Common use of Payment Of Account Monies Clause in Contracts

Payment Of Account Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of the Account in the following cases only: (i) upon the purchase of foreign securities for the Account, unless otherwise directed by Proper Instructions, by (A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchase effected through a Foreign Securities System, in accordance with the rules governing the operation of such Foreign Securities System; (ii) in connection with the conversion, exchange or surrender of foreign securities of the Account; (iii) for the payment of any expense or liability of the Account, including but not limited to the following payments: interest, taxes, investment advisory fees, fees under this Agreement, legal fees, accounting fees, and other operating expenses; (iv) for the purchase or sale of foreign exchange or foreign exchange contracts for the Account, including transactions executed with or through the Custodian or its Foreign Sub-Custodians; (v) in connection with trading in options and futures contracts, including delivery as original margin and variation margin; (vi) upon the purchase of foreign investments including, without limitation, repurchase agreement transactions involving delivery of Account monies to Repo Custodian(s), as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the amount of such payment and (B) the person or persons to whom payment shall be made; (vii) for payment of part or all of the dividends received in respect of securities sold short; (viii) in connection with the borrowing or lending of foreign securities; and (ix) For any other purpose, but only upon receipt of Proper Instructions specifying (A) the amount of such payment and (B) the person or persons to whom such payment is to be made.

Payment Of Account Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of the Account Company in the following cases only: (i) upon the purchase of foreign securities for the AccountCompany, unless otherwise directed by Proper Instructions, by (A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchase effected through a Foreign Securities System, in accordance with the rules governing the operation of such Foreign Securities System; (ii) in connection with the conversion, exchange or surrender of foreign securities of the AccountCompany; (iii) for the payment of any expense or liability of the AccountCompany, including but not limited to the following payments: interest, taxes, investment advisory fees, transfer agent fees, fees under this Agreement, legal fees, accounting fees, and other operating expenses; (iv) for the purchase or sale of foreign exchange or foreign exchange contracts for the AccountCompany, including transactions executed with or through the Custodian or its Foreign Sub-Custodians; (v) in connection with trading in options and futures contracts, including delivery as original margin and variation margin; (vi) upon the purchase of foreign investments including, without limitation, repurchase agreement transactions involving delivery of Account monies to Repo Custodian(s), as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the amount of such payment and (B) the person or persons to whom payment shall be made; (vii) for payment of part or all of the dividends received in respect of securities sold short; (viiivii) in connection with the borrowing or lending of foreign securities; and (ixviii) For for any other purpose, but only upon receipt of Proper Instructions specifying (A) the amount of such payment and (B) naming the person or persons to whom such payment is to be made.

Payment Of Account Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, out monies of the Account in the following cases only: (i) upon 1. Upon the purchase of foreign securities domestic securities, options, futures contracts or options on futures contracts for the Account, unless otherwise directed by Proper Instructions, by but only (A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealera) against expectation of receiving later the delivery of such foreign securitiessecurities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian which has been designated by the Custodian as its agent for this purpose) registered in the name of the Company or in the name of a nominee of the Company or of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; or (Bb) in the case of a purchase effected through a Foreign U.S. Securities System, in accordance with the rules governing conditions set forth in Section 2.8 hereof; (c) in the operation case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of NASD, (i) against delivery of the securities either in certificated form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such Foreign Securities System; securities or (ii) against delivery of the receipt evidencing purchase by the Company of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Company; or (d) for transfer to a time deposit account of the Company in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Company as defined herein; 2. In connection with the conversion, exchange or surrender of foreign securities of the Accountas set forth in Section 2.2 hereof; (iii) for 3. For the payment of any expense or liability of incurred by the AccountCompany, including but not limited to the following paymentspayments for the Account: interest, taxes, investment advisory fees, fees under this Agreement, legal management fees, accounting fees, legal fees, transfer agent fees and other operating expenses thereof whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (iv) for the purchase or sale 4. For payment of foreign exchange or foreign exchange contracts for the Account, including transactions executed with or through the Custodian or its Foreign Sub-Custodians; (v) in connection with trading in options and futures contracts, including delivery as original margin and variation margin; (vi) upon the purchase of foreign investments including, without limitation, repurchase agreement transactions involving delivery of Account monies to Repo Custodian(s), as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the amount of such payment and (B) the person or persons to whom payment shall be made; (vii) for payment of part or all of the dividends received in respect of securities sold short;; or (viii) in connection with the borrowing or lending of foreign securities; and (ix) 5. For any other purpose, but only upon receipt of Proper Instructions from the Company specifying (A) the amount of such payment and (B) naming the person or persons to whom such payment is to be made.