Common use of Cash Transactions Clause in Contracts

Cash Transactions. (a) All cash received by the Bank for each of the Accounts shall be held by the Bank as a short-term credit balance in favor of the Customer on behalf of the Series to which the Account relates and, because the Bank and the Customer have agreed in writing in advance that such credit balances shall bear interest, the relevant Series shall earn interest at the rates and times as agreed between the Bank and the Customer. The Customer acknowledges that any such credit balances shall not be accompanied by the benefit of any governmental insurance. (b) The Bank or its Subcustodians will make cash payments from the Account upon receipt of Instructions. (c) In the event that any payment to be made under this Sub-section 5 exceeds the funds available in an Account, the Bank, in its discretion, may advance the Customer on behalf of the relevant Series whose Assets are held in such Account such excess amount which shall be deemed a short-term credit extension which is (i) necessary in connection with payment and clearance of securities and foreign exchange transactions or (ii) pursuant to an agreed schedule, as and if set forth in the Client Services Guide, of credits for dividends and interest payments on the Assets. Such credit extensions shall be payable on demand, bearing interest at the rate customarily charged by the Bank on similar loans and consistent with the fee schedule set forth on Schedule F. (d) If the Bank credits an Account on a payable date, or at any time prior to actual collection and reconciliation to the Account, with interest, dividends, redemptions or any other amount due, the Customer on behalf of and from the Assets of the Series to which the Account relates will promptly return any such amount upon written notification: (i) that such amount has not been received in the ordinary course of business, or (ii) that such amount was incorrectly credited. If the Customer on behalf of and from the Assets of the Series to which the Account relates does not promptly return any amount upon such notification, the Bank shall be entitled, upon written notification to the Customer, to reverse such credit by debiting the Account for the amount previously credited. The Bank shall be entitled to charge the Customer on behalf of the Assets of the Series in the Account interest for any such credit extension at rates to be agreed upon from time to time or, if such credit is arranged by the Bank with a third party on behalf of the Series, the Customer out of the Series' assets shall reimburse the Bank for any interest charge. In addition to any other remedies available, with respect to the extension of credit to a particular Series, the Bank shall be entitled to a right of set-off against the Assets of such Series to satisfy the repayment of such credit extension and the payment of, or reimbursement for, accrued interest thereon. (e) The Bank shall provide the Customer by 9:45 a.m. Eastern time, in a format mutually agreed upon by both parties, the Customer's opening U.S. Dollar cash balance in each Account, as well as cash projection activity known to the Bank on each business day that the Bank is open or authorized to transact business in the State of New York. Cash activity from Class level shareholder activity available to the Bank by 9:00 a.m. Eastern time will be included in this cash forecast. Other cash activity reported to the Bank by 9:15 a.m. Eastern time, such as futures variation margins, fund expenses and collateral movements related to futures and swap contracts will be included in the cash forecast. The Customer shall be entitled to rely on such cash projection information supplied by the Bank to the Customer and, notwithstanding any other provision of this Agreement, the Bank shall be liable to and shall indemnify the Customer for any losses or damages suffered by the Customer as a result of such reliance.

Cash Transactions. (a) All cash received by the Bank for each of the Accounts shall be held by the Bank as a short-term credit balance in favor of the Customer on behalf of the Series to which the Account relates and, because the Bank and the Customer have agreed in writing in advance that such credit balances shall bear interest, the relevant Series shall earn interest at the rates and times as agreed between the Bank and the Customer. The Customer acknowledges that any such credit balances shall not be accompanied by the benefit of any governmental insurance. (b) The Bank or its Subcustodians will make cash payments from the Account upon receipt of Instructions. (c) In the event that any payment to be made under this Sub-section 5 exceeds the funds available in an Account, the Bank, in its discretion, may advance the Customer on behalf of the relevant Series whose Assets are held in such Account such excess amount which shall be deemed a short-term credit extension which is (i) necessary in connection with payment and clearance of securities and foreign exchange transactions or (ii) pursuant to an agreed schedule, as and if set forth in the Client Services Guide, of credits for dividends and interest payments on the Assets. Such credit extensions shall be payable on demand, bearing interest at the rate customarily charged by the Bank on similar loans and consistent with the fee schedule set forth on Schedule F. (d) If the Bank credits an Account on a payable date, or at any time prior to actual collection and reconciliation to the Account, with interest, dividends, redemptions or any other amount due, the Customer on behalf of and from the Assets of the Series to which the Account relates will promptly return any such amount upon written notification: (i) that such amount has not been received in the ordinary course of business, or (ii) that such amount was incorrectly credited. If the Customer on behalf of and from the Assets of the Series to which the Account relates does not promptly return any amount upon such notification, the Bank shall be entitled, upon written notification to the Customer, to reverse such credit by debiting the Account for the amount previously credited. The Bank shall be entitled to charge the Customer on behalf of the Assets of the Series in the Account interest for any such credit extension at rates to be agreed upon from time to time or, if such credit is arranged by the Bank with a third party on behalf of the Series, the Customer out of the Series' assets shall reimburse the Bank for any interest charge. In addition to any other remedies available, with respect to the extension of credit to a particular Series, the Bank shall be entitled to a right of set-off against the Assets of such Series to satisfy the repayment of such credit extension and the payment of, or reimbursement for, accrued interest thereon. (e) The Bank shall provide deliver to the Customer by 9:45 a.m. Eastern time, annually documents stating: (i) the identity of each Subcustodian then acting on behalf of the Bank and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian; (ii) the countries in a format mutually agreed upon by both parties, which each Subcustodian is located; and (iii) so long as Rule 17f-5 of the 1940 Act requires the Customer's opening U.S. Dollar cash balance in each Account, as well as cash projection activity known Board of Trustees to the Bank on each business day that the Bank is open or authorized to transact business in the State of New York. Cash activity from Class level shareholder activity available to the Bank by 9:00 a.m. Eastern time will be included in this cash forecast. Other cash activity reported to the Bank by 9:15 a.m. Eastern timedirectly approve its foreign custody arrangements, such other information relating to such Subcustodians as futures variation margins, fund expenses and collateral movements related may reasonably be requested by the Customer to futures and swap contracts will be included in ensure Customer's compliance with Rule 17f-5 of the cash forecast1940 Act. The Customer Bank shall be entitled to rely on such cash projection information supplied by the Bank furnish annually to the Customer and, notwithstanding any other provision information concerning such Subcustodians similar in kind and scope as that furnished to the Customer in connection with the initial approval of this Agreement, . Bank agrees to provide Customer with notice of any material adverse changes in the Bank shall be liable to and shall indemnify facts or circumstances upon which such information is based as soon as practicable after it becomes aware of any such material adverse changes in the Customer for any losses or damages suffered by the Customer as a result normal course of such relianceits custodian activities.

Cash Transactions. (a) All cash received by the Bank for each of the Accounts shall be held by the Bank as a short-term credit balance in favor of the Customer on behalf of the Series to which the Account relates and, because the Bank and the Customer have agreed in writing in advance that such credit balances shall bear interest, the relevant Series shall earn interest at the rates and times as agreed between the Bank and the Customer. The Customer acknowledges that any such credit balances shall not be accompanied by the benefit of any governmental insurance. (b) The Bank or its Subcustodians will make cash payments from the Account upon receipt of Instructions. (c) In the event that any payment to be made under this Sub-section 5 exceeds the funds available in an Account, the Bank, in its discretion, may advance the Customer on behalf of the relevant Series whose Assets are held in such Account such excess amount which shall be deemed a short-term credit extension which is (i) necessary in connection with payment and clearance of securities and foreign exchange transactions or (ii) pursuant to an agreed schedule, as and if set forth in the Client Services Guide, of credits for dividends and interest payments on the Assets. Such credit extensions shall be payable on demand, bearing interest at the rate customarily charged by the Bank on similar loans and consistent with the fee schedule set forth on Schedule F. (d) If the Bank credits an Account on a payable date, or at any time prior to actual collection and reconciliation to the Account, with interest, dividends, redemptions or any other amount due, the Customer on behalf of and from the Assets of the Series to which the Account relates will promptly return any such amount upon written notification: (i) that such amount has not been received in the ordinary course of business, or (ii) that such amount was incorrectly credited. If the Customer on behalf of and from the Assets of the Series to which the Account relates does not promptly return any amount upon such notification, the Bank shall be entitled, upon written notification to the Customer, to reverse such credit by debiting the Account for the amount previously credited. The Bank shall be entitled to charge the Customer on behalf of the Assets of the Series in the Account interest for any such credit extension at rates to be agreed upon from time to time or, if such credit is arranged by the Bank with a third party on behalf of the Series, the Customer out of the Series' assets shall reimburse the Bank for any interest charge. In addition to any other remedies available, with respect to the extension of credit to a particular Series, the Bank shall be entitled to a right of set-off against the Assets of such Series to satisfy the repayment of such credit extension and the payment of, or reimbursement for, accrued interest thereon. (e) The Bank shall provide the Customer by 9:45 a.m. Eastern timeCustomer, in a format mutually agreed upon by both parties, the Customer's opening U.S. Dollar cash short-term credit balances in the Account by no later than 9:00 a.m. Eastern Time and securities lending collateral by no later than 11:00 a.m. and updated at 1:00 p.m., on each business day that the Bank is open or authorized to transact business in the State of New York and the Customer shall be entitled to rely on such short-term credit balance in each Account, as well as calculations. The Bank shall provide the Customer with a five day cash projection activity known to the Bank report, on each business day that the Bank is open or authorized to transact business in the State of New York. Cash activity from The short-term credit balance and cash projection report shall include Class level shareholder activity available to from the Bank previous day as reported by 9:00 a.m. Eastern time will be included in this cash forecast. Other cash activity reported to the Bank by 9:15 a.m. Eastern time, such as futures variation margins, fund expenses and collateral movements related to futures and swap contracts will be included in the cash forecast. The Customer shall be entitled to rely on such cash projection information supplied by the Bank to the Customer and, notwithstanding any other provision of this Agreement, the Bank shall be liable to and shall indemnify the Customer for any losses or damages suffered by the Customer as a result of such relianceeach Series' transfer agent.

Cash Transactions. (a) All cash received by the Bank for each of the Accounts shall be held by the Bank as a short-term credit balance in favor of the Customer on behalf of the Series to which the Account relates and, because the Bank and the Customer have agreed in writing in advance that such credit balances shall bear interest, the relevant Series shall earn interest at the rates and times as agreed between the Bank and the Customer. The Customer acknowledges that any such credit balances shall not be accompanied by the benefit of any governmental insurance. (b) The Whenever Customer instructs Bank to do so, Bank will arrange for the automatic investment of cash in the Cash Account in mutual funds (including, without limitation, the JP Morgan Money Market Funds and any other mutual fund with respect xx xxxxx Bank or an Affiliate of Bank serves as an investment adviser, administrator, shareholder servicing agent, and/or custodian or subcustodian and regardless of whether or not Bank or its Subcustodians Affiliate receives any fees for services rendered to any such mutual fund in addition to the fees received by Bank pursuant to this Agreement, all of which such fees Bank is specifically authorized to retain) which Bank makes available for such purposes and which Customer selects through instructions to Bank. Furthermore, in this regard, Bank is directed automatically to arrange for the redemption of such mutual fund shares as may be necessary to avoid any potential overdraft hereunder that Bank perceives based upon the information available to Bank at the time of such redemption or withdrawal. Customer agrees that it will read the prospectus for any mutual fund prior to investing and acknowledges that investments in mutual fund shares are not insured by the Federal Deposit Insurance Corporation ("FDIC") and are not obligations of or guaranteed by Bank. Customer further acknowledges that certain services for which Bank is paid fees by mutual funds in which Customer invests may overlap with the services Bank provides under this Agreement. (c) The Bank will make cash payments from the Account upon receipt of Instructions. (cd) In the event that any payment to be made under this Sub-section 5 4 exceeds the funds available in an Account, the Bank, in its discretion, may advance the Customer on behalf of the relevant Series whose Assets are held in such Account such excess amount which shall be deemed a short-short term credit extension which is (i) necessary in connection with payment and clearance of securities and foreign exchange transactions or (ii) pursuant to an agreed schedule, as and if set forth in the Client Services Guide, of credits for dividends and interest payments on the Assetstransactions. Such credit extensions extension shall be payable on demand, bearing interest at the rate customarily charged by the Bank on similar loans advances and consistent with the fee schedule set forth on Schedule F.E. (de) If the Bank credits an Account on a payable date, or at any time prior to actual collection and reconciliation to the Account, with interest, dividends, redemptions or any other amount due, the Customer on behalf of and from the Assets of the Series to which the Account relates will promptly return any such amount upon written notification: (i) that such amount has not been received in the ordinary course of business, or (ii) that such amount was incorrectly credited. If the Customer on behalf of and from the Assets of the Series to which the Account relates does not promptly return any amount upon such notification, the Bank shall be entitled, upon written or electronic notification to the Customer, to reverse such credit by debiting the Account for the amount previously credited. The Bank shall be entitled to charge the Customer on behalf of the Assets of the Series in the Account interest for any such credit extension at rates to be agreed upon from time to time or, if such credit is arranged by the Bank with a third party on behalf of the Series, the Customer out of the Series' assets shall reimburse the Bank for any interest charge. In addition to any other remedies available, with respect to the extension of credit to a particular Series, the Bank shall be entitled to a right of set-off against the Assets of such Series to satisfy the repayment of such credit extension and the payment of, or reimbursement for, accrued interest thereon. (ef) The Bank shall provide the Customer by 9:45 a.m. Eastern time, in a format mutually agreed upon by both parties, the Customer's opening U.S. Dollar cash balance in each Account, as well as cash projection activity known to the Bank on each business day that the Bank is open or authorized to transact business in the State of New York. Cash activity from Class level shareholder activity available to the Bank by 9:00 a.m. Eastern time will be included in this cash forecast. Other cash activity reported to the Bank by 9:15 a.m. Eastern time, such as futures variation margins, fund expenses and collateral movements related to futures and swap contracts will be included in the cash forecast. The Customer shall be entitled to rely on such cash projection information supplied by the Bank to the Customer and, notwithstanding any other provision of this Agreement, the Bank shall be liable to and shall indemnify the Customer for any losses or direct damages suffered by the Customer as a result of such reliance.