Common use of PAYMENT OF CLIENT MONIES Clause in Contracts

PAYMENT OF CLIENT 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 Client in the following cases only: (a) Upon the purchase of Foreign Securities for the Client, unless otherwise directed by Authorized Instructions, by (i) 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 Assets; or (ii) 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; (b) In connection with the conversion, exchange or surrender of Foreign Securities of the Client; (c) For the payment of any expense or liability of the Client, including but not limited to the following payments: interest, taxes, investment advisory fees, transfer agency fees, fees under the Agreement, legal fees, accounting fees, and other operating expenses; (d) For the purchase or sale of foreign exchange or foreign exchange contracts for the Client, including transactions executed with or through the Custodian or its Foreign Sub-Custodians; (e) In connection with trading in options and futures contracts, including delivery as original margin and variation margin; (f) Upon the purchase of Foreign Securities as a free trade, provided that applicable Authorized Instructions shall set forth (i) the amount of such payment and (ii) the person or persons to whom payment shall be made; (g) For payment of part or all of the dividends received in respect of securities sold short; (h) IN CONNECTION WITH THE BORROWING OR LENDING OF FOREIGN SECURITIES; AND] (i) For any other purpose, but only upon receipt of Authorized Instructions specifying (i) the amount of such payment and (ii) the person or persons to whom such payment is to be made.

PAYMENT OF CLIENT MONIES. Upon receipt of Proper Authorized Instructions, which may be continuing instructions when deemed appropriate by the partiesParties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of the Client in the following cases only: (a) Upon the purchase of Foreign Securities for the Client, unless otherwise directed by Authorized Instructions, by (i) settling transactions in accordance with trading and processing practices customary in the jurisdiction or market where the transaction occurs, including, as appropriate, delivering money to the seller thereof or to a dealer therefor therefore (or an agent for such seller or dealer) against expectation of receiving later delivery of such Foreign Assets; or (ii) 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; (b) In connection with the conversion, exchange or surrender of Foreign Securities of the Client; (c) For the payment of any expense or liability of the Client, including but not limited to the following payments: interest, taxes, investment advisory fees, transfer agency fees, fees under the Agreement, legal fees, accounting fees, and other operating expenses; (d) For the purchase or sale of foreign exchange or foreign exchange contracts for the Client, including transactions executed with or through the Custodian or its Foreign Sub-Custodians; (e) In connection with trading in options and options, futures contracts, options on futures contracts, swaps or other derivative instruments for the Client, including delivery as original margin and variation margin; (f) Upon the purchase of Foreign Securities as a free trade, provided that applicable Authorized Instructions shall set forth (i) the amount of such payment and (ii) the person or persons to whom payment shall be made; (g) For payment of part or all of the dividends received in respect of securities sold short; (h) IN CONNECTION WITH THE BORROWING OR LENDING OF FOREIGN SECURITIESIn connection with the borrowing or lending of Foreign Securities in accordance with the terms and conditions of a separate securities lending agreement approved in writing by the Client; AND]and (i) For any other purpose, but only upon receipt of Authorized Instructions specifying (i) the amount of such payment and (ii) the person or persons to whom such payment is to be made.

PAYMENT OF CLIENT 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 Client in the following cases only: (a) Upon the purchase of Foreign Securities for the Client, unless otherwise directed by Authorized Instructions, by (i) 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 Assets; or (ii) 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; (b) In connection with the conversion, exchange or surrender of Foreign Securities of the Client; (c) For the payment of any expense or liability of the Client, including but not limited to the following payments: interest, taxes, investment advisory fees, transfer agency fees, fees under the Agreement, legal fees, accounting fees, and other operating expenses; (d) For the purchase or sale of foreign exchange or foreign exchange contracts for the Client, including transactions executed with or through the Custodian or its Foreign Sub-Custodians; (e) In connection with trading in options and futures contracts, including delivery as original margin and variation margin; (f) Upon the purchase of Foreign Securities as a free trade, provided that applicable Authorized Instructions shall set forth (i) the amount of such payment and (ii) the person or persons to whom payment shall be made; (g) For payment of part or all of the dividends received in respect of securities sold short; (h) IN CONNECTION WITH THE BORROWING OR LENDING OF FOREIGN SECURITIESIn connection with the borrowing or lending of Foreign Securities; ANDand] (i) For any other purpose, but only upon receipt of Authorized Instructions specifying (i) the amount of such payment and (ii) the person or persons to whom such payment is to be made.