Common use of Receipt and Disbursement of Funds Clause in Contracts

Receipt and Disbursement of Funds. (a) The Custodian shall open and maintain a separate account or accounts in the name of each Fund of the Trust, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall hold in safekeeping in such account or accounts, subject to the provisions hereof, all funds received by it from or for the account of the Trust. The Trust will deliver or cause to be delivered to the Custodian all funds owned by the Trust, including cash received for the issuance of its shares during the period of this Agreement. The Custodian shall make payments of funds to, or for the account of, the Trust from such funds only: (i) for the purchase of securities for the portfolio of the Trust upon the delivery of such securities to the Custodian (or to any bank, banking firm or trust company doing business in the United States and designated by the Custodian as its sub-custodian or agent for this purpose or any foreign bank qualified under Rule 17f-5 of the Investment Company Act of 1940 and acting as sub-custodian), registered (if registerable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer, or, in the case of repurchase agreements entered into between the Trust and the Custodian or other bank or broker dealer (A) against delivery of the securities either in certificate form or through an entity crediting the Custodian's account at the Federal Reserve Bank with such securities or (B) upon delivery of the receipt evidencing purchase by the Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian bank to repurchase such securities from the Trust; (ii) for the payment of interest, dividends, taxes, management or supervisory fees, or operating expenses (including, without limitation, Board of Trustees' fees and expenses, and fees for legal, accounting and auditing services) and for redemption or repurchase of shares of the Trust; (iii) for payments in connection with the conversion, exchange or surrender of securities owned or subscribed to by the Trust held by or to be delivered to the Custodian; (iv) for the payment to any bank of interest on all or any portion of the principal of any loan made by such bank to the Trust; (v) for the payment to any person, firm or corporation who has borrowed the Trust's portfolio securities the amount deposited with the Custodian as collateral for such borrowing upon the delivery of such securities to the Custodian, registered (if registerable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer; or (vi) for other proper purposes of the Trust. Before making any such payment the Custodian shall receive (and may rely upon) Written Instructions or Oral Instructions directing such payment and stating that it is for a purpose permitted under the terms of this subsection (a). In respect of item (vi), the Custodian will take such action only upon receipt of an Officers' Certificate and a certified copy of a resolution of the Board of Trustees or the Executive Committee of the Trust signed by an officer of the Trust and certified by the Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made. In respect of item (v), the Custodian shall make payment to the borrower of securities loaned by the Trust of part of the collateral deposited with the Custodian upon receipt of Written Instructions from the Trust or Nottingham stating that the market value of the securities loaned has declined and specifying the amount to be paid by the Custodian without receipt or return of any of the securities loaned by the Trust. In respect of item (i), in the case of repurchase agreements entered into with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank, which may be itself, prior to receipt of written evidence that the securities subject to such repurchase agreement have been transferred by book-entry to the Custodian's non-proprietary account at the Federal Reserve Bank, or in the case of repurchase agreements entered into with the Custodian, of the safekeeping receipt and repurchase agreement, provided that such securities have in fact been so transferred by book-entry, or in the case of repurchase agreements entered into with the Custodian, the safekeeping receipt is received prior to the close of business on the same day. (b) Notwithstanding anything herein to the contrary, the Custodian may at any time or times with the written approval of the Board of Trustees, appoint (and may at any time remove without the written approval of the Trust) any other bank or trust company as its sub-custodian or agent to carry out such of the provisions of Subsection (a) of this Section 3 as instructions from the Trust may from time to time request; provided, however, that the appointment of such sub-custodian or agent shall not relieve the Custodian of any of its responsibilities hereunder; and provided, further, that the Custodian shall not enter into any arrangement with any subcustodian unless such sub-custodian meets the requirements of Section 26 of the Investment Company Act of 1940 and Rule 17f-5 thereunder, if applicable. (c) The Custodian is hereby authorized to endorse and collect all checks, drafts or other orders for the payment of money received by the Custodian for the accounts of the Trust.

Receipt and Disbursement of Funds. (a) A. The Custodian shall open and maintain a separate account or accounts in the name of each Fund of the Trust, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall hold in safekeeping in such account or accounts, subject to the provisions hereof, all funds received by it from or for the account of the Trust. The Trust will deliver or cause to be delivered to the Custodian all funds owned by the Trust, including cash received for the issuance of its shares during the period of this Agreement. The Custodian shall make payments of funds to, or for the account of, the Trust from such funds only: : (ia) for the purchase of securities for the portfolio of the Trust (i) upon the delivery of such securities to the Custodian (or to any bank, banking firm or trust company doing business in the United States and designated by the Custodian as its sub-custodian or agent for this purpose or any foreign bank qualified under Rule 17f-5 of the Investment Company Act of 1940 and acting as sub-custodianpurpose), registered (if registerableregistrable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer, or, or (ii) in the case of repurchase agreements entered into between the Trust and the Custodian or other bank or broker dealer (A) against delivery of the securities either in certificate form or through an entity crediting the Custodian's account at the Federal Reserve Bank with such securities or (B) bank, upon delivery of the receipt evidencing purchase by the Trust of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the Trust; ; (iib) for the repurchase or redemption of shares of the Trust upon written advice thereof to the Custodian from the Trust's Transfer Agent, in the amount specified in such advice; (c) for the payment of interest, dividends, taxes, management or supervisory fees, or operating expenses (including, without limitationlimitation thereto, Board of Trusteestrustees' fees and expenses, and fees for legal, accounting and auditing services) and for redemption or repurchase of shares of the Trust; ); (iiid) for payments in connection with the conversion, exchange or surrender of securities owned or subscribed to by the Trust held by or to be delivered to the Custodian; ; (ive) for the payment to any bank of interest on all or any portion of the principal of any loan made by such bank to the Trust; ; (vf) for the payment to any person, firm or corporation who has borrowed the Trust's portfolio securities the amount deposited with the Custodian as collateral for such borrowing upon the delivery of such securities to the Custodian, registered (if registerableregistrable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer; or , or (vig) for other proper purposes of the Trust. Before making any such payment the Custodian shall receive (and may rely upon) Written Instructions or Oral Instructions an officers' certificate directing such payment and stating that it is for a purpose permitted under the terms of this subsection items (a). , (b), (c), (d), (e) or (f) of this subsection A. In respect of item (vig), the Custodian will take such action only upon receipt of an Officersofficers' Certificate certificate and a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the Trust and certified by the its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose of the Trust, and naming the person or persons to whom such payment is to be made. In respect of to item (vf), the Custodian shall make payment to the borrower of securities loaned by the Trust of part of the collateral deposited with the Custodian upon receipt of Written Instructions from the Trust or Nottingham an officers' certificate stating that the market value of the securities loaned has declined and specifying the amount to be paid by the Custodian without receipt or return of any of the securities loaned by the Trust. In respect of item (ia), in the case of repurchase agreements entered into with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank, which may be by itself, prior to receipt of written evidence that the securities subject to such repurchase agreement have been transferred by booksafe-entry to the Custodian's non-proprietary account at the Federal Reserve Bank, or in the case of repurchase agreements entered into with the Custodian, of the safekeeping keeping receipt and repurchase agreement, provided that such securities have in fact been so transferred by book-entry, or in the case of repurchase agreements entered into with the Custodian, the safekeeping receipt is documents are received prior to the close of business on the same day. (b) B. Notwithstanding anything herein to the contrary, the Custodian may at any time or times with the written approval of the Board of Trusteestimes, appoint (and may at any time remove without the written approval of the Trustremove) any other bank or trust company as its sub-custodian or agent to carry out such of the provisions of Subsection (a) A of this Section 3 as instructions from the Trust may from time to time request; provided, however, that the appointment of such sub-custodian or agent shall not relieve the Custodian of any of its responsibilities hereunder; and provided, further, that the Custodian shall Trust will not enter into request the appointment of any arrangement with any subcustodian unless such bank as sub-custodian unless it meets the requirements of Section 26 of the Investment Company Act of 1940 and Rule 17f-5 thereunder, if applicableAct. (c) C. The Custodian is hereby authorized to endorse and collect all checks, drafts or other orders for the payment of money received by the Custodian for the accounts account of the Trust.

Receipt and Disbursement of Funds. (a) A. The Custodian shall open and maintain a separate account or accounts in the name of each Fund of the TrustCorporation, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall hold in safekeeping in such account or accounts, subject to the provisions hereof, all funds received by it from or for the account of the Trust. The Trust will deliver or cause to be delivered to the Custodian all funds owned by the Trust, including cash received for the issuance of its shares during the period of this AgreementCorporation. The Custodian shall make payments of funds to, or for the account of, the Trust Corporation from such funds only: only (ia) for the purchase of securities for the portfolio of the Trust Corporation upon the delivery of such securities to the Custodian (Custodian, or to any bank, banking firm or trust company doing business as provided in the United States and designated by the Custodian as its sub-custodian or agent for this purpose or any foreign bank qualified under Rule 17f-5 of the Investment Company Act of 1940 and acting as sub-custodian), 4B registered (if registerableregistrable) in the name of the Trust Corporation or of the nominee of the Custodian referred to in Section 8 7 or in proper form for transfer, or, in the case of repurchase agreements entered into between the Trust ; (b) any amounts as may be authorized and the Custodian or other bank or broker dealer (A) against outstanding shares upon delivery of the securities either in certificate form or through an entity crediting thereof to the Custodian's account at the Federal Reserve Bank with such securities or ; (B) upon delivery of the receipt evidencing purchase by the Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian bank to repurchase such securities from the Trust; (iic) for the payment of interest, dividends, taxes, management or supervisory fees, or fees or. operating expenses (including, without limitationlimitation thereto, Board of Trustees' fees and expenses, and fees for legal, accounting account and auditing services) and for redemption or repurchase of shares of the Trust; ); (iiid) for payments in connection with the conversion, exchange or surrender of securities owned or subscribed to by the Trust Corporation held by or to be delivered to the Custodian; ; (ive) for the payment to any bank of interest on all or any portion of the principal of any loan made by such bank to the Trust; Corporation; (vf) for the payment to any person, firm or corporation who has borrowed the TrustCorporation's portfolio securities the amount deposited with the Custodian as collateral for such borrowing upon the delivery of such securities to the Custodian, registered (if registerableregistrable) in the name of the Trust Corporation or of the nominee of the Custodian referred to in Section 8 7 or in proper form for transfer; or or (vig) for other proper purposes of the Trustcorporate purposes. Before making any such payment the Custodian shall receive (and may rely upon) Written Instructions or Oral Instructions directing such payment and stating that it is for a purpose permitted under the terms of this subsection (a). In respect of item (vi), the Custodian will take such action only upon receipt of an Officers' Certificate and a certified copy of a resolution of the Board of Trustees or the Executive Committee of the Trust signed by an officer of the Trust and certified by the Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made. In respect of item (v), the Custodian shall make payment to the borrower of securities loaned by the Trust of part of the collateral deposited with the Custodian upon receipt of Written Instructions from the Trust or Nottingham stating that the market value of the securities loaned has declined and specifying the amount to be paid by the Custodian without receipt or return of any of the securities loaned by the Trust. In respect of item (i), in the case of repurchase agreements entered into with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank, which may be itself, prior to receipt of written evidence that the securities subject to such repurchase agreement have been transferred by book-entry to the Custodian's non-proprietary account at the Federal Reserve Bank, or in the case of repurchase agreements entered into with the Custodian, of the safekeeping receipt and repurchase agreement, provided that such securities have in fact been so transferred by book-entry, or in the case of repurchase agreements entered into with the Custodian, the safekeeping receipt is received prior to the close of business on the same day. (b) Notwithstanding anything herein to the contrary, the Custodian may at any time or times with the written approval of the Board of Trustees, appoint (and may at any time remove without the written approval of the Trust) any other bank or trust company as its sub-custodian or agent to carry out such of the provisions of Subsection (a) of this Section 3 as instructions from the Trust may from time to time request; providedsubsection A, however, that the appointment of such sub-custodian or agent shall not relieve the Custodian of any of its responsibilities hereunder; and provided, further, that the Custodian shall not enter into receive and may rely upon instructions in writing signed by any arrangement with any subcustodian unless such sub-custodian meets the requirements of Section 26 authorized signatory of the Investment Company Act of 1940 Corporation and Rule 17f-5 thereunder, if applicable.stating that it (c) B. The Custodian is hereby authorized to endorse and collect all checks, drafts or other orders for the payment of money received by the Custodian for the accounts of account bf the TrustCorporation.

Receipt and Disbursement of Funds. (a) The Custodian shall open and maintain a separate account or accounts in the name of each Fund of the Trust, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall hold in safekeeping in such account or accounts, subject to the provisions hereof, all funds received by it from or for the account of the Trust. The Trust will deliver or cause to be delivered to the Custodian all funds owned by the Trust, including cash received for the issuance of its shares during the period of this Agreement. The Custodian shall make payments of funds to, or for the account of, the Trust from such funds only: (i) for the purchase of securities for the portfolio of the Trust upon the delivery of such securities to the Custodian (or to any bank, banking firm or trust company doing business in the United States and designated by the Custodian as its sub-custodian or agent for this purpose or any foreign bank qualified under Rule 17f-5 of the Investment Company Act of 1940 and acting as sub-custodian), registered (if registerable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer, or, in the case of repurchase agreements entered into between the Trust and the Custodian or other bank or broker dealer (A) against delivery of the securities either in certificate form or through an entity crediting the Custodian's account at the Federal Reserve Bank with such securities or (B) upon delivery of the receipt evidencing purchase by the Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian bank to repurchase such securities from the Trust; (ii) for the payment of interest, dividends, taxes, management or supervisory fees, or operating expenses (including, without limitation, Board of Trustees' fees and expenses, and fees for legal, accounting and auditing services) and for redemption or repurchase of shares of the Trust; (iii) for payments in connection with the conversion, exchange or surrender of securities owned or subscribed to by the Trust held by or to be delivered to the Custodian; (iv) for the payment to any bank of interest on all or any portion of the principal of any loan made by such bank to the Trust; (v) for the payment to any person, firm or corporation who has borrowed the Trust's portfolio securities the amount deposited with the Custodian as collateral for such borrowing upon the delivery of such securities to the Custodian, registered (if registerable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer; or (vi) for other proper purposes of the Trust. Before making any such payment the Custodian shall receive (and may rely upon) Written upon)Written Instructions or Oral Instructions directing such payment and stating that it is for a purpose permitted under the terms of this subsection (a). In respect of item (vi), the Custodian will take such action only upon receipt of an Officers' Certificate and a certified copy of a resolution of the Board of Trustees or the Executive Committee of the Trust signed by an officer of the Trust and certified by the Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made. In respect of item (v), the Custodian shall make payment to the borrower of securities loaned by the Trust of part of the collateral deposited with the Custodian upon receipt of Written Instructions from the Trust or Nottingham stating that the market value of the securities loaned has declined and specifying the amount to be paid by the Custodian without receipt or return of any of the securities loaned by the Trust. In respect of item (i), in the case of repurchase agreements entered into with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank, which may be itself, prior to receipt of written evidence that the securities subject to such repurchase agreement have been transferred by book-entry to the Custodian's non-proprietary account at the Federal Reserve Bank, or in the case of repurchase agreements entered into with the Custodian, of the safekeeping receipt and repurchase agreement, provided that such securities have in fact been so transferred by book-entry, or in the case of repurchase agreements entered into with the Custodian, the safekeeping receipt is received prior to the close of business on the same day. (b) Notwithstanding anything herein to the contrary, the Custodian may at any time or times with the written approval of the Board of Trustees, appoint (and may at any time remove without the written approval of the Trust) any other bank or trust company as its sub-custodian or agent to carry out such of the provisions of Subsection (a) of this Section 3 as instructions from the Trust may from time to time request; provided, however, that the appointment of such sub-custodian or agent shall not relieve the Custodian of any of its responsibilities hereunder; and provided, further, that the Custodian shall not enter into any arrangement with any subcustodian unless such sub-custodian meets the requirements of Section 26 of the Investment Company Act of 1940 and Rule 17f-5 thereunder, if applicable. (c) The Custodian is hereby authorized to endorse and collect all checks, drafts or other orders for the payment of money received by the Custodian for the accounts of the Trust.

Receipt and Disbursement of Funds. (a) The Custodian shall open and maintain a separate account or accounts in the name of each Fund of the Trust, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall hold in safekeeping in such account or accounts, subject to the provisions hereof, all funds received by it from or for the account of the Trust. The Trust will deliver or cause to be delivered to the Custodian all funds owned by the Trust, including cash received for the issuance of its shares during the period of this Agreement. The Custodian shall make payments of funds to, or for the account of, the Trust from such funds only: (i) for the purchase of securities for the portfolio of the Trust upon the delivery of o f such securities to the Custodian (or to any bank, banking firm or trust company doing business in the United States and designated by the Custodian as its sub-custodian or agent for this purpose or any foreign bank qualified under Rule 17f-5 17f- 5 of the Investment Company Act of 1940 and an d acting as sub-custodian), registered (if registerable) in the name of the Trust or of the nominee of the Custodian referred to t o in Section 8 or in proper form for transfer, or, in the case of repurchase agreements entered into between the Trust and the Custodian or other bank or broker dealer (A) against delivery of the securities either in certificate form or through an entity crediting the Custodian's ' s account at the Federal Reserve Bank with such securities or (B) upon delivery of the th e receipt evidencing purchase by the Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian bank to repurchase such securities from the Trust; (ii) for the payment of interest, dividends, taxes, management or supervisory fees, or operating expenses (including, without limitation, Board of Trustees' fees and expenses, and fees for legal, accounting and auditing services) and for redemption or repurchase of shares of the Trust; (iii) for payments in connection with the conversion, exchange or surrender of securities owned or subscribed to by the Trust held by or to be delivered to the Custodian; (iv) for the payment to any bank of interest on all or any portion of the principal of any loan made by such bank to the Trust; (v) for the payment to any person, firm or corporation who has borrowed the Trust's portfolio securities the amount deposited with the Custodian as collateral for such borrowing upon the delivery of such securities to the Custodian, registered (if i f registerable) in the name of the Trust or o r of the nominee of the Custodian referred to in Section 8 or in proper form for transfer; or (vi) for other proper purposes of the Trust. Before making any such payment the Custodian shall receive (and may rely upon) Written Instructions or Oral Instructions directing such payment and stating that it is for a purpose permitted under the terms of this subsection (a). In respect of item (vi), the Custodian will take such action only upon receipt of an Officers' Certificate and a certified copy of a resolution of the Board of Trustees or the Executive Committee of the Trust signed by an officer of the Trust and certified by the Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made. In respect of item (v), the Custodian shall make payment to the borrower of securities loaned by the Trust of part of the collateral deposited with the Custodian upon receipt of Written Instructions from the Trust or Nottingham stating that the market value of the securities loaned has declined and specifying the amount to be paid by the Custodian without receipt or return of any of the securities loaned by the Trust. In respect of item (i), in the case of repurchase agreements entered into with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank, which may be itself, prior to receipt of written evidence that the securities subject to such repurchase agreement have been transferred by book-entry to the Custodian's non-proprietary account at the Federal Reserve Bank, or in the case of repurchase agreements entered into with the Custodian, of the safekeeping receipt and repurchase agreement, provided that such securities have in fact been so transferred by book-entry, or in the case of repurchase agreements entered into with the Custodian, the safekeeping receipt is received prior to the close of business on the same day. (b) Notwithstanding anything herein to the contrary, the Custodian may at any time or times with the written approval of the Board of Trustees, appoint (and may at any time remove without the written approval of the Trust) any other bank or trust company as its sub-custodian or agent to carry out such of the provisions of Subsection (a) of this Section 3 as instructions from the Trust may from time to time request; provided, however, that the appointment of such sub-custodian or agent shall not relieve the Custodian of any of its responsibilities hereunder; and provided, further, that the Custodian shall not enter into any arrangement with any subcustodian unless such sub-custodian meets the requirements of Section 26 of the Investment Company Act of 1940 and Rule 17f-5 thereunder, if applicable. (c) The Custodian is hereby authorized to endorse and collect all checks, drafts or other orders for the payment of money received by the Custodian for the accounts of the Trust.

Receipt and Disbursement of Funds. (a) The Custodian shall open and maintain a separate account or accounts in the name of each Fund of the Trust, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall hold in safekeeping in such account or accounts, subject to the provisions hereof, all funds received by it from or for the account of the Trust. The Trust will deliver or cause to be delivered to the Custodian all funds owned by the Trust, including cash received for the issuance of its shares during the period of this Agreement. The Custodian shall make payments of funds to, or for the account of, the Trust from such funds only: (i) for the purchase of securities for the portfolio of the Trust upon the delivery of such securities to the Custodian (or to any bank, banking firm or trust company doing business in the United States and designated by the Custodian as its sub-custodian or agent for this purpose or any foreign bank qualified under Rule 17f-5 of the Investment Company Act of Actof 1940 and acting as sub-custodian), registered (if registerable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer, or, in the case of repurchase agreements entered into between the Trust and the Custodian or other bank or broker dealer (A) against delivery of the securities either in certificate form or through an entity crediting the Custodian's account at the Federal Reserve Bank with such securities or (B) upon delivery of the receipt evidencing purchase by the Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian bank to repurchase such securities from the Trust; (ii) for the payment of interest, dividends, taxes, management or supervisory fees, or operating expenses (including, without limitation, Board of Trustees' fees and expenses, and fees for legal, accounting and auditing services) and for redemption or repurchase of shares of the Trust; (iii) for payments in connection with the conversion, exchange or surrender of securities owned or subscribed to by the Trust held by or to be delivered to the Custodian; (iv) for the payment to any bank of interest on all or any portion of the principal of any loan made by such bank to the Trust; (v) for the payment to any person, firm or corporation who has borrowed the Trust's portfolio securities the amount deposited with the Custodian as collateral for such borrowing upon the delivery of such securities to the Custodian, registered (if registerable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer; or (vi) for other proper purposes of the Trust. Before making any such payment the Custodian shall receive (and may rely upon) Written Instructions or Oral Instructions directing such payment and stating that it is for a purpose permitted under the terms of this subsection (a). In respect of item (vi), the Custodian will take such action only upon receipt of an Officers' Certificate and a certified copy of a resolution of the Board of Trustees or the Executive Committee of the Trust signed by an officer of the Trust and certified by the Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made. In respect of item (v), the Custodian shall make payment to the borrower of securities loaned by the Trust of part of the collateral deposited with the Custodian upon receipt of Written Instructions from the Trust or Nottingham stating that the market value of the securities loaned has declined and specifying the amount to be paid by the Custodian without receipt or return of any of the securities loaned by the Trust. In respect of item (i), in the case of repurchase agreements entered into with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank, which may be itself, prior to receipt of written evidence that the securities subject to such repurchase agreement have been transferred by book-entry to the Custodian's non-proprietary account at the Federal Reserve Bank, or in the case of repurchase agreements entered into with the Custodian, of the safekeeping receipt and repurchase agreement, provided that such securities have in fact been so transferred by book-entry, or in the case of repurchase agreements entered into with the Custodian, the safekeeping receipt is received prior to the close of business on the same day. (b) Notwithstanding anything herein to the contrary, the Custodian may at any time or times with the written approval of the Board of Trustees, appoint (and may at any time remove without the written approval of the Trust) any other bank or trust company as its sub-custodian or agent to carry out such of the provisions of Subsection (a) of this Section 3 as instructions from the Trust may from time to time request; provided, however, that the appointment of such sub-custodian or agent shall not relieve the Custodian of any of its responsibilities hereunder; and provided, further, that the Custodian shall not enter into any arrangement with any subcustodian unless such sub-custodian meets the requirements of Section 26 of the Investment Company Act of 1940 and Rule 17f-5 thereunder, if applicable. (c) The Custodian is hereby authorized to endorse and collect all checks, drafts or other orders for the payment of money received by the Custodian for the accounts of the Trust.

Receipt and Disbursement of Funds. (a) A. The Custodian shall open and maintain a separate account or accounts in the name of each Fund of the Trust, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall hold in safekeeping in such account or accounts, subject to the provisions hereof, all funds received by it from or for the account of the Trust. The Trust will deliver or cause to be delivered to the Custodian all funds owned by the Trust, including cash received for the issuance of its shares during the period of this Agreement. The Custodian shall make payments of funds to, or for the account of, the Trust from such funds only: : (ia) for the purchase of securities for the portfolio of the Trust (i) upon the delivery of such securities to the Custodian (or to any bank, banking firm or trust company doing business in the United States and designated by the Custodian as its sub-custodian or agent for this purpose or any foreign bank qualified under Rule 17f-5 of the Investment Company Act of 1940 and acting as sub-custodianpurpose), registered (if registerableregistrable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer, or, or (ii) in the case of repurchase agreements entered into between the Trust and the Custodian or other bank or broker dealer (A) against delivery of the securities either in certificate form or through an entity crediting the Custodian's account at the Federal Reserve Bank with such securities or (B) bank, upon delivery of the receipt evidencing purchase by the Trust of securities owned by the Custodian custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the Trust; ; (iib) for the repurchase or redemption of shares of the Trust upon written advice thereof to the Custodian from the Trust's Transfer Agent, in the amount specified in such advice; (c) for the payment of interest, dividends, taxes, management or supervisory fees, or operating expenses (including, without limitationlimitation thereto, Board of Trusteestrustees' fees and expenses, and fees for legal, accounting and auditing services) and for redemption or repurchase of shares of the Trust; ); (iiid) for payments in connection with the conversion, exchange or surrender of securities owned or subscribed to by the Trust held by or to be delivered to the Custodian; ; (ive) for the payment to any bank of interest on all or any portion of the principal of any loan made by such bank to the Trust; ; (vf) for the payment to any person, firm or corporation who has borrowed the Trust's portfolio securities the amount deposited with the Custodian as collateral for such borrowing upon the delivery of such securities to the Custodian, registered (if registerableregistrable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer; or , or (vig) for other proper purposes of the Trust. Before making any such payment the Custodian shall receive (and may rely upon) Written Instructions or Oral Instructions an officers' certificate directing such payment and stating that it is for a purpose permitted under the terms of this subsection items (a). , (b), (c), (d) , (e) or (f) of this subsection A. In respect of item (vig), the Custodian will take such action only upon receipt of an Officersofficers' Certificate certificate and a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the Trust and certified by the its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose of the Trust, and naming the person or persons to whom Such payment is to be made. In respect of to item (vf), the Custodian shall make payment to the borrower of securities loaned by the Trust of part of the collateral deposited with the Custodian upon receipt of Written Instructions from the Trust or Nottingham an officers' certificate stating that the market value of the securities loaned has declined and specifying the amount to be paid by the Custodian without receipt or return of any of the securities loaned by the Trust. In respect of item (ia), in the case of repurchase re-purchase agreements entered into with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank, which may be by itself, prior to receipt of written evidence that the securities subject to such repurchase agreement have been transferred by booksafe-entry to the Custodian's non-proprietary account at the Federal Reserve Bank, or in the case of repurchase agreements entered into with the Custodian, of the safekeeping keeping receipt and repurchase agreement, provided that such securities have in fact been so transferred by book-entry, or in the case of repurchase agreements entered into with the Custodian, the safekeeping receipt is documents are received prior to the close of business on the same day. (b) B. Notwithstanding anything herein to the contrary, the Custodian may at any time or times with the written approval of the Board of Trusteestimes, appoint (and may at any time remove without the written approval of the Trustremove) any other bank or trust company as its sub-custodian or agent to carry out such of the provisions of Subsection (a) A of this Section 3 as instructions from the Trust may from time to time request; provided, however, that the appointment of such sub-custodian or agent shall not relieve the Custodian of any of its responsibilities hereunder; and provided, further, that the Custodian shall Trust will not enter into request the appointment of any arrangement with any subcustodian unless such bank as sub-custodian unless it meets the requirements of Section 26 of the Investment Company Act of 1940 and Rule 17f-5 thereunder, if applicableAct. (c) C. The Custodian is hereby authorized to endorse and collect all checks, drafts or other orders for the payment of money received by the Custodian for the accounts account of the Trust.

Receipt and Disbursement of Funds. (a) A. The Custodian shall open and maintain a separate account or accounts in the name of each Fund of the Trust, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall hold in safekeeping in such account or accounts, subject to the provisions hereof, all funds received by it from or for the account of the Trust. The Trust will deliver or cause to be delivered to the Custodian all funds owned by the Trust, including cash received for the issuance of its shares during the period of this Agreement. The Custodian shall make payments of funds to, or for the account of, the Trust from such funds only: : (ia) for the purchase of securities for the portfolio of the Trust (i) upon the delivery of such securities to the Custodian (or to any bank, banking firm or trust company doing business in the United States and designated by the Custodian as its sub-custodian or agent for this purpose or any foreign bank qualified under Rule 17f-5 of the Investment Company Act of 1940 and acting as sub-custodianpurpose), registered (if registerableregistrable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer, or, or (ii) in the case of repurchase agreements entered into between the Trust and the Custodian or other bank or broker dealer (A) against delivery of the securities either in certificate form or through an entity crediting the Custodian's account at the Federal Reserve Bank with such securities or (B) bank, upon delivery of the receipt evidencing purchase by the Trust of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the Trust; ; (iib) for the repurchase or redemption of shares of the Trust upon written advice thereof to the Custodian from the Trust's Transfer Agent, in the amount specified in such advice; (c) for the payment of interest, dividends, taxes, management or supervisory fees, or operating expenses (including, without limitationlimitation thereto, Board of Trusteestrustees' fees and expenses, and fees for legal, accounting and auditing services) and for redemption or repurchase of shares of the Trust; ); (iiid) for payments in connection with the conversion, exchange or surrender of securities owned or subscribed to by the Trust held by or to be delivered to the Custodian; ; (ive) for the payment to any bank of interest on all or any portion of the principal of any loan made by such bank to the Trust; ; (vf) for the payment to any person, firm or corporation who has borrowed the Trust's portfolio securities the amount deposited with the Custodian as collateral for such borrowing upon the delivery of such securities to the Custodian, registered (if registerableregistrable) in the name of the Trust or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer; or , or (vig) for other proper purposes of the Trust. Before making any such payment the Custodian shall receive (and may rely upon) Written Instructions or Oral Instructions an officers' certificate directing such payment and stating that it is for a purpose permitted under the terms of this subsection items (a). , (b), (c), (d) , (e) or (f) of this subsection A. In respect of item (vig), the Custodian will take such action only upon receipt of an Officersofficers' Certificate certificate and a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the Trust and certified by the its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose of the Trust, and naming the person or persons to whom such payment is to be made. In respect of to item (vf), the Custodian shall make payment to the borrower of securities loaned by the Trust of part of the collateral deposited with the Custodian upon receipt of Written Instructions from the Trust or Nottingham an officers' certificate stating that the market value of the securities loaned has declined and specifying the amount to be paid by the Custodian without receipt or return of any of the securities loaned by the Trust. In respect of item (ia), in the case of repurchase agreements entered into with a bank which is a member of the Federal Reserve System, the Custodian may transfer funds to the account of such bank, which may be by itself, prior to receipt of written evidence that the securities subject to such repurchase agreement have been transferred by booksafe-entry to the Custodian's non-proprietary account at the Federal Reserve Bank, or in the case of repurchase agreements entered into with the Custodian, of the safekeeping keeping receipt and repurchase agreement, provided that such securities have in fact been so transferred by book-entry, or in the case of repurchase agreements entered into with the Custodian, the safekeeping receipt is documents are received prior to the close of business on the same day. (b) B. Notwithstanding anything herein to the contrary, the Custodian may at any time or times with the written approval of the Board of Trusteestimes, appoint (and may at any time remove without the written approval of the Trustremove) any other bank or trust company as its sub-custodian or agent to carry out such of the provisions of Subsection (a) A of this Section 3 as instructions from the Trust may from time to time request; provided, however, that the appointment of such sub-custodian or agent shall not relieve the Custodian of any of its responsibilities hereunder; and provided, further, that the Custodian shall Trust will not enter into request the appointment of any arrangement with any subcustodian unless such bank as sub-custodian unless it meets the requirements of Section 26 of the Investment Company Act of 1940 and Rule 17f-5 thereunder, if applicableAct. (c) C. The Custodian is hereby authorized to endorse and collect all checks, drafts or other orders for the payment of money received by the Custodian for the accounts account of the Trust.

Receipt and Disbursement of Funds. (a) A. The Custodian shall open and maintain a separate account or accounts in the name of each Fund of the TrustFund, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall hold in safekeeping in such account or accounts, subject to the provisions hereof, all funds received by it from or for the account of the TrustFund. The Trust Fund will deliver or cause to be delivered to the Custodian all funds owned by the TrustFund, including cash received for the issuance of its shares during the period of this Agreement. The Custodian shall make payments of funds to, or for the account of, the Trust Fund from such funds only: (ia) for the purchase of securities for the portfolio of the Trust Funds (i) upon the delivery of such securities to the Custodian (or to any bank, banking firm or trust company doing business in the United States and designated by the Custodian as its sub-custodian or agent for this purpose or any foreign bank qualified under Rule 17f-5 of the Investment Company Act of 1940 and acting as sub-custodianpurpose), registered (if registerable) in the name of the Trust Fund or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer, or, or (ii) in the case of repurchase agreements entered into between the Trust Fund and the Custodian or other bank or broker dealer (A) against delivery of the securities either in certificate form or through an entity crediting the Custodian's account at the Federal Reserve Bank with such securities or (B) bank, upon delivery of the receipt evidencing purchase by the Trust Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the Trust; Fund; (iib) for the repurchase or redemption of shares of the Fund upon written advice thereof to the Custodian from the Fund's Transfer Agent, in the amount specified in such advice; (c) for the payment of interest, dividends, taxes, management or supervisory fees, or operating expenses (including, without limitationlimitation thereto, Board of Trusteestrustees' fees and expenses, and fees for legal, accounting and auditing services) and for redemption or repurchase of shares of the Trust; ); (iiid) for payments in connection with the conversion, exchange or surrender of securities owned or of subscribed to by the Trust Fund held by or to be delivered to the Custodian; ; (ive) for the payment to any bank of interest on all or any portion of the principal of any loan made by such bank to the Trust; Fund; (vf) for the payment to any person, firm or corporation who has borrowed the TrustFund's portfolio securities the amount deposited with the Custodian as collateral for such borrowing upon the delivery of such securities to the Custodian, registered (if registerable) in the eve name of the Trust Fund or of the nominee of the Custodian referred to in Section 8 or in proper form for transfer; or transfer or (vig) for other proper purposes of the TrustFund. Before making any such payment the Custodian shall receive (and may rely upon) Written Instructions or Oral Instructions an officers Certificate directing such payment and stating that it is for a purpose permitted under the terms of this subsection items (a). , (b), (c), (d), (e) or (f) of this subsection A. In respect of item (vig), the Custodian will take such action only upon receipt of an Officers' Officer's Certificate and a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust Fund, if any, signed by an officer of the Trust Fund and certified by the Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose of the Fund, and naming the person or persons to whom such payment is to be made. In respect of item (vf), the Custodian shall make payment to the borrower of securities loaned by the Trust Fund of part of the collateral deposited with the Custodian upon receipt of Written Instructions from the Trust or Nottingham an Officers' Certificate stating that the market value of the securities loaned has declined and specifying the amount to be paid by the Custodian without receipt or return of any of the securities loaned by the TrustFund. In respect of item (ia), in the case of repurchase agreements entered into with a bank which is a member of the Federal Reserve System, the Custodian custodian may transfer funds to the account of such bank, which may be itself, prior to receipt of written evidence that the securities subject to such repurchase agreement have been transferred by book-entry to the Custodian's non-proprietary account at the Federal Reserve Bank, or in the case of repurchase agreements entered into with the Custodian, of the safekeeping receipt and repurchase agreement, provided that such securities have in fact been so transferred by book-entry, or in the case of repurchase agreements entered into with the Custodian, the safekeeping receipt is documents are received prior to the close c use of business on the same day. (b) B. Notwithstanding anything herein to the contrary, the Custodian may at any time or times with the written approval of the Board of Trusteestimes, appoint (and may at any time remove without the written approval of the Trustremove) any other bank or trust company as its sub-custodian subcustodian or agent to carry out such of the provisions of Subsection (a) Subsections A of this Section 3 as instructions from the Trust Fund may from time to time request; provided, however, that the appointment of such sub-custodian or agent shall not relieve the Custodian custodian of any of its responsibilities hereunder; and provided, further, that the Custodian shall Fund will not enter into request the appointment of any arrangement with any subcustodian unless such bank as sub-custodian unless it meets the requirements of Section 26 of the Investment Company Act of 1940 and Rule 17f-5 thereunder, if applicableAct. (c) C. The Custodian is hereby authorized to endorse and collect all checks, drafts or other orders for the payment of money received by the Custodian for the accounts account of the TrustFund.