Common use of Street Delivery Clause in Contracts

Street Delivery. In connection with delivery in New York City and upon receipt of Proper Instructions, which in the case of registered securities may be standing instructions, release securities owned by a Portfolio upon receipt of a written receipt for such securities to the broker selling the same for examination in accordance with the existing "street delivery" custom. In such case, Provident shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities, except as may arise from Provident's own negligence or willful misconduct. In every instance, either payment in full for such securities shall be made or such securities shall be returned to Provident that same day. In the event existing "street delivery" custom is modified, Provident shall obtain authorization from the Board of Trustees of the Fund prior to any use of such modified "street delivery" custom.

Street Delivery. In connection with delivery in New York City and upon receipt of Proper Instructions, which in the case of registered securities may be standing instructions, release securities owned by a Portfolio upon receipt of a written receipt for such securities to the broker selling the same for examination in accordance with the existing "street delivery" custom. In such case, Provident shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities, except as may arise from Provident's own negligence or willful misconduct. In every instance, either payment in full for such securities shall be made or such securities shall be returned to Provident that same day. In the event existing "street delivery" custom is modified, Provident shall obtain authorization from the Board of Trustees Directors of the Fund prior to any use of such modified "street delivery" custom.