Common use of Relationship with Customer Clause in Contracts

Relationship with Customer. With respect to any and all transactions in the Shares of any Fund pursuant to this Agreement, it is understood and agreed in each case that: (i) you shall be acting solely as agent for the account of your customer; (ii) each transaction shall be initiated solely upon the order of your customer; (iii) we shall execute transactions only upon receiving instructions from you acting as agent for your customer or upon receiving instructions directly from your customer; (iv) as between you and your customer, your customer will have full beneficial ownership of all Shares; and (v) each transaction shall be for the account of your customer and not for your account. Subject to the foregoing, however, you may maintain record ownership of such customers' Shares in an "Omnibus Account" or an account registered in your name or the name of your nominee, for the benefit of such customers. You understand that such Shares must be held in a separate account for each shareholder of such Funds. You represent and warrant to us that you will have full right, power and authority to effect transactions (including, without limitation, any purchases and redemptions) in Shares on behalf of all customer accounts provided by you.