Common use of Purchase of Securities Clause in Contracts

Purchase of Securities. Promptly after each purchase of securities, options, futures contracts or options on futures contracts by the investment advisor, the Fund shall deliver to U.S. Trust (as Custodian) Proper Instructions specifying with respect to each such purchase: (a) the name of the issuer and the title of the securities, (b) the number of shares of the principal amount purchased and accrued interest, if any, (c) the dates of purchase and settlement, (d) the purchase price per unit, (e) the total amount payable upon such purchase, (f) the name of the person from whom or the broker through whom the purchase was made and (g) the Fund name. U.S. Trust shall upon receipt of securities purchased by or for the Fund registered in the name of the Fund or in the name of a nominee of U.S. Trust or of the Fund or in proper form for transfer or upon receipt of evidence of title to options, futures contracts or options on futures contracts purchased by the Fund, pay out of the monies held for the account of the Fund the total amount payable to the person from whom or the broker through whom the purchase was made, provided that the same conforms to the total amount payable as set forth in such Proper Instructions. Except as specifically stated otherwise in this Agreement, in any and every case where payment for purchase of securities for the account of the Fund is made by U.S. Trust in advance of receipt of the securities purchased in the absence of specific written instructions from the Fund to so pay in advance, U.S. Trust shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by U.S. Trust.

Purchase of Securities. Promptly after each purchase of securities, options, futures contracts or options on futures contracts by the investment advisor, the Fund shall deliver to U.S. Trust Chase (as Custodian) Proper Instructions specifying with respect to each such purchase: (a) the name of the issuer and the title of the securities, (b) the number of shares of the principal amount purchased and accrued interest, if any, (c) the dates of purchase and settlement, (d) the purchase price per unit, (e) the total amount payable upon such purchase, (f) the name of the person from whom or the broker through whom the purchase was made and (g) the Fund name. U.S. Trust Chase shall upon receipt of securities purchased by or for the Fund registered in the name of the Fund or in the name of a nominee of U.S. Trust Chase or of the Fund or in proper form for transfer or upon receipt of evidence of title to options, futures contracts or options on futures contracts purchased by the Fund, pay out of the monies moneys held for the account of the Fund the total amount payable to the person from whom or the broker through whom the purchase was made, provided that the same conforms to the total amount payable as set forth in such Proper Instructions. Except as specifically stated otherwise in this Agreement, in any and every case where payment for purchase of securities for the account of the Fund is made by U.S. Trust Chase in advance of receipt of the securities purchased in the absence of specific written instructions from the Fund to so pay in advance, U.S. Trust Chase shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by U.S. TrustChase.

Purchase of Securities. Promptly after each purchase of securities, options, futures contracts or options on futures contracts securities by the investment advisorInvestment Adviser (or any sub-adviser), the Fund shall deliver to U.S. Trust (as Custodian) Proper Written Instructions specifying with respect to each such purchase: (a) the name of the issuer and the title of the securities, (b) the number of shares of or the principal amount purchased and accrued interest, if any, (c) the dates of purchase and settlement, (d) the purchase price per unit, (e) the total amount payable upon such purchase, purchase and (f) the name of the person from whom or the broker through whom the purchase was made and (g) the Fund namemade. U.S. Trust shall upon receipt of securities purchased by or for the Fund registered in the name of the Fund or in the name of a nominee of U.S. Trust or of the Fund or in proper form for transfer or upon receipt of evidence of title to options, futures contracts or options on futures contracts purchased by the Fund, pay out of the monies held for the account of the Fund the total amount payable to the person from whom or the broker through whom the purchase was made, provided that the same conforms to the total amount payable as set forth in such Proper Written Instructions. Except as specifically stated otherwise in this Agreement, in any and every In each case where payment for purchase of securities for the account of the Fund is made by U.S. Trust in advance of receipt of the securities purchased in the absence of specific written instructions Written Instructions from the Fund to so pay in advance, U.S. Trust shall be absolutely liable to the Fund for such securities to the same extent as if the securities had been received by U.S. Trust, unless the custom of the individual country is to make payment for the securities in advance of receipt of the securities.