Common use of Execution of Orders for Purchase and Redemption of Shares Clause in Contracts

Execution of Orders for Purchase and Redemption of Shares. (a) All accepted orders for the purchase of any Shares shall be executed at the next determined public offering price per share (i.e., the net asset value per share plus the applicable initial sales load, if any) and all accepted orders for the redemption of any Shares shall be executed at the next determined net asset value per share, in each case as described in the Prospectus. Any applicable deferred sales charge, redemption fee, or similar charge or fee will be deducted by the Funds prior to the transmission of the redemption proceeds to Financial Intermediary or its customer. JPMDS and the Funds reserve the right to reject any purchase request in their sole discretion. The execution of all orders for Share transactions will be subject to the terms of the Prospectus and JPMDS’ written instructions to Financial Intermediary from time to time, and if executed through Fund/SERV, the NSCC’s rules and procedures. Specifically, the Financial Intermediary certifies that:

Execution of Orders for Purchase and Redemption of Shares. (a) All accepted orders for the purchase of any Shares shall be executed at the next determined public offering price per share (i.e., the net asset value per share plus the applicable initial sales load, if any) and all accepted orders for the redemption of any Shares shall be executed at the next determined net asset value per share, in each case as described in the Prospectus. Any applicable deferred sales charge, redemption fee, or similar charge or fee will be deducted by the Funds prior to the transmission of the redemption proceeds to Financial Intermediary or its customer. JPMDS and the Funds reserve the right to reject any purchase request in their sole discretion. The execution of all orders for Share transactions will be subject to the terms of the Prospectus and JPMDS’ written instructions to Financial Intermediary from time to time, and if executed through Fund/SERV, the NSCCDTCC’s rules and procedures. Specifically, the Financial Intermediary certifies that: