Common use of Custody of Assets Clause in Contracts

Custody of Assets. Custody of Account assets will be maintained by a mutual fund, variable annuity/life insurance company or other independent custodian selected by Client and named on Schedule A “Managed Assets” (the “Custodian”). Advisor will not have custody of any assets in the Account. Client will be solely responsible for paying all fees or charges of the Custodian. Client authorizes Advisor to give Custodian instructions for the purchase, sale, conversion, redemption, exchange or retention of any security, cash or cash equivalent or other investment for the Account. Client also authorizes and directs Advisor to instruct Custodian on Client’s behalf to (a) send Client at least quarterly a statement showing all transactions occurring in the Account during the period covered by the account statement, and the funds, securities and other property in the Account at the end of the period; and (b) provide Advisor copies of all periodic statements and other reports for the Account that Custodian sends to Client.

Custody of Assets. Custody of Account assets will be maintained by a mutual fund, variable annuity/life insurance company or other independent custodian selected by Client and named on Schedule A “Managed Assets” (the “Custodian”). Advisor Adviser will not have custody of any assets in the Account. Client will be solely responsible for paying all fees or charges of the Custodian. Client authorizes Advisor Adviser to give Custodian instructions for the purchase, sale, conversion, redemption, exchange or retention of any security, cash or cash equivalent or other investment for the Account. Client also authorizes and directs Advisor Adviser to instruct Custodian on Client’s behalf to (a) send Client at least quarterly a statement showing all transactions occurring in the Account during the period covered by the account statement, and the funds, securities and other property in the Account at the end of the period; and (b) provide Advisor Adviser copies of all periodic statements and other reports for the Account that Custodian sends to Client.