Common use of Rights Offerings Clause in Contracts

Rights Offerings. Promptly after the Custodian becomes aware thereof, the Custodian shall notify the Client of any rights offering by an issuer of Securities. If the Client does not send an Authorized Instruction to the Custodian regarding the exercise of rights under such offering by the deadline set by the Custodian in such notice, then to the extent permitted by applicable law and consistent with local market practice, the Custodian or the applicable Subcustodian shall sell such rights in the principal market for such rights and deposit the proceeds of such sale in the Cash Account.

Rights Offerings. Promptly after the Custodian becomes aware thereof, the Custodian shall notify the Client of any rights offering by an issuer of Securities. If the Client does not send an Authorized Instruction to the Custodian regarding the exercise of rights under such offering by the reasonable deadline set by the Custodian in such notice, then to the extent permitted by applicable law and consistent with local market practice, the Custodian or the applicable Subcustodian shall sell such rights in the principal market for such rights and deposit the proceeds of such sale in the Cash Account.

Rights Offerings. Promptly after the Custodian becomes ---------------- aware thereof, the Custodian shall notify the Client of any rights offering by an issuer of Securities. If the Client does not send an Authorized Instruction to the Custodian regarding the exercise of rights under such offering by the deadline set by the Custodian in such notice, then to the extent permitted by applicable law and consistent with local market practice, the Custodian or the applicable Subcustodian shall sell such rights in the principal market for such rights and deposit the proceeds of such sale in the Cash Account.