Common use of Issuance of New Certificate to Pledgee Clause in Contracts

Issuance of New Certificate to Pledgee. A pledgee of Shares of any Fund as to which the Trust issues certificates shall be entitled to a new certificate if the instrument or transfer substantially describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of the pledgor shall be stated thereon, who alone shall have the rights (including, without limitation, dividend and distribution rights and voting rights) of the Shareholder. A pledgee of Shares of any Fund as to which the Trust does not issue certificates shall be entitled to have the pledge registered on the books of the Trust pertaining to that Fund.