Common use of Reinvestment of Earnings Clause in Contracts

Reinvestment of Earnings. In the absence of instructions pursuant to Section 3, distributions of every nature which are received in respect of the assets in a Depositor’s Custodial Account shall be reinvested as described as follows: (a) In the case of a distribution in respect of Investment Company Shares which may be received, the Custodian shall elect to receive such distribution in additional Shares of that Investment Company. (b) In the case of any other distribution of any nature received in respect of assets in the Custodial Account, the distribution shall be liquidated to cash, if necessary, and shall be reinvested in accordance with the Depositor’s instructions pursuant to Section 3.

Reinvestment of Earnings. In the absence of instructions pursuant to Section 3, distributions of every nature which are received in respect of the assets in a Depositor’s the Custodial Account shall be reinvested as described as follows: (a) In the case of a distribution in respect of Investment Company Shares which may be received, the Custodian shall elect to receive such distribution in additional Shares of that Investment Company. (b) In the case of any other distribution of any nature received in respect of assets in the Custodial Account, the distribution shall be liquidated to cash, if necessary, and shall be reinvested in accordance with the Depositor’s instructions pursuant to provisions of Section 33(d) above.

Reinvestment of Earnings. In the absence of instructions pursuant to Section 3, distributions of every nature which are received in respect of the assets in a Depositor’s the Custodial Account shall be reinvested as described as follows: (a) In the case of a distribution in respect of Investment Company Shares which may be received, the Custodian shall elect to receive such distribution in additional Shares of that Investment Company. (b) In the case of any other distribution of any nature received in respect of assets in the Custodial Account, the distribution shall be liquidated to cash, if necessary, and shall be reinvested in accordance with the Depositor’s instructions pursuant to provisions of Section 33(c) above.