termination, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal, resignation or termination, as the case may be. Written approval of an account shall, as to all matters shown in the account, be binding upon the recipient and shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed to have given his or her written approval if he or she does not object in writing to the Trustee within sixty (60) days after the date of receipt of such account from the Trustee. The Trustee shall be entitled at any time to institute an action in a court of competent jurisdiction for settlement of its account.

Accounting by Trustee. The Trustee shall separately keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall may be agreed upon in writing between the Grantor Company and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) 60 days following (1) the close of each calendar year, (2) quarter and within 120 days after the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries Company a written account of its administration of the Trust during such year quarter or during the period from the close of the last preceding year quarter to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by itit for the Executive, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust for the Executive at the end of such year quarter or as of the date of such removal, resignation removal or terminationresignation, as the case may be. Written The Company may approve the account either by written notice of approval of an account shall, as delivered to all matters shown in the account, be binding upon the recipient and shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed by failure to have given his or her written approval if he or she does not object in writing to the Trustee within sixty one hundred and eighty (60180) days after from the date of receipt of such on which the account from was delivered to the Trustee. The Upon receipt of written approval of the accounting, or upon the expiration of the 180-day period without written objections, the account shall be approved, and the Trustee shall be entitled at any time released and discharged with respect to institute an action in the account as if the account had been settled and allowed by a decree of a court of competent jurisdiction for settlement jurisdiction. Nothing herein contained, however, shall be deemed to preclude the Trustee of its accountright to have its account settled by a court of competent jurisdiction.

Accounting by Trustee. The 6.1 Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor Bancshares and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) 30 days following (1) the close of each calendar year, (2) year and within 30 days after the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries Bancshares a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust trust at the end of such year or as of the date of such removal, resignation removal or terminationresignation, as the case may be. Written approval In the absence of an the filing in writing with Trustee by Bancshares of exceptions or objections to any such account shallwithin 90 days, as to all matters shown in the account, be binding upon the recipient and Bancshares shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed to have given his approved such account; in such case, or her upon the written approval if he or she does not object in writing to the Trustee within sixty (60) days after the date by Bancshares of receipt of any such account from the Trustee. The account, Trustee shall be entitled at any time released, relieved and discharged with respect to institute an action all matters and things set forth in such account as though such account had been settled by the decree of a court of competent jurisdiction jurisdiction. Trustee may conclusively rely on determinations of Bancshares of valuations for settlement the assets of its accountthe Trust for which Trustee deems there to be no readily determinable fair market value.

Accounting by Trustee. (a) The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor Company and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) days following (1) the close of each calendar year, (2) year or after the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal, removal or resignation or termination, as the case may be. Written The Company may approve the account either by written notice of approval of an account shall, as delivered to all matters shown in the account, be binding upon the recipient and shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed by failure to have given his or her written approval if he or she does not object in writing to the Trustee within sixty (60) 180 days after from the date of on which the account statement was delivered to the Company. Upon receipt of such written approval of the accounting, or upon the expiration of the 180-day period without written objections, the account from statement shall be approved, and the Trustee. The Trustee shall be entitled at any time released and discharged with respect to institute an action in the account as if the account had been settled and allowed by a decree of a court of competent jurisdiction for settlement jurisdiction. Nothing herein contained, however, shall be deemed to preclude the Trustee of its accountright to have its account settled by a court of competent jurisdiction.

Accounting by Trustee. The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor Company and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) 60 days following (1) the close of each calendar year, (2) year and within 30 days after the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal, resignation removal or terminationresignation, as the case may be. Written The Company may approve the account either by written notice or approval of an account shall, as delivered to all matters shown in the account, be binding upon the recipient and shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed by failure to have given his or her written approval if he or she does not object in writing to the Trustee within sixty ninety (6090) days after from the date of receipt of such on which the account from was delivered to the Trustee. The Upon receipt of written approval of the accounting, or upon expiration of the 90-day period without written objections, the account shall be approved, and the Trustee shall be entitled at any time released and discharged with respect to institute an action in the account as if the account had been settled and allowed by a decree of a court of competent jurisdiction for settlement jurisdiction. Nothing contained herein, however, shall be deemed to preclude the Trustee from having its account settled by a court of its accountcompetent jurisdiction.