Common use of Limitation on Delegation Clause in Contracts

Limitation on Delegation. The Fund and LMIS acknowledge and agree that in accepting the delegation hereunder, Transfer Agent is agreeing to perform only those duties that have been expressly delegated in this Section 8 (the “Delegated Duties”), as may be amended from time to time (including any mutually agreed-upon procedures), and is not undertaking and shall not be responsible for any other aspect of the AML Program or for the overall compliance by the Fund and LMIS with the Act or for any other matters that have not been delegated hereunder. Additionally, the parties and LMIS acknowledge and agree that Transfer Agent shall only be responsible for performing the Delegated Duties with respect to the ownership of, and transactions in, shares in the Fund for which the Transfer Agent maintains the applicable shareholder information. In connection with the latter, the Fund and LMIS acknowledge that there are certain types of accounts, e.g., “broker controlled” accounts, whereby Transfer Agent receives shareholder and transactional information through industry mandated or customized transmissions that preclude Transfer Agent from providing part or all of these services. Transfer Agent will inform the Fund and LMIS of intermediaries or types of accounts for which it may not perform any of the services contemplated in this Section 8. The Fund and LMIS further acknowledge and agree that the Transfer Agent will not be performing the Delegated Duties with respect to any shares for which LMIS acts as distributor or broker-dealer other than shares of the Fund for which the Transfer Agent maintains the applicable shareholder information for the Fund under this Agreement.

Limitation on Delegation. The Fund and LMIS acknowledge and agree that in accepting the delegation hereunder, Transfer Agent is agreeing to perform only those duties that have been expressly delegated in this Section 8 9 (the “Delegated Duties”), as may be amended from time to time (including any mutually agreed-upon procedures), and is not undertaking and shall not be responsible for any other aspect of the AML Program or for the overall compliance by the Fund and LMIS with the Act or for any other matters that have not been delegated hereunder. Additionally, the parties and LMIS acknowledge and agree that Transfer Agent shall only be responsible for performing the Delegated Duties with respect to the ownership of, and transactions in, shares in the Fund for which the Transfer Agent maintains the applicable shareholder information. In connection with the latter, the Fund and LMIS acknowledge that there are certain types of accounts, e.g., “broker controlled” accounts, whereby Transfer Agent receives shareholder and transactional information through industry mandated or customized transmissions that preclude Transfer Agent from providing part or all of these services. Transfer Agent will inform the Fund and LMIS of intermediaries or types of accounts for which it may not perform any of the services contemplated in this Section 89. The Fund and LMIS further acknowledge and agree that the Transfer Agent will not be performing the Delegated Duties with respect to any shares for which LMIS acts as distributor or broker-dealer other than shares of the Fund for which the Transfer Agent maintains the applicable shareholder information for the Fund under this Agreement.