Common use of Limitations on Duties Clause in Contracts

Limitations on Duties. The duties of the Bank will be strictly limited to those set forth in this Agreement, and no implied covenants, duties, responsibilities, representations, warranties, or obligations will be read into this Agreement against the Bank. Without limiting the generality of the foregoing, the Bank has no duty to: 9.18.1. Request or obtain a ruling or other guidance from the IRS or any other governmental authority as to (or to otherwise determine, monitor, or question) the tax character or consequences of the form and operation of the Account and the Plan, including, but not limited to, whether the arrangement merits the favorable treatment afforded to safe harbor rabbi trusts under Revenue Procedure 92-64; whether the Plan complies in form or operation with Code §409A; whether any remuneration deferred under the Plan has been taken into account as wages pursuant to the special timing rule of Code §3121(v)(2); and, if the Plan is a 457(f) plan, whether and when rights to payments under the Plan or from the Account are subject to a substantial risk of forfeiture and the treatment under Code §72 of any amount made available under the Plan. 9.18.2. Act as the administrator of the Plan, including, but not limited to, construing the terms of the Plan; determining eligibility for Plan benefits (including, but not limited to, eligibility for participation, vesting, or distribution, as well as the timing, amount, or form thereof); resolving benefit claims or claim appeals; prescribing forms (including, but not limited to, forms for electing participation, distribution, or withdrawal or for providing notices to Participants or Beneficiaries); establishing, maintaining, or reconciling to any individual accounts; selecting or monitoring any forfeiture funds or any investment alternatives (including default investment alternatives) into which Participants or Beneficiaries may direct the investment of assets held in, or contributed to, their individual accounts; disclosing any plan-related, investment-related, or fee-and-expense information required to be disclosed to Participants or Beneficiaries; receiving investment, distribution, or other directions from Participants or Beneficiaries; or determining whether Participants or Beneficiaries entitled to payment of benefits pursuant to the terms of the Plan have given any written approval, regardless of whether a Change of Control has occurred. 9.18.3. Act as trustee of any Plan assets other than Assets. 9.18.4. Act as investment manager of, or take notice of the management of, any Plan assets other than Assets that are subject to the Bank’s discretion to manage (if any) under this Agreement.

Limitations on Duties. The duties of the Bank will be strictly limited to those set forth in this Agreement, and no implied covenants, duties, responsibilities, representations, warranties, or obligations will be read into this Agreement against the Bank. Without limiting the generality of the foregoing, the Bank has no duty to: 9.18.19.19.1. Request or obtain a ruling or other guidance from the IRS or any other governmental authority as to (or to otherwise determine, monitor, or question) the tax character or consequences of the form and operation of the Account and the Plan, including, but not limited to, whether the arrangement merits the favorable treatment afforded to safe harbor rabbi trusts under Revenue Procedure 92-64; whether the Plan complies in form or operation with Code §409A; whether any remuneration deferred under the Plan has been taken into account as wages pursuant to the special timing rule of Code §3121(v)(2); and, if the Plan is a 457(f) plan, whether and when rights to payments under the Plan or from the Account are subject to a substantial risk of forfeiture and the treatment under Code §72 of any amount made available under the Plan. 9.18.29.19.2. Act as the administrator of the Plan, including, but not limited to, construing the terms of the Plan; determining eligibility for Plan benefits (including, but not limited to, eligibility for participation, vesting, or distribution, as well as the timing, amount, or form thereof); resolving benefit claims or claim appeals; prescribing forms (including, but not limited to, forms for electing participation, distribution, or withdrawal or for providing notices to Participants or Beneficiaries); establishing, maintaining, or reconciling to any individual accounts; selecting or monitoring any forfeiture funds or any investment alternatives (including default investment alternatives) into which Participants or Beneficiaries may direct the investment of assets held in, or contributed to, their individual accounts; disclosing any plan-related, investment-investment- related, or fee-and-expense information required to be disclosed to Participants or Beneficiaries; receiving investment, distribution, or other directions from Participants or Beneficiaries; or determining whether Participants or Beneficiaries entitled to payment of benefits pursuant to the terms of the Plan have given any written approval, regardless of whether a Change of Control has occurred. 9.18.39.19.3. Act as trustee of any Plan assets other than Assets. 9.18.49.19.4. Act as investment manager of, or take notice of the management of, any Plan assets other than Assets that are subject to the Bank’s discretion to manage (if any) under this Agreement.