You authorize The Vanguard Group, Inc., and Vanguard Marketing Corporation, and any affiliates or subsidiaries of either (individually or collectively, "Vanguard"), upon telephone or online request, to pay amounts representing redemptions or withdrawals made by you, or to secure payment of amounts invested by you, by initiating credit or debit entries to your bank account(s).

You authorize the bank to accept any such credits or debits to your account without responsibility for the correctness thereof. You acknowledge that the origination of Automated Clearing House (ACH) transactions to your account must comply with U.S. law. You agree that Vanguard will not incur any loss, liability, cost, or expense in connection with your telephone or online request.

You understand that this authorization may be terminated by you at any time by written notification to Vanguard and to the bank, and that the termination will be effective as to Vanguard as soon as Vanguard has had a reasonable amount of time to act upon it.

You represent and warrant to Vanguard that you are an owner or authorized signer on the bank account(s) to which this authorization applies and that no other owner or authorized signer of such bank account(s) (other than the joint Vanguard account owner(s), if applicable) is required to sign in order to authorize the initiation of ACH entries to such bank account(s).