Common use of USE OF DIRECT PAPER SYSTEM FOR COMMERCIAL PAPER Clause in Contracts

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: 1. the Bank will maintain all Direct Paper held by the Fund in an account of the Bank that includes only assets held by it for customers; 2. the records of the Bank with respect to the Fund's purchase of Direct Paper through the Bank will identify, by book entry, Commercial Paper belonging to the Fund which is included in the Direct Paper System and shall at all times during the regular business hours of the Bank be open for inspection by duly authorized officers, employees or agents of the Fund. (a) The Bank shall pay for Direct Paper purchased for the account of the Fund upon contemporaneous (i) receipt of advice from the Issuer that such sale of Direct Paper has been effected, and (ii) the making of an entry on the records of the Bank to reflect such payment and transfer for the account of the Fund. (b) The Bank shall cancel such Direct Paper obligation upon the maturity thereof upon contemporaneous (i) receipt of advice that payment for such Direct Paper has been transferred to the Fund, and (ii) the making of an entry on the records of the Bank to reflect such payment for the account of the Fund. 4. the Bank shall transmit to the Fund a transaction journal confirming each transaction in Direct Paper for the account of the Fund on the next business day following the transaction; 5. the Bank will send to the Fund such reports on its system of internal accounting control as the Fund may reasonably request from time to time;

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: 1. the Bank will maintain all Direct Paper held by the Fund in an account of the Bank that includes only assets held by it for customers; 2. the records of the Bank with respect to the Fund's purchase of Direct Paper through the Bank will identify, by book entry, Commercial Paper belonging to the Fund which is included in the Direct Paper System and shall at all times during the regular business hours of the Bank be open for inspection by duly authorized officers, employees or agents of the Fund. (a) The Bank shall pay for Direct Paper purchased for the account of the Fund upon contemporaneous (i) receipt of advice from the Issuer that such sale of Direct Paper has been effected, and (ii) the making of an entry on the records of the Bank to reflect such payment and transfer for the account of the Fund. (b) The Bank shall cancel such Direct Paper obligation upon the maturity thereof upon contemporaneous (i) receipt of advice that payment for such Direct Paper has been transferred to the Fund, and (ii) the making of an entry on the records of the Bank to reflect such payment for the account of the Fund. 4. the Bank shall transmit to the Fund a transaction journal confirming each transaction in Direct Paper for the account of the Fund on the next business day following the transaction; 5. the Bank will send to the Fund such reports on its system of internal accounting control as the Fund may reasonably request from time to time;

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: 1. the The Bank will maintain all Direct Paper held by the Fund in an account of the Bank that includes only assets held by it for customers; 2. the records of the Bank with respect to the Fund's purchase of Direct Paper through the Bank will identify, by book entry, Commercial Paper belonging to the Fund which is included in the Direct Paper System and shall at all times during the regular business hours of the Bank be open for inspection by duly authorized officers, employees or agents of the Fund. (a) The Bank shall pay for Direct direct Paper purchased for the account of the Fund upon contemporaneous (i) receipt of advice from the Issuer that such sale of Direct Paper has been ben effected, and (ii) the making of an entry on the records of the Bank to reflect such payment and transfer for the account of the Fund. (b) The Bank shall cancel such Direct Paper obligation upon the maturity thereof upon contemporaneous (i) receipt of advice that payment for such Direct Paper has been transferred to the Fund, and (ii) the making of an entry on the records of the Bank to reflect such payment for the account of the Fund. 4. the Bank shall transmit to the Fund a transaction journal confirming each transaction in Direct Paper for the account of the Fund on the next business day following the transaction; 5. the Bank will send to the Fund such reports on its system of internal accounting control as the Fund may reasonably request from time to time;

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: 1. the Bank will maintain all Direct Paper held by the Fund in an account of the Bank that includes only assets held by it for customers; 2. the records of the Bank with respect to the Fund's purchase of Direct Paper through the Bank will identify, by book entry, Commercial Paper belonging to the Fund which is included in the Direct Paper System and shall at all times during the regular business hours of the Bank be open for inspection by duly authorized officers, employees or agents of the Fund. (a) The Bank shall pay for Direct Paper purchased for the account of the Fund upon contemporaneous (i) receipt of advice from the Issuer that such sale of Direct Paper has been effected, and (ii) the making of an entry on the records of the Bank to reflect such payment and transfer for the account of the Fund. (b) The Bank shall cancel such Direct Paper obligation upon the maturity thereof upon contemporaneous (i) receipt of advice that payment for such Direct Paper has been transferred to the Fund, and (ii) the making of an entry on the records of the Bank to reflect such payment for the account of the Fund. 4. the Bank shall transmit to the Fund a transaction journal confirming each transaction in Direct Paper for the account of the Fund on the next business day following the transaction; 5. the Bank will send to the Fund such reports on its system of internal accounting control as the Fund may reasonably request from time to time;

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: 1. the Bank will maintain all Direct Paper held by the Fund in an account of the Bank that includes only assets held by it for customers; 2. the records of the Bank with respect to the Fund's purchase of Direct Paper through the Bank bank will identify, by book entry, Commercial Paper belonging to the Fund which is included in the Direct District Paper System and shall at all times during the regular business hours of the Bank be open for inspection by duly authorized officers, employees or agents of the Fund. (a) The Bank shall pay for Direct Paper purchased for the account of the Fund upon contemporaneous (i) receipt of advice from the Issuer that such sale of Direct Paper has been effected, and (ii) the making of an entry on the records of the Bank to reflect such payment and transfer for the account of the Fund. (b) The Bank shall cancel such Direct Paper obligation upon the maturity thereof upon contemporaneous (i) receipt of advice that payment for such Direct Paper has been transferred to the Fund, and (ii) the making of an entry on the records of the Bank to reflect such payment for the account of the Fund. 4. the Bank shall transmit to the Fund a transaction journal confirming each transaction in Direct Paper for the account of the Fund on the next business day following the transaction; 5. the Bank will send to the Fund such reports on its system of internal accounting control as the Fund may reasonably request from time to time;