Common use of Receipt and Delivery of Securities Clause in Contracts

Receipt and Delivery of Securities. (a) Except as provided by Section 8 hereof, Chase shall hold and physically segregate all securities and noncash Property received by it for the Fund. All such securities and non-cash Property are to be held or disposed of by Chase for the Fund pursuant to the terms of this Agreement. In the absence of Proper Instructions, Chase shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities and investments, except in accordance with the express terms provided for in this Agreement. In no case may any trustee, officer, employee or agent of the Fund withdraw any securities. In connection with its duties under this Section 7, Chase may, at its own expense, enter into subcustodian agreements with other banks or trust companies for the receipt of certain securities and cash to be held by Chase for the account of the Fund pursuant to this Agreement; provided that each such bank or trust company has an aggregate capital, surplus and undivided profits, as shown by its last published report, of not less than twenty million dollars ($20,000,000. Chase will be liable for acts or omissions of any subcustodian. Chase shall employ sub-custodians upon receipt of Proper Instructions.

Receipt and Delivery of Securities. (a) Except as provided by Section 8 hereof, Chase shall hold and physically segregate all securities and noncash Property received by it for the Fund. All such securities and non-cash Property are to be held or disposed of by Chase for the Fund pursuant to the terms of this Agreement. In the absence of Proper Instructions, Chase shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities and investments, except in accordance with the express terms provided for in this Agreement. In no case may any trusteedirector, officer, employee or agent of the Fund withdraw any securities. In connection with its duties under this Section 7, Chase may, at its own expense, enter into subcustodian agreements with other banks or trust companies for the receipt of certain securities and cash to be held by Chase for the account of the Fund pursuant to this Agreement; provided that each such bank or trust company has an aggregate capital, surplus and undivided profits, as shown by its last published report, of not less than twenty million dollars ($20,000,000. Chase will be liable for acts or omissions of any subcustodian. Chase shall employ sub-custodians upon receipt of Proper Instructions.