Common use of Proxies and Other Legal Notices Clause in Contracts

Proxies and Other Legal Notices. Chelsea shall not render any advice or take any action on behalf of Client with respect to the Assets held in the Client Account, or the issuers thereof, which become the subject of any legal proceedings, including bankruptcies. Client retains the right and obligation to take any action relating to the Assets held in the Account. Furthermore, except to the extent otherwise required by law, Chelsea shall not take any action or render any advice with respect to the voting of proxies solicited by, or with respect to, the issuers of any Assets held in the Account. Client hereby expressly retains the right and obligation to vote proxies relating to the Assets held in the Account; provided, however, that Client may delegate said rights and obligations to a properly authorized agent.

Proxies and Other Legal Notices. Chelsea shall not render any advice or take any action on behalf of Client with respect to the Assets Securities or other investments held in the Client Account, or the issuers thereof, which become the subject of any legal proceedings, including bankruptcies. Client retains the right and obligation to take any action relating to the Assets Securities held in the Account. Furthermore, except to the extent otherwise required by law, Chelsea shall not take any action or render any advice with respect to the voting of proxies solicited by, or with respect to, the issuers of any Assets Securities held in the Account. Client hereby expressly retains the right and obligation to vote proxies relating to the Assets Securities held in the Account; provided, however, that Client may delegate said rights and obligations to a properly authorized agent.