Common use of Legacy Assets Clause in Contracts

Legacy Assets. The Client acknowledges and agrees that the Advisor shall not be liable for the actions of any previous investment advisor or broker, investment personnel, custodian or entity which makes investment decisions concerning Account Assets whose management the Advisor assumes or is in the process of assuming (“Legacy Assets”). The Client acknowledges that the Advisor shall be held harmless indefinitely for any losses or for any forgone gains or benefits as the result of the sale or disposition or any other transaction of such securities incurred in these securities: a) before the assumption of the Legacy Assets; b) after the assumption of the Legacy Assets if the Advisor has made all reasonable efforts pursuant to Section 12 to invest or divest the Legacy Assets in accordance with the Plan.

Legacy Assets. The Client acknowledges and agrees that the Advisor Portfolio Manager shall not be liable for the actions of any previous investment advisor or advisor, portfolio manager, broker, investment personnel, custodian or entity which makes investment decisions concerning Account Assets whose management the Advisor Portfolio Manager assumes or is in the process of assuming (“Legacy Assets”). The Client acknowledges that the Advisor Portfolio Manager shall be held harmless indefinitely for any losses losses, costs (including but not limited to deferred sales charges and account closing fees) or for any forgone gains or benefits as the result of the sale or disposition or any other transaction of such securities incurred in these securities: a) before the assumption of the Legacy Assets; or b) after the assumption of the Legacy Assets if the Advisor Portfolio Manager has made all reasonable efforts pursuant to Section 12 to invest or divest the Legacy Assets in accordance with the PlanInvestor Policy Statement.