Common use of Preclearance Clause in Contracts

Preclearance. The preclearance requirements in Section II.B.1(a), do not apply to the following categories of transactions: (i) Transactions in Securities issued or guaranteed by any national government that is a member of the Organization for Economic Cooperation and Development, or any agency or authority thereof; (ii) Transactions in derivatives tied to the performance of a broad-based index, and transactions in SPDRs and shares of other UITs or vehicles the performance of which is designed to track closely the performance of a broad-based index; (iii) Transactions in futures and options contracts on interest rate instruments or broad-based indexes, and options on such contracts; (iv) Transactions that occur by operation of law or under any other circumstance in which neither the Access Person nor any member of his or her Family/Household exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion; (v) Transactions in other Securities determined by a Code Officer to present a similarly low potential for impropriety or the appearance of impropriety; and (vi) Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of Covered Securities held by the Access Person (or Family/Household member) and received by the Access Person (or Family/Household member) from the issuer.