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09/19/2017 (2)
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09/19/2017 (2)
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Last modified
5/1/2025 11:17:33 AM
Creation date
11/14/2017 9:45:16 AM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
09/19/2017
Meeting Body
Board of County Commissioners
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its satisfaction against loss or expense related to such actions or proceedings, including reasonable <br />attorneys' fees. <br />ARTICLE XV — AMENDMENT <br />Notwithstanding any other provision of the Agreement, NTC may amend the Agreement at any time by <br />providing written notice to the Sponsor not less than thirty (30) days prior to the effective date of such <br />change, or at any time in the event NTC determines that such amendment is necessary to comply with <br />any applicable legal or regulatory requirements. <br />No person except for an authorized officer has the legal capacity to change this Agreement otherwise, or <br />to bind NTC to other commitments not covered within this Agreement. <br />ARTICLE XVI — RESIGNATION REMOVAL AND TERMINATION <br />NTC may resign at any time after providing at least thirty (30) days notice via Written Instructions to the <br />Sponsor. The Sponsor may remove NTC by delivery of Written Instructions, to take effect at a date <br />specified therein, which shall not be less than thirty (30) days after the delivery of such Written <br />Instructions with Original Signature to NTC, unless Funding Vehicle provisions specify otherwise. <br />Notwithstanding the foregoing, NTC may retain responsibilities per the terms of this Agreement over <br />assets remaining at NTC beyond the thirty (30) day timeframe, concurrent with Funding Vehicle <br />provisions. <br />The Agreement will be terminated at such time as the Account is terminated, the Funding Vehicle(s) are <br />redeemed in full, upon the resignation or removal of NTC as trustee, as applicable, of the Account, or <br />upon the termination by Sponsor of any separate agreement with NTC or Nationwide Retirement <br />Solutions, Inc. that relates to the services provided by NTC under this Agreement. The discontinuance of <br />contributions to the Account shall not, by itself, terminate the Account. <br />NTC is authorized to reserve such sum of money as it may deem advisable for payment of its fees and <br />expenses in connection with the settlement of the Account, and any balance of such reserve remaining <br />after the payment of such fees and expenses shall be paid to the Successor by NTC. <br />ARTICLE XVII — SUCCESSOR <br />Upon resignation or removal of NTC, the Sponsor shall appoint a Successor and the Sponsor shall notify <br />NTC of such appointment by Written Instructions with Signature. NTC shall transfer the assets of the <br />Account, subject to any applicable fees as described in the Agreement to such Successor. <br />If either party has given notice of termination and upon the expiration of the advance notice period no <br />party has accepted an appointment as Successor, NTC will have the right to commence an action in the <br />nature of an interpleader (or other appropriate action) and seek to deposit the assets of the Account in a <br />court of competent jurisdiction in Franklin County, Ohio, for administration until a Successor may be <br />appointed and accepts the transfer of the assets. The Sponsor will be responsible for any costs incurred <br />as a result of such action and/or transfer, as well as any expenses of NTC which are incurred in carrying <br />out its duties under this Agreement in such a situation. <br />ARTICLE XVIII—GOVERNING LAW <br />The Account will be administered in the State of Ohio, and' its validity, construction, and all rights <br />hereunder shall be governed by the Code, Home Owners' Loan Act of 1933 and, to the extent not pre- <br />empted, by the laws of Florida. Except as otherwise stated in this Agreement, the venue for any dispute <br />arising from or concerning this Agreement shall be in the state courts located in Indian River County, <br />Florida or, if in federal court, the United States District Court for the Southern District of Florida. All <br />contributions to the Account shall be deemed to occur in Ohio. <br />NRS (07/2007) -7 of 9- <br />P6 2 <br />
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