Common use of AUTHORIZATION OF INDEX RECEIPT AGENT Clause in Contracts

AUTHORIZATION OF INDEX RECEIPT AGENT. With respect to Purchase Orders or Redemption Orders processed through the NSCC Clearing Process, the Participant hereby authorizes the Index Receipt Agent to transmit to NSCC on behalf of the Participant such instructions, including amounts of the Deposit Securities, Redemption Securities, and Cash Components as are necessary, consistent with the instructions issued by the Participant to the Vanguard ETF telephone representative. The Participant agrees to be bound by the terms of such instructions issued by the Index Receipt Agent and reported to NSCC as though such instructions were issued by the Participant directly to NSCC.

AUTHORIZATION OF INDEX RECEIPT AGENT. With respect to Purchase Orders or Redemption Orders processed through the NSCC Clearing Process, the Participant hereby authorizes the Index Receipt Agent to transmit to the NSCC on behalf of the Participant such instructions, including amounts of the Deposit Securities, Redemption Securities, Securities and Cash Components Balancing Amounts as are necessary, consistent with the instructions issued by the Participant to the Vanguard ETF telephone representative. Distributor then transmitted by the Distributor to the Index Receipt Agent, The Participant agrees to be bound by the terms of such instructions issued by the Index Receipt Agent and reported to NSCC as though such instructions were issued by the Participant directly to NSCC.

AUTHORIZATION OF INDEX RECEIPT AGENT. With respect to Purchase Orders or Redemption Orders processed through the NSCC Clearing Process, the Participant hereby authorizes the Index Receipt Agent to transmit to the NSCC on behalf of the Participant such instructions, including amounts of the Deposit Securities, Redemption Securities, Securities and Cash Components Balancing Amounts as are necessary, consistent with the instructions issued by the Participant to the Vanguard ETF telephone representativeDistributor then transmitted by the Distributor to the Index Receipt Agent. The Participant agrees to be bound by the terms of such instructions issued by the Index Receipt Agent and reported to NSCC as though such instructions were issued by the Participant directly to NSCC.