Common use of Obligation of Sender Clause in Contracts

Obligation of Sender. The Transfer Agent is authorized to promptly debit the appropriate Portfolio account(s) upon the receipt of a payment order in compliance with the prescribed security procedure (the “Security Procedure”) chosen for funds transfer in the Funds Transfer Addendum to this Agreement (agreed to in conjunction with that certain Amended and Restated Master Custodian Agreement between the parties thereto dated as of October 17, 2005, as amended and restated from time to time) and in the amount of money that the Transfer Agent has been instructed to transfer. The Transfer Agent shall execute payment orders in compliance with the Security Procedure and with the Administrator’s instructions on the execution date, provided that such payment order is received by the customary deadline for processing such a request, unless the payment order specifies a later time. All payment orders and communications received after the customary deadline will be deemed to have been received the next business day.