Common use of Liability for Payment in Advance of Receipt of Securities Clause in Contracts

Liability for Payment in Advance of Receipt of Securities. PURCHASED In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED that such securities have in fact been so transfered by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT that if . With respect to securities and funds held by a subcustodian, either directly or indirectly (including by a Securities Depository or clearing corporation), notwithstanding any provisions of this Agreement to the contrary, payment for securities are purchased and delivery of securities sold may be made prior to be purchased outside the United Statesreceipt of securities or payment respectively, and securities or payment may be made received in a form in accordance with procedures agreed to (a) governmental regulations, (b) rules of Securities Depositories and clearing agencies, (c) generally accepted trade practice in writing from time to time by the parties heretoapplicable local market, (d) the terms and characteristics of the particular investment, or (e) the terms of instructions.

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In any and every case where payment for purchase of securities for the account of the Fund Trust is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund Trust to so pay in advance, the Custodian shall be absolutely liable to the Fund Trust for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund Trust with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds trusts to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.received

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In any and every case where payment for purchase of securities for the account of the Fund Trust is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund Trust to so pay in advance, the Custodian shall be absolutely liable to the Fund Trust for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund Trust with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds trusts to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT and except that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in fact been so transfered by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT and except that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED In any and every case where payment for purchase of securities for the account of the Fund Trust is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund Trust to so pay in advance, the Custodian shall be absolutely liable to the Fund Trust for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT that in the case of a repurchase agreement entered into by the Fund Trust with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds trusts to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED that such securities have in fact been so transfered TRANSFERRED by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT and except that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED In any and every case where payment for purchase of securities for the account of the Fund Trust is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund Trust to so pay in advance, the Custodian shall be absolutely liable to the Fund Trust for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund Trust with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds trusts to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT and except that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT and except that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund Manager to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT and except that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund Manager to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT and except that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In any and every case where payment for purchase of securities for the account of the Fund Trust is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund Trust to so pay in advance, the Custodian shall be absolutely liable to the Fund Trust for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT that in the case of a repurchase agreement entered into by the Fund Trust with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds trusts to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED that such securities have in fact been so transfered TRANSFERRED by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In any and every case where payment for purchase of securities for the account of the Fund Trust is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund Trust to so pay in advance, the Custodian shall be absolutely liable to the Fund Trust for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT that in the case of a repurchase agreement entered into by the Fund Trust with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED that such securities have in fact been so transfered TRANSFERED by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In ------------------------------------------------------------------- any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement ------ entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in -------- fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT and except that ---------- if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED Purchased In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such -------- securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT that if . With respect to securities and funds held by a subcustodian, either directly or indirectly (including by a Securities Depository or clearing corporation), notwithstanding any provisions of this Agreement to the contrary, payment for securities are purchased and delivery of securities sold may be made prior to be purchased outside the United Statesreceipt of securities or payment respectively, and securities or payment may be made received in a form in accordance with procedures agreed to (a) governmental regulations, (b) rules of Securities Depositories and clearing agencies, (c) generally accepted trade practice in writing from time to time by the parties heretoapplicable local market, (d) the terms and characteristics of the particular investment, or (e) the terms of instructions.

Liability for Payment in Advance of Receipt of Securities. PURCHASED In any and every case where payment for purchase of securities for the account of the Fund Trust is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund Trust to so pay in advance, the Custodian shall be absolutely liable to the Fund Trust for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT except that in the case of a repurchase agreement entered into by the Fund Trust with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds trusts to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED that such securities have in fact been so transfered TRANSFERRED by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.

Liability for Payment in Advance of Receipt of Securities. PURCHASED In any and every case where payment for purchase of securities for the account of the Fund is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions signed by two officers of the Fund Manager to so pay in advance, the Custodian shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by the Custodian; EXCEPT that in the case of a repurchase agreement entered into by the Fund with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank prior to the receipt of (i) the securities in certificate form subject to such repurchase agreement or (ii) written evidence that the securities subject to such repurchase agreement have been transferred by book-entry into a segregated non-proprietary account of the Custodian maintained with the Federal Reserve Bank of Boston or (iii) the safekeeping receipt, PROVIDED provided that such securities have in fact been so transfered transferred by book-entry and the written repurchase agreement is received by the Custodian in due course; AND EXCEPT and except that if the securities are to be purchased outside the United States, payment may be made in accordance with procedures agreed to in writing from time to time by the parties hereto.