Common use of ROLE OF PARTICIPANT Clause in Contracts

ROLE OF PARTICIPANT. (a) The Participant shall have no authority in any transaction to act as agent of the Distributor, the Fund or State Street Bank. (b) By executing this Agreement, the Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other DTC Participant or indirect DTC Participant, or any Beneficial Owner, that it shall extend to any such party all of the rights, and shall be bound by all of the obligations of an NSCC participant if the CB Shares Clearing Process is used and of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Fund prospectus and SAI.