Common use of Liability for Payment in Clause in Contracts

Liability for Payment in. Advance of Receipt of Securities --------------------------------------------------------- Purchased. Except as specifically stated otherwise in this Contract, 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 from 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.

Liability for Payment in. Advance of Receipt of Securities --------------------------------------------------------- Purchased. Except as specifically stated otherwise in this Contract, in In any and ---------- every case where payment for purchase of --------- securities for the account of the Fund a Portfolio is made by the Custodian in advance of receipt of the securities purchased in the absence of specific written instructions from the Fund such Portfolio to so pay in advance, the Custodian shall be absolutely liable to the Fund Portfolio for such securities to the same extent as if the securities had been received by the Custodian.