Common use of Receipt and Delivery of Securities Clause in Contracts

Receipt and Delivery of Securities. a. Except as provided in this Paragraph 7, First Union shall hold and physically segregate all Securities and non-cash Property it receives for the Fund. First Union will hold or dispose of all Securities and non-cash Property for the Fund pursuant to the terms of this Agreement. In the absence of Proper Instructions accompanied by a certified resolution of the Fund's Board authorizing the specific transaction, First Union shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any Securities and other Property, except in accordance with this Agreement. In no case may any director, trustee, officer, employee or agent of the Fund withdraw any Securities. First Union may, at its own expense, enter into subcustodian agreements with other banks or trust companies for the receipt of certain Securities and cash First Union is to hold for the account of the Fund pursuant to this Agreement; provided that each 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) and that such bank or trust company agrees with First Union to comply with all relevant provisions of the 1940 Act and applicable rules and regulations thereunder. First Union will be liable for acts or omissions of any subcustodian. First Union shall employ subcustodians upon receipt of Proper Instructions, but only in accordance with an applicable vote of the Board of Directors or Trustees of the Fund.

Receipt and Delivery of Securities. a. Except as provided in this Paragraph 7Xxxxxxxxx 0, First Union Xxxxxxxx shall hold and physically segregate all Securities and non-cash Property it receives for the each Fund. First Union Wachovia will hold or dispose of all Securities and non-cash Property for the each Fund pursuant to the terms of this Agreement. In the absence of Proper Instructions accompanied by a certified resolution of the FundTrust's Board authorizing the specific transaction, First Union Wachovia shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any Securities and other Property, except in accordance with this Agreement. In no case may any director, trustee, officer, employee or agent of the Fund Trust withdraw any Securities. First Union Wachovia may, subject to the following two sentences, at its own expense, enter into subcustodian agreements with other banks or trust companies for the receipt of certain Securities and cash First Union Wachovia is to hold for the account of the a Fund pursuant to this Agreement; provided that each 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) and that such bank or trust company agrees with First Union Wachovia to comply with all relevant provisions of the 1940 Act and applicable rules and regulations thereunder. First Union Wachovia will be liable for acts or omissions of any subcustodian. First Union Wachovia shall only employ subcustodians upon receipt of Proper Instructions, but only in accordance with an applicable vote of the Board of Directors or Trustees of the FundTrustees.

Receipt and Delivery of Securities. a. (a) Except as provided in this Paragraph 7by Section 8 hereof, First Union Chase shall hold and physically segregate all Securities securities and noncash Property received by it for the Fund. All such securities and non-cash Property it receives for the Fund. First Union will hold are to be held or dispose disposed of all Securities and non-cash Property by Chase for the Fund pursuant to the terms of this Agreement. In the absence of Proper Instructions accompanied by a certified resolution of authorizing the specific transaction by the Fund's Board authorizing the specific transactionBoard, First Union Chase shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any Securities such securities and other Propertyinvestments, except in accordance with the express terms provided for in this Agreement. In no case may any director, trustee, officer, employee or agent of the Fund withdraw any Securitiessecurities. First Union 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 securities and cash First Union is to hold 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) and that such bank or trust company agrees with First Union Chase to comply with all relevant provisions of the 1940 Act and applicable rules and regulations thereunder. First Union Chase will be liable for acts or omissions of any subcustodian. First Union Chase shall employ subcustodians sub-custodians upon receipt of Proper Instructions, but only in accordance with an applicable vote of by the Board of Directors or Trustees of the Fund.