Common use of Determination of Federal Funds Clause in Contracts

Determination of Federal Funds. Shareholder payments shall be considered Federal Funds no later than on the day indicated below unless other times are noted in the prospectus of the applicable Class or Fund: (i) for a wire received, at the time of the receipt of the wire; (ii) for a check drawn on a member bank of the Federal Reserve System, on the second day on which the Fund is open for business (“Fund Business Day”) following receipt of the check; and (iii) for a check drawn on an institution that is not a member of the Federal Reserve System, at such time as TFS is credited with Federal Funds with respect to that check.