Common use of Right to Seek Assurance Clause in Contracts

Right to Seek Assurance. The Service Agent may refuse to transfer or sell shares for the account of a shareholder, repurchase the Fund’s shares for the Fund’s account or take any action requested by a shareholder until the Service Agent is satisfied that the requested transaction or action is legally authorized or until it is satisfied there is no basis for any claims adverse to the transaction or action. Without limiting the generality of the foregoing, the Service Agent may refuse to permit the transfer of shares held by a registered shareholder in certificated form until the applicable certificate or certificates for such shares are delivered in good form or a lost certificate affidavit in form satisfactory to the Service Agent is delivered by such shareholder of record. The Service Agent may rely on the provisions of the Uniform Act for the Simplification of Fiduciary Security Services or the Uniform Commercial Code. The Fund shall indemnify the Service Agent for any act done or omitted to be done in reliance on such laws or for refusing to transfer or sell shares for the account of a shareholder, refusing to repurchase the Fund’s shares for the Fund’s account or taking any requested action if it acts on a good faith belief that the transaction or action is illegal or unauthorized.