Common use of Contractual Settlement Clause in Contracts

Contractual Settlement. The Custodian shall, in jurisdictions where settlement practices permit, credit the Property of a Fund, in connection with the receipt of interest or dividends or the maturity, sale or redemption of any security held hereunder, and debit the Property of a Fund, in connection with the purchase of any security, on the Contractual Settlement Date with respect thereto, whether or not such monies have been received, or payment made, by the Contractual Settlement Date. However, if after a reasonable time (as determined by the Custodian in accordance with standard industry practice) following the Contractual Settlement Date any such payment or receipt shall fail to take place for any reason other than the failure of the Custodian to make payment against delivery or delivery against payments, all related credits and debits shall be reversed and adjusted to reflect the failure of the transaction to take place.

Contractual Settlement. The Custodian shall, in jurisdictions where settlement practices permit, credit the Property Account of a Fund, in connection with the receipt of interest or dividends or the maturity, sale or redemption of any security held hereunder, and debit the Property Account of a Fund, in connection with the purchase of any security, on the Contractual Settlement Date with respect thereto, whether or not such monies have been received, or payment made, by the Contractual Settlement Date. However, if after a reasonable time (as determined by the Custodian in accordance with standard industry practice) following the Contractual Settlement Date any such payment or receipt shall fail to take place for any reason other than the failure of the Custodian to make payment against delivery or delivery against payments, all related credits and debits shall be reversed and adjusted to reflect the failure of the transaction to take place.