Common use of Escrow receipts Clause in Contracts

Escrow receipts. In accordance with mutually agreed-upon arrangements and upon receipt of Instructions to do so, the Bank will execute, or cause a Depository to execute, an escrow receipt relating to a call written by the Fund upon receipt of payment for the premium therefor. Such Instructions shall contain all information necessary for the issuance of such receipts and will authorize the deposit of the securities named in such Instructions into an escrow account of the Fund. Securities so deposited into an escrow account will be held by the Bank or Depository subject to the terms of such escrow receipt. However, the Bank agrees that it will not deliver, or cause a Depository to deliver, any securities deposited in an escrow account pursuant to an exercise notice unless the Bank has received Instructions to do so or (i) the Bank has duly requested the issuance of such Instructions, (ii) at least two business days have elapsed since the receipt of such request by the Fund, and (iii) the Fund has not advised the Bank by Instructions that it has purchased securities that are to be delivered by the Bank or a Depository pursuant to the exercise notice. The Fund agrees that it will not issue any Instructions to the Bank with respect to the Property which shall conflict with the terms of any escrow receipt executed by the Bank or any Depository in relation to the Fund and which is then in effect. The parties understand that the Fund may write calls on securities ("underlying securities") which are not part of the Property and issue Instructions to the Bank to execute, or cause a Depository to execute, an escrow receipt on securities ("convertible securities") which are, or are to be, part of the Property and are convertible into the underlying securities. In such event, the Fund agrees that (i) any Instructions by it as to the execution of the escrow receipt will relate only to such convertible securities, and (ii) any Instructions by it as to the delivery of securities relating to such call will relate only to such convertible securities without responsibility on the part of the Bank to effect any conversion thereof.

Escrow receipts. In accordance with mutually agreed-upon arrangements and upon Upon receipt of Instructions to do soan officer's certificate so requesting, the Bank Custodian will execute, or cause a Depository to execute, an escrow receipt or depository receipt relating to a covered call option written by the Fund upon and will deliver such escrow receipt or depository receipt against payment of payment for the premium therefor. Such Instructions officer's certificate shall contain all information necessary for the issuance of such receipts receipt and will authorize the deposit of the securities named in such Instructions or cash, as the case may be, specified therein into an escrow the custody account of the Fund. Securities or cash so deposited into an escrow the custody account will be held by the Bank Custodian or a Depository subject to the terms of such escrow receipt or deposit receipt. However, the Bank Custodian agrees that it will not deliver, or cause a Depository to deliver, any securities or cash deposited in an escrow the custody account pursuant to an exercise notice unless the Bank (a) Custodian has received Instructions an officer's certificate to do so so; or (b) (i) the Bank Custodian has duly requested the issuance of such Instructionsan officer's certificate, (ii) at least two business days have elapsed since the receipt by the Fund of such request by the Fundrequest, and (iii) in the case of exercise of a covered call option, Fund has not advised the Bank by Instructions Custodian that it has purchased securities that are to be delivered by the Bank Custodian or a Depository pursuant to the exercise notice, or in the case of exercise of a put option, Fund has not advised Custodian that it has arranged for the escrow account. The Fund agrees that it will not issue any Instructions to the Bank with respect to the Property officer's certificate which shall conflict with the terms of any an escrow receipt or deposit receipt executed by the Bank Custodian or any Depository in relation to the Fund and which is then in effect. The parties understand agree that the Custodian need not maintain any written evidence of any covered call option or put option written by Fund as part of its duties under this Agreement. The parties also agree that fund may write calls on securities ("underlying securities") which may be received upon conversion from convertible securities which are not part of the Property owned by Fund and issue Instructions officer's certificates to the Bank Custodian to execute, or cause a Depository to execute, an escrow receipt or deposit receipt on the securities ("convertible securities") to be received upon conversion which are, or are to be, part of the Property and are convertible into the underlying securitiesowned by Fund. In such event, the Fund agrees parties agree that (i) any Instructions by it officer's certificate as to the execution of the escrow receipt will relate only to such convertible securitiesthe securities to be received upon conversion, and (ii) but that any Instructions by it officer's certificate as to the delivery and conversion of such securities relating to such call will relate only to such the convertible securities without responsibility on the part of the Bank to effect any conversion thereofsecurities.