Common use of Obligations of Vanguard Clause in Contracts

Obligations of Vanguard. (a) Transactions Subject to this Agreement. (i) Vanguard will accept Orders transmitted by the Intermediary through ITWS in accordance with this Agreement. Vanguard will be responsible for processing and executing any such Orders from the Intermediary in a timely manner. (ii) The parties acknowledge and agree that, if the Intermediary submits any Orders to Vanguard with respect to the Separate Accounts under this Agreement, including with respect to any Account eligible to be traded under this Agreement, in any permitted manner other than (A) through ITWS or (B) pursuant to the applicable contingency procedures described in Exhibit A, such as manually by telephone or through a written letter of instruction (if and as permitted by Vanguard), all such Orders shall be governed by and subject to this Agreement, and all obligations of the Intermediary under this Agreement with respect to Orders shall apply to such Orders; provided, however, that unless otherwise determined by Vanguard in any given case in its sole discretion, and notwithstanding Section 10(d) below, (1) any such Orders shall not be eligible for Extended Processing, and shall only be eligible for Standard Processing; and (2) any such Orders shall be settled in accordance with the procedures described in Section 12(L below.

Obligations of Vanguard. (a) Transactions Subject to this Agreement. (i) Vanguard will accept Orders transmitted by the Intermediary through ITWS in accordance with this Agreement. Vanguard will be responsible for processing and executing any such Orders from the Intermediary in a timely manner. (ii) The parties acknowledge and agree that, if the Intermediary submits any Orders to Vanguard with respect to the Separate Accounts under this Agreement, including with respect to any Account eligible to be traded under this Agreement, in any permitted manner other than (A) through ITWS or (B) pursuant to the applicable contingency procedures described in Exhibit A, such as manually by telephone or through a written letter of instruction (if and as permitted by Vanguard), all such Orders shall be governed by and subject to this Agreement, and all obligations of the Intermediary under this Agreement with respect to Orders shall apply to such Orders; provided, however, that unless otherwise determined by Vanguard in any given case in its sole discretion, and notwithstanding Section 10(d) below, (1) any such Orders shall not be eligible for Extended Processing, and shall only be eligible for Standard Processing; and (2) any such Orders shall be settled in accordance with the procedures described in Section 12(L 12(f) below.