Common use of Use of the Names Clause in Contracts

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The FRANKLIN" OR "XXXXXXXXX".(a)The Board of Trustees expressly agrees and acknowledges that the names “"Franklin,” “" and "Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” " are the sole property of Franklin Resources, Inc. (“"FRI”"). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive nonexclusive license may be revoked by FRI and the Trust shall cease using the names “"Franklin,” “" and "Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” " or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s 's Investment Adviser, other registered open- closed- or closedopen-end investment companies (“"funds”") as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “"Franklin”, “" and "Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” " in their names and in the names of any series or Class class of shares of such funds. [The remainder of this page has been intentionally left blank.]

Use of the Names. “Franklin,OSI” and “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary TrustO’Shares”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,OSI” and “Institutional Fiduciary TrustO’Shares” are the sole property of Franklin ResourcesO’Shares Investments, Inc. Inc., the sole member of O’Shares Investment Advisers, LLC (collectively, “FRIO’Shares”). FRI O’Shares has granted to the Trust a non-exclusive license to use such the names “OSI” and “O’Shares” as part of the name of the Trust or its Series now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI O’Shares if the Trust ceases to use FRI O’Shares or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI O’Shares for such purposes. In such event, the non-exclusive nonexclusive license may be revoked by FRI O’Shares and the Trust shall cease using the names “Franklin,OSI” and “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary TrustO’Shares” or any name misleadingly implying a continuing relationship between the Trust and FRI O’Shares or any of its Affiliates, as part of its name or its Series’ names unless otherwise consented to by FRI O’Shares or any successor to its interests in such names. Other terms of the license granted herein may be established pursuant to a license agreement between the Trust and O’Shares, which agreement shall govern the use of the names by the Trust or its Series in all respects. The Board of Trustees further understands and agrees that so long as FRI O’Shares and/or any future advisory Affiliate of FRI O’Shares shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI O’Shares or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, OSI” and “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary TrustO’Shares” in their names and in the names of any series or Class of shares of such funds.

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. FRANKLIN" OR "TEMPLETON".(a) The Board of Trustees expressly agrees and acknowledges that the names “"Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” " and “Institutional Fiduciary Trust” "Templeton" are the sole property of Franklin ResourcesFxxxxxxx Xesources, Inc. (“"FRI”"). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive nonexclusive license may be revoked by FRI and the Trust shall cease using the names “"Franklin" and "Templeton,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” " or any name misleadingly implying xxxxxxxx a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s 's Investment Adviser, other registered open- or closed-end investment companies (“"funds”") as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “"Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” " and "Templeton" in their names and in the names of xxxxx xx any series or Class of shares of such funds.

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive nonexclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, ,” “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.. Franklin Gold and Precious Metals Fund # 3254524 v. 1

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.. Franklin Municipal Securities Trust

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”Barclays" and "LifePath". The Board of Trustees expressly agrees agree and acknowledges acknowledge that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” "Barclays" and “Institutional Fiduciary Trust” "LifePath" are the sole property of Franklin ResourcesBarclays Global Investors, Inc. N.A. (“FRI”)"BGI") or one or more of its affiliates. FRI BGI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust and its Series now and in the future. The Board of Trustees further expressly agrees agree and acknowledges acknowledge that the non-exclusive license granted herein may be terminated by FRI BGI if the Trust ceases to use FRI Barclays Global Fund Advisors ("BGFA") or one of its Affiliates affiliates as Investment Adviser investment advisor to each Series or to use other Affiliates affiliates or successors of FRI BGFA for such purposes. In such event, the non-exclusive license may be revoked by FRI BGI and the Trust shall cease using the names “Franklin"Barclays" and "LifePath,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” " or any name name(s) misleadingly implying a continuing relationship between the Trust and FRI BGI or any of its Affiliatesaffiliates, as part of its name and the name of any Series unless otherwise consented to by FRI BGI or any successor to its interests in such namesname. The Board of Trustees further understands understand and agrees agree that so long as FRI BGFA and/or any future advisory Affiliate affiliate of FRI BGFA shall continue to serve as the Trust’s Investment Adviserinvestment advisor to any Series, other registered open- or closed-end investment companies (“"funds”") as may be sponsored or advised by FRI BGFA or its Affiliates affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” "Barclays" and/or “Institutional Fiduciary Trust” "LifePath" in their names and in the names of any series or Class class of shares of such fundsfunds as shall be permitted by BGI.

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.. Templeton Global Investment Trust

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.. Franklin Xxxxxxxxx International Trust

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.. Franklin Xxxxxxxxx Global Trust

Use of the Names. “Franklin,” “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.

Use of the Names. “Franklin,FRANKLIN” OR “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The XXXXXXXXX”.(a)The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary TrustXxxxxxxxx” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive nonexclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” and “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- closed- or closedopen-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, ” and “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class class of shares of such funds. [The remainder of this page has been intentionally left blank.]

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Franklin Tax-Free Trust # 3254751 v. 1 Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.. Franklin Tax-Free Trust # 3254751 v. 1

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.. Franklin Federal Tax-Free Income Fund # 3254380 v. 1

Use of the Names. “Franklin,” “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive nonexclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.. Franklin Value Investors Trust # 1339629 v. 2

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.. Franklin California Tax-Free Trust

Use of the Names. “Franklin,BMO” or “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary TrustXxxxx Xxxxxx”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,BMO” and “Institutional Fiduciary TrustXxxxx Xxxxxx” are the sole property of Franklin Resources, Inc. the Bank of Montreal (or its affiliates) (“FRIBMO”) and Xxxxx Xxxxxx Management (Europe) Limited (or its affiliates) (“Xxxxx Xxxxxx”), respectively. FRI has BMO and Xxxxx Xxxxxx have granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges acknowledges: (1) that the non-exclusive license granted herein may be terminated by FRI BMO if the Trust ceases to use FRI BMO or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI BMO for such purposes. ; and (2) that the non-exclusive license granted herein may be terminated by Xxxxx Xxxxxx if the Trust ceases to use Xxxxx Xxxxxx or one of its Affiliates as Investment Sub-Adviser or to use other Affiliates or successors of Xxxxx Xxxxxx for such purposes In such event, the non-exclusive nonexclusive license may be revoked by FRI BMO or Xxxxx Xxxxxx and the Trust shall cease using the names “Franklin,BMO” and “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary TrustXxxxx Xxxxxx” or any name misleadingly implying a continuing relationship between the Trust and FRI BMO or Xxxxx Xxxxxx or any of its their Affiliates, as part of its name unless otherwise consented to by FRI BMO or Xxxxx Xxxxxx any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI BMO and Xxxxx Xxxxxx and/or any future advisory Affiliate of FRI BMO and/or Xxxxx Xxxxxx shall continue to serve as the Trust’s Investment Adviser And Sub-Adviser, as appropriate, other registered open- closed- or closedopen-end investment companies (“funds”) as may be sponsored or advised by FRI BMO or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, BMO” and “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary TrustXxxxx Xxxxxx” in their names and in the names of any series or Class class of shares of such funds.

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive nonexclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.

Use of the Names. “Franklin,AIM”, “Allianz” and “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary TrustAllianzIM”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” AIM”, “Xxxxxxxxx,” “Fiduciary Trust,Allianz” and “Institutional Fiduciary TrustAllianzIM” are the sole property of Franklin ResourcesAllianz Investment Management LLC, Inc. Allianz SE or one or more of their Affiliates (together, “FRIAllianz”). FRI Allianz has granted to the Trust a non-exclusive license to use such the names “AIM”, “Allianz” and “AllianzIM,” or any formatives thereof, as part of the name of the Trust or its Series now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI Allianz if the Trust ceases to use FRI Allianz or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI Allianz for such purposes. In such event, the non-exclusive license may be revoked by FRI Allianz and the Trust shall cease using the names “FranklinAIM”, “Allianz” or “AllianzIM,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any formatives thereof, or any name misleadingly implying a continuing relationship between the Trust and FRI Allianz or any of its Affiliates, as part of its name or its Series’ names unless otherwise consented to by FRI Allianz or any successor to its interests in such names. Other terms of the license granted herein may be established pursuant to a license agreement between the Trust and Allianz, which agreement shall govern the use of the names by the Trust or its Series in all respects. The Board of Trustees further understands and agrees that so long as FRI Allianz and/or any future advisory Affiliate of FRI Allianz shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI Allianz or its Affiliates shall have the right permanently to adopt and to use the names “FranklinAIM”, “XxxxxxxxxAllianz” or “AllianzIM,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” or any formatives thereof, in their names and in the names of any series or Class of shares of such funds.

Use of the Names. “Franklin,” “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. The Board of Trustees expressly agrees and acknowledges that the names “Franklin,” “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust,” and “Institutional Fiduciary Trust” are the sole property of Franklin Resources, Inc. (“FRI”). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive nonexclusive license may be revoked by FRI and the Trust shall cease using the names “Franklin,” “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” or any name misleadingly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s Investment Adviser, other registered open- or closed-end investment companies (“funds”) as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “Franklin”, “XxxxxxxxxTxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” in their names and in the names of any series or Class of shares of such funds.

Use of the Names. “Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” and/or “Institutional Fiduciary Trust”. FRANKLIN" OR "TEMPLETON".(a) The Board of Trustees Boarx xx Xxxxtees expressly agrees and acknowledges that the names “"Franklin,” “Xxxxxxxxx,” “Fiduciary Trust,” " and “Institutional Fiduciary Trust” "Templeton" are the sole property xxxxxxxx of Franklin Resources, Inc. (“"FRI”"). FRI has granted to the Trust a non-exclusive license to use such names as part of the name of the Trust now and in the future. The Board of Trustees further expressly agrees and acknowledges that the non-exclusive license granted herein may be terminated by FRI if the Trust ceases to use FRI or one of its Affiliates as Investment Adviser or to use other Affiliates or successors of FRI for such purposes. In such event, the non-exclusive nonexclusive license may be revoked by FRI and the Trust shall cease using the names “"Franklin" and "Templeton,” “Xxxxxxxxx,” “Fiduciary Trust,” “Institutional Fiduciary Trust” " or any name misleadingly xxxxxxxxngly implying a continuing relationship between the Trust and FRI or any of its Affiliates, as part of its name unless otherwise consented to by FRI or any successor to its interests in such names. The Board of Trustees further understands and agrees that so long as FRI and/or any future advisory Affiliate of FRI shall continue to serve as the Trust’s 's Investment Adviser, other registered open- or closed-end investment companies (“"funds”") as may be sponsored or advised by FRI or its Affiliates shall have the right permanently to adopt and to use the names “"Franklin”, “Xxxxxxxxx,” “Fiduciary Trust” and/or “Institutional Fiduciary Trust” " and "Templeton" in their names and in namxx xxx xx the names of any series or Class class of shares of such funds. [The remainder of this page has been intentionally left blank.]