Common use of Receipt of Securities; Subcustodians Clause in Contracts

Receipt of Securities; Subcustodians. PFPC Trust shall hold all securities received by it for a particular Portfolio in a separate account that physically segregates such securities from those of any other persons, firms or corporations, except for securities held in a Book-Entry System or through a sub-custodian or depository. All such securities shall be held or disposed of only upon Written Instructions or otherwise pursuant to the terms of this Agreement. PFPC Trust shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such securities or investment, except upon the express terms of this Agreement or upon Written Instructions

Receipt of Securities; Subcustodians. (i) PFPC Trust shall hold all securities received by it for a particular Portfolio the Accounts in a separate account that physically segregates such securities from those of any other persons, firms or corporations, except for securities held in a Book-Entry System or through a sub-custodian or depository. All such securities shall be held or disposed of only upon Written Instructions or otherwise pursuant to the terms of this Agreement. PFPC Trust shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such securities or investment, except upon the express terms of this Agreement or upon Written InstructionsInstructions authorizing the transaction. In no case may any member of the Trust's Board of Trustees, or any officer, employee or agent of a Fund withdraw any securities.

Receipt of Securities; Subcustodians. (i) PFPC Trust shall hold all securities Securities received by it for a particular Portfolio the Company in a separate account that physically segregates such securities Securities from those of any other persons, firms or corporations, except for securities Securities held in a Book-Entry System or through a sub-custodian or depositorySystem. All such securities Securities shall be held or disposed of only upon Written Instructions or otherwise of the Company pursuant to the terms of this Agreement. PFPC Trust shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such securities Securities or investment, except upon the express terms of this Agreement or upon Written InstructionsInstructions authorizing the

Receipt of Securities; Subcustodians. (i) PFPC Trust shall hold all securities received by it for a particular Portfolio each Account in a separate account that physically segregates such securities from those of any other persons, firms or corporations, except for securities held in a Book-Entry System Depository or through a sub-custodian or depositorycustodian. All such securities shall be held or disposed of only upon Written Instructions of the Fund or otherwise pursuant to the terms of this Agreement. PFPC Trust shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such securities or investment, except upon the express terms of this Agreement or upon Written InstructionsInstructions authorizing the transaction. In no case may any member of the Fund's Board of Trustees, or any officer, employee or agent of the Fund, withdraw any securities.