Common use of Fiduciary Relationships Clause in Contracts

Fiduciary Relationships. From and after the Closing Date, Purchaser shall perform all of the fiduciary relationships of Seller arising out of or in relation to any retirement accounts included within the Deposits and purchased Excluded Deposits, and with respect to such accounts, Purchaser shall assume all of the obligations and duties of Seller as fiduciary and succeed to all such fiduciary relationships of Seller as fully and to the same extent as if Purchaser had originally acquired, incurred or entered into such fiduciary relationship. Notwithstanding the foregoing, Purchaser shall not be deemed to have assumed any responsibility or liability with respect to any breach by Seller of any such fiduciary duty occurring on or before the Closing Date.

Appears in 2 contracts

Sources: Purchase and Assumption Agreement (Solera National Bancorp, Inc.), Purchase and Assumption Agreement (Solera National Bancorp, Inc.)