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

Financial Intermediary Acts as Agent for its Customers. The parties agree that in performing its services under this Agreement: (a) Except with regard to certain money market funds (“MMFs”), as set forth in Section 4 of Exhibit B of this Agreement, Financial Intermediary is acting as agent for its customer and covenants and agrees to comply with all applicable terms and conditions of the Registration Statement, as defined below; (b) The customer is for all purposes the customer of Financial Intermediary; (c) Each transaction is initiated solely upon the order of the customer; (d) As between Financial Intermediary and its customer, the customer will have full beneficial ownership of all Shares; (e) Each transaction shall be for the account of the customer and not for Financial Intermediary’s account; (f) Each transaction shall be without recourse to Financial Intermediary provided that Financial Intermediary acts in accordance with the terms of this Agreement; and (g) Except for the limited purpose of receiving orders to purchase, redeem or exchange Shares (“Orders”) for Share transactions from its customers as described in Section B. of this Agreement or with respect to redemptions for certain MMFs of customers who do not qualify as natural persons, as set forth in Exhibit B of this Agreement, Financial Intermediary shall have no authority to act as agent for JPMDS or the Funds.