Common use of Acceptance; Cumulative Effect Clause in Contracts

Acceptance; Cumulative Effect. This Agreement is cumulative and supersedes any agreement previously in effect. It shall be binding upon the parties hereto when signed by us and accepted by you. If you have a current dealer agreement with us, your first trade or acceptance of payments from us after your receipt of this Agreement, as it may be amended pursuant to Section 16, above, shall constitute your acceptance of its terms. Otherwise, your signature below shall constitute your acceptance of its terms. FRANKLIN/▇▇▇▇▇▇▇▇▇ DISTRIBUTORS, INC. By /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ ------------------------ ▇▇▇▇ ▇▇▇▇▇▇▇, President ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇. San Mateo, CA 94404 Attention: Chief Legal Officer (for legal notices only) 415/312-2000 ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇-3628 813/823-8712 -------------------------------------------------------------------------------- Dealer: If you have NOT previously signed a Dealer Agreement with us, please complete and sign this section and return the original to us. __________________________________ DEALER NAME: By _______________________________ (Signature) Name:_____________________________ Title: ___________________________ Address: ______________________________ _______________________________________ _______________________________________ Telephone: _______________________ NASD CRD # _______________________ -------------------------------------------------------------------------------- ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Dealer # ______________________ (Internal Use Only) -------------------------------------------------------------------------------- Version 12/31/97 232567.4 Franklin ▇▇▇▇▇▇▇▇▇ Distributors, Inc. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ May 15, 1998 Re: Amendment of Dealer Agreement - Notice Pursuant to Section 16 Dear Securities Dealer: This letter constitutes notice of amendment of the current Dealer Agreement (the "Agreement") between Franklin/▇▇▇▇▇▇▇▇▇ Distributors, Inc. ("we" or "us") and you pursuant to Section 16 of the Agreement. The Agreement is hereby amended as follows: 1. Defined terms in this amendment have the meanings as stated in the Agreement unless otherwise indicated. 2. Section 6 is modified to add a subsection 6(c), as follows:

Acceptance; Cumulative Effect. This Agreement is cumulative and supersedes any agreement previously in effect. It shall be binding upon the parties hereto when signed by us FTDI and accepted by youBank. If you have Bank has a current dealer agreement with usFTDI, your Bank's first trade or acceptance of payments from us FTDI after your receipt of this Agreement, as it may be amended pursuant to Section 16paragraph 7(h), above, shall constitute your Bank's acceptance of its termsthe terms of this Agreement. Otherwise, your Bank's signature below shall constitute your Bank's acceptance of its these terms. FRANKLIN/▇▇▇▇▇▇▇▇▇ DISTRIBUTORS, INC. By By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ ------------------------ ----------------------- ▇▇▇▇ ▇▇▇▇▇▇▇, President ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇. San Mateo, CA 94404 Attention: Chief Legal Officer (for legal notices only) 415/312650/312-2000 ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇-3628 813/823▇ 813/299-8712 -------------------------------------------------------------------------------- DealerTo the Bank or Trust Company: If you have NOT not previously signed a Dealer Agreement an agreement with usFTDI for the sale of mutual fund shares to your customers, please complete and sign this section and return the original to us. BANK OR TRUST COMPANY: ____________________________________ DEALER NAME(Bank's name) By: By ____________________________________ (Signature) Name:: _________________________________ Title: ___________________________ Address: ______________________________ _______________________________________ _______________________________________ Telephone: _______________________ NASD CRD # _______________________ -------------------------------------------------------------------------------- ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Dealer # ______________________ (Internal Use Only) -------------------------------------------------------------------------------- Version 12/31/97 232567.4 Franklin ▇▇▇▇▇▇▇▇▇ Distributors, Inc. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ May 15, 1998 Re: Amendment of Dealer Mutual Fund Purchase and Sales Agreement for Accounts of Bank and Trust Company Customers - Notice Pursuant to Section 16 Paragraph 7(h) Dear Securities DealerBank or Trust Company: This letter constitutes notice of amendment of the current Dealer Mutual Fund Purchase and Sales Agreement for Accounts of Bank and Trust Company Customers (the "Agreement") between Franklin/▇▇▇▇▇▇▇▇▇ Distributors, Inc. ("we" or "usFTDI") and you the bank or trust company ("the Bank") pursuant to Section 16 Paragraph 7(h) of the Agreement. The Agreement is hereby amended as follows: 1. Defined terms in this amendment have the meanings as stated in the Agreement unless otherwise indicated. 2. Section 6 Paragraph 5(e) is modified to add a subsection 6(c), as followsthe following language:

Acceptance; Cumulative Effect. This Agreement is cumulative and supersedes any agreement previously in effect. It shall be binding upon the parties hereto when signed by us and accepted by you. If you have a current dealer agreement with us, your first trade or acceptance of payments from us after your receipt of this Agreement, as it may be amended pursuant to Section 16, above, shall constitute your acceptance of its terms. Otherwise, your signature below shall constitute your acceptance of its terms. FRANKLIN/▇▇▇▇▇▇▇▇▇ FRANKLIN/TEMPLETON DISTRIBUTORS, INC. By /s/ /▇/ ▇▇▇g Johnson ------------------------ Greg Johnson, President 777 Mar▇▇▇▇▇ ▇▇▇▇▇▇ Blvd. San Mat▇▇, ▇▇ ------------------------ ▇▇▇▇▇ ▇▇▇▇▇▇▇, President ▇▇▇ : ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇. San Mateo, CA 94404 Attention: Chief hief Legal Officer (for legal notices only) 415/312-2000 ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇▇▇700 Central Avenue St. Petersburg, ▇▇▇▇▇▇▇ ▇▇▇▇▇-3628 813/823-8712 ▇▇▇▇ ▇▇▇/▇▇▇-▇▇▇▇ -------------------------------------------------------------------------------- Dealer: If you have NOT previously signed a Dealer Agreement with us, please complete and sign this section and return the original to us. __________________________________ DEALER NAME: By _______________________________ (Signature) Name:_____________________________ Title: ___________________________ Address: ______________________________ _______________________________________ _______________________________________ Telephone: _______________________ NASD CRD # _______________________ -------------------------------------------------------------------------------- ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Franklin Templeton Dealer # ______________________ (Internal Use Only) -------------------------------------------------------------------------------- Version 12/31/97 232567.4 Franklin ▇▇▇▇▇▇▇▇▇ Templeton Distributors, Inc. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ 777 Mariners Island Boulevard ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ May 15▇▇▇ ▇▇, 1998 Re▇▇▇▇ ▇▇: Amendment ▇▇▇▇▇▇▇▇▇ of Dealer Agreement - Notice Pursuant to Section 16 Dear Securities Dealer: This letter constitutes notice of amendment of the current Dealer Agreement (the "Agreement") between Franklin/▇▇▇▇▇▇▇▇▇ Franklin/Templeton Distributors, Inc. ("we▇▇" or ▇▇ "us▇s") and you pursuant to Section 16 of the Agreement. The Agreement is hereby amended as follows: 1. Defined terms in this amendment have the meanings as stated in the Agreement unless otherwise indicated. 2. Section 6 is modified to add a subsection 6(c), as follows:

Acceptance; Cumulative Effect. This Agreement is cumulative and supersedes any agreement previously in effect. It shall be binding upon the parties hereto when signed by us and accepted by you. If you have a current dealer agreement with us, your first trade or acceptance of payments from us after your receipt of this Agreement, as it may be amended pursuant to Section 16, above, shall constitute your acceptance of its terms. Otherwise, your signature below shall constitute your acceptance of its terms. FRANKLIN/▇▇▇▇▇▇▇▇▇ DISTRIBUTORS, INC. By /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ ------------------------ ▇▇▇▇ ▇▇▇▇▇▇▇, President ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇. San Mateo, CA 94404 Attention: Chief Legal Officer (for legal notices only) 415/312-2000 ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇-3628 813/823-8712 -------------------------------------------------------------------------------- Dealer: If you have NOT previously signed a Dealer Agreement with us, please complete and sign this section and return the original to us. __________________________________ ---------------------------------- DEALER NAME: By _______________________________ (Signature) Name:_____________________________ Title: ___________________________ Address: ______________________________ _______________________________________ _______________________________________ ======================================= Telephone: _______________________ NASD CRD # _______________________ -------------------------------------------------------------------------------- ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Dealer # ______________________ (Internal Use Only) -------------------------------------------------------------------------------- Version 12/31/97 232567.4 Franklin ▇▇▇▇▇▇▇▇▇ Distributors, Inc. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ May 15, 1998 Re: Amendment of Dealer Agreement - Notice Pursuant to Section 16 Dear Securities Dealer: This letter constitutes notice of amendment of the current Dealer Agreement (the "Agreement") between Franklin/▇▇▇▇▇▇▇▇▇ Distributors, Inc. ("we" or "us") and you pursuant to Section 16 of the Agreement. The Agreement is hereby amended as follows: 1. Defined terms in this amendment have the meanings as stated in the Agreement unless otherwise indicated. 2. Section 6 is modified to add a subsection 6(c), as follows:

Acceptance; Cumulative Effect. This Agreement is cumulative and supersedes any agreement previously in effect. It shall be binding upon the parties hereto when signed by us and accepted by you. If you have a current dealer agreement with us, your first trade or acceptance of payments from us after your receipt of this Agreement, as it may be amended pursuant to Section 16, above, shall constitute your acceptance of its terms. Otherwise, your signature below shall constitute your acceptance of its terms. FRANKLIN/▇FRANKLIN/T▇▇▇▇▇▇▇▇ DISTRIBUTORS, INC. By /s/ ▇G▇▇▇ ▇▇▇▇▇▇▇ ------------------------ ▇G▇▇▇ ▇▇▇▇▇▇▇, President ▇7▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇. San Mateo, CA 94404 Attention: Chief Legal Officer (for legal notices only) 415/312-2000 ▇7▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇-3628 813/823-8712 -------------------------------------------------------------------------------- Dealer: If you have NOT previously signed a Dealer Agreement with us, please complete and sign this section and return the original to us. __________________________________ DEALER NAME: By _______________________________ (Signature) Name:_____________________________ Title: ___________________________ Address: ______________________________ _______________________________________ _______________________________________ Telephone: _______________________ NASD CRD # _______________________ -------------------------------------------------------------------------------- ▇F▇▇▇▇▇▇▇ ▇T▇▇▇▇▇▇▇▇ Dealer # ______________________ (Internal Use Only) -------------------------------------------------------------------------------- Version 12/31/97 232567.4 Franklin ▇T▇▇▇▇▇▇▇▇ Distributors, Inc. ▇7▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ May 15, 1998 Re: Amendment of Dealer Agreement - Notice Pursuant to Section 16 Dear Securities Dealer: This letter constitutes notice of amendment of the current Dealer Agreement (the "Agreement") between Franklin/▇Franklin/T▇▇▇▇▇▇▇▇ Distributors, Inc. ("we" or "us") and you pursuant to Section 16 of the Agreement. The Agreement is hereby amended as follows: 1. Defined terms in this amendment have the meanings as stated in the Agreement unless otherwise indicated. 2. Section 6 is modified to add a subsection 6(c), as follows: