Common use of Trade Settlement Clause in Contracts

Trade Settlement. The Fund acknowledges that transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs and assumes full responsibility for all risks involved in connection with the Custodian’s delivery of Securities pursuant to Authorized Instructions in accordance with local market practice. The Custodian agrees that where consistent with local market practice (a) if instructed to deliver Securities against receipt of payment, delivery of such Securities and receipt of payment therefor must be completed simultaneously and that (b) if instructed to deliver payment against receipt of securities, delivery of such payment and receipt of securities therefor must be completed simultaneously. If unable to do so, the Custodian will notify the Fund as soon as practicable after receipt of Authorized Instructions.