Common use of Payment of Monies Clause in Contracts

Payment of Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: 1) Upon the purchase of securities, for the account of the Portfolio but only (a) against the delivery of such securities to the Custodian (or any bank, banking firm or trust company doing business in the United States which is qualified under the 1940 Act to act as a custodian and has been designed by the Custodian as its agent for this purpose) registered in the name of the Portfolio 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 Securities System, in accordance with the conditions set forth in Section 2.12 hereof; (c) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of the NASD, (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 Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio or (d) for transfer to a time deposit account of the Trust in any domestic bank; 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 Trust as defined in Section 2.17; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Interests issued by the Portfolio as set forth in Section 2.10 hereof; 4) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust 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 on Interests of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a writing signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, specifying 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 naming the person or persons to whom such payment is to be made.

Payment of Monies. Upon receipt of The Trust, by Proper Instructions from the Trust on behalf of the applicable Portfolio, (which may be continuing instructions when deemed appropriate by the parties), shall direct the Custodian shall to pay out monies of a Portfolio in the following cases Trust on behalf of the Fund only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designed designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Trust 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 2.12 2.10 hereof; (c) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of the NASD, (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 Portfolio Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Trust or (d) for transfer to a time deposit account of the Trust in any domestic bank; bank 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 Trust as defined in Section 2.17Article 5; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Interests issued by the Portfolio Shares as set forth in Section 2.10 Article 3 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust on behalf of the Fund, including but not limited to the following payments for the account of the Portfolio: Trust; interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust 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 on Interests of the Portfolio dividends declared pursuant to the governing documents of the Trustdocuments; 6) For payment of the amount of dividends received in respect of securities sold short;; and 7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a writing signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, specifying 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 naming the person or persons to whom such payment is to be made.

Payment of Monies. Upon receipt of Proper Instructions from the Trust Fund on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: 1) Upon the purchase of securities, for the account of the Portfolio but only (a) against the delivery of such securities to the Custodian (or any bank, banking firm or trust company doing business in the United States which is qualified under the 1940 Act to act as a custodian and has been designed by the Custodian as its agent for this purpose) registered in the name of the Portfolio 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 Securities System, in accordance with the conditions set forth in Section 2.12 hereof; (c) in the case of repurchase agreements entered into between the Trust Fund on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of the NASD, (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 Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio or (d) for transfer to a time deposit account of the Trust Fund in any domestic bank; 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 Trust Fund as defined in Section 2.17; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Interests Shares issued by the Portfolio as set forth in Section 2.10 hereof; 4) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust 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 dividends on Interests Shares of the Portfolio declared pursuant to the governing documents of the TrustFund; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions from the Trust Fund on behalf of the Portfolio, a writing signed by an officer of the Trust Fund and certified by its Secretary or an Assistant Secretary, specifying 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 naming the person or persons to whom such payment is to be made.

Payment of Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio Fund in the following cases only: 1) Upon the purchase of securities, for the account of the Portfolio Fund but only (a) against the delivery of such securities to the Custodian (or any bank, banking firm or trust company doing business in the United States which is qualified under the 1940 Act to act as a custodian and has been designed by the Custodian as its agent for this purpose) registered in the name of the Portfolio 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 Securities System, in accordance with the conditions set forth in Section 2.12 hereof; (c) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and the Custodian, or another bank, or a broker-dealer which is a member of the NASD, (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 Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Fund or (d) for transfer to a time deposit account of the Trust in any domestic bank; 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 Trust as defined in Section 2.17; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Interests Shares issued by the Portfolio Fund as set forth in Section 2.10 hereof; 4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust 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 dividends on Interests Shares of the Portfolio Fund declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioFund, a writing signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, specifying 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 naming the person or persons to whom such payment is to be made.

Payment of Monies. Upon receipt of The Trust, by Proper Instructions from the Trust on behalf of the applicable Portfolio, (which may be ----------------- continuing instructions when deemed appropriate by the parties), shall direct the Custodian shall to pay out monies of a Portfolio in the following cases Trust on behalf of the Fund only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designed designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Trust 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 2.12 2.10 hereof; (c) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of the NASD, (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 Portfolio Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Trust or (d) for transfer to a time deposit account of the Trust in any domestic bank; bank 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 Trust as defined in Section 2.17Article 5; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Interests issued by the Portfolio Shares as set forth in Section 2.10 Article 3 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust on behalf of the Fund, including but not limited to the following payments for the account of the Portfolio: Trust; interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust 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 on Interests of the Portfolio dividends declared pursuant to the governing documents of the Trustdocuments; 6) For payment of the amount of dividends received in respect of securities sold short;shore; and 7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a writing signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, specifying 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 naming the person or persons to whom such payment is to be made.

Payment of Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio Fund in the following cases only: 1) Upon the purchase of securities, for the account of the Portfolio Fund but only (a) against the delivery of such securities to the Custodian (or any bank, banking firm or trust company doing business in the United States which is qualified under the 1940 Act to act as a custodian and has been designed by the Custodian as its agent for this purpose) registered in the name of the Portfolio 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 Securities System, in accordance with the conditions set forth in Section 2.12 hereof; (c) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and the Custodian, or another bank, or a broker-dealer which is a member of the NASD, (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 Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Fund or (d) for transfer to a time deposit account of the Trust in any domestic bank; 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 Trust as defined in Section 2.17; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Interests Shares issued by the Portfolio Fund as set forth in Section 2.10 hereof; 4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust 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 dividends on Interests Shares of the Portfolio Fund declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect respec of securities sold short; 7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioFund, a writing signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, specifying 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 naming the person or persons to whom such payment is to be made.

Payment of Monies. Upon receipt of Proper Instructions proper instructions from the Trust Fund on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the partiesFund and Custodian specifically agree in writing, the Custodian shall pay out monies of a Portfolio from the custodial account in the following cases only: 1(a) Upon the purchase of securities, Securities for the account of the Portfolio but only (ai) against the delivery of such securities Securities to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 '40 Act to act as a custodian and has been designed designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Fund or in the name of a nominee of Custodian referred to in Section 2.3 hereof 9 below or in proper form for transfer; (bii) in the case of a purchase effected through a Securities SystemDepository, in accordance with the conditions set forth in Section 2.12 hereof; 3 above or (ciii) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and the Custodian, another bank or another bank, or a broker-dealer which is a member of the NASDdealer, (i) against delivery of the securities Securities either in certificate form or through an entry crediting the Custodian's account at the Federal Reserve Bank with such securities or securities. (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio or (d) for transfer to a time deposit account of the Trust in any domestic bank; 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 Trust as defined in Section 2.17; 2b) In connection with conversion, exchange exchange, surrender, or surrender redemption of securities owned by the Portfolio Fund as set forth in Section 2.2 hereof8(b) of this agreement; 3) For the redemption or repurchase of Interests issued by the Portfolio as set forth in Section 2.10 hereof; 4(c) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, distribution plan payments and other operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expensesFund; 5(d) For the payment of any dividends or other distributions on Interests shares of the Portfolio declared pursuant to the governing documents of the Trust;Fund; and 6(e) For payment In connection with options and futures contracts, as set forth in sections 14 and 15 of the amount of dividends received in respect of securities sold short;this agreement, respectively. 7(f) For any other proper purposepurpose of the Fund, but only upon receipt of, in addition to Proper Instructions proper instructions from the Trust on behalf Fund, a certified copy of a resolution of the Portfolio, a writing Board of Trustees of the Fund signed by an officer of the Trust Fund and certified by its Secretary or an Assistant Secretary, specifying 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 naming the person or persons to whom such payment is to be made.

Payment of Monies. Upon receipt of Proper Instructions from the Trust [Fund Entity] on behalf of the applicable Portfolioa Fund, which may be continuing instructions when deemed appropriate by the parties, the U.S. Sub-Custodian shall pay out monies of a Portfolio the Fund in the following cases only: 1) Upon the purchase of securities, for the account of the Portfolio but only (a) against the delivery of such securities to the Custodian (or any bank, banking firm or trust company doing business in the United States which is qualified under the 1940 Act to act as a custodian and has been designed by the Custodian as its agent for this purpose) registered in the name of the Portfolio 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 Securities System, in accordance with the conditions set forth in Section 2.12 hereof; (c) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of the NASD, (i) against delivery of the securities either in certificate form or through an entry crediting the U.S. Sub-Custodian's account at the U.S. Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by for the Portfolio Fund of securities owned by the U.S. Sub-Custodian along with written evidence of the agreement by the U.S. Sub-Custodian to repurchase such securities from the Portfolio Fund; or (d) for transfer to a time deposit account of the Trust [Fund Entity] in any domestic bank, whether U.S. or non-U.S.; such transfer for a time deposit may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Trust [Fund Entity] as defined in Section 2.176; 2) In connection with the conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 2.2 hereof4.3; 3) For the redemption or repurchase of Interests Shares issued by the Portfolio [Fund Entity] as set forth in Section 2.10 hereof5; 4) For the payment of any expense or liability incurred by for the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust 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 dividends on Interests Shares of the Portfolio Fund declared pursuant to the governing documents of the Trust[Fund Entity] ; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, but only upon receipt of, in --- ---- addition to Proper Instructions from the Trust on behalf Instructions, certified copies of resolutions of the Portfolio, a writing signed by an officer Supervisors [and governing body of the Trust and certified by its Secretary or an Assistant SecretaryFund entity], specifying 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 naming the person or persons to whom such payment is to be made.

Payment of Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio each Fund in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund involved 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 which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designed designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio 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 Securities System, in accordance with the conditions set forth in Section 2.12 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12A; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and the Custodian, or another bank, or a broker-dealer which is a member of the NASD, (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 Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio or (de) for IMMEDIATE transfer to a time deposit account of the Trust Fund in any bank, whether domestic bankor 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 Trust as defined in Section 2.17; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio a Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Interests Shares issued by the Portfolio a Fund as set forth in Section 2.10 hereof; 4) For the payment of any expense or liability incurred by the Portfolioa Fund, including including. but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust 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 on Interests of the Portfolio dividends declared pursuant to the governing documents of a Fund and the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions from Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust on behalf of the Portfolio, a writing signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, specifying 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 naming the person or persons to whom such payment is to be made; and 8) UPON TERMINATION OF THIS CONTRACT AS SET FORTH IN ARTICLE 10 HEREUNDER.