Common use of Authorization by Institution; Confirmation of Oral Instructions Clause in Contracts

Authorization by Institution; Confirmation of Oral Instructions. Institution hereby authorizes Federated to accept, rely upon and act upon all Instructions received by Federated from or reasonably believed to be from Institution, all without the delivery by Institution of written authorization of the Shareholder. Institution authorizes Federated to accept, rely upon and act upon oral Instructions by any person identifying himself as an Authorized Person and to tape record such Instructions. Institution shall confirm all oral Instructions on the same day as given by facsimile, however, Federated may rely on the oral Instructions regardless of whether such facsimile is received.