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 the Trust, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall hold 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: (a) 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), registered (if registrable) 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 (ii) in the case of repurchase agreements entered into between the Trust and the Custodian or other 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; (b) 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 limitation thereto, trustees' fees and expenses, and fees for legal, accounting and auditing services); (d) 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; (e) for the payment to any bank of interest on or any portion of the principal of any loan made by such bank to the Trust; (f) 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 registrable) 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 (g) for other proper purposes of the Trust. Before making any such payment the Custodian shall receive (and may rely upon) an officers' certificate directing such payment and stating that it is for a purpose permitted under the terms of items (a), (b), (c), (d) , (e) or (f) of this subsection A. In respect of item (g), the Custodian will take such action only upon receipt of an officers' certificate and a certified copy of a resolution of the Trustees or of the Executive Committee of the Trust signed by an officer of the Trust and certified by 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 to item (f), 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 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 (a), 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 by itself, prior to receipt of the safe-keeping receipt and repurchase agreement, provided that such documents are received prior to the close of business on the same day.

Receipt and Disbursement of Funds. A. The Custodian shall open and maintain a separate account or accounts in the name 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 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 (a) for the purchase of securities for the portfolio of the Trust (i) 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), 4B registered (if registrable) 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 (ii) in the case of repurchase agreements entered into between the Trust and the Custodian or other 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; (b) for the repurchase or redemption of any amounts as may be authorized and outstanding shares of the Trust upon written advice delivery thereof to the Custodian from the Trust's Transfer Agent, in the amount specified in such adviceCustodian; (c) for the payment of interest, dividends, taxes, management or supervisory fees, or fees or. operating expenses (including, without limitation thereto, trustees' fees and expenses, and fees for legal, accounting account and auditing services); (d) 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; (e) for the payment to any bank of interest on or any portion of the principal of any loan made by such bank to the TrustCorporation; (f) 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 registrable) 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 (g) for other proper purposes of the Trustcorporate purposes. Before making any such payment permitted under item (a) of this subsection A, the Custodian shall receive (and may rely upon) an officers' certificate directing such payment upon instructions in writing signed by any authorized signatory of the Corporation and stating that it is for a purpose permitted under the terms of items (a), (b), (c), (d) , (e) or (f) of this subsection A. In respect of item (g), the Custodian will take such action only upon receipt of an officers' certificate and a certified copy of a resolution of the Trustees or of the Executive Committee of the Trust signed by an officer of the Trust and certified by 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 to item (f), 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 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 (a), 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 by itself, prior to receipt of the safe-keeping receipt and repurchase agreement, provided that such documents are received prior to the close of business on the same day.it

Receipt and Disbursement of Funds. A. The Custodian shall open and maintain a separate account or accounts in the name 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 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: (a) 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), registered (if registrable) 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 (ii) in the case of repurchase agreements entered into between the Trust and the Custodian or other 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; (b) 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 limitation thereto, trustees' fees and expenses, and fees for legal, accounting and auditing services); (d) 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; (e) for the payment to any bank of interest on or any portion of the principal of any loan made by such bank to the Trust; (f) 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 registrable) 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 (g) for other proper purposes of the Trust. Before making any such payment the Custodian shall receive (and may rely upon) an officers' certificate directing such payment and stating that it is for a purpose permitted under the terms of items (a), (b), (c), (d) ), (e) or (f) of this subsection A. In respect of item (g), the Custodian will take such action only upon receipt of an officers' certificate and a certified copy of a resolution of the Trustees or of the Executive Committee of the Trust signed by an officer of the Trust and certified by 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 to item (f), 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 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 (a), 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 by itself, prior to receipt of the safe-keeping receipt and repurchase agreement, provided that such documents are received prior to the close of business on the same day.

Receipt and Disbursement of Funds. A. The Custodian shall open and maintain a separate account or accounts in the name 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 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: (a) 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), registered (if registrable) 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 (ii) in the case of repurchase agreements entered into between the Trust and the Custodian or other 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; (b) 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 limitation thereto, trustees' fees and expenses, and fees for legal, accounting and auditing services); (d) 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; (e) for the payment to any bank of interest on or any portion of the principal of any loan made by such bank to the Trust; (f) 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 registrable) 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 (g) for other proper purposes of the Trust. Before making any such payment the Custodian shall receive (and may rely upon) an officers' certificate directing such payment and stating that it is for a purpose permitted under the terms of items (a), (b), (c), (d) , (e) or (f) of this subsection A. In respect of item (g), the Custodian will take such action only upon receipt of an officers' certificate and a certified copy of a resolution of the Trustees or of the Executive Committee of the Trust signed by an officer of the Trust and certified by 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 Such payment is to be made. In respect to item (f), 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 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 (a), 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 by itself, prior to receipt of the safe-keeping receipt and repurchase agreement, provided that such documents are received prior to the close of business on the same day.