Common use of Receipt of Securities Clause in Contracts

Receipt of Securities. (i) PNC Bank shall hold all securities received by it for the account of the Fund 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. All such securities shall be held or disposed of only upon Written Instructions of the Fund pursuant to the terms of this Agreement. PNC Bank 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 and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transaction. In no case may any member of the Fund's Governing Board, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for its own convenience, PNC Bank may enter into sub-custodian agreements with other banks or trust companies to perform duties described in this sub-paragraph c. Such bank or trust company shall have an aggregate capital, surplus and undivided profits, according to its last published report, of at least one million dollars ($1,000,000), if it is a subsidiary or affiliate of PNC Bank, or at least twenty million dollars ($20,000,000) if such bank or trust company is not a subsidiary or affiliate of PNC Bank. In addition, such bank or trust company must agree to comply with the relevant provisions of the 1940 Act and other applicable rules and regulations. PNC Bank shall remain responsible for the performance of all of its duties as described in this Agreement and shall hold the Fund harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or omissions, under the standards of care provided for herein. (d)

Receipt of Securities. (i) PNC Bank shall hold all securities received by it for the account of the Fund 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. All such securities shall be held or disposed of only upon Written Instructions of the Fund pursuant to the terms of this Agreement. PNC Bank 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 and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transaction. In no case may any member of the Fund's Governing Board, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for its own convenience, PNC Bank may enter into sub-custodian agreements with other United States banks or trust companies to perform duties described in this sub-paragraph c. Such bank or trust company shall have an aggregate capital, surplus and undivided profits, according to its last published report, of at least one million dollars ($1,000,000), if it is a subsidiary or affiliate of PNC Bank, or at least twenty million dollars ($20,000,000) if such bank or trust company is not a subsidiary or affiliate of PNC Bank. In addition, such bank or trust company must be qualified to act as custodian and agree to comply with the relevant provisions of the 1940 Act and other applicable rules and regulations. Any such arrangement will not be entered into without prior written notice to the Fund. PNC Bank shall remain responsible for the performance of all of its duties as described in this Agreement and shall hold the Fund and the Money Market Series harmless from PNC Bank's its own (acts or omissions, under the standards of care provided for herein, or the acts and omissions of any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or omissions, under the standards of care provided for herein. (d)c.

Receipt of Securities. (i) PNC Bank shall hold all securities received by it for the account of the Fund 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. All such securities shall be held or disposed of only upon Written Instructions of the Fund pursuant to the terms of this Agreement. PNC Bank 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 and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transaction. In no case may any member of the Fund's Governing Board, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for its own convenience, PNC Bank may enter into sub-custodian agreements with other banks or trust companies to perform duties described in this sub-paragraph c. Such bank or trust company shall have an aggregate capital, surplus and undivided profits, according to its last published report, of at least one million dollars ($1,000,000), if it is a subsidiary or affiliate of PNC Bank, or at least twenty million dollars ($20,000,000) if such bank or trust company is not a subsidiary or affiliate of PNC Bank. In addition, such bank or trust company must agree to comply with the relevant provisions of the 1940 Act and other applicable rules and regulations. PNC Bank shall remain responsible for the performance of all of its duties as described in this Agreement and shall hold the Fund harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or omissions, under the standards of care provided for herein. (d).

Receipt of Securities. (ia) PNC Bank Except as provided by Paragraph 7 hereof, Provident shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and non-cash property received by it for the account of the Fund 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 SystemFund. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions of by Provident for the Fund pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions accompanied by a certified resolution of the Fund's Board of Directors authorizing the transaction, Provident shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing BoardDirector, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for In connection with its duties under this Paragraph 6, Provident may, at its own convenienceexpense, PNC Bank may enter into sub-custodian subcustodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by Provident for the account of the Fund pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a Provident subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a Provident subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with Provident to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank Provident shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund harmless from PNC Bank's own (the acts and omissions of any bank or any sub-custodian chosen by PNC Bank under the terms of trust company that it might choose pursuant to this sub-paragraph c) acts or omissions, under the standards of care provided for herein. (d)Paragraph 6.

Receipt of Securities. (ia) PNC Except as provided by Paragraph 7 hereof, Bank shall hold and physically segregate in separate accounts, identifiable at all times from those of any other persons, firms, or corporations, all securities and non-cash property received by it for the account of each portfolio of the Fund 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 SystemFund. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions by Bank for each portfolio of the Fund pursuant to the terms of this Agreement. PNC In the absence of Written Instructions accompanied by a certified resolution of the Fund's Board of Trustees authorizing the transaction, Bank shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing Boardtrustee, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for In connection with its duties under this Xxxxxxxxx 0, Xxxx may, at its own convenienceexpense, PNC Bank may enter into sub-sub- custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by Bank for the account of the Fund pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a Bank subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a Bank subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with Bank to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or and omissions, under the standards of care provided for herein. (d), of any bank or trust company that it might choose pursuant to this Paragraph 6 except to the extent that the Fund has entered into a separate sub-custody agreement with respect to the custody of any foreign securities owned by the Fund.

Receipt of Securities. (i) PNC Bank shall hold all securities received by it for the account of the Fund 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. All such securities shall be held or disposed of only upon Written Instructions of the Fund pursuant to the terms of this Agreement. PNC Bank 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 and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transaction. In no case may any member of the Fund's Governing Board, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for its own convenience, PNC Bank may enter into sub-sub- custodian agreements with other banks or trust companies to perform duties described in this sub-paragraph c. Such bank or trust company shall have an aggregate capital, surplus and undivided profits, according to its last published report, of at least one million dollars ($1,000,000), if it is a subsidiary or affiliate of PNC Bank, or at least twenty million dollars ($20,000,000) if such bank or trust company is not a subsidiary or affiliate of PNC Bank. In addition, such bank or trust company must agree to comply with the relevant provisions of the 1940 Act and other applicable rules and regulations. PNC Bank shall remain responsible for the performance of all of its duties as described in this Agreement and shall hold the Fund harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or omissions, under the standards of care provided for herein. (d).

Receipt of Securities. (i) PNC Bank The Custodian shall hold all securities and non cash property received by it for the account of the Fund a Portfolio in a separate account that physically segregates such securities from those of any other Portfolio, persons, firms or corporations, except for securities held in a Book-Entry System. All such securities and property shall be held or disposed of only upon Written Instructions of the Fund pursuant to the terms of this Agreement. PNC Bank The Custodian shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, except upon the express terms of this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing BoardBoard of Trustees, authorizing the transaction. In no case may any member of the Fund's Governing BoardBoard of Trustees, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bankthe Custodian's own expense and for its own convenience, PNC Bank the Custodian may enter into sub-custodian agreements with other United States banks or trust companies to perform duties described in this sub-paragraph c. Such bank or trust company shall have an aggregate capital, surplus and undivided profits, according to its last published report, of at least one million dollars ($1,000,000), if it is a subsidiary or affiliate of PNC Bankthe Custodian, or at least twenty million dollars ($20,000,000) if such bank or trust company is not a subsidiary or affiliate of PNC Bankthe Custodian. In addition, the Fund may authorize the Custodian to employ one or more sub-custodians for the Fund's securities and other assets maintained outside the United States. Any such bank domestic or trust company foreign sub-custodian must be qualified to act as custodian and agree to comply with the relevant provisions of the 1940 Act and other applicable rules and regulations. PNC Bank No such arrangement will be entered into without prior written approval of the Fund. The Custodian shall remain responsible for the performance of all of its duties as described in this Agreement and shall be liable to the Fund for, and shall indemnify and hold the Fund and each Portfolio harmless from PNC Bank's from, its own (acts or omissions and those of any domestic or foreign sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or omissionscustodian, under the standards of care provided for herein. The Fund may appoint or request the Custodian to appoint certain sub-custodians with respect to (d)including but not limited to) the facilitation of three party repurchase agreements. In such an event, the Custodian shall not be responsible for the performance or actions and omissions of any such sub-custodian.

Receipt of Securities. (ia) PNC Bank Except as provided by Paragraph 7 hereof, Provident shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and non-cash property received by it for the account of the Fund 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 SystemFund. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions of by Provident for the Fund pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions accompanied by a certified resolution of the Fund's Board of Directors authorizing the transaction, Provident shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing BoardDirector, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for In connection with its duties under this Paragraph 6 Provident may, at its own convenienceexpense, PNC Bank may enter into sub-custodian Custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by Provident for the account of the Fund pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a Provident subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a Provident subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with Provident to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank Provident shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or and omissions, under the standards of care provided for herein. (d), of any bank or trust company that it might choose pursuant to this Paragraph 6.

Receipt of Securities. (ia) PNC Bank Except as provided by Paragraph 7 hereof, Provident shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and other property received by it for the account of the Fund 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 SystemCovered Portfolios. All such securities and other property shall be held or disposed of only upon Written Instructions of by Provident for the Fund pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions accompanied by a certified resolution of the Fund’s Board of Directors authorizing the transaction, Provident shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing BoardDirector, or any officer, employee or agent of the Fund withdraw any securitiessecurities upon their mere receipt. At PNC Bank's own expense In connection with its customary and for normal duties under this Paragraph 6, Provident may, at its own convenienceexpense, PNC Bank may enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by Provident for the account of the Covered Portfolio’s pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a Provident subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a Provident subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with Provident to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank Provident shall remain responsible for the performance of all of its duties as described in under this Agreement and shall indemnify and hold the Fund harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or and omissions, under the standards standard of care provided for herein, of any bank or trust company that it might choose pursuant to this Paragraph 6. (d)Provident shall notify the Fund in the event that it appoints a sub-custodian hereunder and shall provide the Fund with such information in respect thereof as the Fund may reasonably request.

Receipt of Securities. (ia) PNC Bank PFPC Trust shall hold and physically segregate in separate accounts, identifiable at all times from those of any other persons, firms, or corporations, all securities and non-cash property received by it for the account of each portfolio of the Fund in a separate account that physically segregates such securities from those of any other persons, firms or corporationsFund, except for securities assets held in a the Book-Entry SystemSystem or through a sub-custodian or depository. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions by PFPC Trust for each portfolio of the Fund pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions authorizing the transaction, PFPC Trust shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing BoardDirector, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for PFPC Trust may, at its own convenienceexpense, PNC Bank may enter into sub-custodian agreements with other banks or trust companies regarding the custody of certain domestic securities and cash to perform duties described in be held by PFPC Trust for the account of the Fund pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a PFPC Trust subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a PFPC Trust subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with PFPC Trust to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank In addition, PFPC Trust may enter into arrangements with sub-custodians with respect to services regarding foreign assets; any such arrangement will not be entered into without prior written notice to the Fund (or as otherwise provided in the 1940 Act). Sub-custodians utilized by PFPC Trust may be subsidiaries or affiliates of PFPC Trust, and such entities will be compensated for their services at such rates as are agreed between the entity and PFPC Trust. PFPC Trust shall remain responsible for the performance acts and omissions of all of its duties as described in this Agreement and shall hold the Fund harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank PFPC Trust under the terms of this sub-paragraph cParagraph 6(a) to the same extent that PFPC Trust is responsible for its own acts or omissions, and omissions under the standards of care provided for herein. (d)this Agreement.

Receipt of Securities. (ia) Except as provided by Paragraph 7 hereof, PNC Bank shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and non-cash property received by it for the account of the Fund 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 SystemCompany. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions of by PNC Bank for the Fund Company pursuant to the terms of this Agreement. In the absence of Written Instructions accompanied by a certified resolution of the Company's Board of Trustees authorizing the transaction, PNC Bank shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing Boardtrustee, or any officer, employee or agent of the Fund Company withdraw any securities. At PNC Bank's own expense and for In connection with its duties under this Xxxxxxxxx 0, XXX Xxxx may, at its own convenienceexpense, PNC Bank may enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by PNC Bank for the account of the Company pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a PNC Bank subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a PNC Bank subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with PNC Bank to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund Company harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or and omissions, under the standards of care provided for herein. (d), of any bank or trust company that it might choose pursuant to this Paragraph 6.

Receipt of Securities. (ia) PNC Bank Except as provided by Paragraph 7 (use of Book-Entry System) hereof, Provident shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and non-cash property received by it for the account of each Class of the Fund 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 SystemFund. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions by Provident for each Class of the Fund pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions accompanied by a certified resolution of the Fund's Board of Directors authorizing the transaction, Provident shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investmentand investments, except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing Boarddirector, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for In connection with its duties under this Paragraph 6, Provident may, at its own convenienceexpense, PNC Bank may enter into sub-custodian subcustodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by Provident for the account of any Class of the Fund pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than twenty million dollars ($20,000,000) and that such bank or trust company agrees with Provident to comply with all relevant provisions of the 1940 Act and applicable rules and regulations thereunder; except in the case of a bank or trust company that is a direct or indirect subsidiary or affiliate of PNC Financial Corp, in which case its aggregate capital, surplus and undivided profits shall be not less than one million dollars ($1,000,000), if it is a subsidiary or affiliate of PNC Bank, or at least twenty million dollars ($20,000,000) if such bank or trust company is not a subsidiary or affiliate of PNC Bank. In addition, such bank or trust company must agree to comply with the relevant provisions of the 1940 Act and other applicable rules and regulations. PNC Bank Provident shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund harmless from PNC Bank's own (the acts and omissions of any bank or any sub-custodian chosen by PNC Bank under the terms of trust company that it might choose pursuant to this sub-paragraph c) acts or omissions, under the standards of care provided for herein. (d)Paragraph 6.

Receipt of Securities. (ia) PNC Bank Except as provided by Paragraph 7 hereof, Provident shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and other property received by it for the account of the Fund 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 SystemCovered Portfolios. All such securities and other property shall be held or disposed of only upon Written Instructions of by Provident for the Fund pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions accompanied by a certified resolution of the Fund's Board of Directors authorizing the transaction, Provident shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing BoardDirector, or any officer, employee or agent of the Fund withdraw any securitiessecurities upon their mere receipt. At PNC Bank's own expense In connection with its customary and for normal ties under this Paragraph 6, Provident may, at its own convenienceexpense, PNC Bank may enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by Provident for the account of the Covered Portfolio's pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a Provident subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a Provident subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with Provident to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank Provident shall remain responsible for the performance of all of its duties as described in under this Agreement and shall indemnify and hold the Fund harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or and omissions, under the standards standard of care provided for herein, of any bank or trust company that it might choose pursuant to this Paragraph 6. (d)Provident shall notify the Fund in the event that it appoints a sub-custodian hereunder and shall provide the Fund with such information in respect thereof as the Fund may reasonably request.

Receipt of Securities. (ia) PNC Except as provided by Paragraph 7 hereof, the Bank shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and non-cash property received by it for the account of the Fund 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 SystemFund. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions of by the Bank for the Fund pursuant to the terms of this Agreement. PNC In the absence of Written Instructions accompanied by a certified resolution of the Fund's Board of Trustees authorizing the transaction, the Bank shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing Boarddirector, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for In connection with its duties under this Paragraph 6, the Bank may, at its own convenienceexpense, PNC Bank may enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by the Bank for the account of the Fund pursuant to this sub-paragraph c. Such Agreement, provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least one not less than ten million dollars ($1,000,000), if it is a subsidiary or affiliate of PNC Bank, or at least twenty million dollars ($20,000,00010,000,000) if and that such bank or trust company is not a subsidiary or affiliate of PNC Bank. In addition, such bank or trust company must agree agrees with the Bank to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC The Bank shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or and omissions, under the standards of care provided for herein. (d)applicable to the Bank under Paragraph 22 hereof, of any bank or trust company that it might choose pursuant to this Paragraph 6 or of the Book-Entry System.

Receipt of Securities. (ia) PNC Bank Except as provided by Paragraph 7 hereof, Provident shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and other property received by it for the account of the Fund 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 SystemFund. All such securities and other property shall be held or disposed of only upon Written Instructions of by Provident for the Fund pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions accompanied by a certified resolution of the Fund's Board of Directors authorizing the transaction, Provident shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing BoardDirector, or any officer, employee or agent of the Fund withdraw any securitiessecurities upon their mere receipt. At PNC Bank's own expense In connection with its customary and for normal duties under this Paragraph 6, Provident may, at its own convenienceexpense, PNC Bank may enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by Provident for the account of the Fund pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a Provident subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a Provident subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with Provident to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank Provident shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund harmless from PNC Bank's own (the acts and omissions of any bank or trust company that it might choose pursuant to this Paragraph 6. Provident shall notify the Fund in any event that it appoints a sub-custodian chosen by PNC Bank under hereunder and shall provide the terms of this sub-paragraph c) acts or omissions, under Fund with such information in respect thereof as the standards of care provided for herein. (d)Fund may reasonable request.

Receipt of Securities. (ia) Except as provided by Paragraph 7 hereof, PNC Bank shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and non- cash property received by it for the account of the Fund 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 SystemCompany. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions of by PNC Bank for the Fund Company pursuant to the terms of this Agreement. In the absence of Written Instructions accompanied by a certified resolution of the Company's Board of Trustees authorizing the transaction, PNC Bank shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing Boardtrustee, or any officer, employee or agent of the Fund Company withdraw any securities. At PNC Bank's own expense and for In connection with its duties under this Xxxxxxxxx 0, XXX Xxxx may, at its own convenienceexpense, PNC Bank may enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by PNC Bank for the account of the Company pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a PNC Bank subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a PNC Bank subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with PNC Bank to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund Company harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or and omissions, under the standards of care provided for herein. (d), of any bank or trust company that it might choose pursuant to this Paragraph 6.

Receipt of Securities. (ia) PNC Bank Except as provided by Paragraph 7 hereof, LTCB shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations; all securities and non-cash property received by it for the account of the Fund 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 SystemCompany. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions of by LTCB for the Fund Company pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions LTCB shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, except upon the express terms of this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactioninvestments. In no case may any member of the Fund's Governing BoardDirector, or any officer, employee or agent of the Fund Company withdraw any securitiessecurities other than pursuant to this Agreement. At PNC Bank's own expense and for In connection with its duties under this Xxxxxxxxx 0, XXXX may, at its own convenienceexpense, PNC Bank may enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by LTCB for the account of the Company pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a LTCB subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a LTCB subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with LTCB to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank LTCB shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund Company harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or and omissions, under the standards of care provided for herein. (d), of any bank or trust company that it might choose pursuant to this Paragraph 6.

Receipt of Securities. (ia) PNC Bank Except as provided in Paragraph 7 hereof, CFNB shall hold and physically segregate in a separate account identifiable at all times from those of any other persons, firms, or corporations, all securities and non-cash property received by it for the account of the Fund 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 SystemFund. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions of by CFNB for the Fund pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions accompanied by a certified resolution of the Company's Board of Directors authorizing the specific transaction, CFNB shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge pledge, or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing BoardDirector, or any officer, employee employee, or agent of the Fund Company withdraw any securities. At PNC Bank's In connection with its duties under this Paragraph 6, CFNB may, at it own expense and for its own convenienceexpense, PNC Bank may enter into sub-custodian subcustodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by CFNB for the account of the Fund pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least one million not less than five hundred thousand dollars ($1,000,000), if it is a subsidiary or affiliate of PNC Bank, or at least twenty million dollars ($20,000,000500,000.00) if and that such bank or trust company is not a subsidiary or affiliate of PNC Bank. In addition, such bank or trust company must agree agrees with CFNB to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank CFNB shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund Company harmless from PNC Bank's own (the acts and omissions of any bank or any sub-custodian chosen by PNC Bank under the terms of trust company that it might choose pursuant to this sub-paragraph c) acts or omissions, under the standards of care provided for herein. (d)Paragraph 6.

Receipt of Securities. (ia) PNC Bank Except as provided by Paragraph 7 hereof, Provident shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and non-cash property received by it for the account of the Fund 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 Systemeach Portfolio. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions of the Fund by Provident for each Portfolio pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions accompanied by a certified resolution of the Board of Directors of Penn Series authorizing the transaction, Provident shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing Boarddirector, or any officer, employee or agent of the Fund Penn Series withdraw any securities. At PNC Bank's own expense and for In connection with its duties under this Paragraph 6, Provident may, at its own convenienceexpense, PNC Bank may enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by Provident for the account of a Portfolio pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is .) for a Provident subsidiary or affiliate affiliate,.or of PNC Bank, or at least not less than twenty million dollars ($20,000,000) if such bank or trust company is not a Provident subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with Provident to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank Provident shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund harmless from PNC Bank's own (or with respect to assets of each Portfolio held under any sub-custodian chosen agreement entered into by PNC Bank under Provident and shall hold each Portfolio harmless from the terms of this sub-paragraph c) acts or and omissions, under the standards of care provided for herein. , of any bank or trust company (d)except a foreign sub- custodian) that it might choose pursuant to this Paragraph 6.

Receipt of Securities. (ia) PNC Bank Except as provided by Paragraphs 7(c), 8, 27, or 28(g) hereof, and except as otherwise directed by Oral or Written Instructions described in Paragraph 11 hereof, Sub-Custodian shall hold and physically segregate in a separate account with respect to each Fund, identifiable from those of any other person, all securities and non-cash property received by it for the account of the Fund 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 SystemFunds. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions of the by Sub-Custodian for each Fund pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions accompanied by a certified resolution authorizing the specific transaction by the Company's Board of Directors, and subject to Paragraph 25 hereof, Sub-Custodian shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investmentand investments, except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing Boarddirector, or any officer, employee or agent of the Fund Company or of Custodian withdraw any securities. At PNC Bank's own expense In connection with its duties under this Paragraph 7(a), Sub-Custodian may, with the prior written approval of Company and for its own convenienceCustodian, PNC Bank may enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to perform duties described in be held by Sub-Custodian for the account of a Fund pursuant to this sub-paragraph c. Such Agreement; provided that each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a Sub-Custodian subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company for a sub-custodian that is not a subsidiary or affiliate of PNC Bank. In addition, Sub-Custodian and that in either case such bank or trust company must agree agrees with Sub-Custodian to comply with the relevant provisions of the 1940 Act and other applicable rules and regulations. PNC Bank shall remain responsible for the regulations thereunder applicable to its performance of all its services. Sub-Custodian will provide the Company and Custodian with a copy of its duties as described in this Agreement and shall hold the Fund harmless from PNC Bank's own (or any each sub-custodian chosen by PNC Bank under the terms agreement it executes pursuant to this Paragraph 7(a). Sub-Custodian shall be liable for acts or omissions of this any such sub-paragraph c) acts or omissionscustodian selected by it pursuant to this Paragraph 7(a), under the standards of care provided for herein, except for any such sub-custodian engaged at the specific direction of the Funds. (d)Notwithstanding anything herein to the contrary, this Paragraph 7(a) shall not apply to Sub-Custodian's engagement of foreign sub-custodians, which shall instead be governed by Paragraph 27 hereof.

Receipt of Securities. (ia) PNC Bank Except as provided by Paragraph 7 hereof, Bessemer shall hold and physically segregate in a separate account, identifiable at all times from those of any other persons, firms, or corporations, all securities and non-cash property received by it for the account of the Fund 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 SystemFund. All such securities shall and non-cash property are to be held or disposed of only upon Written Instructions of by Bessemer for the Fund pursuant to the terms of this Agreement. PNC Bank In the absence of Written Instructions accompanied by a certified resolution of the Fund’s Board of Directors authorizing the transaction, Bessemer shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities or investment, and investments except upon in accordance with the express terms of provided for in this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transactionAgreement. In no case may any member of the Fund's Governing Boarddirector, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for In connection with its duties under this Paragraph 6, Bessemer may, at its own convenienceexpense, PNC Bank may enter into sub-custodian subcustodian agreements with other banks or r trust companies for the receipt of certain securities and cash to perform duties described in be held by Bessemer for the account of the Fund pursuant to this sub-paragraph c. Such Agreement; provided the each such bank or trust company shall have has an aggregate capital, surplus and undivided profits, according to as shown by its last published report, of at least not less than one million dollars ($1,000,000), if it is ) for a Bessemer subsidiary or affiliate of PNC Bankaffiliate, or at least of not less than twenty million dollars ($20,000,000) if such bank or trust company is not a Bessemer subsidiary or affiliate of PNC Bank. In addition, and that in either case such bank or trust company must agree agrees with Bessemer to comply with the all relevant provisions of the 1940 Act and other applicable rules and regulationsregulations thereunder. PNC Bank Bessemer shall remain responsible for the performance of all of its duties as described in under this Agreement and shall hold the Fund harmless from PNC Bank's own (the acts and omissions of any bank or any sub-custodian chosen by PNC Bank under the terms of trust company that it might choose pursuant to this sub-paragraph c) acts or omissions, under the standards of care provided for herein. (d)Paragraph 6.