FCM Acknowledgment Letter for CFTC Part 22 Cleared Swaps Customer MMMFAccount[Date][Name and Address of Money Market Mutual Fund]
We propose to invest Cleared Swaps Customer Collateral held by [Name of Futures
Commission Merchant] (“we” or “our”) on behalf of customers inshares of [Name of Money Market Mutual Fund] (“you” or “your”) under account(s) entitled (orshares issued to):[Name of Futures Commission Merchant] [if applicable, add “FCM Customer Omnibus
Account”] Cleared Swaps Customer Account, CFTC Part 22 Cleared Swaps Customer Money
Market Mutual Fund Account under Section 4d(f)of the Commodity Exchange Act [and, if
applicable, “, Abbreviated as [short title reflected in the depository’s electronic system]”]Account Number(s): [](collectively, the “Account(s)”).
You acknowledge that we are holding these funds, including any shares issued andamounts accruing in connection therewith (collectively, the “Shares”), for the benefit ofcustomers who trade commodities, options, swaps and other products, as required by Commodity
Futures Trading Commission (“CFTC”) Regulation 22.5, as amended; that the Shares held byyou, hereafter deposited in the Account(s) or accruing to the credit of the Account(s), will beseparately accounted for and segregated on your books from our own funds and from any otherfunds or accounts held by us in accordance with the provisions of the Commodity Exchange Act,as amended (the “Act”), and Part 22 of the CFTC’s regulations, as amended; and that the Shares

must otherwise be treated in accordance with the provisions of Section 4d of the Act and CFTC
regulations thereunder.

Furthermore, you acknowledge and agree that such Shares may not be used by you or by
us to secure or guarantee any obligations that we might owe to you, and they may not be used byus to secure or obtain credit from you. You further acknowledge and agree that the Shares in theAccount(s) shall not be subject to any right of offset or lien for or on account of any indebtedness,obligations or liabilities we may now or in the future have owing to you.
In addition, you agree that the Account(s) may be examined at any reasonable time by thedirector of the Division of Swap Dealer and Intermediary Oversight of the CFTC or the director of
the Division of Clearing and Risk of the CFTC, or any successor divisions, or such directors’
designees, or an appropriate officer, agent or employee of our designated self-regulatoryorganization (“DSRO”), [Name of DSRO], and this letter constitutes theauthorization and direction of the undersigned on our behalf to permit any such examination to takeplace without further notice to or consent from us.
You agree to reply promptly and directly to any request for confirmation of accountbalances or provision of any other account information regarding or related to the Account(s) fromthe director of the Division of Swap Dealer and Intermediary Oversight of the CFTC, or the director
the Division of Clearing and Risk of the CFTC, or any successor divisions, or such directors’
designees, or an appropriate officer, agent or employee of our designated self-regulatoryorganization (“DSRO”), [Name ofDSRO], and this letter constitutes theauthorization and direction of the undersigned on our behalf to release the requested information
without further notice to or consent from us.

You further acknowledge and agree that, pursuant to authorization granted by us to you
previously or herein, you have provided, or will promptly provide following the opening of theAccount(s), the director of the Division of Swap Dealer and Intermediary Oversight of the CFTC, or
any successor division, or such director’s designees, with technological connectivity, which may
include provision of hardware, software, and related technology and protocol support, to facilitate
direct, read-only electronic access to transaction and account balance information for theAccount(s). This letter constitutes the authorization and direction of the undersigned on our behalf
for you to establish this connectivity and access if not previously established, without further notice
to or consent from us.
The parties agree that all actions on your part to respond to the above information requests
and access requests will be made in accordance with, and subject to, such usual and customaryauthorization verification and authentication policies and procedures as may be employed by you toverify the authority of, and authenticate the identity of, the individual making any such information
request, in order to provide for the secure transmission and delivery of the requested information to
the appropriate recipient(s).
We will not hold you responsible for acting pursuant to any information request from thedirector of the Division of Swap Dealer and Intermediary Oversight or the director of the CFTC
Division of Clearing and Risk of the CFTC, or any successor divisions, or such directors’ designees,or an appropriate officer, agent, or employee of [Nameof DSRO], acting in its

capacity as our DSRO, upon which you have relied after having taken measures in accordance withyour applicable policies and procedures to assure that such request was provided to you by anindividual authorized to make such a request.

In the event that we become subject to either a voluntary or involuntary petition for relief
under the U.S. Bankruptcy Code, we acknowledge that you will have no obligation to release theShares held in the Account(s), except upon instruction of the Trustee in Bankruptcy or pursuant
to the Order of the respective U.S. Bankruptcy Court.
Notwithstanding anything in the foregoing to the contrary, nothing contained herein shallbe construed as limiting your right to assert any right of offset or lien on assets that are not
Shares maintained in the Account(s), or to impose such charges against us or any proprietaryaccount maintained by us with you. Further, it is understood that amounts represented bychecks, drafts or other items shall not be considered to be part of the Account(s) until finallycollected. Accordingly, checks, drafts and other items credited to the Account(s) andsubsequently dishonored or otherwise returned to you, or reversed, for any reason and any claims
relating thereto, including but not limited to claims of alteration or forgery, may be charged backto the Account(s), and we shall be responsible to you as a general endorser of all such items
whether or not actually so endorsed.
You may conclusively presume that any withdrawal from the Account(s) and thebalances maintained therein are in conformity with the Act and CFTC regulations without any
further inquiry, provided that, in the ordinary course of your business as a depository, you haveno notice of or actual knowledge of a potential violation by us of any provision of the Act or theCFTC regulations that relates to the segregation of customer funds; and you shall not in any
manner not expressly agreed to herein be responsible to us for ensuring compliance by us withsuch provisions of the Act and CFTC regulations; however, the aforementioned presumption
does not affect any obligation you may otherwise have under the Act or CFTC regulations.

You may, and are hereby authorized to, obey the order, judgment, decree or levy of any
court of competent jurisdiction or any governmental agency with jurisdiction, which order,
judgment, decree or levy relates in whole or in part to the Account(s). In any event, you shall not
be liable by reason of any action or omission to act pursuant to any such order, judgment, decreeor levy, to us or to any other person, firm, association or corporation even if thereafter any suchorder, decree, judgment or levy shall be reversed, modified, set aside or vacated.
We are permitted to invest customers’ funds in money market mutual funds pursuant to
CFTC Regulation 1.25. That rule sets forth the following conditions, among others, with respect
to any investment in a money market mutual fund:(1) The net asset value of the fund must be computed by 9:00 AM of the business day
following each business day and be made available to us by that time;(2) The fund must be legally obligated to redeem an interest in the fund and make payment insatisfaction thereof by the close of the business day following the day on which we make aredemption request except as otherwise specified in CFTC Regulation 1.25(c)(5)(ii); and,
(3) The agreement under which we invest customers’ funds must not contain any provision thatwould prevent us from pledging or transferring fund shares.
The terms of this letter agreement shall remain binding upon the parties, their successors
and assigns, and for the avoidance of doubt, regardless of a change in the name of either party.
This letter agreement supersedes and replaces any prior agreement between the parties inconnection with the Account(s), including but not limited to any prior acknowledgment letteragreement, to the extent that such prior agreement is inconsistent with the terms hereof. In theevent of any conflict between this letter agreement and any other agreement between the parties

in connection with the Account(s), this letter agreement shall govern with respect to mattersspecific to Section 4d of the Act and the CFTC’s regulations thereunder, as amended.
This letter agreement shall be governed by and construed in accordance with the laws of[Insert governing law]

without regard to the principles of choice of law.

Please acknowledge that you agree to abide by the requirements and conditions set forth
above by signing and returning to us the enclosed copy of this letter agreement, and you furtheragree to provide a copy of this fully executed letter agreement directly to the CFTC (via electronicmeans in a format and manner determined by the CFTC) and to [Name of DSRO],

acting in its capacity as our DSRO. We hereby authorize and direct you to provide such copies
without further notice to or consent from us, no later than three business days after opening theAccount(s) or revising this letter agreement, as applicable.
[Name of Futures Commission Merchant]
By:
Print Name:
Title:ACKNOWLEDGED AND AGREED:[Name of Money Market Mutual Fund]
By:Print Name:
Title:
Contact Information: [Insert phone number and email address]
Date: