Common use of Payment of Company Monies Clause in Contracts

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company but only (a) against the delivery of such securities, 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 that is qualified under the 1940 Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (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 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 (e) 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; 2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; 3) For the repurchase or redemption of Shares by the Company as set forth in Section 6 hereof; 4) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by the Company to the Transfer Agent, as agent for the Company’s stockholders, for further distribution thereto; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment and (b) the person(s) to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company but only (a) against the delivery of such securities, 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 that is qualified under the 1940 Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (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 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 (e) 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; 2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; 3) For the repurchase or redemption of Shares by the Company as set forth in Section 6 hereof; 4) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by the Company to the Transfer Agent, as agent for the Company’s stockholdersshareholders, for further distribution thereto; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment and (b) the person(s) to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper InstructionsInstructions from the Company, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: (1) Upon the purchase of domestic securities, options, swaps, futures contracts or options on futures contracts for the account of the Company but only only: (a) against Against the delivery of such securities, securities 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 that which is qualified under the 1940 Investment Company Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; ; (b) in In the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 2.10 hereof; ; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in In the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, : (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or 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 or (ed) for 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 CompanyCompany as defined in Article 6; (2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; (3) For the repurchase or redemption of Shares Units issued by the Company as set forth in Section 6 5.2 hereof; (4) For the payment of any expense or liability incurred by the Company, including including, but not limited to to, the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (5) For the payment of any distributions by on Units of the Company declared pursuant to the Transfer Agent, as agent for governing documents of the Company’s stockholders, for further distribution thereto; (6) For payment of the amount of dividends received in respect of securities sold short; 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10(7) For any other proper purpose, but only upon receipt of Proper Instructions from the Company specifying (a) the amount of such payment and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company each Fund in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company each Fund but only (a) against the delivery of such securities, securities 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 that which is qualified under the Investment Company Act of 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Company for the account of a Fund or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; 2.12 hereof or (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRANASD, (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Company for the account of a Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Company; or (e) 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 CompanyFund; 2) In connection with conversion, exchange or surrender of securities owned by the Company a Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase or redemption of Shares issued by the Company a Fund as set forth in Section 6 2.10 hereof; 4) For the payment of any expense or liability incurred by the Companya Fund, including but not limited to the following payments for the account of the Companysuch Fund: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company Fund whether or not such expenses are am to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by dividends declared pursuant to the governing documents of the Company to and the Transfer Agent, as agent for the Company’s stockholders, for further distribution theretoapplicable Fund; 6) For payment of the amount of dividends received in respect of securities sold short;; or 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Proper Instructions a resolution of the Board of Directors of the Company signed by an officer of the Company and certified by its Secretary or an Assistant Secretary, specifying (a) the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company each Fund in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company each Fund but only (a) against the delivery of such securities, securities 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 that which is qualified under the Investment Company Act of 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Company for the account of a Fund or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; 2.12 hereof or (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRANASD, (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Company for the account of a Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Company; or (e) 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 CompanyFund; 2) In connection with conversion, exchange or surrender of securities owned by the Company a Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase or redemption of Shares issued by the Company a Fund as set forth in Section 6 2.10 hereof; 4) For the payment of any expense or liability incurred by the Companya Fund, including but not limited to the following payments for the account of the Companysuch Fund: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by dividends declared pursuant to the governing documents of the Company to and the Transfer Agent, as agent for the Company’s stockholders, for further distribution theretoapplicable Fund; 6) For payment of the amount of dividends received in respect of securities sold short;; or 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Proper Instructions a resolution of the Board of Directors of the Company signed by an officer of the Company and certified by its Secretary or an Assistant Secretary, specifying (a) the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company each Fund in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company each Fund but only (a) against the delivery of such securities, securities 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 that which is qualified under the Investment Company Act of 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Company for the account of a Fund or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; 2.12 hereof or (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-broker- dealer which is a member of FINRANASD, (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Company for the account of a Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Company; or (e) 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 CompanyFund; 2) In connection with conversion, exchange or surrender of securities owned by the Company a Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase or redemption of Shares issued by the Company a Fund as set forth in Section 6 2.10 hereof; 4) For the payment of any expense or liability incurred by the Companya Fund, including but not limited to the following payments for the account of the Companysuch Fund: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by dividends declared pursuant to the governing documents of the Company to and the Transfer Agent, as agent for the Company’s stockholders, for further distribution theretoapplicable Fund; 6) For payment of the amount of dividends received in respect of securities sold short;; or 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Proper Instructions a resolution of the Board of Directors of the Company signed by an officer of the Company and certified by its Secretary or an Assistant Secretary, specifying (a) the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company but only (a) against the delivery of such securities, 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 that which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 2.10 hereof; (c) in the case of a purchase of Underlying Sharesinvolving the Direct Paper System, in accordance with the conditions set forth in Section 2.10 hereof2.11; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRANASD, (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such 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; Company or (e) 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 CompanyCompany as defined in Article 5; 2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; 3) For the redemption or repurchase or redemption of Shares issued by the Company as set forth in Section 6 Article 4 hereof; 4) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by the Company dividends declared pursuant to the Transfer Agent, as agent for governing documents of the Company’s stockholders, for further distribution thereto; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other proper purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper InstructionsInstructions from the Company, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: (1) Upon the purchase of domestic securities, options, swaps, futures contracts or options on futures contracts for the account of the Company but only only: (a) against Against the delivery of such securities, securities 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 that which is qualified under the 1940 Investment Company Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; ; (b) in In the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 2.10 hereof; ; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in In the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, : (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or 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 or (ed) for 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 CompanyCompany as defined in Section 6; (2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; (3) For the repurchase or redemption of Shares issued by the Company as set forth in Section 6 5.2 hereof; (4) For the payment of any expense or liability incurred by the Company, including including, but not limited to to, the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (5) For the payment of any distributions by dividends on Shares of the Company declared pursuant to the Transfer Agent, as agent for governing documents of the Company’s stockholders, for further distribution thereto; (6) For payment of the amount of dividends received in respect of securities sold short; (7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other proper purpose, but only upon receipt of Proper Instructions from the Company specifying (a) the amount of such payment and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company each Fund in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company each Fund but only (a) against the delivery of such securities, securities 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 that which is qualified under the Investment Company Act of 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Company for the account of a Fund or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; 2.12 hereof or (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRANASD, (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Company for the account of a Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Company; or (e) 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 CompanyFund; 2) In connection with conversion, exchange or surrender of securities owned by the Company a Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase or redemption of Shares issued by the Company a Fund as set forth in Section 6 2.10 hereof; 4) For the payment of any expense or liability incurred by the Companya Fund, including but not limited to the following payments for the account of the Companysuch Fund: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by dividends declared pursuant to the governing documents of the Company to and the Transfer Agent, as agent for the Company’s stockholders, for further distribution theretoapplicable Fund; 6) For payment of the amount of dividends received in respect of securities sold short;; or 7) For payment as initial or variation margin any other proper purpose, BUT ONLY upon receipt of, in connection with futures or options on futures contracts entered into addition to Proper Instructions, a certificate signed by the Company; 8) For payment in accordance with the provisions an officer of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon The Custodian shall pay out monies of the Company as provided in Section 5 and otherwise upon receipt of Proper InstructionsInstructions on behalf of the Company, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company but only (a) in accordance with customary or established market practices and procedures, including, without limitation, delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against the expectation of receiving later delivery of such securities, securities or evidence of title to such options, futures contracts or options on futures contracts, contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad that which is qualified under the 1940 Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such 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 (e) 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 CompanyCompany as defined herein; 2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; 3) For the redemption or repurchase or redemption of Shares by the Company issued as set forth in Section 6 7 hereof; 4) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by the Company dividends on Shares declared pursuant to the Transfer Agent, as agent for the Company’s stockholderspartnership agreement or organization and by-laws or agreement or declaration of trust, for further distribution theretoas applicable, and Prospectus (collectively, “Governing Documents”); 6) For payment of the amount of dividends received in respect of securities sold short; 7) Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Company monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made; 8) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 109) For any other purpose, but only upon receipt of Proper Instructions from the Company specifying (a) the amount of such payment and (b) the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company each Fund in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company each Fund but only (a) against the delivery of such securities, securities 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 that which is qualified under the Investment Company Act of 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Company for the account of a Fund or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; 2.12 hereof or (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRANASD, (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Company for the account of a Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Company; or (e) 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 CompanyFund; 2) In connection with conversion, exchange or surrender of securities owned by the Company a Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase or redemption of Shares issued by the Company a Fund as set forth in Section 6 2.10 hereof; 4) For the payment of any expense or liability incurred by the Companya Fund, including but not limited to the following payments for the account of the Companysuch Fund: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by dividends declared pursuant to the governing documents of the Company to and the Transfer Agent, as agent for the Company’s stockholders, for further distribution theretoapplicable Fund; 6) For payment of the amount of dividends received in respect of securities sold short;; or 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certificate signed by an officer of Proper Instructions the Company, specifying (a) the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: 1) . Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Company but only (a) against the delivery of such securities, or evidence of title to such options, futures contracts or options on futures contracts, securities to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad that which is qualified under the 1940 Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRANASD, (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such 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 (ed) 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 CompanyCompany as defined herein; 2) . In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; 3) For the repurchase or redemption of Shares by the Company as set forth in Section 6 hereof; 4) . For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expensesdirected by Proper Instructions; 5) For the payment of any distributions by the Company to the Transfer Agent, as agent for the Company’s stockholders, for further distribution thereto; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) 4. For any other purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper InstructionsInstructions from the Company, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: 1(I) Upon the purchase of domestic securities, options, swaps, futures contracts or options on futures contracts for the account of the Company but only only: (a) against Against the delivery of such securities, securities 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 that which is qualified under the 1940 Investment Company Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; ; (b) in In the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 2.10 hereof; ; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in In the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, : (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or 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 or (ed) for 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; 2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth defined in Section 2.2 hereof6; 3) For the repurchase or redemption of Shares by the Company as set forth in Section 6 hereof; 4) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by the Company to the Transfer Agent, as agent for the Company’s stockholders, for further distribution thereto; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment and (b) the person(s) to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper InstructionsInstructions from the Company, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: (1) Upon the purchase of domestic securities, options, swaps, futures contracts or options on futures contracts for the account of the Company but only only: (a) against Against the delivery of such securities, securities or evidence of title to such options, swaps, futures contracts or options on futures contracts, contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad that which is qualified under the 1940 Investment Company Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; ; (b) in In the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 2.10 hereof; ; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in In the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, : (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or 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 or (ed) for 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 CompanyCompany as defined in Article 6; (2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; (3) For the repurchase or redemption of Shares issued by the Company as set forth in Section 6 5.2 hereof; (4) For the payment of any expense or liability incurred by the Company, including including, but not limited to to, the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (5) For the payment of any distributions by on Shares of the Company declared pursuant to the Transfer Agent, as agent for the Company’s stockholders, for further distribution theretoConstitutive Documents; (6) For payment of the amount of dividends received in respect of securities sold short; 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10(7) For any other proper purpose, but only upon receipt of Proper Instructions from the Company specifying (a) the amount of such payment and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: 1) Upon the purchase of domestic securities, options, swaps, futures contracts or options on futures contracts for the account of the Company but only (a) against the delivery of such securities, 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 that is qualified under the 1940 Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 2.9 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 2.11 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (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 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 (e) 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; 2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; 3) For the repurchase or redemption of Shares by the Company as set forth in Section 6 hereof; 4) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distribution on Shares of the Company declared pursuant to the governing documents of the Company, including but not limited to any distributions by the Company to the Transfer Agent, as agent for the Company’s stockholders, for further distribution thereto; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment and (b) the person(s) to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company each Fund in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company each Fund but only (a) against the delivery of such securities, securities or evidence of title to such options, futures contracts options or options on futures contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad that is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Company for the account of a Fund or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; 2.12 hereof or (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) NASD against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such 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 (e) 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;securities. 2) In connection with conversion, exchange or surrender of securities owned by the Company a Fund as set forth in Section 2.2 hereof; ; 3) For the redemption or repurchase or redemption of Shares issued by the Company a Fund as set forth in Section 6 2.10 hereof; ; 4) For the payment of any expense or liability incurred by the Companya Fund, including but not limited to the following payments for the account of the Companysuch Fund: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; ; 5) For the payment of any distributions by dividends declared pursuant to the governing documents of the Company to and the Transfer Agent, as agent for the Company’s stockholders, for further distribution thereto; applicable Fund; 6) For payment of the amount of dividends received in respect of securities sold short; ; or 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certificate signed by an officer of Proper Instructions the Company, specifying (a) the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: 1) Upon the purchase of domestic securities, options, swaps, futures contracts or options on futures contracts for the account of the Company but only (a) against the delivery of such securities, 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 that is qualified under the 1940 Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 2.9 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 2.11 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (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 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 (e) 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;; Information Classification: Limited Access 2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; 3) For the repurchase or redemption of Shares by the Company as set forth in Section 6 hereof; 4) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distribution on Shares of the Company declared pursuant to the governing documents of the Company, including but not limited to any distributions by the Company to the Transfer Agent, as agent for the Company’s stockholders, for further distribution thereto; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10) For any other purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment and (b) the person(s) to whom such payment is to be made.

Payment of Company Monies. Upon The Custodian shall pay out monies of the Company as provided in Section 5 and otherwise upon receipt of Proper InstructionsInstructions on behalf of the Company, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company but only (a) in accordance with customary or established market practices and procedures, including, without limitation, delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against the expectation of receiving later delivery of such securities, securities or evidence of title to such options, futures contracts or options on futures contracts, contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad that which is qualified under the 1940 Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such 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 (e) 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 CompanyCompany as defined herein; 2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; 3) For the redemption or repurchase or redemption of Shares by the Company issued as set forth in Section 6 7 hereof; 4) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by the Company dividends on Shares declared pursuant to the Transfer Agent, as agent for the Company’s stockholdersarticles and by-laws, for further distribution theretoas applicable, and Prospectus (collectively, “Governing Documents”); 6) For payment of the amount of dividends received in respect of securities sold short; 7) Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Company monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made; 8) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 109) For any other purpose, but only upon receipt of Proper Instructions from the Company specifying (a) the amount of such payment and (b) the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon receipt of Proper InstructionsInstructions from the Company, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: (1) Upon the purchase of domestic securities, options, swaps, futures contracts or options on futures contracts for the account of the Company but only only: (a) against Against the delivery of such securities, securities 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 that which is qualified under the 1940 Investment Company Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; ; (b) in In the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 2.10 hereof; ; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in In the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, : (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or 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 or (ed) for 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 CompanyCompany as defined in Article 6; (2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; (3) For the repurchase or redemption of Shares issued by the Company as set forth in Section 6 5.2 hereof; (4) For the payment of any expense or liability incurred by the Company, including including, but not limited to to, the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (5) For the payment of any distributions by on Shares of the Company declared pursuant to the Transfer Agent, as agent for governing documents of the Company’s stockholders, for further distribution thereto; (6) For payment of the amount of dividends received in respect of securities sold short; 7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 10(7) For any other proper purpose, but only upon receipt of Proper Instructions from the Company specifying (a) the amount of such payment and (b) naming the person(s) person or persons to whom such payment is to be made.

Payment of Company Monies. Upon The Custodian shall pay out monies of the Company upon receipt of Proper InstructionsInstructions on behalf of the Company, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Company but only (a) in accordance with customary or established market practices and procedures, including, without limitation, delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against the expectation of receiving later delivery of such securities, securities or evidence of title to such options, futures contracts or options on futures contracts, contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad that which is qualified under the 1940 Act to act as a custodian and 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 Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the securities either in certificated certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such 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 (e) 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 CompanyCompany as defined herein; 2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof; 3) For the redemption or repurchase or redemption of Shares by the Company issued as set forth in Section 6 7 hereof; 4) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent transfer agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any distributions by the Company dividends on Shares declared pursuant to the Transfer Agent, as agent for the Company’s stockholdersarticles and by-laws, for further distribution theretoas applicable, and Prospectus (collectively, “Governing Documents”); 6) For payment of the amount of dividends received in respect of securities sold short; 7) Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Company monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made; 8) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company; 8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company; 9) For the repayment of any borrowing of the Company; and 109) For any other purpose, but only upon receipt of Proper Instructions from the Company specifying (a) the amount of such payment and (b) the person(s) person or persons to whom such payment is to be made.