Common use of DUTIES OF CUSTODIAN WITH RESPECT TO SECURITIES OF THE Clause in Contracts

DUTIES OF CUSTODIAN WITH RESPECT TO SECURITIES OF THE. FUND HELD BY CUSTODIAN (a) Holding Securities Custodian shall hold and physically segregate for the account of each Portfolio all Securities owned by the Fund other than securities held in a Securities Depository or Book Entry Account, as provided in Section 3 of this agreement. (b) Delivery of Securities Custodian shall release and deliver Securities owned by a Portfolio held by Custodian or in a Securities Depository or Book Entry Account for Custodian only upon receipt of proper instructions from the Fund on behalf of the applicable Portfolio, which may be continuing instructions when the Fund and Custodian specifically agree in writing, and only in the following cases: (i) Upon the sale of such Securities for the account of the Portfolio and the receipt of payment therefor; (ii) Upon the receipt of payment in connection with any repurchase agreement related to such Securities entered into by the Portfolio; (iii) In the case of a sale effected through a Securities Depository or Book Entry Account, in accordance with the provisions of Section 3 of this agreement; (iv) In connection with tender or other similar offers for Securities owned by the Portfolio, provided that, in any such case, the cash or other consideration is to be delivered to Custodian; (v) To the issuer thereof or its agent when such Securities are called, redeemed, retired, or otherwise become payable, provided that, in any such case, the cash or other consideration is to be delivered to Custodian; (vi) To the issuer thereof, or its agent, for transfer into the name of the Custodian or into the name of any nominee or nominees of Custodian, or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units, or for exchange of interim receipts or temporary Securities or definitive Securities, provided that, in any such case, the new Securities are to be delivered to Custodian; (vii) To the broker selling the same, against a receipt, for examination in accordance with "street delivery" custom provided that Custodian may adopt such procedures to ensure their prompt return to Custodian by the broker in the event the broker elects not to accept them; (viii) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization, or readjustment of the Securities of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities provided that, in any such case, the new Securities and cash, if any, are to be delivered to Custodian; (ix) In the case of warrants, rights or similar Securities, the surrender thereof upon the exercise of such warrants, rights or similar Securities or the surrender of interim receipts or temporary Securities for definitive Securities, provided that, in any such case, the new Securities and cash, if any, are to be delivered to Custodian; (x) If the Custodian and the Fund have executed a Securities Lending Agreement, for delivery in connection with any loans of securities made by the Portfolio pursuant to the terms of such Securities Lending Agreement; (xi) For delivery as security in connection with any borrowings by the Fund on behalf of the Portfolio requiring a pledge of assets by the Fund on behalf of the Portfolio but only against receipt of amounts borrowed; (xii) For delivery in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, Custodian and a broker- dealer registered under the Exchange Act and a member of theNational (xiii) For delivery in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, Custodian, and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to the compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Portfolio; (xiv) Upon receipt of instructions from the Transfer Agent for the Fund, for delivery to such Transfer Agent or to holders of Shares in connection with distributions in kind, as may be described from time to time in one or more currently effective prospectuses of the Fund, in satisfaction of requests by holders of Shares forrepurchase or redemption; and (xv) For any other purpose of the Fund, but only upon receipt of, in addition to proper instructions from the Fund on behalf of the applicable Portfolio, a certified resolution of the Board of Trustees of the Fund specifying the Securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper purpose and naming the person or persons to whom delivery of such Securities shall be made. Notwithsanding anything to the contrary, in connection with sales and purchases of Securities, the Custodian is hereby authorized to debit or credit the Portfolio's Account on contractual settlement date.