USE OF DIRECT PAPER SYSTEM FOR COMMERCIAL PAPER. Provided (i) the Bank has received a certified copy of a resolution of the Fund's Directors specifically approving participation in a system maintained by the Bank for the holding of commercial paper in direct paper form ("Direct Paper") and (ii) for each year following such approval the Directors of the Fund have received and approved the arrangements, upon receipt of Proper Instructions and upon receipt of confirmation from an Issuer (as defined below) that the Fund has purchased such Issuer's Direct Paper, the Bank shall issue and hold in direct paper form, on behalf of the Fund, commercial paper issued by issuers with whom the Bank has entered into a direct paper agreement (the "Issuers"). In maintaining its Direct Paper System, the Bank agrees that:
Appears in 11 contracts
Samples: Custodian Agreement (Value Line Fund Inc), Custodian Agreement (Value Line Asset Allocation Fund Inc), Custodian Agreement (Value Line Us Multinational Co Fund Inc)
USE OF DIRECT PAPER SYSTEM FOR COMMERCIAL PAPER. Provided (i) the Bank has received a certified copy of a resolution of the Fund's Directors Trustees specifically approving participation in a system maintained by the Bank for the holding of commercial paper in direct paper form ("Direct Paper") and (ii) for each year following such approval the Directors Trustees of the Fund have received and approved the arrangements, upon receipt of Proper Instructions and upon receipt of confirmation from an Issuer (as defined below) that the Fund has purchased such Issuer's Direct Paper, the Bank shall issue and hold in direct paper form, on behalf of the Fund, commercial paper issued by issuers with whom the Bank has entered into a direct paper agreement (the "Issuers"). In maintaining its Direct Paper System, the Bank agrees that:
Appears in 3 contracts
Samples: Custodian Agreement (Value Line Aggressive Income Trust), Custodian Agreement (Value Line New York Tax Exempt Trust), Custodian Agreement (Value Line Strategic Asset Management Trust)
USE OF DIRECT PAPER SYSTEM FOR COMMERCIAL PAPER. Provided (i) the Bank has received a certified copy of a resolution of the Fund's Directors specifically approving participation in a system maintained by the Bank for the holding of commercial paper in direct paper form ("Direct Paper") and (ii) for each year following such approval the Directors of the Fund fund have received and approved the arrangements, upon receipt of Proper Instructions and upon receipt of confirmation from an Issuer (as defined below) that the Fund has purchased such Issuer's Direct Paper, the Bank shall issue and hold in direct paper form, on behalf of the Fund, commercial paper issued by issuers with whom the Bank has entered into a direct paper agreement (the "Issuers"). In maintaining its Direct Paper Systemsystem, the Bank agrees that:
Appears in 1 contract
Samples: Custodian Agreement (Value Line Leveraged Growth Investors Inc)
USE OF DIRECT PAPER SYSTEM FOR COMMERCIAL PAPER. Provided Provided: (i) the Bank has received a certified copy of a resolution of the Fund's Directors specifically approving participation in a system maintained by the Bank for the holding of commercial paper in direct paper form ("Direct Paper") and (ii) for each year following such approval the Directors of the Fund have received and approved the arrangements, upon receipt of Proper Instructions and upon receipt of confirmation from an Issuer (as defined below) that the Fund has purchased such Issuer's Direct Paper, the Bank shall issue and hold in direct paper form, on behalf of the Fund, commercial paper issued by issuers with whom the Bank has entered into a direct paper agreement (the "Issuers"). In maintaining its Direct Paper System, the Bank agrees that:
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