Common use of Contractual Settlement and Income Clause in Contracts

Contractual Settlement and Income. The Custodian may, as a matter of bookkeeping convenience, credit an Account with the proceeds from the sale, redemption or other disposition of Securities or interest, dividends or other distributions payable on Securities prior to its receipt of final payment therefor. All such credits shall be conditional until the Custodian’s receipt of final payment and may be reversed by the Custodian to the extent that final payment is not received. The Custodian shall endeavor to notify the Fund as promptly as practicable under the circumstances of any such reversal. Payment with respect to a transaction will not be “final” until the Custodian shall have received immediately available funds that under applicable local law, rule and practice are irreversible and not subject to any security interest, levy or other encumbrance, and that are specifically applicable to such transaction.

Contractual Settlement and Income. The Custodian may, as a matter of bookkeeping convenience, credit an Account with the proceeds from the sale, redemption or other disposition of Securities or interest, dividends or other distributions payable on Securities prior to its actual receipt of final payment therefor. All such credits shall be conditional until the Custodian’s 's actual receipt of final payment and may be reversed by the Custodian to the extent that final payment is not received. The Custodian shall endeavor to notify the Fund as promptly as practicable under the circumstances of any such reversal. Payment with respect to a transaction will not be “"final” " until the Custodian shall have received immediately available funds that under applicable local law, rule and practice are irreversible and not subject to any security interest, levy or other encumbrance, and that are specifically applicable to such transaction.