Common use of Exchange of Securities Clause in Contracts

Exchange of Securities. Upon receipt of instructions as defined herein in Section 4.A, Custodian will exchange, or cause to be exchanged, portfolio securities held by it for the account of the applicable Portfolio of the Fund for other securities or cash issued or paid in connection with any reorganization, recapitalization, merger, consolidation, split-up of shares, change of par value, conversion or otherwise, and will deposit any such securities in accordance with the terms of any reorganization or protective plan. Without instructions, Custodian is authorized to exchange securities held by it in temporary form for securities in definitive form, to effect an exchange of shares when the par value of the stock is changed, and, upon receiving payment therefor, to surrender bonds or other securities held by it at maturity or when advised of an earlier mandatory call for redemption, except that Custodian shall receive instructions prior to surrendering any convertible security. Pursuant to this paragraph, the Custodian will inform the Fund of such corporate actions and capital changes when it is informed of them through the publications it subscribes to.

Exchange of Securities. Upon receipt of instructions as defined herein in Section 4.A6.A, Custodian will exchange, or cause to be exchanged, portfolio securities held by it for the account of the applicable Portfolio of the Fund for other securities or cash issued or paid in connection with any reorganization, recapitalization, merger, consolidation, split-up of shares, change of par value, conversion or otherwise, and will deposit any such securities in accordance with the terms of any reorganization or protective plan. Without instructions, Custodian is authorized to exchange securities held by it in temporary form for securities in definitive form, to effect an exchange of shares when the par value of the stock is changed, and, upon receiving payment therefor, to surrender bonds or other securities held by it at maturity or when advised of an earlier mandatory call for redemption, except that Custodian shall receive instructions prior to surrendering any convertible security. Pursuant to this paragraph, the Custodian will inform the Fund of such corporate actions and capital changes when it is informed of them through the publications it subscribes to.