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© Peak One Administration 2016 19 <br />(a) Check Writing Authority over Client Account. If the Client chooses this option, the Client <br />will make sufficient funds available from its general assets for amounts allocable to <br />eligible reimbursement benefits under Benefit Plans by depositing funds in amounts <br />specified by PSP from time to time in a Client-owned and named account (the "Account") <br />at a financial institution selected by the Client and PSP, to facilitate the timely processing <br />of claims under the Benefit Plans and give PSP withdrawal authority over such account. <br />Client will also provide written proof that such funds have been made available. The <br />Client bears sole responsibility for any fees imposed with respect to the Account by the <br />financial institution and Client and PSP agree that PSP’s fees may be withdrawn from such <br />account. <br />(b) Benefits Payable from PSP’s Custodial Account. If the Client chooses this option, Client <br />will make sufficient funds available from its general assets for amounts allocable to <br />eligible reimbursement benefits under the plans, as indicated by a claims report <br />submitted by PSP, by electronically transferring such funds to a custodial clearing account <br />designated by PSP. Client will make all transfers to PSP’s account within two (2) days of <br />receipt of the claims report from PSP. <br />12. Management Support. Client must provide management support in planning enrollment, <br />meeting facilities and scheduling. <br />13. Client’s Representation and Warranties Concerning Funds Provided to PSP. Client represents and <br />warrants to PSP that: <br />(a) any funds submitted by Client, any former employee and/or qualified beneficiary to PSP <br />for purposes of funding benefits under this Agreement (Client Funds): (a) are and will <br />remain the general assets of the plan sponsor; (b) are not “plan assets” within the <br />meaning of ERISA; (c) were never held in an account, fund, or trust bearing the name or <br />otherwise held in an account of a Benefit Plan or any participants or beneficiaries thereof; <br />and (d) will remain subject to the claims of plan sponsor’s creditors at all times. <br />(b) Under this Agreement, where claims are paid by PSP through a custodial clearing account, <br />the Client Funds will be held in a general account of Client until transferred to PSP as <br />repayment for PSP’s distributions on behalf of the Benefit Plans. The monies transferred <br />to PSP constitute repayment of a debt owed by the Client to PSP and, upon proper <br />transfer to PSP, become the property of PSP. <br />i. neither it nor any of its employees, directors, representatives, fiduciaries, or <br />employee Benefit Plans (or any entity performing services for Client or such <br />plans), nor any of its predecessors, successors or assigns have represented or will <br />represent to any participant or beneficiary of the Benefit Plans that a separate <br />account, fund, or trust is being held on behalf of the Benefit Plans that may be <br />used to provide or secure benefits under the Benefit Plans; <br />ii. Client will advise the participants and beneficiaries of the Benefit Plans that the <br />benefits under the Benefit Plans will at all times be paid out of the general assets <br />of plan sponsor.