Common use of Payment of Fund Monies within the United States Clause in Contracts

Payment of Fund Monies within the United States. The Custodian shall pay out monies of a Fund (i) only if (x) it has received Instructions on behalf of the applicable Fund to do so, which may be standing Instructions when deemed appropriate by the parties, or (y) if it is otherwise permitted do so as provided in Section 4 and (ii) only in the following cases: 1) Upon the purchase of domestic Securities, derivatives or other instruments for the account of the Fund 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 expectation of receiving later delivery of such Securities, derivatives or other instruments or evidence of title to such derivatives or other instruments to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 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 Fund or in the name of a nominee of the Custodian referred to in Section 2(C)(iii) hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance the conditions of Rule 17f-4 under the Investment Company Act; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2(F) hereof; (d) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Fund and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the Securities either in 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 Fund of Securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such Securities from the Fund; or (e) for transfer to a time deposit account of the Fund 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 Instructions from the Fund as defined herein; 2) In connection with conversion, exchange or surrender of Securities owned by the Fund; 3) For the redemption or repurchase of shares issued as set forth in Section 22 hereof; 4) For the payment of any expense or liability incurred by the Fund, including but not limited to the following payments for the account of the Fund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the 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 dividends on shares declared pursuant to the Fund’s articles of incorporation or organization and by-laws or agreement or declaration of trust, as applicable, and currently effective prospectus and statement of additional information of the Fund; 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 Fund monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Instructions, provided that such 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 contracts, options on futures contracts or swap agreements entered into by the Fund on behalf of the Fund; and 9) For any other purpose, but only upon receipt of Instructions from the Fund on behalf of the Fund specifying (a) the amount of such payment and (b) the person or persons to whom such payment is to be made.

Payment of Fund Monies within the United States. The Custodian shall pay out monies of a Fund (i) only if (x) it has received Instructions on behalf of the applicable Fund to do so, which may be standing Instructions when deemed appropriate by the parties, or (y) if it is otherwise permitted do so as provided in Section 4 and (ii) only in the following cases: 1) Upon the purchase of domestic Securities, derivatives or other instruments for the account of the Fund 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 expectation of receiving later delivery of such Securities, derivatives or other instruments or evidence of title to such derivatives or other instruments to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 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 Fund or in the name of a nominee of the Custodian referred to in Section 2(C)(iii) hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance the conditions of Rule 17f-4 under the Investment Company Act; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2(F) hereof; (d) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Fund and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the Securities either in 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 Fund of Securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such Securities from the Fund; or (e) for transfer to a time deposit account of the Fund 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 Instructions from the Fund as defined herein; 2) In connection with conversion, exchange or surrender of Securities owned by the Fund; 3) For the redemption or repurchase of shares issued as set forth in Section 22 hereof; 4) For the payment of any expense or liability incurred by the Fund, including but not limited to the following payments for the account of the Fund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the 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 dividends on shares declared pursuant to the Fund’s articles of incorporation or organization and by-laws or agreement or declaration of trust, as applicable, and currently effective prospectus and statement of additional information of the Fund; 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 Fund monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Instructions, provided that such 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 contracts, options on futures contracts or swap agreements entered into by the Fund on behalf of the Fund; and 9) For any other purpose, but only upon receipt of Instructions from the Fund on behalf of the Fund specifying (a) the amount of such payment and (b) the person or persons to whom such payment is to be made.

Payment of Fund Monies within the United States. The Custodian shall pay out monies of a Fund (i) only if (x) it has received Instructions on behalf of the applicable Fund to do so, which may be standing Instructions when deemed appropriate by the parties, or (y) if it is otherwise permitted do so as provided in Section 4 and (ii) only in the following cases: 1) Upon the purchase of domestic Securities, derivatives or other instruments for the account of the Fund 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 expectation of receiving later delivery of such Securities, derivatives or other instruments or evidence of title to such derivatives or other instruments to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 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 Fund or in the name of a nominee of the Custodian referred to in Section 2(C)(iii) hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance the conditions of Rule 17f-4 under the Investment Company Act; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2(F) hereof; (d) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Fund and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the Securities either in 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 Fund of Securities owned by the Custodian along with written evidence of 1940 ACT GCSA 2013 NY - V.06.14.2011- (Neg XXXX XXXXXXX FUNDS, FEBRUARY 28, 2014) the agreement by the Custodian to repurchase such Securities from the Fund; or (e) for transfer to a time deposit account of the Fund 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 Instructions from the Fund as defined herein; 2) In connection with conversion, exchange or surrender of Securities owned by the Fund; 3) For the redemption or repurchase of shares issued as set forth in Section 22 hereof; 4) For the payment of any expense or liability incurred by the Fund, including but not limited to the following payments for the account of the Fund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the 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 dividends on shares declared pursuant to the Fund’s articles of incorporation or organization and by-laws or agreement or declaration of trust, as applicable, and currently effective prospectus and statement of additional information of the Fund; 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 Fund monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Instructions, provided that such 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 contracts, options on futures contracts or swap agreements entered into by the Fund on behalf of the Fund; and 9) For any other purpose, but only upon receipt of Instructions from the Fund on behalf of the Fund specifying (a) the amount of such payment and (b) the person or persons to whom such payment is to be made.

Payment of Fund Monies within the United States. The Custodian shall pay out monies of a Fund (i) only if (x) it has received Instructions on behalf of the applicable Fund to do so, which may be standing Instructions when deemed appropriate by the parties, or (y) if it is otherwise permitted do so as provided in Section 4 and (ii) only in the following cases: 1) Upon the purchase of domestic Securities, derivatives or other instruments for the account of the Fund 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 expectation of receiving later delivery of such Securities, derivatives or other instruments or evidence of title to such derivatives or other instruments to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 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 Fund or in the name of a nominee of the Custodian referred to in Section 2(C)(iii) hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance the conditions of Rule 17f-4 under the Investment Company Act; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2(F) hereof; (d) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Fund and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the Securities either in 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 Fund of Securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such Securities from the Fund; or (e) for transfer to a time deposit account of the Fund 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 Instructions from the Fund as defined herein; 2) In connection with conversion, exchange or surrender of Securities owned by the Fund; 3) For the redemption or repurchase of shares issued as set forth in Section 22 hereof; 4) For the payment of any expense or liability incurred by the Fund, including but not limited to the following payments for the account of the Fund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the 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 dividends on shares declared pursuant to the Fund’s articles of incorporation or organization and by-laws or agreement or declaration of trust, as applicable, and currently effective prospectus and statement of additional information of the Fund; 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 Fund monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Instructions, provided that such 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 contracts, options on futures contracts or swap agreements entered into by the Fund on behalf of the Fund; and 9) For any other purpose, but only upon receipt of Instructions from the Fund on behalf of the Fund specifying (a) the amount of such payment and (b) the person or persons to whom such payment is to be made.of