Common use of Custody of Assets Clause in Contracts

Custody of Assets. Securities comprising the Fund's portfolios and cash representing the proceeds from sales of portfolio securities and of payment of principal and interest upon portfolio securities shall be held by a custodian or trustee which shall be a bank or trust company having the qualifications prescribed in the 1940 Act. The Fund shall, upon the resignation or inability to serve of the custodian or trustee, (1) use its best efforts to obtain a successor custodian or trustee, and (2) require that the cash and securities owned by the Fund be delivered to the successor custodian or trustee.