Common use of Purchase and Redemption Orders Clause in Contracts

Purchase and Redemption Orders. (a) All Purchase Orders and Redemption Orders shall be made in accordance with the terms of the Prospectus and this Agreement (including the Annexes to this Agreement). The Funds reserve the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation Units, and the Participant agrees to comply with such procedures as it may receive from time to time. It is contemplated that the phone lines used by the Vanguard ETF telephone representatives will be recorded, and the Participant hereby consents to the recording of all calls with these representatives. The Participant shall be responsible for any and all expenses and costs incurred by a Fund in connection with any Purchase or Redemption Orders. (b) The Participant acknowledges and agrees that the placement of a Purchase Order or Redemption Order shall be irrevocable. The Fund and the Distributor on behalf of the Fund reserve the right to reject any Purchase Order, as more fully described in Annex II, and to reject any Redemption Order that is not in “proper form” as described in the SAI. (c) Each Business Day, as that term is defined in the SAI, the Distributor will make available the names and amounts of Deposit Securities to be included in the creation basket for each Fund on the next Business Day and, if different, the names and amounts of Redemption Securities that a Participant will receive as in-kind redemption proceeds. Purchase and Redemption Orders may be submitted only on Business Days. (d) The Participant understands and agrees that residents of Australia and New Zealand are entitled to receive only cash upon redemption of a Creation Unit of Vanguard ETF Shares. Accordingly, the Participant agrees that it will not tender a redemption request on behalf of a Beneficial Owner who is a resident of Australia or New Zealand.

Purchase and Redemption Orders. (a) All Purchase Orders and Redemption Orders shall be made in accordance with the terms of the Prospectus Fund Documents and this Agreement the procedures set out in the AP Handbook. Each Party shall comply with the provisions of such documents to the extent applicable to it. a. It is contemplated that the communications used in connection with the purchase and redemption of Creation Units (including which includes use by representatives of the Annexes Distributor, Index Receipt Agent or the Trust and any affiliates thereof) will be recorded, and each Party hereby consents to this Agreement). the recording of all calls in connection with the purchase and redemption of Creation Units. b. The Participant acknowledges that use of the DASH Order System (as defined below) is subject to the terms and conditions as required by the Distributor, the Index Receipt Agent and/or the Funds’ transfer agent in connection with all Purchase and Redemption Orders through an electronic order entry system, known as the Direct Access to a Secure Hub or DASH made available to the Participant (the “DASH Order System”) in connection with the purchase and redemption of Creation Units. c. The Funds reserve the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation UnitsUnits upon 30 days’ prior written notice to the Participant, and the Participant agrees to shall comply with such procedures as it may receive be issued from time to timetime (including, but not limited to, the Fund Shares cash collateral settlement procedures that are referenced in the AP Handbook). It is contemplated that the phone lines used by the Vanguard ETF telephone representatives will be recorded, and the Participant hereby consents The Funds shall provide no less than 30 days’ prior written notice of any amendments or supplements to the recording of all calls with these representatives. AP Handbook. d. The Participant shall be responsible for any and all expenses and costs incurred by a Fund in connection with any Purchase or Redemption Orders. (b) The Participant acknowledges and agrees that the placement of a Purchase Order or Redemption Order shall be irrevocable. The Fund irrevocable and that the Funds (or the Distributor on behalf of the Fund Funds) reserve the right to reject any Purchase Order, as more fully described Order or Redemption Order in Annex II, accordance with the terms of the Fund Documents. The Distributor and the Trust have and reserve the right (in their sole discretion and without notice) to reject any a Purchase Order or Redemption Order or suspend sales of Fund Shares (in either case, in accordance with the terms of the Fund Documents); provided that is not in “proper form” as described in the SAI. (c) Each Business Day, as that term is defined in the SAI, the Distributor will make available or the names and amounts Trust shall provide notice of Deposit Securities such rejection to be included in the creation basket for each Fund on the next Business Day and, if different, the names and amounts of Redemption Securities that a Participant will receive as in-kind redemption proceeds. Purchase and Redemption Orders may be submitted only on Business Days. (d) The Participant understands and agrees that residents of Australia and New Zealand are entitled to receive only cash upon redemption of a Creation Unit of Vanguard ETF Shares. Accordingly, the Participant agrees that it will not tender a redemption request on behalf of a Beneficial Owner who is a resident of Australia or New Zealandas soon as reasonably practicable.

Purchase and Redemption Orders. (a) All Purchase Orders and Redemption Orders shall be made in accordance with the terms of the Prospectus Fund Documents and this Agreement the procedures set out in the AP Handbook. Each Party shall comply with the provisions of such documents to the extent applicable to it. a. It is contemplated that the communications used in connection with the purchase and redemption of Creation Units (including which includes use by representatives of the Annexes Distributor, Index Receipt Agent or the Trust and any affiliates thereof) will be recorded, and each Party hereby consents to this Agreement). the recording of all calls in connection with the purchase and redemption of Creation Units. b. The Participant agrees to the terms and conditions as required by the Distributor, the Index Receipt Agent and/or the Funds’ transfer agent in connection with all Purchase and Redemption Orders through an electronic order entry system, known as the Direct Access to a Secure Hub or DASH made available to the Participant (the “DASH Order System”) in connection with the purchase and redemption of Creation Units. c. The Funds reserve the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation Units, and the Participant agrees to shall comply with such procedures as it may receive be issued from time to time. It is contemplated time (including, but not limited to, the Fund Shares cash collateral settlement procedures that are referenced in the phone lines used by the Vanguard ETF telephone representatives will be recorded, and the Participant hereby consents to the recording of all calls with these representatives. AP Handbook). d. The Participant shall be responsible for agrees (on behalf of itself and any and all expenses and costs incurred by a Fund in connection with any Purchase or Redemption Orders. (bParticipant Client) The Participant acknowledges and agrees that the placement of a Purchase Order or Redemption Order shall be irrevocable. The Fund irrevocable and that the Funds (or the Distributor on behalf of the Fund Funds) reserve the right to reject any Purchase Order, as more fully described Order or Redemption Order in Annex II, accordance with the terms of the Fund Documents. The Distributor and the Trust have and reserve the right (in their sole discretion and without notice) to reject any a Purchase Order or Redemption Order that is not or suspend sales of Fund Shares (in “proper form” as described either case, in accordance with the SAIterms of the Fund Documents). (c) Each Business Day, as that term is defined in the SAI, the Distributor will make available the names and amounts of Deposit Securities to be included in the creation basket for each Fund on the next Business Day and, if different, the names and amounts of Redemption Securities that a Participant will receive as in-kind redemption proceeds. Purchase and Redemption Orders may be submitted only on Business Days. (d) The Participant understands and agrees that residents of Australia and New Zealand are entitled to receive only cash upon redemption of a Creation Unit of Vanguard ETF Shares. Accordingly, the Participant agrees that it will not tender a redemption request on behalf of a Beneficial Owner who is a resident of Australia or New Zealand.

Purchase and Redemption Orders. (a) All Purchase Orders and Redemption Orders shall be made in accordance with the terms of the Prospectus and this Agreement (including the Annexes to this Agreement). The Funds reserve the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation Units, and the Participant agrees to comply with such procedures as it may receive from time to time. It is contemplated that the phone lines used by the Vanguard ETF telephone representatives will be recorded, and the Participant hereby consents to the recording of all calls with these representatives. The Participant shall be responsible for any and all expenses and costs incurred by a Fund in connection with any Purchase or Redemption Orders. (b) The Participant acknowledges and agrees that the placement of a Purchase Order or Redemption Order shall be irrevocable. The Fund and the Distributor on behalf of the Fund reserve the right to reject any Purchase Order, as more fully described in Annex II, and to reject any Redemption Order that is not in “"proper form” " as described in the SAI.. Authorized Participant Agreement (c) Each Business Day, as that term is defined in the SAI, the Distributor will make available the names and amounts of Deposit Securities to be included in the creation basket for each Fund on the next Business Day and, if different, the names and amounts of Redemption Securities that a Participant will receive as in-kind redemption proceeds. Purchase and Redemption Orders may be submitted only on Business Days. (d) The Participant understands and agrees that residents of Australia and New Zealand are entitled to receive only cash upon redemption of a Creation Unit of Vanguard ETF Shares. Accordingly, the Participant agrees that it will not tender a redemption request on behalf of a Beneficial Owner who is a resident of Australia or New Zealand.

Purchase and Redemption Orders. (a) All Purchase Orders and Redemption Orders shall be made in accordance with the terms of the Prospectus and this Agreement (including and the Annexes to this Agreementhereto (including, if applicable, Annex VI). The Funds reserve the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation Units, and the Participant agrees to comply with such procedures as it may receive from time to time. It is contemplated that the phone lines used by the Vanguard ETF telephone representatives will be recorded, and the Participant hereby consents to the recording of all calls with these representatives. The Distributor shall permit the Participant to listen to recordings of such calls upon reasonable request by the Participant, unless such recordings have been erased or destroyed prior to receipt of such request in the normal course of business in accordance with the Distributor’s general recordkeeping policies and procedures. The Participant shall be responsible for any and all expenses and costs incurred by a Fund in connection with any Purchase or Redemption Orders. (b) The Participant acknowledges and agrees that the placement of a Purchase Order or Redemption Order shall be irrevocable. The Fund and the Distributor on behalf of the Fund reserve the right to reject any Purchase Order, as more fully described in Annex IIAnnexes II and VII, and to reject any Redemption Order that is not in “proper form” as described in the SAI. (c) Each Business Day, as that term is defined in the SAI, the Distributor will make available the names and amounts of Deposit Securities to be included in the creation basket for each Fund on the next Business Day and, if different, the names and amounts of Redemption Securities that a Participant will receive as in-kind redemption proceeds. Purchase and Redemption Orders may be submitted only on Business Days. (d) The Participant understands and agrees that residents of Australia and New Zealand are entitled to receive only cash upon redemption of a Creation Unit of Vanguard ETF Shares. Accordingly, the Participant agrees that it will not tender a redemption request on behalf of a Beneficial Owner who is a resident of Australia or New Zealand.