Common use of Treatment of Cash Clause in Contracts

Treatment of Cash. (a) Upon receipt of Proper Instructions, the Custodian shall arrange for the purchase of Interest Bearing Deposits, mutual funds designated in writing by a Fund (including, without limitation, money market funds and any other mutual fund with respect to which Custodian or an Affiliate of Custodian serves as an investment adviser, administrator, shareholder servicing agent, and/or custodian or subcustodian) or any other investment option that the Custodian makes available for such purposes and which the Fund selects through such Proper Instructions with cash maintained in the U.S. credited to the Account of a Fund or Series. The Custodian shall purchase such Interest Bearing Deposits in the name of the Custodian on behalf of the applicable Fund or Series with such Banking Institutions and in such amounts as the applicable Fund or Series may direct pursuant to Proper Instructions. Such Interest Bearing Deposits may be denominated in U.S. dollars or other currencies, where available, as the applicable Fund or Series may determine and direct pursuant to Proper Instructions. The Custodian shall include in its records with respect to the assets of each Fund or Series appropriate notation as to the amount and currency of each such Interest Bearing Deposit, the accepting Banking Institution and all other appropriate details, and shall receive and retain such forms of advice or receipt, if any, evidencing such Interest Bearing Deposit as may be forwarded to the Custodian by the Banking Institution. The responsibilities of the Custodian to each Fund for Interest Bearing Deposits accepted on the Custodian’s books in the United States on behalf of a Fund or Series shall be that of an U.S. bank for a similar deposit. Furthermore, in this regard, Custodian is directed automatically to arrange for the redemption of such mutual fund shares as may be necessary to avoid any potential overdraft hereunder that Custodian reasonably believes is likely to occur based upon the information available to Custodian at the time of such redemption or withdrawal. (b) The Custodian shall settle the purchase of Interest Bearing Deposits, mutual funds or other investments on behalf of the applicable Fund or Series with another Banking Institution and in such amounts as the applicable Fund or Series may direct pursuant to Proper Instructions. With respect to such settlement, the Custodian shall include in its records a notation as to the amount and a description of each such investment and the Custodian shall be responsible for the collection of income as set forth in Section 3.17; provided, so long as the Custodian acts in accordance with Section 6.01(a) of this Agreement, the Custodian shall have no responsibility for the failure of such Banking Institution to pay upon demand. As mutually agreed from time to time by a Fund and the Custodian, the Custodian shall be responsible for the prudent selection and monitoring of a Banking Institution. The Custodian shall not be liable for the insolvency of any Banking Institution that is not a branch or Affiliate of the Custodian. Upon receipt of Proper Instructions, the Custodian shall take such commercially reasonable actions as the applicable Fund deems necessary or appropriate to cause each such Interest Bearing Deposit to be insured to the maximum extent possible by all applicable insurers including, without limitation, the Federal Deposit Insurance Corporation (it being understood and acknowledged that such deposits are not eligible for “pass-through” insurance). (c) Except as otherwise provided in this Section 3.13, all cash credited to a Fund’s account will be deposited during the period it is credited to one or more deposit accounts at Custodian or a Subcustodian subject to compliance with applicable law, including, without limitation, any restrictions on transactions in the applicable currency imposed by the country of the applicable currency. Any cash credited to an account on the basis of a notice or an interim credit from a third party, may be reversed if Custodian does not receive final payment in a timely manner. Custodian will notify the Funds promptly of any such reversal.

Treatment of Cash. (a) Upon receipt of Proper Instructions, the Custodian shall arrange for the purchase of Interest Bearing Deposits, mutual funds designated in writing by a Fund (including, without limitation, money market funds the JPMorgan Money Market Funds and any other mutual fund with respect to which Custodian or an Affiliate of Custodian serves as an investment adviser, administrator, shareholder servicing agent, and/or custodian or subcustodian) or any other investment option that the Custodian makes available for such purposes and which the Fund selects through such Proper Instructions with cash maintained in the U.S. credited to the Account of a Fund or Series. The Custodian shall purchase such Interest Bearing Deposits in the name of the Custodian on behalf of the applicable Fund or Series with such Banking Institutions and in such amounts as the applicable Fund or Series may direct pursuant to Proper Instructions. Such Interest Bearing Deposits may be denominated in U.S. dollars or other currencies, where available, as the applicable Fund or Series may determine and direct pursuant to Proper Instructions. The Custodian shall include in its records with respect to the assets of each Fund or Series appropriate notation as to the amount and currency of each such Interest Bearing Deposit, the accepting Banking Institution and all other appropriate details, and shall receive and retain such forms of advice or receipt, if any, evidencing such Interest Bearing Deposit as may be forwarded to the Custodian by the Banking Institution. The responsibilities of the Custodian to each Fund for Interest Bearing Deposits accepted on the Custodian’s books in the United States on behalf of a Fund or Series shall be that of an U.S. bank for a similar deposit. Furthermore, in this regard, Custodian is directed automatically to arrange for the redemption of such mutual fund shares as may be necessary to avoid any potential overdraft hereunder that Custodian reasonably believes is likely to occur based upon the information available to Custodian at the time of such redemption or withdrawal. The Funds acknowledge that investments in mutual fund shares are not insured by the Federal Deposit Insurance Corporation (“FDIC”) and are not obligations of or guaranteed by Custodian. The Fund further acknowledges that certain services for which Custodian is paid fees by mutual funds in which the Fund invests may overlap with the services Custodian provides under this Agreement. (b) The Custodian shall settle the purchase of Interest Bearing Deposits, mutual funds or other investments on behalf of the applicable Fund or Series with another Banking Institution and in such amounts as the applicable Fund or Series may direct pursuant to Proper Instructions. With respect to such settlement, the Custodian shall include in its records a notation as to the amount and a description of each such investment and the Custodian shall be responsible for the collection of income as set forth in Section 3.17; provided, so long as the Custodian acts in accordance with Section 6.01(a) of this Agreement, the Custodian shall have no responsibility for the failure of such Banking Institution to pay upon demand. As mutually agreed from time to time by a Fund and the Custodian, the Custodian shall be responsible for the prudent selection and monitoring of a Banking Institution. The Custodian shall not be liable for the insolvency of any Banking Institution that is not a branch or Affiliate of the Custodian. Upon receipt of Proper Instructions, the Custodian shall take such commercially reasonable actions as the applicable Fund deems necessary or appropriate to cause each such Interest Bearing Deposit to be insured to the maximum extent possible by all applicable insurers including, without limitation, the Federal Deposit Insurance Corporation (it being understood and acknowledged that such deposits are not eligible for “pass-through” insurance). (c) Except as otherwise provided in this Section 3.13, all cash credited to a Fund’s account will be deposited during the period it is credited to the accounts in one or more deposit accounts at Custodian or a Subcustodian at Custodian’s London Branch. Any cash so deposited Custodian’s London Branch will be payable exclusively by Custodian’s London Branch in the applicable currency, subject to compliance with applicable law, including, without limitation, any restrictions on transactions in the applicable currency imposed by the country of the applicable currency. Any cash credited to an account on the basis of a notice or an interim credit from a third party, may be reversed if Custodian does not receive final payment in a timely manner. Custodian will notify the Funds Customer promptly of any such reversal.

Treatment of Cash. (a) Upon receipt of Proper Instructions, the Custodian shall arrange for the purchase of Interest Bearing Deposits, mutual funds designated in writing by a Fund (including, without limitation, money market funds and any other mutual fund with respect to which Custodian or an Affiliate of Custodian serves as an investment adviser, administrator, shareholder servicing agent, and/or custodian or subcustodian) or any other investment option that the Custodian makes available for such purposes and which the Fund selects through such Proper Instructions with cash maintained in the U.S. credited to the Account of a Fund or Series. The Custodian shall purchase such Interest Bearing Deposits in the name of the Custodian on behalf of the applicable Fund or Series with such Banking Institutions and in such amounts as the applicable Fund or Series may direct pursuant to Proper Instructions. Such Interest Bearing Deposits may be denominated in U.S. dollars or other currencies, where available, as the applicable Fund or Series may determine and direct pursuant to Proper Instructions. The Custodian shall include in its records with respect to the assets of each Fund or Series appropriate notation as to the amount and currency of each such Interest Bearing Deposit, the accepting Banking Institution and all other appropriate details, and shall receive and retain such forms of advice or receipt, if any, evidencing such Interest Bearing Deposit as may be forwarded to the Custodian by the Banking Institution. The responsibilities of the Custodian to each Fund for Interest Bearing Deposits accepted on the Custodian’s 's books in the United States on behalf of a Fund or Series shall be that of an U.S. bank for a similar deposit. Furthermore, in this regard, Custodian is directed automatically to arrange for the redemption of such mutual fund shares as may be necessary to avoid any potential overdraft hereunder that Custodian reasonably believes is likely to occur based upon the information available to Custodian at the time of such redemption or withdrawal. (b) The Custodian shall settle the purchase of Interest Bearing Deposits, mutual funds or other investments on behalf of the applicable Fund or Series with another Banking Institution and in such amounts as the applicable Fund or Series may direct pursuant to Proper Instructions. With respect to such settlement, the Custodian shall include in its records a notation as to the amount and a description of each such investment and the Custodian shall be responsible for the collection of income as set forth in Section 3.17; provided, so long as the Custodian acts in accordance with Section 6.01(a) of this Agreement, the Custodian shall have no responsibility for the failure of such Banking Institution to pay upon demand. As mutually agreed from time to time by a Fund and the Custodian, the Custodian shall be responsible for the prudent selection and monitoring of a Banking Institution. The Custodian shall not be liable for the insolvency of any Banking Institution that is not a branch or Affiliate of the Custodian. Upon receipt of Proper Instructions, the Custodian shall take such commercially reasonable actions as the applicable Fund deems necessary or appropriate to cause each such Interest Bearing Deposit to be insured to the maximum extent possible by all applicable insurers including, without limitation, the Federal Deposit Insurance Corporation (it being understood and acknowledged that such deposits are not eligible for “"pass-through” " insurance). (c) Except as otherwise provided in this Section 3.13, all cash credited to a Fund’s account will be deposited during the period it is credited to one or more deposit accounts at Custodian or a Subcustodian subject to compliance with applicable law, including, without limitation, any restrictions on transactions in the applicable currency imposed by the country of the applicable currency. Any cash credited to an account on the basis of a notice or an interim credit from a third party, may be reversed if Custodian does not receive final payment in a timely manner. Custodian will notify the Funds promptly of any such reversal.