Common use of Acceptance of Orders Clause in Contracts

Acceptance of Orders. (a) The customers in question are for all purposes your customers and not our customers. We shall execute transactions for each of your customers only upon your authorization, it being understood in all cases that (i) you are acting as the agent for the customer; (ii) the transactions are subject to the federal and state securities laws without recourse against you by the customer; (iii) as between you and the customer, the customer will have beneficial ownership of the securities; (iv) each transaction is initiated solely upon the order of the customer; (v) each transaction is for the account of the customer and not for your account; and (vi) you shall not have any authority in any transactions to act as our agent or agent of the Funds. (b) Orders received from you will be accepted by us and the Investment Companies only at the public offering price applicable to each order. The public offering price shall be the net asset value per Share plus any sales charge payable upon the purchase of Shares of such Fund or class thereof as specified in the then current prospectus applicable to such Shares, as amended and in effect from time to time (the "Prospectus"). The public offering price may reflect scheduled variations in, or the elimination of the sales charge on sales of the Shares either generally to the public or in connection with special purchase plans, as described in the Prospectus and related Statement of Additional Information. You agree that you will apply any scheduled variation in, or elimination of, the sales charge uniformly to all offerees in the class specified in the Prospectus. Upon acceptance of an order we shall confirm the order directly to the customer on a fully disclosed basis in writing and a copy of each confirmation shall be sent simultaneously to you. The procedures relating to the handling of orders shall be subject to instructions which we shall provide from time to time to you. We and the Investment Companies reserve the right to reject any purchase request in our sole discretion.