Common use of Foreign Securities Transactions Clause in Contracts

Foreign Securities Transactions. 1) Upon receipt of Proper Instruction, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall make or cause its foreign sub-custodian to transfer, exchange or deliver foreign securities owned by the Company for the account of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.2. 2) Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out or cause its foreign sub-custodian to pay out monies of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.8. 3) Settlement and payment for securities received for the account of a Fund and delivery of securities maintained for the account of a Fund may, upon receipt of Proper Instructions, be effected in accordance with the customary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. 4) With respect to any transaction involving foreign securities, the Custodian or any sub-custodian in its discretion may case a Fund's account to be credited on either the contractual settlement date or the actual settlement date with the proceeds of any sale or exchange of foreign securities from the account of the applicable Fund and to be debited on either the contractual settlement date or the actual settlement date for the cost of foreign securities purchased or acquired for such Fund according to Custodian's then current internal policies and procedures pertaining to securities settlement, which policies and procedures may change from time to time. Custodian shall advise the Company of any changes to such policies and procedures. The Custodian may reverse any such credit or debit made on the contractual settlement date if the transaction with respect to which such credit or debit was made fails to settle within a reasonable period, determined by Custodian in its reasonable discretion, after the contractual settlement date except that if any foreign securities delivered pursuant to this section are returned by the recipient thereof, the Custodian may cause any such credits and debits to be reversed at any time. 5) Securities maintained in the custody of a foreign sub-custodian may be maintained in the name of such entity's nominee to the same extent as set forth in Section 2.3 of this Contract and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such securities. 6) Until the Custodian receives written instructions to the contrary the Custodian shall, or shall cause the sub-custodian to collect all interest and dividends paid on securities held in each applicable Fund's account, unless such payment is in default. Unless otherwise instructed, the Custodian shall convert interest, dividends and principal received with respect to securities in a Fund's account into United States dollars and the Custodian shall perform foreign exchange contracts for the conversion of United States dollars to foreign currencies for the settlement of trades whenever it is practicable to do so through customary banking channels. Customary banking channels may vary based upon industry practice in each jurisdiction, and shall include the banking facilities of the Custodian's affiliates, in accordance with such affiliate's then prevailing internal policy on funds repatriation. All risk and expense incident to such foreign collection and conversions is the responsibility of each applicable Fund's account, and Custodian shall have no responsibility for fluctuation in exchange rates affecting collections or conversions.

Foreign Securities Transactions. 1) Upon receipt of Proper Instruction, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall make or cause its foreign sub-custodian to transfer, exchange or deliver foreign securities owned by the Company for the account of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.2. 2) Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out or cause its foreign sub-custodian to pay out monies of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.8. 3) Settlement and payment for securities received for the account of a Fund and delivery of securities maintained for the account of a Fund may, upon receipt of Proper Instructions, be effected in accordance with the customary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering delivery securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. 4) With respect to any transaction involving foreign securities, the Custodian or any sub-custodian in its discretion may case a Fund's account to be credited on either the contractual settlement date or the actual settlement date with the proceeds of or any sale or exchange of foreign securities from the account of the applicable Fund and to be debited on either the contractual settlement date or the actual settlement date for the cost of foreign securities purchased or acquired for such Fund according to Custodian's then current internal policies and procedures pertaining to securities settlement, which policies and procedures may change from time to time. Custodian shall advise the Company of any changes to such policies and procedures. The Custodian may reverse any such credit or debit made on the contractual settlement date if the transaction with respect to which such credit or debit was made fails to settle within a reasonable period, determined by Custodian in its reasonable discretion, after the contractual settlement date except that if any foreign securities delivered pursuant to this section are returned by the recipient thereof, the Custodian may cause any such credits and debits to be reversed at any time. 5) Securities maintained in the custody of a foreign sub-custodian may be maintained in the name of such entity's nominee to the same extent as set forth in Section 2.3 of this Contract and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such securities. 6) Until the Custodian receives written instructions to the contrary the Custodian shall, or shall cause the sub-custodian to collect all interest and dividends paid on securities held in each applicable Fund's account, unless such payment is in default. Unless otherwise instructed, the Custodian shall convert interest, dividends and principal received with respect to securities in a Fund's account into United States dollars dollar, and the Custodian shall perform foreign exchange contracts for the conversion of United States dollars dollar to foreign currencies for the settlement of trades whenever it is practicable to do so through customary banking channels. Customary banking channels may vary based upon industry practice in each jurisdiction, and shall include the banking baking facilities of the Custodian's affiliates, in accordance with such affiliate's then prevailing internal policy on funds repatriation. All risk and expense incident to such foreign collection and conversions conversion is the responsibility of each applicable Fund's account, and Custodian shall have no responsibility for fluctuation in fluctuating exchange rates affecting collections or conversions.

Foreign Securities Transactions. 1) Upon receipt of Proper InstructionInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall make or cause its foreign sub-custodian to transfer, exchange exchange, or deliver foreign securities owned by the Company for the account of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.2. 2) Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, parties the Custodian shall pay out or cause its foreign sub-custodian to pay out monies of a the Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.8. 3) Settlement and payment for securities received for the account of a the Fund and delivery of securities maintained for the account of a the Fund may, upon receipt of Proper Instructions, be effected in accordance with the customary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. 4) With respect to any transaction involving foreign securities, the Custodian or any sub-custodian in its discretion may case a cause the Fund's account to be credited on either the contractual settlement date or the actual settlement date with the proceeds of any sale or exchange of foreign securities from the account of the applicable Fund and to be debited on either the contractual settlement date or the actual settlement date for the cost of foreign securities purchased or acquired for such the Fund according to Custodian's then current internal policies and procedures pertaining to securities settlement, which policies and procedures may change from time to time. Custodian shall advise the Company Fund of any changes to such policies and procedures. The Custodian may reverse any such credit or debit made on the contractual settlement date if the transaction with respect to which such credit or debit was made fails to settle within a reasonable period, determined by Custodian in its reasonable discretion, after the contractual settlement date except that if any foreign securities delivered pursuant to this section are returned by the recipient thereof, the Custodian may cause any such credits and debits to be reversed at any time. 5) Securities maintained in the custody of a foreign sub-custodian may be maintained in the name of such entity's nominee to the same extent as set forth in Section 2.3 of this Contract and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such securities. 6) Until the Custodian receives written instructions to the contrary contrary, the Custodian shall, or shall cause the sub-custodian to collect all interest and dividends paid on securities held in each applicable Fund's account, unless such payment is in default. Unless otherwise instructed, the Custodian shall convert interest, dividends and principal received with respect to securities in a the Fund's account into United States dollars dollars, and the Custodian shall perform foreign exchange contracts for the conversion of United States dollars to foreign currencies for the settlement of trades whenever it is practicable to do so through customary banking channels. Customary banking channels may vary based upon industry practice in each jurisdiction, and shall include the banking facilities of the Custodian's affiliates, in accordance with such affiliate's then prevailing internal policy on funds repatriation. All risk and expense incident to such foreign collection and conversions is the responsibility of each applicable the Fund's account, and Custodian shall have no responsibility for fluctuation in exchange rates affecting collections or conversions.

Foreign Securities Transactions. 1) Upon receipt of Proper InstructionInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall make or cause its foreign sub-custodian to transfer, exchange or deliver foreign securities owned by the Company for the account of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.2. 2) Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out or cause its foreign sub-custodian to pay out monies of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.8. 3) Settlement and payment for securities received for the account of a Fund and delivery of securities maintained for the account of a Fund may, upon receipt of Proper Instructions, be effected in accordance with the customary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. 4) With respect to any transaction involving foreign securities, the Custodian or any sub-custodian in its discretion may case cause a Fund's account to be credited on either the contractual settlement date or the actual settlement date with the proceeds of any sale or exchange of foreign securities from the account of the applicable Fund and to be debited on either the contractual settlement date or the actual settlement date for the cost of foreign securities purchased or acquired for such Fund according to Custodian's then current internal policies and procedures pertaining to securities settlement, which policies and procedures may change from time to time. Custodian shall advise the Company of any changes to such policies and procedures. The Custodian may reverse any such credit or debit made on the contractual settlement date if the transaction with respect to which such credit or debit was made fails to settle within a reasonable period, determined by Custodian in its reasonable discretion, after the contractual settlement date except that if any foreign securities delivered pursuant to this section are returned by the recipient thereof, the Custodian may cause any such credits and debits to be reversed at any time. 5) Securities maintained in the custody of a foreign sub-custodian may be maintained in the name of such entity's nominee to the same extent as set forth in Section 2.3 of this Contract and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such securities. 6) Until the Custodian receives written instructions to the contrary the Custodian shall, or shall cause the sub-custodian to to, collect all interest and dividends paid on securities held in each applicable Fund's account, unless such payment is in default. Unless otherwise instructed, the Custodian shall convert interest, dividends and principal received with respect to securities in a Fund's account into United States dollars dollars, and the Custodian shall perform foreign exchange contracts for the conversion of United States dollars to foreign currencies for the settlement of trades whenever it is practicable to do so through customary banking channels. Customary banking channels may vary based upon industry practice in each jurisdiction, and shall include the banking facilities of the Custodian's affiliates, in accordance with such affiliate's then prevailing internal policy on funds repatriation. All risk and expense incident to such foreign collection and conversions is the responsibility of each applicable Fund's account, and Custodian shall have no responsibility for fluctuation in exchange rates affecting collections or conversions.

Foreign Securities Transactions. 1) Upon receipt of Proper InstructionInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall make or cause its foreign sub-custodian to transfer, exchange or deliver foreign securities owned by the Company for the account of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.2. 2) Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out or cause its foreign sub-custodian to pay out monies of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.8. 3) Settlement and payment for securities received for the account of a Fund and delivery of securities maintained for the account of a Fund may, upon receipt of Proper Instructions, be effected in accordance with the customary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. 4) With respect to any transaction involving foreign securities, the Custodian or any sub-custodian in its discretion may case a Fund's account to be credited on either the contractual settlement date or the actual settlement date with the proceeds of any sale or exchange of foreign securities from the account of the applicable Fund and to be debited on either the contractual settlement date or the actual settlement date for the cost of foreign securities purchased or acquired for such Fund according to Custodian's then current internal policies and procedures pertaining to securities settlement, which policies and procedures may change from time to time. Custodian shall advise the Company of any changes to such policies and procedures. The Custodian may reverse any such credit or debit made on the contractual settlement date if the transaction with respect to which such credit or debit was made fails to settle within a reasonable period, determined by Custodian in its reasonable discretion, after the contractual settlement date except that if any foreign securities delivered pursuant to this section are returned by the recipient thereof, the Custodian may cause any such credits and debits to be reversed at any time. 5) Securities maintained in the custody of a foreign sub-custodian may be maintained in the name of such entity's nominee to the same extent as set forth in Section 2.3 of this Contract and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such securities. 6) Until the Custodian receives written instructions to the contrary the Custodian shall, or shall cause the sub-custodian to collect all interest and dividends paid on securities held in each applicable Fund's account, unless such payment is in default. Unless otherwise instructed, the Custodian shall convert interest, dividends and principal received with respect to securities in a Fund's account into United States dollars dollars, and the Custodian shall perform foreign exchange contracts for the conversion of United States dollars to foreign currencies for the settlement of trades whenever it is practicable to do so through customary banking channels. Customary banking channels may vary based upon industry practice in each jurisdiction, and shall include the banking facilities of the Custodian's affiliates, in accordance with such affiliate's then prevailing internal policy on funds repatriation. All risk and expense incident to such foreign collection and conversions is the responsibility of each applicable Fund's account, and Custodian shall have no responsibility for fluctuation in exchange rates affecting collections or conversions.

Foreign Securities Transactions. 1) Upon receipt of Proper InstructionInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall make or cause its foreign sub-custodian to transfer, exchange or deliver foreign securities owned by of the Company for the account of a FundPortfolio, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.2. 2) Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out or cause its foreign sub-custodian to pay out monies of a Fundthe Portfolio, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.82.5. 3) Settlement and payment for securities received for the account of a Fund the Portfolio and delivery of securities maintained for the account of a Fund the Portfolio may, upon receipt of Proper Instructions, be effected in accordance with the customary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. 4) With respect to any transaction involving foreign securities, the Custodian or any sub-custodian in its discretion may case a Fund's account cause the Portfolio to be credited on either the contractual settlement date or the actual settlement date with the proceeds of any sale or exchange of foreign securities from the account of the applicable Fund Portfolio and to be debited on either the contractual settlement date or the actual settlement date for the cost of foreign securities purchased or acquired for such Fund the Portfolio according to Custodian's then current internal policies and procedures pertaining to securities settlement, which policies and procedures may change from time to time. Custodian shall advise the Company of any changes to such policies and procedures. The Custodian may reverse any such credit or debit made on the contractual settlement date if the transaction with respect to which such credit or debit was made fails to settle within a reasonable period, determined by Custodian in its reasonable discretion, after the contractual settlement date except that if any foreign securities delivered pursuant to this section are returned by the recipient thereof, the Custodian may cause any such credits and debits to be reversed at any time. 5) Securities maintained in the custody of a foreign sub-custodian may be maintained in the name of such entity's nominee to the same extent as set forth in Section 2.3 of this Contract Agreement and the Fund Company agrees to hold any such nominee harmless from any liability as a holder of record of such securities. 6) Until the Custodian receives written instructions to the contrary the Custodian shall, or shall cause the sub-custodian to collect all interest and dividends paid on securities held in each applicable Fundthe Portfolio's account, unless such payment is in default. Unless otherwise instructed, the Custodian shall convert interest, dividends and principal received with respect to securities in a Fundthe Portfolio's account into United States dollars and the Custodian shall perform foreign exchange contracts for the conversion of United States dollars to foreign currencies for the settlement of trades whenever it is practicable to do so through customary banking channels. Customary banking channels may vary based upon industry practice in each jurisdiction, and shall include the banking facilities of the Custodian's affiliates, in accordance with such affiliate's then prevailing internal policy on funds repatriation. All risk and expense incident to such foreign collection and conversions is the responsibility of each applicable Fundthe Portfolio's account, account and Custodian shall have no responsibility for fluctuation in exchange rates affecting collections or conversions.

Foreign Securities Transactions. 1(a) Upon receipt of Proper InstructionWritten Order from the Fund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall make or cause its foreign subthe applicable Foreign Sub-custodian Custodian to transfermake transfers, exchange or deliver exchanges and deliveries of foreign securities owned by the Company for the account of a International Fund, but except to the extent explicitly provided herein only (i) in any of the cases specified in Section 2.2Article 5 of the Custodian Agreement or (ii) as specifically provided for herein. 2(b) Upon receipt of Proper InstructionsWritten Order from the Fund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out or cause its foreign subthe applicable Foreign Sub-custodian Custodian to pay out monies of a International Fund, but except to the extent explicitly provided herein only (i) in any of the cases specified in Section 2.8Article 3 of the Custodian Agreement or (ii) as specifically provided for herein. 3(c) Settlement and payment for securities received for the account of a International Fund and delivery of securities maintained for the account of a International Fund may, upon receipt of Proper InstructionsWritten Order from the Fund, be effected in accordance with the customary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. 4(d) With respect to any transaction involving foreign securities, the Custodian or any subForeign Sub-custodian Custodian in its discretion may case a Fund's account cause International Fund to be credited on either the contractual settlement date or the actual settlement date with the proceeds of any sale or exchange of foreign securities from the account of the applicable International Fund and to be debited on either the contractual settlement date or the actual settlement date for the cost of foreign securities purchased or acquired for such International Fund according to the Custodian's then current internal policies and procedures pertaining to securities settlement, which policies and procedures may change from time to time. The Custodian shall advise the Company Fund of any changes to such policies and procedures. The Custodian may reverse any such credit or debit made on the contractual settlement date if the transaction with respect to which such credit or debit was made fails to settle within a reasonable period, determined by the Custodian in its reasonable discretion, after the contractual settlement date except that if any foreign securities delivered pursuant to this section are returned by the recipient thereof, the Custodian may cause any such credits and or debits to be reversed at any time. 5(e) Securities maintained in the custody of a foreign subForeign Sub-custodian Custodian may be maintained in the name of such entity's nominee to the same extent as set forth in Section 2.3 Article 4 of this Contract and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such securitiesCustodian Agreement. 6(f) Until the Custodian receives written instructions to the contrary contrary, the Custodian shallshall collect, or shall cause the subapplicable Foreign Sub-custodian Custodian to collect collect, all interest and dividends paid on securities held in each applicable International Fund's account, unless such payment is in default. Unless otherwise instructed, the Custodian shall convert interest, dividends and principal received with respect to securities in a International Fund's account into United States dollars and the Custodian shall perform foreign exchange currency contracts for the conversion of United States dollars to into foreign currencies for the settlement of trades whenever it is practicable to do so through customary banking channels. Customary banking channels may vary based upon industry practice in each jurisdiction, and shall include the banking facilities of the Custodian's affiliates, affiliates in accordance with such affiliate's affiliates' then prevailing internal policy policies on funds repatriation. All risk and expense incident to such foreign collection and conversions is the responsibility of each applicable International Fund's account, account and the Custodian shall have no responsibility for fluctuation fluctuations in exchange rates affecting collections or conversions.

Foreign Securities Transactions. 1) Upon receipt of Proper InstructionInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall make or cause its foreign sub-custodian to transfer, exchange exchange, or deliver foreign securities owned by the Company a Fund for the account of a that Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.2. 2) Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, parties the Custodian shall pay out or cause its foreign sub-custodian to pay out monies of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.8. 3) Settlement and payment for securities received for the account of a Fund and delivery of securities maintained for the account of a Fund may, upon receipt of Proper Instructions, be effected in accordance with the customary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering securities to the purchaser thereof or to a dealer therefor therefore (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. 4) With dealer with respect to any transaction involving foreign securities, the Custodian or any sub-custodian in its discretion may case cause a Fund's ’s account to be credited on either the contractual settlement date or the actual settlement date with the proceeds of any sale or exchange of foreign securities from the account of the applicable Fund and to be debited on either the contractual settlement date or the actual settlement date for the cost of foreign securities purchased or acquired for such Fund according to Custodian's ’s then current internal policies and procedures pertaining to securities settlement, which policies and procedures may change from time to time. Custodian shall advise the Company Trust of any changes to such policies and procedures. The Custodian may reverse any such credit or debit made on the contractual settlement date if the transaction with respect to which such credit or debit was made fails to settle within a reasonable period, determined by Custodian in its reasonable discretion, after the contractual settlement date except that if any foreign securities delivered pursuant to this section are returned by the recipient thereof, the Custodian may cause any such credits and debits to be reversed at any time. 54) Securities maintained in the custody of a foreign sub-custodian may be maintained in the name of such entity's ’s nominee to the same extent as set forth in Section 2.3 of this Contract and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such securities. 65) Until the Custodian receives written instructions to the contrary Proper Instructions, the Custodian shall, or shall cause the sub-custodian to collect all interest and dividends paid on securities held in each applicable Fund's ’s account, unless such payment is in default. Unless otherwise instructedthe Custodian receives Proper Instructions, the Custodian shall convert interest, dividends and principal received with respect to securities in a Fund's ’s account into United States dollars dollars, and the Custodian shall perform foreign exchange contracts for the conversion of United States dollars to foreign currencies for the settlement of trades whenever it is practicable to do so through customary banking channels. Customary banking channels may vary based upon industry practice in each jurisdiction, and shall include the banking facilities of the Custodian's ’s affiliates, in accordance with such affiliate's ’s then prevailing internal policy on funds repatriation. All risk and expense incident to such foreign collection and conversions is the responsibility of each applicable Fund's ’s account, and Custodian shall have no responsibility for fluctuation in exchange rates affecting collections or conversions.

Foreign Securities Transactions. 1) Upon receipt of Proper Instruction, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall make or cause its foreign sub-custodian to transfer, exchange or deliver foreign securities owned by the Company for the account of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.2. 2) Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out or cause its foreign sub-custodian to pay out monies of a Fund, but except to the extent explicitly provided herein only in any of the cases specified in Section 2.8. 3) Settlement and payment for securities received for the account of a Fund and delivery of securities maintained for the account of a Fund may, upon receipt of Proper Instructions, be effected in accordance with the customary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. 4) With respect to any transaction involving foreign securities, the Custodian or any sub-custodian in its discretion may case a Fund's account to be credited on either the contractual settlement date or the actual settlement date with the proceeds of any sale or exchange of foreign securities from the account of the applicable Fund and to be debited on either the contractual settlement date or the actual settlement date for the cost of foreign securities purchased or acquired for such Fund according to Custodian's then current internal policies and procedures pertaining to securities settlement, which policies and procedures may change from time to time. Custodian shall advise the Company of any changes to such policies and procedures. The Custodian may reverse any such credit or debit made on the contractual settlement date if the transaction with respect to which such credit or debit was made fails to settle within a reasonable period, determined by Custodian in its reasonable discretion, after the contractual settlement date except that if any foreign securities delivered pursuant to this section are returned by the recipient thereof, the Custodian may cause any such credits and debits to be reversed at any time. 5) Securities maintained in the custody of a foreign sub-custodian may be maintained in the name of such entity's nominee to the same extent as set forth in Section 2.3 of this Contract and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such securities. 6) Until the Custodian receives written instructions to the contrary the Custodian shall, or shall cause the sub-custodian to collect all interest and dividends paid on securities held in each applicable Fund's account, unless such payment is in default. Unless otherwise instructed, the Custodian shall convert interest, dividends and principal received with respect to securities in a Fund's account into United States dollars dollars, and the Custodian shall perform foreign exchange contracts for the conversion of United States dollars to foreign currencies for the settlement of trades whenever it is practicable to do so through customary banking channels. Customary banking channels may vary based upon industry practice in each jurisdiction, and shall include the banking facilities of the Custodian's affiliates, in accordance with such affiliate's then prevailing internal policy on funds repatriation. All risk and expense incident to such foreign collection and conversions is the responsibility of each applicable Fund's account, and Custodian shall have no responsibility for fluctuation in exchange rates affecting collections or conversions.