Common use of ORDERS, AND CONFIRMATIONS Clause in Contracts

ORDERS, AND CONFIRMATIONS. All purchase orders are subject to acceptance or rejection by FTDI and by the Fund or its transfer agent at their sole discretion, and become effective only upon confirmation by FTDI. Transaction orders shall be made using the procedures and forms required by FTDI from time to time. Orders received on any business day after the time for calculating the price of Fund shares as set forth in each Fund's current prospectus will be effected at the price determined on the next business day. A written confirming statement will be sent to Bank and to Customer upon settlement of each Transaction.