Common use of Discretionary Processing Clause in Contracts

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Firm Exit that falls within either of the categories listed below by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(s) is (are) transmitted to Vanguard. Any such Firm Exit(s) will be suspended by Vanguard upon receipt and will be approved and processed only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Firm Exit(s) upon review, subject to the requirements of Section 3(c) below. (i) A Firm Exit in an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund; or (ii) Multiple Firm Exits in the same Vanguard Fund transmitted on the same Business Day which aggregate to an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund. Any such Firm Exit(s) received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary by telephone of the decision. Any such Firm Exits received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone of the decision.

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Firm Exit an As-of Order that falls within either any of the categories listed below below, and/or of its intent to transmit more than one As-of Order on a single Business Day, by calling Vanguard’s 's NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(sAs-of Order(s) is (are) transmitted to Vanguard. Any such Firm Exit(sAs-of Order(s) will be suspended by Vanguard upon receipt and will be approved and processed as of the Indicated Trade Date only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Firm Exit(sdie As-of Order(s) upon review, subject to the requirements of Section 3(c1(d)(iii) below. (iA) A Firm Exit As-of Orders for Closed Funds; (B) As-of Orders in an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund; or lesser of (ii1) Multiple Firm Exits in the same Vanguard Fund transmitted on the same Business Day which aggregate to an amount equal to or greater than $25,000 and (2) the Large Transaction Amount for the relevant Vanguard Fund; (C) As-of Orders with an Indicated Trade Date more than two Business Days prior to the Business Day on which the As-of Order is received by Vanguard; (D) As-of Orders with an As-of Reason Code of (06) Other; and (E) As-of Orders for which an original rejected Order is not readily identifiable by Vanguard. Any such Firm Exit(s) As-of Orders received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary intermediary by telephone of the decision. Any such Firm Exits As-of Orders received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone of the decision.

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Firm Exit an As-of Order that falls within either any of the categories listed below below, and/or of its intent to transmit more than one As-of Order on a single Business Day, by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(sAs-of Order(s) is (are) transmitted to Vanguard. Any such Firm Exit(sAs-of Order(s) will be suspended by Vanguard upon receipt and will be approved and processed as of the Indicated Trade Date only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Firm Exit(sAs-of Order(s) upon review, subject to the requirements of Section 3(cl(d)(iii) below. (iA) A Firm Exit As-of Orders for Closed Funds; (B) As-of Orders in an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund; or lesser of (ii1) Multiple Firm Exits in the same Vanguard Fund transmitted on the same Business Day which aggregate to an amount equal to or greater than $25,000 and (2) the Large Transaction Amount for the relevant Vanguard Fund; (C) As-of Orders with an Indicated Trade Date more than one Business Day prior to the Business Day on which the As-of Order is received by Vanguard; and (D) As-of Orders with an As-of Reason Code of: (10) With Fund’s Permission; (11) Resubmitted Fund/SERV Reject; or (12) DCC&S (See Asset Type Indicator). Any such Firm Exit(s) As-of Orders received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected As-of Orders through the decisionnormal confirmation process. Any such Firm Exits As-of Orders received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected As-of Orders through the decisionnormal confirmation process.

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Firm Exit that falls within either of the categories listed below by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(s) is (are) transmitted to Vanguard. Any such Firm Exit(s) will be suspended by Vanguard upon receipt and will be approved and processed only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Firm Exit(s) upon review, subject to the requirements of Section 3(c) below. (i) A Firm Exit in an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard FundVVIF Portfolio; or (ii) Multiple Firm Exits in the same Vanguard Fund VVIF Portfolio transmitted on the same Business Day which aggregate to an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard FundVVIF Portfolio. Any such Firm Exit(s) received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary by telephone of the decision. Any such Firm Exits received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone of the decision.

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Firm Exit an As-of Order that falls within either any of the categories listed below below, and/or of its intent to transmit more than one As-of Order on a single Business Day, by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(sAs-of Order(s) is (are) transmitted to Vanguard. Any such Firm Exit(sAs-of Order(s) will be suspended by Vanguard upon receipt and will be approved and processed as of the Indicated Trade Date only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Firm Exit(sAs-of Order(s) upon review, subject to the requirements of Section 3(c1(d)(iii) below. (iA) A Firm Exit As-of Orders for Closed Funds; (B) As-of Orders in an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund; or lesser of (ii1) Multiple Firm Exits in the same Vanguard Fund transmitted on the same Business Day which aggregate to an amount equal to or greater than $25,000 and (2) the Large Transaction Amount for the relevant Vanguard Fund; (C) As-of Orders with an Indicated Trade Date more than one Business Day prior to the Business Day on which the As-of Order is received by Vanguard; and (D) As-of Orders with an As-of Reason Code of: (10) With Fund’s Permission; (11) Resubmitted Fund/SERV Reject; or (12) DCC&S (See Asset Type Indicator). Any such Firm Exit(s) As-of Orders received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected As-of Orders through the decisionnormal confirmation process. Any such Firm Exits As-of Orders received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected As-of Orders through the decisionnormal confirmation process.

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Post-Settlement Firm Exit that falls within either any of the categories listed below by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Post-Settlement Firm Exit(s) is (are) transmitted to Vanguard. Any such Post-Settlement Firm Exit(s) will be suspended by Vanguard upon receipt and will be approved and processed only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Post-Settlement Firm Exit(s) upon review, subject to the requirements of Section 3(c3(b)(iii) below. (iA) A Post-Settlement Firm Exit in an amount equal to or greater than the lesser of (1) $1,000,000 and (2) the Large Transaction Amount for the relevant Vanguard Fund; orVVIF Portfolio; (iiB) Multiple Post-Settlement Firm Exits in the same Vanguard Fund VVIF Portfolio transmitted on the same Business Day which aggregate to an amount equal to or greater than the lesser of (1) $1,000,000 and (2) the Large Transaction Amount for the relevant Vanguard VVIF Portfolio; (C) Post-Settlement Firm Exits with a Post-Settlement Firm Exit Reason Code of: (10) With Fund’s Permission; (11) Resubmitted Fund/SERV Reject; or (12) DCC&S (See Asset Type Indicator). Any such Post-Settlement Firm Exit(s) received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected Post-Settlement Firm Exits through the decisionnormal confirmation process. Any such Firm Exits received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. a.m. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected Post-Settlement Firm Exits through the decisionnormal confirmation process.

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Pre-Settlement Firm Exit that falls within either of the categories listed below by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Pre-Settlement Firm Exit(s) is (are) transmitted to Vanguard. Any such Pre-Settlement Firm Exit(s) will be suspended by Vanguard upon receipt and will be approved and processed only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Pre-Settlement Firm Exit(s) upon review, subject to the requirements of Section 3(c3(a)(iii) below. (iA) A Pre-Settlement Firm Exit in an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard FundVVIF Portfolio; or (iiB) Multiple Pre-Settlement Firm Exits in the same Vanguard Fund VVIF Portfolio transmitted on the same Business Day which aggregate to an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard FundVVIF Portfolio. Any such Pre-Settlement Firm Exit(s) received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an a Pre-Settlement FE Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary by telephone of the decision. Any such Firm Exits received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an a Pre-Settlement FE Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. a.m. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone of the decision.

Discretionary Processing. The Intermediary Company shall notify Vanguard of its any intent to transmit a Firm Exit that falls within either of the categories listed below by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(s) is (are) transmitted to Vanguard. Any such Firm Exit(s) will be suspended by Vanguard upon receipt and will be approved and processed only if (x) the Intermediary Company has provided the required notification and (y) Vanguard approves the Firm Exit(s) upon review, subject to the requirements of Section 3(c) below. (i) A Firm Exit in an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund; oror 0241320 0.8 DCC&S VA INSURANCE PRODUCT (ii) Multiple Firm Exits in the same Vanguard Fund transmitted on the same Business Day which aggregate to an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund. Any such Firm Exit(s) received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary Company by telephone of the decision. Any such Firm Exits received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary Company by telephone of the decision.

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Firm Exit that falls within either of the categories listed below by calling Vanguard’s 's NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(s) is (are) transmitted to Vanguard. Any such Firm Exit(s) will be suspended by Vanguard upon receipt and will be approved and processed only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Firm Exit(s) upon review, subject to the requirements of Section 3(c) below. (i) A Firm Exit in an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund; or (ii) Multiple Firm Exits in the same Vanguard Fund transmitted on the same Business Day which aggregate to an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund. ; Any such Firm Exit(s) received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary by telephone of the decision. Any such Firm Exits received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone of the decision.

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Firm Exit Post-Settlement Correction that falls within either any of the categories listed below by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(sPost-Settlement Correction(s) is (are) transmitted to Vanguard. Any such Firm Exit(sPost-Settlement Correction(s) will be suspended by Vanguard upon receipt and will be approved and processed only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Firm Exit(sPost-Settlement Correction(s) upon review, subject to the requirements of Section 3(c3(c)(iii) below. (iA) Post-Settlement Corrections for Closed Funds; (B) A Firm Exit in an Post-Settlement Correction for which the amount of the associated PSC Original Order or PSC Corrected Order is equal to or greater than the lesser of (1) $1,000,000 and (2) the Large Transaction Amount for the relevant Vanguard Fund; orVVIF Portfolio; (iiC) Multiple Firm Exits Post-Settlement Corrections in the same Vanguard Fund VVIF Portfolio transmitted on the same Business Day for which the amounts of the associated PSC Original Orders or PSC Corrected Orders aggregate to an amount equal to or greater than the lesser of (1) $1,000,000 and (2) the Large Transaction Amount for the relevant Vanguard VVIF Portfolio; (D) Post-Settlement Corrections with a Post-Settlement Correction Reason Code of: (10) With Fund’s Permission; (11) Resubmitted Fund/SERV Reject; or (12) DCC&S (See Asset Type Indicator). Any such Firm Exit(s) Post-Settlement Corrections received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected Post-Settlement Corrections through the decisionnormal confirmation process. Any such Firm Exits Post-Settlement Corrections received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. a.m. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected Post-Settlement Corrections through the decisionnormal confirmation process.

Discretionary Processing. The Intermediary Company shall notify Vanguard of its any intent to transmit a Firm Exit an As-of Order that falls within either any of the categories listed below below, and/or of any intent to transmit more than one As-of Order on a single Business Day, by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(sAs-of Order(s) is (are) transmitted to Vanguard. Any such Firm Exit(sAs-of Order(s) will be suspended by Vanguard upon receipt and will be approved and processed as of the Indicated Trade Date only if (x) the Intermediary Company has provided the required notification and (y) Vanguard approves the Firm Exit(sAs-of Order(s) upon review, subject to the requirements of Section 3(c1(d)(iii) below. (iA) A Firm Exit As-of Orders for Closed Funds; (B) As-of Orders in an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund; or lesser of (ii1) Multiple Firm Exits in the same Vanguard Fund transmitted on the same Business Day which aggregate to an amount equal to or greater than $25,000 and (2) the Large Transaction Amount for the relevant Vanguard Fund; (C) As-of Orders with an Indicated Trade Date more than one Business Day prior to the Business Day on which the As-of Order is received by Vanguard; and (D) As-of Orders with an As-of Reason Code of: (10) With Fund’s Permission; (11) Resubmitted Fund/SERV Reject; or (12) DCC&S (See Asset Type Indicator). Any such Firm Exit(s) As-of Orders received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard the Company will notify be notified of any rejected As-of Orders through the Intermediary by telephone of the decisionnormal confirmation process. Any such Firm Exits As-of Orders received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. Eastern time on the following Business Day, after which time Vanguard the Company will notify be notified of any rejected As-of Orders through the Intermediary by telephone of the decisionnormal confirmation process.

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Firm Exit an As-of Order that falls within either any of the categories listed below by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(sAs-of Order(s) is (are) transmitted to Vanguard. Any such Firm Exit(sAs-of Order(s) will be suspended by Vanguard upon receipt and will be approved and processed as of the Indicated Trade Date only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Firm Exit(sAs-of Order(s) upon review, subject to the requirements of Section 3(c1(d)(iii) below. (iA) A Firm Exit As-of Orders for Closed Funds; (B) As-of Orders in an amount equal to or greater than the lesser of (1) $1,000,000 and (2) the Large Transaction Amount for the relevant Vanguard Fund; orVVIF Portfolio; (iiC) Multiple Firm Exits As-of Orders in the same Vanguard Fund VVIF Portfolio transmitted on the same Business Day which aggregate to an amount equal to or greater than the lesser of (1) $1,000,000 and (2) the Large Transaction Amount for the relevant Vanguard VVIF Portfolio;; (D) As-of Orders with an As-of Reason Code of: (10) With Fund’s Permission; (11) Resubmitted Fund/SERV Reject; or (12) DCC&S (See Asset Type Indicator). Any such Firm Exit(s) As-of Orders received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected As-of Orders through the decisionnormal confirmation process. Any such Firm Exits As-of Orders received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected As-of Orders through the decisionnormal confirmation process.

Discretionary Processing. The Intermediary shall notify Vanguard of its intent to transmit a Firm Exit an As-of Order that falls within either any of the categories listed below below, and/or of its intent to transmit more than one As-of Order on a single Business Day, by calling Vanguard’s NSCC Services Unit between 6:30 a.m. and 8:30 p.m. Eastern time on the Business Day on which such Firm Exit(sAs-of Order(s) is (are) transmitted to Vanguard. Any such Firm Exit(sAs-of Order(s) will be suspended by Vanguard upon receipt and will be approved and processed as of the Indicated Trade Date only if (x) the Intermediary has provided the required notification and (y) Vanguard approves the Firm Exit(sAs-of Order(s) upon review, subject to the requirements of Section 3(c1(d)(iii) below. (iA) A Firm Exit As-of Orders for Closed Funds; (B) As-of Orders in an amount equal to or greater than the Large Transaction Amount for the relevant Vanguard Fund; or lesser of (ii1) Multiple Firm Exits in the same Vanguard Fund transmitted on the same Business Day which aggregate to an amount equal to or greater than $25,000 and (2) the Large Transaction Amount for the relevant Vanguard VVIF Portfolio; (C) As-of Orders with an Indicated Trade Date more than one Business Day prior to the Business Day on which the As-of Order is received by Vanguard; and (D) As-of Orders with an As-of Reason Code of: (10) With Fund’s Permission; (11) Resubmitted Fund/SERV Reject; or (12) DCC&S (See Asset Type Indicator). Any such Firm Exit(s) As-of Orders received by Vanguard on a Business Day between NSCC Cycles 8 and 14 and relating to an Original Order with a trade date of the immediately preceding Business Day will be reviewed and either approved or disapproved by 1:00 p.m. Eastern time on such Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected As-of Orders through the decisionnormal confirmation process. Any such Firm Exits As-of Orders received by Vanguard on a Business Day between NSCC Cycles 15 and 98 and relating to an Original Order with a trade date of such Business Day will be reviewed and either approved or disapproved by 10:00 A.M. Eastern time on the following Business Day, after which time Vanguard will notify the Intermediary by telephone will be notified of any rejected As-of Orders through the decisionnormal confirmation process.