Common use of Financial Institution Acts as Agent for its Customers Clause in Contracts

Financial Institution Acts as Agent for its Customers. The parties agree that in each transaction in the shares of beneficial interest or capital stock of any Fund ("Shares") and with regard to any services rendered pursuant to this Agreement: (a) Financial Institution is acting as agent for the customer; (b) each transaction is initiated solely upon the order of the customer; (c) as between Financial Institution and its customer, the customer will have full beneficial ownership of all Shares of the Funds; (d) each transaction shall be for the account of the customer and not for Financial Institution's account; and (e) each transaction shall be without recourse to Financial Institution provided that Financial Institution acts in accordance with the terms of this Agreement. Financial Institution shall not have any authority in any transaction to act as Distributor's agent or as agent for the Funds.

Financial Institution Acts as Agent for its Customers. The parties agree that in each transaction in the shares of beneficial interest or capital stock of any Fund ("Shares") and with regard to any services rendered pursuant to this Agreement: (a) Financial Institution is acting as agent for the customer; (b) each transaction is initiated solely upon the order of the customer; (c) as between Financial Institution and its customer, the customer will have full beneficial ownership of all Shares of the Funds; (d) each transaction shall be for the account of the customer and not for Financial Institution's account; and (e) each transaction shall be without recourse to Financial Institution provided that Financial Institution acts in accordance with the terms of this Agreement. Financial Institution shall not have any authority in any transaction to act as Distributor's agent or as agent for the Funds. SECTION II - AGREEMENT FOR SALES OF FUND SHARES.