Common use of Actions of the Bank Without Prior Authorization Clause in Contracts

Actions of the Bank Without Prior Authorization. Notwithstanding ----------------------------------------------- anything herein to the contrary, unless and until the Bank receives an Officer's Certificate to the contrary, it will without prior authorization or instruction of the Trust or the transfer agent: (a) Endorse for collection and collect on behalf of and in the name of a Master Portfolio all checks, drafts, or other negotiable or transferable instruments or other orders for the payment of money received by it for the account of the Master Portfolio and hold for the account of the Master Portfolio all income, dividends, interest and other payments or distributions of cash with respect to the Portfolio Securities held thereunder; (b) Present for payment all coupons and other income items held by it for the account of a Master Portfolio that call for payment upon presentation and hold the cash received by it upon such payment for the account of the Master Portfolio; (c) Receive and hold for the account of a Master Portfolio all securities received as a distribution on Portfolio Securities as a result of a stock dividend, share split-up, reorganization, recapitalization, merger, consolidation, readjustment, distribution of rights and similar securities issued with respect to any Portfolio Securities held by it hereunder. (d) execute as agent on behalf of a Master Portfolio all necessary ownership and other certificates and affidavits required by the Internal Revenue Code or the regulations of the Treasury Department issued thereunder, or by the laws of any state, now or hereafter in effect, inserting a Master Portfolio's name on such certificates as the owner of the securities covered thereby, to the extent it may lawfully do so and as may be required to obtain payment in respect thereof. The Bank will execute and deliver such certificates in connection with Portfolio Securities delivered to it or by it under this Agreement as may be required under the provisions of the Internal Revenue Code and any Regulations of the Treasury Department issued thereunder, or under the laws of any State; (e) present for payment all Portfolio Securities that are called, redeemed, retired or otherwise become payable, and hold cash received by it upon payment for the account of a Master Portfolio; and (f) exchange interim receipts or temporary securities for definitive securities.

Actions of the Bank Without Prior Authorization. Notwithstanding ----------------------------------------------- anything herein to the contrary, unless and until the Bank receives an Officer's Certificate to the contrary, it will without prior authorization or instruction of the Trust Company or the transfer agent: (a) Endorse for collection and collect on behalf of and in the name of a Master Portfolio Fund all checks, drafts, or other negotiable or transferable instruments or other orders for the payment of money received by it for the account of the Master Portfolio Fund and hold for the account of the Master Portfolio Fund all income, dividends, interest and other payments or distributions of cash with respect to the Portfolio Securities held thereunder; (b) Present for payment all coupons and other income items held by it for the account of a Master Portfolio Fund that call for payment upon presentation and hold the cash received by it upon such payment for the account of the Master PortfolioFund; (c) Receive and hold for the account of a Master Portfolio Fund all securities received as a distribution on Portfolio Securities as a result of a stock dividend, share split-up, reorganization, recapitalization, merger, consolidation, readjustment, distribution of rights and similar securities issued with respect to any Portfolio Securities held by it hereunder. (d) execute as agent on behalf of a Master Portfolio Fund all necessary ownership and other certificates and affidavits required by the Internal Revenue Code or the regulations of the Treasury Department issued thereunder, or by the laws of any state, now or hereafter in effect, inserting a Master PortfolioFund's name on such certificates as the owner of the securities covered thereby, to the extent it may lawfully do so and as may be required to obtain payment in respect thereof. The Bank will execute and deliver such certificates in connection with Portfolio Securities delivered to it or by it under this Agreement as may be required under the provisions of the Internal Revenue Code and any Regulations of the Treasury Department issued thereunder, or under the laws of any State; (e) present for payment all Portfolio Securities that are called, redeemed, retired or otherwise become payable, and hold cash received by it upon payment for the account of a Master PortfolioFund; and (f) exchange interim receipts or temporary securities for definitive securities.

Actions of the Bank Without Prior Authorization. Notwithstanding ----------------------------------------------- anything herein to the contrary, unless and until the Bank receives an Officer's Certificate to the contrary, it will without prior authorization or instruction of the Trust Company or the transfer agent: (a) Endorse endorse for collection and collect on behalf of and in the name of a Master Portfolio the Fund all checks, drafts, or other negotiable or transferable instruments or other orders for the payment of money received by it for the account of the Master Portfolio Fund and hold for the account of the Master Portfolio Fund all income, dividends, interest and other payments or distributions of cash with respect to the Portfolio Securities held thereunder; (b) Present present for payment all coupons and other income items held by it for the account of a Master Portfolio the Fund that call for payment upon presentation and hold the cash received by it upon such payment for the account of the Master PortfolioFund; (c) Receive receive and hold for the account of a Master Portfolio the Fund all securities received as a distribution on Portfolio Securities as a result of a stock dividend, share split-up, reorganization, recapitalization, merger, consolidation, readjustment, distribution of rights and similar securities issued with respect to any Portfolio Securities held by it hereunder. (d) execute as agent on behalf of a Master Portfolio the Fund all necessary ownership and other certificates and affidavits required by the Internal Revenue Code or the regulations of the Treasury Department issued thereunder, or by the laws of any state, now or hereafter in effect, inserting a Master Portfoliothe Fund's name on such certificates as the owner of the securities covered thereby, to the extent it may lawfully do so and as may be required to obtain payment in respect thereof. The Bank will execute and deliver such certificates in connection with Portfolio Securities delivered to it or by it under this Agreement as may be required under the provisions of the Internal Revenue Code and any Regulations of the Treasury Department issued thereunder, or under the laws of any State; (e) present for payment all Portfolio Securities that are called, redeemed, retired or otherwise become payable, and hold cash received by it upon payment for the account of a Master Portfoliothe Fund; and (f) exchange interim receipts or temporary securities for definitive securities.

Actions of the Bank Without Prior Authorization. Notwithstanding ----------------------------------------------- anything herein to the contrary, unless and until the Bank receives an Officer's Certificate to the contrary, it will without prior authorization or instruction of the Trust or the transfer agent:; (a) Endorse for collection and collect on behalf of and in the name of a Master Portfolio all checks, drafts, or other negotiable or transferable instruments or other orders for the payment of money received by it for the account of the Master Portfolio and hold for the account of the Master Portfolio all income, dividends, interest and other payments or distributions of cash with respect to the Portfolio Securities held thereunder; (b) Present for payment all coupons and other income items held by it for the account of a Master Portfolio that call for payment upon presentation and hold the cash received by it upon such payment for the account of the Master Portfolio; (c) Receive and hold for the account of a Master Portfolio all securities received as a distribution on Portfolio Securities as a result of a stock dividend, share split-up, reorganization, recapitalization, merger, consolidation, readjustment, distribution of rights and similar securities issued with respect to any Portfolio Securities held by it hereunder.; (d) execute as agent on behalf of a Master Portfolio all necessary ownership and other certificates and affidavits required by the Internal Revenue Code or the regulations of the U.S. Treasury Department issued thereunder, or by the laws of any state, now or hereafter in effect, inserting a Master Portfolio's name on such certificates as the owner of the securities covered thereby, to the extent it may lawfully do so and as may be required to obtain payment in respect thereof. The Bank will execute and deliver such certificates in connection with Portfolio Securities delivered to it or by it under this Agreement as may be required under the provisions of the Internal Revenue Code and any Regulations of the U.S. Treasury Department issued thereunder, or under the laws of any State; (e) present for payment all Portfolio Securities that are called, redeemed, retired or otherwise become payable, and hold cash received by it upon payment for the account of a Master Portfolio; and (f) exchange interim receipts or temporary securities for definitive securities.