Common use of Investment Exchanges Clause in Contracts

Investment Exchanges. The Account Holder may direct the Custodian to redeem any or all shares of any Fund that are held in the Account and to reinvest the proceeds in any other Fund available under this Agreement. Any such directions shall be given in a manner acceptable to the Custodian. If any such directions are incomplete or ambiguous, the Custodian will not carry out such directions until the incompleteness or ambiguity is resolved, and the Custodian will have no liability for loss of income or appreciation pending the resolution of such incompleteness or ambiguity. By giving any such directions, the Account Holder will be deemed to have acknowledged receipt of the then current prospectus of any Fund in which the Account Holder instructs the Custodian to reinvest such proceeds. Any such exchange transaction shall conform with the provisions of the current prospectus for the applicable Fund.