Common use of Provisions of Custodian Contract Clause in Contracts

Provisions of Custodian Contract. The Custodian contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that the Custodian shall deliver securities owned by the Trust only upon sale of such securities for the account of the Trust and receipt of payment therefor by the Custodian or when such securities may be called, redeemed, retired, or otherwise become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities to the Custodian, but such limitation shall not prevent the release of funds by the Custodian for redemption of shares issued by the Trust, for payment of interest, dividend disbursements, taxes or management fees, for payments in connection with the conversion, exchange or surrender of securities owned by the Trust as set forth in subparagraphs (b), (c) and (d) above or for operating expenses of the Trust.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything to the contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Fund of any securities or other property, funds from the Fund's custodian account to a special custodian approved by the Trustees of the Fund, which funds shall be used to pay for payment securities to be purchased by the Fund subject to the Fund's obligation to sell and the seller's obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversionTrust's purchase or sale of financial futures contracts, exchange the Custodian shall transmit, prior to receipt on behalf of the Fund of any securities or surrender of securities owned by other property, funds from the Trust Trust's custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust's futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything to the contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Trust of any securities or other property, funds from the Trust’s custodian account to a special custodian approved by the Trustees of the Trust, which funds shall be used to pay for payment securities to be purchased by the Trust subject to the Trust’s obligation to sell and the seller’s obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversionTrust’s purchase or sale of financial futures contracts, exchange or surrender the Custodian shall transmit, prior to receipt on behalf of securities owned by the Trust of any securities or other property, funds from the Trust’s custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust’s futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract entered into with the Custodian so employed: The Trustees shall cause to be upon delivered to the Custodian all securities included in the Trust Property or the Trust Property allocated or belonging to a Series thereof or to which the Trust or such terms Series may become entitled, and conditions and may provide for such compensation shall order the same to be delivered by the Custodian only in completion of a sale, exchange, transfer, pledge, loan of securities to another person, or other disposition thereof, all as the Board Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or the Trust Property allocated or belonging to a Series thereof or to which it may become entitled to be paid to the Custodian, and shall order the same disbursed only for investment against delivery of Trustees deems necessary the securities acquired, or appropriatethe return of cash held as collateral for loans of fund securities, provided such contract shall further provide that or in payment of expenses, including management compensation, and liabilities of the Trust or Series or a Class thereof, including distributions to Shareholders, or for other proper Trust purposes, or to a successor Custodian. Notwithstanding anything to the contrary in these By-laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall deliver securities owned by transmit, prior to receipt on behalf of the Trust only upon sale or Series thereof of such any securities for or other property, funds from the custodian account of the Trust and receipt of payment therefor or Series thereof to a special custodian approved by the Custodian or when such securities may be called, redeemed, retired, or otherwise become payable. Such limitations shall not prevent: (a) the delivery Trustees of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant which funds shall be used to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar pay for securities owned to be purchased by the Trust in or Series thereof subject to the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds obligation of the Trust for or Series thereof to sell and the seller’s obligation to repurchase such securities. In such case, the securities shall be held in the custody of the special custodian. In connection with the purchase or sale of securities for financial futures contracts, the portfolio Custodian shall transmit, prior to receipt on behalf of the Trust only upon of any securities or other property, funds from the delivery custodian account of such securities the Trust or Series thereof in order to furnish to and maintain funds with brokers as margin to guarantee the Custodian, but such limitation shall not prevent performance of the release futures obligations of funds by the Custodian for redemption of shares issued by the Trust, for payment of interest, dividend disbursements, taxes Trust or management fees, for payments Series thereof in connection accordance with the conversion, exchange or surrender applicable requirements of securities owned by the Trust as set forth in subparagraphs (b), (c) commodities exchanges and (d) above or for operating expenses of the Trustbrokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Trust of any securities or other property, funds from the Trust's custodian account to a special custodian approved by the Trustees of the Trust, which funds shall be used to pay for payment securities to be purchased by the Trust subject to the Trust's obligation to sell and the seller's obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversionTrust's purchase or sale of financial futures contracts, exchange or surrender the Custodian shall transmit, prior to receipt on behalf of securities owned by the Trust of any securities or other property, funds from the Trust's custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust's futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything to the contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Trust of any securities or other property, funds from the Trust's custodian account to a special custodian approved by the Trustees of the Trust, which funds shall be used to pay for payment securities to be purchased by the Trust subject to the Trust's obligation to sell and the seller's obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversionTrust's purchase or sale of financial futures contracts, exchange or surrender the Custodian shall transmit, prior to receipt on behalf of securities owned by the Trust of any securities or other property, funds from the Trust's custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust's futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything to the contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Fund of any securities or other property, funds from the Fund’s custodian account to a special custodian approved by the Trustees of the Fund, which funds shall be used to pay for payment securities to be purchased by the Fund subject to the Fund’s obligation to sell and the seller’s obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversionTrust’s purchase or sale of financial futures contracts, exchange the Custodian shall transmit, prior to receipt on behalf of the Fund of any securities or surrender of securities owned by other property, funds from the Trust Trust’s custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust’s futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Trust of any securities or other property, funds from the Trust’s custodian account to a special custodian approved by the Trustees of the Trust, which funds shall be used to pay for payment securities to be purchased by the Trust subject to the Trust’s obligation to sell and the seller’s obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversionTrust’s purchase or sale of financial futures contracts, exchange or surrender the Custodian shall transmit, prior to receipt on behalf of securities owned by the Trust of any securities or other property, funds from the Trust’s custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust’s futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything to the contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Fund of any securities or other property, funds from the Fund's custodian account to a special custodian approved by the Trustees of the Fund, which funds shall be used to pay for payment securities to be purchased by the Fund subject to the Fund's obligation to sell and the seller's obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian);. in connection with the conversionTrust's purchase or sale of financial futures contracts, exchange the Custodian shall transmit, prior to receipt on behalf of the Fund of any securities or surrender of securities owned by other property, funds from the Trust Trust's custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust's futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall -------------------------------- apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Trust of any securities or other property, funds from the Trust's custodian account to a special custodian approved by the Trustees of the Trust, which funds shall be used to pay for payment securities to be purchased by the Trust subject to the Trust's obligation to sell and the seller's obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversionTrust's purchase or sale of financial futures contracts, exchange or surrender the Custodian shall transmit, prior to receipt on behalf of securities owned by the Trust of any securities or other property, funds from the Trust's custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust's futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything to the contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Fund of any securities or other property, funds from the Fund’s custodian account to a special custodian approved by the Trustees of the Fund, which funds shall be used to pay for payment securities to be purchased by the Fund subject to the Fund’s obligation to sell and the seller’s obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian);. in connection with the conversionTrust’s purchase or sale of financial futures contracts, exchange the Custodian shall transmit, prior to receipt on behalf of the Fund of any securities or surrender of securities owned by other property, funds from the Trust Trust’s custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust’s futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything to the contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases. In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Fund of any securities or other property, funds from the Fund's custodian account to a special custodian approved by the Trustees of the Fund, which funds shall be used to pay for payment securities to be purchased by the Fund subject to the Fund's obligation to sell and the seller's obligation to repurchase such securities. In such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments in the special custodian. In connection with the conversionTrust's purchase or sale of financial futures contracts, exchange the Custodian shall transmit, prior to receipt on behalf of the Fund of any securities or surrender of securities owned by other property, funds from the Trust Trust's custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust's futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The Custodian contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees Managers deems necessary or appropriate, provided such contract shall further provide that the Custodian shall deliver securities owned by the Trust Company only upon sale of such securities for the account of the Trust Company and receipt of payment therefor by the Custodian or when such securities may be called, redeemed, retired, or otherwise become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the TrustCompany, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust Company in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the TrustCompany; or (f) the delivery of securities owned by the Trust Company as a redemption in kind of securities issued by the TrustCompany. The Custodian shall deliver funds of the Trust Company for the purchase of securities for the portfolio of the Trust Company only upon the delivery of such securities to the Custodian, but such limitation shall not prevent the release of funds by the Custodian for redemption of shares issued by the TrustCompany, for payment of interest, dividend disbursements, taxes or management fees, for payments in connection with the conversion, exchange or surrender of securities owned by the Trust Company as set forth in subparagraphs (b), (c) and (d) above or for operating expenses of the TrustCompany.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Xxxxxxxxx. Notwithstanding anything to the contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Trust of any securities or other property, funds from the Trust's custodian account to a special custodian approved by the Trustees of the Trust, which funds shall be used to pay for payment securities to be purchased by the Trust subject to the Trust's obligation to sell and the seller's obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversionTrust's purchase or sale of financial futures contracts, exchange or surrender the Custodian shall transmit, prior to receipt on behalf of securities owned by the Trust of any securities or other property, funds from the Trust's custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust's futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions -------------------------------- shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything xxxxxxxx to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Trust of any securities or other property, funds from the Trust's custodian account to a special custodian approved by the Trustees of the Trust, which funds shall be used to pay for payment securities to be purchased by the Trust subject to the Trust's obligation to sell and the seller's obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversionTrust's purchase or sale of financial futures contracts, exchange or surrender the Custodian shall transmit, prior to receipt on behalf of securities owned by the Trust of any securities or other property, funds from the Trust's custodian account in order to furnish and to maintain funds with brokers as set forth in subparagraphs (b), (c) and (d) above or for operating expenses margin to guarantee the performance of the Trust's futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Directors shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for Company Property or to which the account of Company may become entitled, and shall order the Trust and receipt of payment therefor same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Directors may generally or from time to time require or approve or to a successor Custodian; and the Directors shall cause all funds included in the Company Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of the securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for loans of portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Company, including distributions to Shareholders, or to a successor Xxxxxxxxx. Notwithstanding anything contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Company of any securities or other property, funds from the Company’s custodian account to a special custodian approved by the Custodian Directors of the Company, which funds shall be used to pay for redemption of shares issued securities to be purchased by the TrustCompany subject to the Company’s obligation to sell and the seller’s obligation to repurchase such securities (in such case, for payment the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversionCompany’s purchase or sale of financial futures contracts, exchange or surrender of securities owned by the Trust as set forth in subparagraphs (b)Custodian shall transmit, (c) and (d) above or for operating expenses prior to receipt on behalf of the TrustCompany of any securities or other property, funds from the Company’s custodian account in order to furnish and to maintain funds with brokers as margin to guarantee the performance of the Company’s futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.

Provisions of Custodian Contract. The following provisions shall apply to the employment of a Custodian and to any contract shall be upon such terms and conditions and may provide for such compensation as the Board of Trustees deems necessary or appropriate, provided such contract shall further provide that entered into with the Custodian so employed: The Trustees shall deliver cause to be delivered to the Custodian all securities owned by included in the Trust only upon sale of such securities for the account of Property or to which the Trust may become entitled, and receipt of payment therefor shall order the same to be delivered by the Custodian or when such only in completion of a sale, exchange, transfer, pledge, loan of portfolio securities may be called, redeemed, retiredto another person, or otherwise other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or to which it may become payable. Such limitations shall not prevent: (a) the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker entitled to be presented on the same day for certification; (b) the delivery of securities of an issuer in exchange for or for conversion into other securities alone or cash and other securities, pursuant to any plan of merger, consolidation, reorganization, recapitalization, or readjustment of the securities of such issuer; (c) the conversion by the Custodian of securities owned by the Trust, pursuant to the provisions of such securities, into other securities; (d) the surrender by the Custodian of warrants, rights, or similar securities owned by the Trust in the exercise of such warrants, rights, or similar securities, or the surrender of interim receipts or temporary securities for definitive securities; (e) the delivery of securities as collateral on borrowing effected by the Trust; or (f) the delivery of securities owned by the Trust as a redemption in kind of securities issued by the Trust. The Custodian shall deliver funds of the Trust for the purchase of securities for the portfolio of the Trust only upon the delivery of such securities paid to the Custodian, but such limitation and shall not prevent order the release same disbursed only for investment against delivery of funds by the Custodian securities acquired (including securities acquired under a repurchase agreement), or the return of cash held as collateral for redemption loans of shares issued by portfolio securities, or in payment of expenses, including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian. Notwithstanding anything to the contrary to these By-Laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit prior to receipt on behalf of the Trust of any securities or other property, funds from the Trust's custodian account to a special custodian approved by the Trustees of the Trust, which funds shall be used to pay for payment securities to be purchased by the Trust subject to the Trust's obligation to sell and the seller's obligation to repurchase such securities (in such case, the securities shall be held in the custody of interest, dividend disbursements, taxes or management fees, for payments the special custodian); in connection with the conversion, exchange or surrender of securities owned by the Trust as set forth in subparagraphs (b), (c) and (d) above or for operating expenses of the Trust.the