Common use of Restriction of MSAM's Powers Clause in Contracts

Restriction of MSAM's Powers. (a) MSAM shall not commit the Fund to any extent beyond the amount of the cash and securities placed by the Fund under the control of MSAM. (b) In carrying out its duties hereunder MSAM shall comply with all reasonable instruction of the Fund or VKAC in connection therewith. Such instructions may be given by letter, telex, telefax or telephone confirmed by telex, by the Trustees or by any other person authorized by a resolution of the Trustees provided a certified copy of such resolution has been supplied to MSAM. (c) All securities, cash, and other assets of the Fund shall be placed and maintained in the care of a member bank of the Federal Reserve System of the United States approved by the Trustees as custodian and one or more "Eligible Foreign Custodians" (as defined in Rule 17f-5 under the Investment Company Act of 1940 (the "1940 Act")) approved by the Trustees as sub-custodians. (d) Persons authorized by resolution of the Trustees shall have the right to inspect and copy contracts, notes, vouchers, and copies of entries in books or electronic recording media relating to the Fund's transactions at the registered office of MSAM at any time during normal business hours. Such records, in relation to each transaction effected by MSAM on behalf of the Fund shall be maintained by MSAM for a period of seven years from the date of such transaction.

Restriction of MSAM's Powers. (a) MSAM shall not commit the Fund to any extent beyond the amount of the cash and securities placed by the Fund under the control of MSAM. (b) i. In carrying out its duties hereunder hereunder, MSAM shall comply with all reasonable instruction instructions of the Fund Company or VKAC in connection therewith. Such instructions may be given by letter, telex, telefax or telephone confirmed by telex, by the Trustees Directors or by any other person authorized by a resolution of the Trustees Directors provided a certified copy of such resolution has been supplied to MSAM. (c) ii. All securities, cash, cash and other assets of the Fund Funds shall be placed and maintained in the care of a member bank of the Federal Reserve System of the United States approved by the Trustees Directors as custodian and one or more "Eligible Foreign Custodians" (as defined in Rule 17f-5 under the Investment Company Act of 1940 1940, as amended (the "1940 Act")) approved by the Trustees Directors as sub-custodians. (d) iii. Persons authorized by resolution of the Trustees Directors shall have the right to inspect and copy contracts, notes, vouchers, and copies of entries in books or electronic recording media relating to the FundCompany's transactions at the registered office of MSAM at any time during normal business hours. Such records, in relation to each transaction effected by MSAM on behalf of the Fund Company shall be maintained by MSAM for a period of seven years from the date of such transaction.

Restriction of MSAM's Powers. (a) MSAM shall not commit the Fund to any extent beyond the amount of the cash and securities placed by the Fund under the control of MSAM. (b) In carrying out its duties hereunder MSAM shall comply with all reasonable instruction of the Fund or VKAC VK in connection therewith. Such instructions may be given by letter, telex, telefax or telephone confirmed by telex, by the Trustees or by any other person authorized by a resolution of the Trustees provided a certified copy of such resolution has been supplied to MSAM. (c) All securities, cash, and other assets of the Fund shall be placed and maintained in the care of a member bank of the Federal Reserve System of the United States approved by the Trustees as custodian and one or more "Eligible Foreign Custodians" (as defined in Rule 17f-5 under the Investment Company Act of 1940 (the "1940 Act")) approved by the Trustees as sub-custodians. (d) Persons authorized by resolution of the Trustees shall have the right to inspect and copy contracts, notes, vouchers, and copies of entries in books or electronic recording media relating to the Fund's transactions at the registered office of MSAM at any time during normal business hours. Such records, in relation to each transaction effected by MSAM on behalf of the Fund shall be maintained by MSAM for a period of seven years from the date of such transaction.