Common use of Exercise of Rights; Tender Offers Clause in Contracts

Exercise of Rights; Tender Offers. Upon timely receipt of proper instructions, to promptly deliver to the issuer or trustee thereof, or to the agent of either, warrants, puts, calls, rights or similar securities for the purpose of being exercised or sold, provided that the new securities and cash, if any, acquired by such action are to be delivered to the Subcustodian, and, upon receipt of proper instructions, to promptly deposit securities upon invitations for tenders of securities, provided that the consideration is to be paid or delivered or the tendered securities are to be returned to the Subcustodian.