Common use of Funds Transfer Back-Up Procedure Clause in Contracts

Funds Transfer Back-Up Procedure. (a) In the event ACCESS is inoperable and the Fund is unable to utilize ACCESS for the transmission of Written Instructions to the Custodian to transfer funds, the Fund may give Oral Instructions regarding funds transfers, it being expressly understood and agreed that the Custodian's acting pursuant to such Oral Instructions shall be contingent upon the Custodian's verification of the authenticity thereof pursuant to the Call-Back Security Procedures annexed as Exhibit E-3 hereto. In this regard, the Fund shall deliver to the Custodian a Funds Transfer Telephone Instruction Authorization in the form of Exhibit E-4 hereto, identifying the individuals authorized to deliver and/or confirm all such Oral Instructions. The Fund understands and agrees that the Procedure is intended to determine whether Oral Instructions received pursuant to this Section are authorized but is not intended to detect any errors contained in such instructions. The Fund hereby accepts the Procedure and confirms its belief that the Procedure is commercially reasonable.

Funds Transfer Back-Up Procedure. (a) In the event ACCESS is inoperable and the a Fund is unable to utilize ACCESS for the transmission of Written Instructions to the Custodian Bank to transfer funds, the Fund may give Oral Instructions regarding funds transfers, it being expressly understood and agreed that the CustodianBank's acting pursuant to such Oral Instructions shall be contingent upon the CustodianBank's verification of the authenticity thereof pursuant to the Call-Back Security Procedures annexed as Exhibit E-3 heretoProcedure set forth on Schedule III hereto (the "Procedure"). In this regard, the each Fund shall deliver to the Custodian Bank a Funds Transfer Telephone Instruction Authorization in the form of Exhibit E-4 Schedule III-A hereto, identifying the individuals authorized to deliver and/or confirm all such Oral Instructions. The Each Fund understands and agrees that the Procedure is intended to determine whether Oral Instructions received pursuant to this Section are authorized but is not intended to detect any errors contained in such instructions. The Each Fund hereby accepts the Procedure and confirms its belief that the Procedure is commercially reasonable.