Common use of Purchases by Issuer Clause in Contracts

Purchases by Issuer. Upon receipt of Proper Instructions, release and deliver securities owned by a Portfolio to the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable; provided that in any such case, the cash or other consideration is to be delivered to Provident.

Purchases by Issuer. Upon receipt of Proper Instructionsproper instructions, to release and deliver securities owned by a Portfolio the Fund to the issuer Issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable; provided that that, in any such case, the cash or other consideration is to be delivered to Providentthe Bank.