Common use of SALE AND REDEMPTION OF SHARES Clause in Contracts

SALE AND REDEMPTION OF SHARES. 1. Whenever the Fund shall sell any shares issued by the Fund ("Shares") it shall deliver to Custodian a Certificate or Instructions specifying the amount of money and/or Securities to be received by Custodian for the sale of such Shares and specifically allocated to an Account for such Series. 2. Upon receipt of such money, Custodian shall credit such money to an Account in the name of the Series for which such money was received. 3. Except as provided hereinafter, whenever the Fund desires Custodian to make payment out of the money held by Custodian hereunder in connection with a redemption of any Shares, it shall furnish to Custodian: (a) a resolution of the Fund's Board directing the Fund's transfer agent to redeem the Shares, and (b) a Certificate specifying the number and Series of Shares redeemed, and the amount to be paid for such Shares. 4. Upon receipt from the Fund's transfer agent of an advice setting forth the Series and number of Shares received by such transfer agent for redemption and that such Shares are in good form for redemption, the Custodian shall make payment to such transfer agent, out of the money held in the Account of the appropriate Series, of the total amount specified in the Certificate issued pursuant to the foregoing paragraph 3 of this Article.

SALE AND REDEMPTION OF SHARES. 1. Whenever the Fund shall sell any shares issued by the Fund ("Shares") Shares it shall deliver to Custodian a Certificate or Instructions specifying the amount of money and/or Securities to be received by Custodian for the sale of such Shares and specifically allocated to an Account for such Series. 2. Upon receipt of such money, Custodian shall credit such money to an Account in the name of the Series for which such money was received. 3. Except as provided hereinafter, whenever the Fund desires Custodian to make payment out of the money held by Custodian hereunder in connection with a redemption of any Shares, it shall furnish to Custodian: (a) a resolution of the Fund's Board directing the Fund's transfer agent to redeem the Shares, and (b) Custodian a Certificate or Instructions specifying the number and Series of Shares redeemed, and the total amount to be paid for such Shares. Custodian shall make payment of such total amount to the transfer agent specified in such Certificate or Instructions out of the money held in an Account of the appropriate Series. 4. Upon receipt Notwithstanding the above provisions regarding the redemption of any Shares, whenever any Shares are redeemed pursuant to any check redemption privilege which may from time to time be offered by the Fund's transfer agent , Custodian, unless otherwise instructed by a Certificate or Instructions, shall, upon presentment of an advice setting forth such check, charge the Series and number of Shares received by such transfer agent for redemption and that such Shares are in good form for redemption, the Custodian shall make payment to such transfer agent, out of amount thereof against the money held in the Account of the appropriate Series, Series of the total amount specified in Shares being redeemed, provided, that if the Certificate issued pursuant Fund or its agent timely advises Custodian that such check is not to the foregoing paragraph 3 of this Articlebe honored, Custodian shall return such check unpaid.