Common use of OF SECURITIES Clause in Contracts

OF SECURITIES. Custodian agrees to transfer, exchange or deliver any Securities of the Trust held by Custodian hereunder only (a) for sales of such Securities for the account of the Trust upon Receipt of Payment by Custodian therefor, (b) to the issuer thereof, or its agents, when such Securities are called, redeemed or retired or otherwise become payable, provided that in any such case the cash or other consideration is to be delivered to the Custodian, (c) in exchange for or upon conversion into other Securities alone or other Securities and cash whether pursuant to any plan or merger, consolidation, reorganization, recapitalization or readjustment, or otherwise of the Securities of the issuer of such Securities, provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian, (d) upon exercise of subscription, purchase or other similar rights represented by such Securities, provided that, in any such case the new Securities are to be delivered to the Custodian, (e) for the purpose of exchanging interim receipts or temporary Securities for definitive Securities, (f) for loans of Securities by the Fund, but only against receipt of adequate collateral as agreed upon from time to time by Custodian and the Fund, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities, except that in connection with any loans for which collateral is to be credited to Custodian's account in the book-entry system authorized by the U.S. Department of the Treasury, Custodian will not be held liable or responsible for the delivery of Securities owned by the Fund prior to the receipt of such collateral, (g) for the purpose of redeeming in kind Shares of the Fund, provided that, in any such case the cash or other consideration is to be delivered to the Custodian, or (h) for other proper purposes.

OF SECURITIES. The Custodian shall have sole power to release or deliver any securities of the Fund held by it pursuant to this Agreement. The Custodian agrees to transfer, exchange or deliver any Securities of the Trust securities held by Custodian it hereunder only only: (a) for sales of such Securities securities for the account of the Trust Fund upon Receipt receipt by the Custodian of Payment by Custodian payment therefor, (b) to the issuer thereof, or its agents, when such Securities securities mature or are called, redeemed or retired or otherwise become payable, provided that in (c) for examination by any broker selling any such case the cash or other consideration is to be delivered to the Custodiansecurities in accordance with "street delivery" custom, (cd) in exchange for or upon conversion into other Securities securities alone or other Securities securities and cash whether pursuant to any plan or of merger, consolidation, reorganization, recapitalization or readjustment, or otherwise of the Securities of the issuer otherwise, (e) upon conversion of such Securities, provided that, in any such case, the new Securities and cash, if any, are securities pursuant to be delivered to the Custodiantheir terms into other securities, (df) upon exercise of subscription, purchase or other similar rights represented by such Securities, provided that, in any such case the new Securities are to be delivered to the Custodiansecurities, (eg) for the purpose of exchanging interim receipts or for temporary Securities securities for definitive Securitiessecurities, (f) for loans of Securities by the Fund, but only against receipt of adequate collateral as agreed upon from time to time by Custodian and the Fund, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities, except that in connection with any loans for which collateral is to be credited to Custodian's account in the book-entry system authorized by the U.S. Department of the Treasury, Custodian will not be held liable or responsible for the delivery of Securities owned by the Fund prior to the receipt of such collateral, (gh) for the purpose of redeeming effecting a loan of the Fund's portfolio securities to any person, firm, corporation or trust upon the receipt by the Custodian of cash or cash equivalent collateral at least equal to the market value of the securities loaned, (i) to any bank for the purpose of collateralizing the obligation of the Fund to repay any moneys borrowed by the Fund from such bank; provided, however, that the Custodian may at the option of such lending bank keep such collateral in kind Shares its possession, subject to the rights of such bank given to it by virtue of any promissory note or agreement executed and delivered by the Fund to such bank, or (j) for other proper purposes of the Fund. As to any deliveries made by the Custodian pursuant to items (a), (b), (c), (d), (e), (f), (g), and (h), securities or funds receivable in exchange therefor shall be deliverable to the Custodian. Before making any such transfer, exchange or delivery, the Custodian shall receive (and may rely upon) an Officers' Certificate requesting such transfer, exchange, or delivery and stating that it is for a purpose permitted under the terms of items (a), (b), (c), (d), (e), (f), (g), (h), or (i) of this Section 5, and, in respect of item (j), upon receipt of an Officers' Certificate and a certified copy of a resolution of the Trustees or of the Executive Committee, if any, signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper purpose of the Fund, provided thatand naming the person or persons to whom delivery of such securities shall be made. In respect of item (h), in any such case the cash or other consideration is Officers' Certificate shall state the market value of the securities to be delivered loaned and the corresponding amount of collateral to be deposited with the Custodian; thereafter, or (h) for other proper purposesupon receipt of an Officers' Certificate stating that the market value of the securities loaned has increased and specifying the amount of increase, the Custodian shall collect from the borrower additional cash collateral in such amount.