Common use of PAYMENT OF PORTFOLIO MONIES Clause in Contracts

PAYMENT OF PORTFOLIO MONIES. Upon receipt of Proper Instructions from the Fund on behalf of the applicable Portfolio, which may be standing instructions when deemed appropriate by the Parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (1) In connection with transactions involving securities for the account of the Portfolio, but only (a) against the delivery of such securities or evidence of title, if any, to options, futures contracts, options on futures contracts, swaps 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 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 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 2.10 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.11; (d) in the case of repurchase agreements entered into on behalf of the Portfolio between the Fund and the Custodian, or another bank, or a broker-dealer which is a member of 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, (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 (iii) against such delivery as is customarily used for third-party repurchase agreements, (e) for transfer to a time deposit account of the Custodian, as custodian for the Portfolio, 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 Fund as defined in Article 5, or (f) in the case of futures contracts, in accordance with the agreement between the Fund and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market, or any similar organization or organizations, and Rule 17f-6 of the 1940 Act, regarding account deposits in connection with transactions in futures contracts and options on such contracts by the Portfolio; (2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; (3) In connection with the deposit of margin in connection with a short sale of securities; (4) For the redemption or withdrawal of the Portfolio's Interests as set forth in Article 4 hereof; (5) 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 Portfolio whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (6) For the payment of any distributions pursuant to the governing documents of the Fund; (7) For payment of the amount of dividends received in respect of securities sold short; and (8) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions from the Fund, a certified copy of a resolution of the Fund's Board or a subcommittee of the Board signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary. Notwithstanding any provision elsewhere contained herein, the Custodian shall not be required to obtain possession of any instrument or certificate representing any futures contract, and option, or any futures contract option until after it shall have determined, or shall have received Proper Instructions from the Fund stating, that any such instruments or certificates are available. The Fund, if practicable, shall deliver to the Custodian Proper Instructions to such effect no later than the business day preceding the availability of any such instrument or certificate. Before such availability, the Custodian shall make payments or deliveries specified in Proper Instructions received by the Custodian in connection with any such purchase, sale, writing, settlement or closing-out of any futures contract, option or futures contract option upon its receipt of the Proper Instructions. 2.8

PAYMENT OF PORTFOLIO MONIES. Upon receipt of Proper Instructions from the Fund on behalf of the applicable Portfolio, which may be standing instructions when deemed appropriate by the Parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (1) In connection with transactions involving securities for the account of the Portfolio, but only (a) against the delivery of such securities or evidence of title, if any, to options, futures contracts, options on futures contracts, swaps 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 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 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 2.10 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.11; (d) in the case of repurchase agreements entered into on behalf of the Portfolio between the Fund and the Custodian, or another bank, or a broker-dealer which is a member of 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, (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 (iii) against such delivery as is customarily used for third-party repurchase agreements, (e) for transfer to a time deposit account of the Custodian, as custodian for the Portfolio, 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 Fund as defined in Article 5, or (f) in the case of futures contracts, in accordance with the agreement between the Fund and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market, or any similar organization or organizations, and Rule 17f-6 of the 1940 Act, regarding account deposits in connection with transactions in futures contracts and options on such contracts by the Portfolio; (2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; (3) In connection with the deposit of margin in connection with a short sale of securities; (4) For the redemption or withdrawal of the Portfolio's Interests as set forth in Article 4 hereof; (5) 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 Portfolio whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (6) For the payment of any distributions pursuant to the governing documents of the Fund; (7) For payment of the amount of dividends received in respect of securities sold short; and (8) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions from the Fund, a certified copy of a resolution of the Fund's Board or a subcommittee of the Board signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary. Notwithstanding any provision elsewhere contained herein, the Custodian shall not be required to obtain possession of any instrument or certificate representing any futures contract, and option, or any futures contract option until after it shall have determined, or shall have received Proper Instructions from the Fund stating, that any such instruments or certificates are available. The Fund, if practicable, shall deliver to the Custodian Proper Instructions to such effect no later than the business day preceding the availability of any such instrument or certificate. Before such availability, the Custodian shall make payments or deliveries specified in Proper Instructions received by the Custodian in connection with any such purchase, sale, writing, settlement or closing-out of any futures contract, option or futures contract option upon its receipt of the Proper Instructions. 2.8;