Common use of Exchanges and Transfers Clause in Contracts

Exchanges and Transfers. Upon receipt by the Transfer Agent of a request to exchange Fund shares held in a shareholder’s account for shares of another Fund, the Transfer Agent will verify that the exchange request is made by authorized means and will process a redemption and corresponding purchase of shares in accordance with the Trust’s redemption and purchase policies set forth in the Prospectus and in accordance with the redemption and purchase provisions of this Agreement. Upon receipt by the Transfer Agent of a request to transfer Fund shares, and receipt of a share certificate for transfer or an order for the transfer of uncertificated shares, in either case with such endorsements, instruments of assignment or evidence of succession as the Transfer Agent may require and accompanied by payment of any applicable transfer taxes, and satisfaction of any conditions contained in the Trust’s Declaration of Trust, By-Laws, and Prospectus, the Transfer Agent will record the transfer of ownership of such shares in the appropriate records and will process the transfer in accordance with the Trust’s transfer policies and will open an account for the transferee, if a new shareholder, in accordance with the provisions of this Agreement.