Common use of Redemptions, Repurchases and Exchanges of Open-End Funds Clause in Contracts

Redemptions, Repurchases and Exchanges of Open-End Funds. (i) Dealer agrees that it will not make any representations to shareholders relating to the redemption of their Shares other than the statements contained in the applicable Prospectus and the underlying organizational documents of the Open-End Fund to which it refers, and that Dealer will pay as redemption proceeds to shareholders the net asset value, minus any applicable redemption fee, determined after receipt of the order as discussed in the Prospectus. (ii) Dealer agrees not to repurchase any Shares from its customers at a price below that next quoted by an Open-End Fund for redemption or repurchase, i.e., at the net asset value of such Shares, less any applicable redemption fee, in accordance with the Open-End Fund's Prospectus. Dealer shall, however, be permitted to sell Shares for the account of the customer or record owner to an Open-End Fund at the repurchase price then currently in effect for such Shares and may charge the customer or record owner a fair service fee or commission for handling the transaction, provided Dealer discloses the fee or commission to the customer or record owner. Nevertheless, Dealer agrees that it shall not maintain a secondary market in such repurchased Shares. (iii) Dealer agrees that, with respect to a redemption order it has made, if instructions in proper form, including any outstanding certificates, are not received by VKFI within the time customary or required by law, the redemption may be canceled without any responsibility or liability on VKFI's part or on the part of any Open-End Fund, or VKFI, at its option, may buy the shares redeemed on behalf of the Open-End Fund, in which latter case VKFI may hold Dealer responsible for any loss, including loss of profit, suffered by VKFI resulting from VKFI's failure to settle the redemption. (iv) Dealer agrees that if any Share is repurchased by any Open-End Fund or is tendered for redemption within seven (7) business days after confirmation by VKFI of the original purchase order from Dealer, Dealer shall forfeit its right to any compensation with respect to such Share and shall forthwith refund to VKFI the full compensation, if any, paid to Dealer on the original sale. VKFI agrees to notify Dealer of such repurchase or redemption within a reasonable time after settlement. Termination or cancellation of this Agreement shall not relieve Dealer from its obligation under this provision. (v) Dealer agrees that it will comply with any restrictions and limitations on exchanges described in each Open-End Fund's Prospectus, including any restrictions or prohibitions relating to frequent purchases and redemptions (i.e., market timing).

Redemptions, Repurchases and Exchanges of Open-End Funds. (i) Dealer agrees that it will not make any representations to shareholders relating to the redemption of their Shares other than the statements contained in the applicable Prospectus and the underlying organizational documents of the Open-End Fund to which it refers, and that Dealer will pay as redemption proceeds to shareholders the net asset value, minus any applicable redemption fee, determined after receipt of the order as discussed in the Prospectus. (ii) Dealer agrees not to repurchase any Shares from its customers at a price below that next quoted by an Open-End Fund for redemption or repurchase, i.e., at the net asset value of such Shares, less any applicable redemption fee, in accordance with the Open-End Fund's Prospectus. Dealer shall, however, be permitted to sell Shares for the account of the customer or record owner to an Open-End Fund at the repurchase price then currently in effect for such Shares and may charge the customer or record owner a fair service fee or commission for handling the transaction, provided Dealer discloses the fee or commission to the customer or record owner. Nevertheless, Dealer agrees that it shall not maintain a secondary market in such repurchased Shares. (iii) Dealer agrees that, with respect to a redemption order it has made, if instructions in proper form, including any outstanding certificates, form are not received by VKFI Claymore within the time customary or required by law, the redemption may be canceled without any responsibility or liability on VKFIClaymore's part or on the part of any Open-End Fund, or VKFIClaymore, at its option, may buy the shares redeemed on behalf of the Open-End Fund, in which latter case VKFI Claymore may hold Dealer responsible for any loss, including loss of profit, suffered by VKFI Claymore resulting from VKFIClaymore's failure to settle the redemption. (iv) Dealer agrees that if any Share is repurchased by any Open-End Fund or is tendered for redemption within seven (7) business days after confirmation by VKFI Claymore of the original purchase order from Dealer, Dealer shall forfeit its right to any compensation with respect to such Share and shall forthwith refund to VKFI Claymore the full compensation, if any, paid to Dealer on the original sale. VKFI Claymore agrees to notify Dealer of such repurchase or redemption within a reasonable time after settlement. Termination or cancellation of this Agreement shall not relieve Dealer from its obligation under this provision. (v) Dealer agrees that it will comply with any restrictions and limitations on exchanges described in each Open-End Fund's Prospectus, including any restrictions or prohibitions relating to frequent purchases and redemptions (i.e., market timing).

Redemptions, Repurchases and Exchanges of Open-End Funds. (i) Dealer agrees that it will not make any representations to shareholders relating to the redemption of their Shares other than the statements contained in the applicable Prospectus and the underlying organizational documents of the Open-End Fund to which it refers, and that Dealer will pay as redemption proceeds to shareholders the net asset value, minus any applicable redemption fee, determined after receipt of the order as discussed in the Prospectus. (ii) Dealer agrees not to repurchase any Shares from its customers at a price below that next quoted by an Open-End Fund for redemption or repurchase, i.e., at the net asset value of such Shares, less any applicable redemption fee, in accordance with the Open-End Fund's Prospectus. Dealer shall, however, be permitted to sell Shares for the account of the customer or record owner to an Open-Open- End Fund at the repurchase price then currently in effect for such Shares and may charge the customer or record owner a fair service fee or commission for handling the transaction, provided Dealer discloses the fee or commission to the customer or record owner. Nevertheless, Dealer agrees that it shall not maintain a secondary market in such repurchased Shares. (iii) Dealer agrees that, with respect to a redemption order it has made, if instructions in proper form, including any outstanding certificates, are not received by VKFI within the time customary or required by law, the redemption may be canceled without any responsibility or liability on VKFI's part or on the part of any Open-End Fund, or VKFI, at its option, may buy the shares redeemed on behalf of the Open-End Fund, in which latter case VKFI may hold Dealer responsible for any loss, including loss of profit, suffered by VKFI resulting from VKFI's failure to settle the redemption. (iv) Dealer agrees that if any Share is repurchased by any Open-End Fund or is tendered for redemption within seven (7) business days after confirmation by VKFI of the original purchase order from Dealer, Dealer shall forfeit its right to any compensation with respect to such Share and shall forthwith refund to VKFI the full compensation, if any, paid to Dealer on the original sale. VKFI agrees to notify Dealer of such repurchase or redemption within a reasonable time after settlement. Termination or cancellation of this Agreement shall not relieve Dealer from its obligation under this provision. (v) Dealer agrees that it will comply with any restrictions and limitations on exchanges described in each Open-End Fund's Prospectus, including any restrictions or prohibitions relating to frequent purchases and redemptions (i.e., market timing).

Redemptions, Repurchases and Exchanges of Open-End Funds. (i) Dealer agrees that it will not make any representations to shareholders or its customers relating to the redemption of their Shares other than the statements contained in the applicable Prospectus and the underlying organizational documents of the Open-End Fund to which it refers, and that Dealer will pay as redemption proceeds to shareholders the net asset value, minus any applicable redemption fee, determined after receipt of the order as discussed in the Prospectus. (ii) Dealer agrees not to repurchase any Shares from its customers at a price below that next quoted by an Open-End Fund for redemption or repurchase, i.e., at the net asset value of such Shares, less any applicable redemption fee, in accordance with the Open-End Fund's ’s Prospectus. Dealer shall, however, be permitted to sell Shares for the account of the customer or record owner to an Open-End Fund at the repurchase price then currently in effect for such Shares and may charge the customer or record owner a fair service fee or commission for handling the transaction, provided Dealer discloses the fee or commission to the customer or record owner. Nevertheless, Dealer agrees that it shall not maintain a secondary market in such repurchased Shares. (iii) Dealer agrees that, with respect to a redemption order it has made, if instructions in proper form, including any outstanding certificates, are not received by VKFI the Distributor within the time customary or required by law, the redemption may be canceled without any responsibility or liability on VKFI's the Distributor’s part or on the part of any Open-End Fund, or VKFIthe Distributor, at its option, may buy the shares redeemed on behalf of the Open-End Fund, in which latter case VKFI the Distributor may hold Dealer responsible for any loss, including loss of profit, suffered by VKFI the Distributor resulting from VKFI's the Distributor’s failure to settle the redemption. (iv) Dealer agrees that if any Share is repurchased by any Open-End Fund or is tendered for redemption within seven (7) business days after confirmation by VKFI the Distributor of the original purchase order from Dealer, Dealer shall forfeit its right to any compensation with respect to such Share and shall forthwith refund to VKFI the Distributor the full compensation, if any, paid to Dealer on the original sale. VKFI The Distributor agrees to notify Dealer of such repurchase or redemption within a reasonable time after settlement. Termination or cancellation of this Agreement shall not relieve Dealer from its obligation under this provision. (v) Upon request by the Distributor or the Funds, Dealer agrees that it will comply with any restrictions shall make reasonable efforts to assist the Funds and limitations on exchanges described in each Opentheir service providers (including Distributor) to detect, prevent and report short-End Fund's Prospectusterm trading of Shares and other abusive trading practices, including “market timing.” Dealer shall promptly report to Distributor or the applicable Fund any restrictions known or prohibitions relating to frequent purchases suspected violation of Fund policies (as set forth in the applicable Prospectuses) or applicable law regarding (i) the timing of orders and redemptions pricing of Shares or (i.e.ii) short-term trading, market timing)timing or other abusive trading practices.

Redemptions, Repurchases and Exchanges of Open-End Funds. (i) Dealer agrees that it will not make any representations to shareholders relating to the redemption of their Shares other than the statements contained in the applicable Prospectus and the underlying organizational documents of the Open-End Fund to which it refers, and that Dealer will pay as redemption proceeds to shareholders the net asset value, minus any applicable redemption fee, determined after receipt of the order as discussed in the Prospectus. (ii) Dealer agrees not to repurchase any Shares from its customers at a price below that next quoted by an Open-End Fund for redemption or repurchase, i.e., at the net asset value of such Shares, less any applicable redemption fee, in accordance with the Open-End Fund's Prospectus. Dealer shall, however, be permitted to sell Shares for the account of the customer or record owner to an Open-End Fund at the repurchase price then currently in effect for such Shares and may charge the customer or record owner a fair service fee or commission for handling the transaction, provided Dealer discloses the fee or commission to the customer or record owner. Nevertheless, Dealer agrees that it shall not maintain a secondary market in such repurchased Shares. (iii) Dealer agrees that, with respect to a redemption order it has made, if instructions in proper form, including any outstanding certificates, are not received by VKFI the Distributor within the time customary or required by law, the redemption may be canceled without any responsibility or liability on VKFIthe Distributor's part or on the part of any Open-End Fund, or VKFIthe Distributor, at its option, may buy the shares redeemed on behalf of the Open-End Fund, in which latter case VKFI the Distributor may hold Dealer responsible for any loss, including loss of profit, suffered by VKFI the Distributor resulting from VKFIthe Distributor's failure to settle the redemption. (iv) Dealer agrees that if any Share is repurchased by any Open-End Fund or is tendered for redemption within seven (7) business days after confirmation by VKFI the Distributor of the original purchase order from Dealer, Dealer shall forfeit its right to any compensation with respect to such Share and shall forthwith refund to VKFI the Distributor the full compensation, if any, paid to Dealer on the original sale. VKFI The Distributor agrees to notify Dealer of such repurchase or redemption within a reasonable time after settlement. Termination or cancellation of this Agreement shall not relieve Dealer from its obligation under this provision. (v) Dealer agrees that it will comply with any restrictions and limitations on exchanges described in each Open-End Fund's Prospectus, including any restrictions or prohibitions relating to frequent purchases and redemptions (i.e., market timing).

Redemptions, Repurchases and Exchanges of Open-End Funds. (i) Dealer agrees that it will not make any representations to shareholders or its customers relating to the redemption of their Shares other than the statements contained in the applicable Prospectus and the underlying organizational documents of the Open-End Fund to which it refers, and that Dealer will pay as redemption proceeds to shareholders the net asset value, minus any applicable redemption fee, determined after receipt of the order as discussed in the Prospectus. (ii) Dealer agrees not to repurchase any Shares from its customers at a price below that next quoted by an Open-End Fund for redemption or repurchase, i.e., at the net asset value of such Shares, less any applicable redemption fee, in accordance with the Open-End Fund's ’s Prospectus. Dealer shall, however, be permitted to sell Shares for the account of the customer or record owner to an Open-End Fund at the repurchase price then currently in effect for such Shares and may charge the customer or record owner a fair service fee or commission for handling the transaction, provided Dealer discloses the fee or commission to the customer or record owner. Nevertheless, Dealer Xxxxxx agrees that it shall not maintain a secondary market in such repurchased Shares. (iii) Dealer agrees that, with respect to a redemption order it has made, if instructions in proper form, including any outstanding certificates, are not received by VKFI the Distributor within the time customary or required by law, the redemption may be canceled without any responsibility or liability on VKFI's the Distributor’s part or on the part of any Open-End Fund, or VKFIthe Distributor, at its option, may buy the shares redeemed on behalf of the Open-End Fund, in which latter case VKFI the Distributor may hold Dealer responsible for any loss, including loss of profit, suffered by VKFI the Distributor resulting from VKFI's the Distributor’s failure to settle the redemption. (iv) Dealer agrees that if any Share is repurchased by any Open-End Fund or is tendered for redemption within seven (7) business days after confirmation by VKFI the Distributor of the original purchase order from Dealer, Dealer shall forfeit its right to any compensation with respect to such Share and shall forthwith refund to VKFI the Distributor the full compensation, if any, paid to Dealer on the original sale. VKFI The Distributor agrees to notify Dealer of such repurchase or redemption within a reasonable time after settlement. Termination or cancellation of this Agreement shall not relieve Dealer from its obligation under this provision. (v) Dealer agrees that it will comply to promptly and fully cooperate with any restrictions request made by Distributor or the Funds to address issues regarding short-term trading of Shares and limitations on exchanges described in each Open-End Fund's Prospectusother abusive trading practices, including “market timing.”, detected by Distributor or the Funds and in accordance with the applicable provisions of Rule 22c-2. Dealer shall promptly report to Distributor or the applicable Fund any restrictions known or prohibitions relating to frequent purchases suspected violation of Fund policies (as set forth in the applicable Prospectuses) or applicable law regarding (i) the timing of orders and redemptions pricing of Shares or (i.e.ii) short-term trading, market timing)timing or other abusive trading practices.