Common use of Client Transactions Clause in Contracts

Client Transactions. (a) Orders for the purchase of Fund Shares shall be executed at the then current public offering price per share (i.e., the net asset value per share plus the applicable sales charge, if any) and all orders for the redemption of any Fund Shares shall be executed at the net asset value per share less the applicable deferred sales charge, redemption fee or similar charge or fee, if any. Specifically, orders to purchase and redeem shares of the Fund received by UBS-FS from clients prior to 4:00 p.m. Eastern Time on any day that the Fund is open for business (“Day 1”) will be transmitted to the Fund or the transfer agent for the Fund (the “TA”) no later than 9:00 a.m. Eastern Time on the next day that the Fund is open for business (“Day 2”) (such purchases and redemptions are referred to as “Day 1 Trades”). Orders to purchase and redeem shares of the Fund received by UBS-FS from clients after 4:00 p.m. Eastern Time on Day 1, but prior to 4:00 p.m. Eastern Time on Day 2, will be transmitted to the Fund or the TA no later than 9:00 a.m. Eastern Time on the second day that the Fund is open for business following Day 1 (such purchases and redemptions are referred to as “Day 2 Trades”). Day 1 Trades will be effected at the net asset value of the Fund’s Shares calculated as of the close of business on Day 1, and Day 2 Trades will be effected as of the close of business on Day 2. UBSTCPR agrees that, consistent with the foregoing, Day 1 Trades will have been received by the Fund or the TA prior to the close of business on Day 1 for all purposes, including without limitation, effecting distributions.

Client Transactions. (a) Orders for the purchase of Fund Shares shall be executed at the then current public offering price per share (i.e., the net asset value per share plus the applicable sales charge, if any) and all orders for the redemption of any Fund Shares shall be executed at the net asset value per share less the applicable deferred sales charge, redemption fee or similar charge or fee, if any. Specifically, orders to purchase and redeem shares of the Fund Funds received by UBS-FS from clients Clients prior to 4:00 p.m. Eastern Time on any day that the Fund is Funds are open for business (“Day 1”) will be transmitted to the Fund Funds or the transfer agent TA for the Fund (the “TA”) Funds no later than 9:00 a.m. Eastern Time on the next day that the Fund is Funds are open for business (“Day 2”) (such purchases and redemptions are referred to as “Day 1 Trades”). Orders to purchase and redeem shares of the Fund Funds received by UBS-FS from clients Clients after 4:00 p.m. Eastern Time on Day 1, but prior to 4:00 p.m. Eastern Time on Day 2, will be transmitted to the Fund Funds or the TA no later than 9:00 a.m. Eastern Time on the second day that the Fund is open for business following Day 1 (such purchases and redemptions are referred to as “Day 2 Trades”). Day 1 Trades will be effected at the net asset value of the each Fund’s 's Shares calculated as of the close of business on Day 1, and Day 2 Trades will be effected as of the close of business on Day 2. UBSTCPR Distributor agrees that, consistent with the foregoing, Day 1 Trades will have been received by the Fund Funds or the TA prior to the close of business on Day 1 for all purposes, including without limitation, effecting distributions. Distributor understands that UBS-FS has in place a sales policy with respect to Class B shares of all Funds that, among other things: (i) prohibits soliciting or recommending Class B share purchases in the amount of $50,000 to $249,999; (ii) requires that any unsolicited Class B share purchases in the amount of $50,000 to $249,999 be accompanied by an executed client disclosure letter; and (iii) prohibits single Class B share purchases in the amount of $250,000 or more, whether solicited or unsolicited. Distributor understands and agrees that UBS-FS may, from time to time, implement additional internal compliance policies that may affect, among other things, the sale of the Funds and/or shares covered hereunder. Notwithstanding any provision to the contrary, written notice of such policies and procedures will be deemed to be adequate notice to Distributor without further requirement that Distributor approve or agree to such policies or restrictions. In the event that Distributor or the Funds detect trading patterns that they believe indicate that one or more Clients are engaged in market timing activities and so notify UBS-FS, UBS-FS will take reasonable steps to assist Distributor and the Funds in deterring such market timing activity. UBS-FS agrees to comply with any restrictions and limitations on purchases, redemptions and exchanges described in the Prospectus, including any restrictions or prohibitions relating to frequent purchases and redemptions (i.e market timing) and any share purchase eligibility requirements. If UBS-FS detects a pattern of purchases, redemptions and/or exchanges of shares that appears to evidence market timing, UBS-FS shall promptly notify Distributor and the Funds in writing of such pattern. To the extent that the Prospectus is ambiguous regarding the actions that constitute market timing, Distributor and the Funds acknowledge that UBS-FS shall monitor purchases, redemptions and exchanges based on UBS-FS’ determination, in its sole discretion, of the definition of market timing. For the avoidance of doubt, paragraph 2(c) shall not apply to trading in the Programs.

Client Transactions. (a) Orders for the purchase of Fund Shares shall be executed at the then current public offering price per share (i.e., the net asset value per share plus the applicable sales charge, if any) and all orders for the redemption of any Fund Shares shall be executed at the net asset value per share less the applicable deferred sales charge, redemption fee or similar charge or fee, if any. Specifically, orders to purchase and redeem shares of the Fund Funds received by UBS-FS from clients Clients prior to 4:00 p.m. Eastern Time on any day that the Fund is Funds are open for business (“Day 1”) will be transmitted to the Fund Funds or the transfer agent TA for the Fund (the “TA”) Funds no later than 9:00 8:30 a.m. Eastern Time on the next day that the Fund is Funds are open for business (“Day 2”) (such purchases and redemptions are referred to as “Day 1 Trades”). Orders to purchase and redeem shares of the Fund Funds received by UBS-FS from clients Clients after 4:00 p.m. Eastern Time on Day 1, but prior to 4:00 p.m. Eastern Time on Day 2, will be transmitted to the Fund Funds or the TA no later than 9:00 8:30 a.m. Eastern Time on the second day that the Fund is open for business following Day 1 (such 1(such purchases and redemptions are referred to as “Day 2 Trades”). Day 1 Trades will be effected at the net asset value of the each Fund’s Shares calculated as of the close of business on Day onDay 1, and Day 2 Trades will be effected as of the close of business on Day 2. UBSTCPR Distributor agrees that, consistent with the foregoing, Day 1 Trades will have been received by the Fund Funds or the TA prior to the close of business on Day 1 for all purposes, including without limitation, effecting distributions.. 5