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 FTDI and accepted by Bank. If Bank has a current agreement with FTDI, Bank's first trade or acceptance of payments from FTDI after receipt of this Agreement, as it may be amended pursuant to paragraph 7(h), above, shall constitute Bank's acceptance of the terms of this Agreement. Otherwise, Bank's signature below shall constitute Bank's acceptance of these terms. FRANKLIN/TEMPLETON DISTRIBUTORS, INC. By: /s/ Greg Johnson ----------------------- Greg Johnson, President 777 Mariners Island Blvd. San Mateo, CA 94404 Attention: Chief Legal Officer (for legal notices only) 650/312-2000 100 Fountain Parkway ▇▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ 813/299-8712 -------------------------------------------------------------------------------- To the Bank or Trust Company: If you have not previously signed an agreement with FTDI 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: ____________________________________ (Bank's name) By: ____________________________________ (Signature) Name: _________________________________ Title: _________________________________ Franklin Templeton Distributors, Inc. 777 Mariners Island Boulevard ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ▇▇▇ ▇▇, ▇▇▇▇ ▇▇: ▇▇▇▇▇▇▇▇▇ of Mutual Fund Purchase and Sales Agreement for Accounts of Bank and Trust Company Customers - Notice Pursuant to Paragraph 7(h) Dear Bank or Trust Company: This letter constitutes notice of amendment of the current Mutual Fund Purchase and Sales Agreement for Accounts of Bank and Trust Company Customers (the "Agreement") between Franklin/Templeton Distributors, Inc. ("FT▇▇") ▇▇▇ the bank or trust company ("the Bank") pursuant to 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. Paragraph 5(e) is modified to add the 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 FTDI and accepted by Bank. If Bank has a current agreement with FTDI, Bank's first trade or acceptance of payments from FTDI after receipt of this Agreement, as it may be amended pursuant to paragraph 7(h), above, shall constitute Bank's acceptance of the terms of this Agreement. Otherwise, Bank's signature below shall constitute Bank's acceptance of these terms. FRANKLIN/TEMPLETON DISTRIBUTORS, INC. By: /s/ Greg Johnson ----------------------- By _______________________________________ Greg Johnson, President 777 Mariners Island Blvd. San Mateo, CA 94404 Attention: Chief Legal Officer (for legal notices only) 650/312-2000 100 Fountain Parkway ▇▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ 813/299-8712 -------------------------------------------------------------------------------- To the Bank or Trust Company: If you have not previously signed an agreement with FTDI 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: _____________________________________________ (Bank's name) By: ___________________________________________ (Signature) Name: _________________________________ Title: _________________________________ Franklin Templeton DistributorsMay 15, Inc. 777 Mariners Island Boulevard ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ▇▇▇ ▇▇, ▇▇▇▇ ▇▇1998 Re: ▇▇▇▇▇▇▇▇▇ Amendment of Mutual Fund Purchase and Sales Agreement for Accounts of Bank and Trust Company Customers - Notice Pursuant to Paragraph 7(h) Dear Bank or Trust Company: This letter constitutes notice of amendment of the current Mutual Fund Purchase and Sales Agreement for Accounts of Bank and Trust Company Customers (the "Agreement") between Franklin/Templeton Distributors, Inc. ("FT▇▇") ▇▇▇ the bank or trust company ("the Bank") pursuant to 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. Paragraph 5(e) is modified to add the 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 FTDI and accepted by Bank. If Bank has a current agreement with FTDI, Bank's first trade or acceptance of payments from FTDI after receipt of this Agreement, as it may be amended pursuant to paragraph 7(h), above, shall constitute Bank's acceptance of the terms of this Agreement. Otherwise, Bank's signature below shall constitute Bank's acceptance of these terms. FRANKLIN/TEMPLETON FRANKLIN/▇▇▇▇▇▇▇▇▇ DISTRIBUTORS, INC. By: /s/ Greg Johnson ▇▇▇▇ ▇▇▇▇▇▇▇ ----------------------- Greg Johnson▇▇▇▇ ▇▇▇▇▇▇▇, President 777 Mariners Island Blvd▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇. San Mateo, CA 94404 Attention: Chief Legal Officer (for legal notices only) 650/312-2000 100 Fountain Parkway ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ 813/299-8712 -------------------------------------------------------------------------------- To the Bank or Trust Company: If you have not previously signed an agreement with FTDI 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: ____________________________________ ------------------------------------ (Bank's name) By: ____________________________________ (Signature) Name: _________________________________ Title: _________________________________ Franklin Templeton ▇▇▇▇▇▇▇▇▇ Distributors, Inc. 777 Mariners Island Boulevard ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ▇▇▇ ▇▇May 15, ▇▇▇▇ ▇▇1998 Re: ▇▇▇▇▇▇▇▇▇ Amendment of Mutual Fund Purchase and Sales Agreement for Accounts of Bank and Trust Company Customers - Notice Pursuant to Paragraph 7(h) Dear Bank or Trust Company: This letter constitutes notice of amendment of the current Mutual Fund Purchase and Sales Agreement for Accounts of Bank and Trust Company Customers (the "Agreement") between Franklin/Templeton Franklin/▇▇▇▇▇▇▇▇▇ Distributors, Inc. ("FT▇▇FTDI") ▇▇▇ and the bank or trust company ("the Bank") pursuant to 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. Paragraph 5(e) is modified to add the 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 FTDI and accepted by Bank. If Bank has a current agreement with FTDI, Bank's first trade or acceptance of payments from FTDI after receipt of this Agreement, as it may be amended pursuant to paragraph 7(h), above, shall constitute Bank's acceptance of the terms of this Agreement. Otherwise, Bank's signature below shall constitute Bank's acceptance of these terms. FRANKLIN/TEMPLETON T▇▇▇▇▇▇▇▇ DISTRIBUTORS, INC. By: /s/ Greg Johnson G▇▇▇ ▇▇▇▇▇▇▇ ----------------------- Greg JohnsonG▇▇▇ ▇▇▇▇▇▇▇, President 777 Mariners Island Blvd7▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇. San Mateo, CA 94404 Attention: Chief Legal Officer (for legal notices only) 650/312-2000 100 Fountain Parkway 1▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ 813/299-8712 -------------------------------------------------------------------------------- To the Bank or Trust Company: If you have not previously signed an agreement with FTDI 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: ____________________________________ (Bank's name) By: ____________________________________ (Signature) Name: _________________________________ Title: _________________________________ Franklin Templeton T▇▇▇▇▇▇▇▇ Distributors, Inc. 777 Mariners Island Boulevard 7▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ▇▇▇ ▇▇May 15, ▇▇▇▇ ▇▇1998 Re: ▇▇▇▇▇▇▇▇▇ Amendment of Mutual Fund Purchase and Sales Agreement for Accounts of Bank and Trust Company Customers - Notice Pursuant to Paragraph 7(h) Dear Bank or Trust Company: This letter constitutes notice of amendment of the current Mutual Fund Purchase and Sales Agreement for Accounts of Bank and Trust Company Customers (the "Agreement") between Franklin/Templeton T▇▇▇▇▇▇▇▇ Distributors, Inc. ("FT▇▇FTDI") ▇▇▇ and the bank or trust company ("the Bank") pursuant to 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. Paragraph 5(e) is modified to add the following language: