Common use of Fungibility Clause in Contracts

Fungibility. The Client agrees that all Securities held by the Custodian directly, or indirectly through any Subcustodian or Securities Depository, shall be subject to the provisions of the Belgian Royal Decree No. 62 of November 10, 1967, as amended. In accordance with the Royal Decree, all Securities of any issue shall be treated as fungible with all other securities of the same issue held by the Custodian directly, or indirectly through any Subcustodian or Securities Depository. Therefore, the Client shall have no right to any specific securities of an issue but shall instead be entitled, subject to applicable laws and regulations and to the terms of this Agreement, to transfer, deliver or repossess from the Custodian an amount of securities of such issue that is equivalent to the amount of such securities credited to a Securities Account, without regard to the certificate numbers (or other identifying information) of the securities originally deposited, and the Custodian's obligation to the Client with respect to such Securities shall be limited to effecting such transfer, delivery or repossession.

Fungibility. The Client agrees that all Securities held by the Custodian directly, or indirectly through any Subcustodian or Securities Depository, shall be subject to the provisions of the Belgian Royal Decree No. 62 of November 10, 1967, as amended. In accordance with the Royal Decree, all Securities of any issue shall be treated as fungible with all other securities of the same issue held by the Custodian directly, or indirectly through any Subcustodian or Securities Depository. Therefore, the Client shall have no right to any specific securities of an issue but shall instead be entitled, subject to applicable laws and regulations and to the terms of this Agreement, to transfer, deliver or repossess from the Custodian an amount of securities of such issue that is equivalent to the amount of such securities credited to a Securities Account, without regard to the certificate numbers (or other identifying information) of the securities originally deposited, and the Custodian's obligation to the Client with respect to such Securities shall be limited to effecting such transfer, delivery or repossession.. (c)

Fungibility. The Client agrees that all Securities held by the ----------- Custodian directly, or indirectly through any Subcustodian or Securities Depository, shall be subject to the provisions of the Belgian Royal Decree No. 62 of November 10, 1967, as amended. In accordance with the Royal Decree, all Securities of any issue shall be treated as fungible with all other securities of the same issue held by the Custodian directly, or indirectly through any Subcustodian or Securities Depository. Therefore, the Client shall have no right to any specific securities of an issue but shall instead be entitled, subject to applicable laws and regulations and to the terms of this Agreement, to transfer, deliver or repossess from the Custodian an amount of securities of such issue that is equivalent to the amount of such securities credited to a Securities Account, without regard to the certificate numbers (or other identifying information) of the securities originally deposited, and the Custodian's obligation to the Client with respect to such Securities shall be limited to effecting such transfer, delivery or repossession.