Common use of Receipt of Securities Clause in Contracts

Receipt of Securities. (a) The Custodian shall hold in safekeeping in a separate account, and physically segregated at all times from those of any other persons, firms, corporations or trusts or any other series of the Trust, pursuant to the provisions hereof, all securities received by it from or for the account of each series of the Trust, and the Trust will deliver or cause to be delivered to the Custodian all securities owned by the Trust. All such securities are to be held or disposed of by the Custodian under, and subject at all times to the instructions pursuant to, the terms of this Agreement. The Custodian shall have no power or authority to assign, hypothecate, pledge, lend or otherwise dispose of any such securities and investments, except pursuant to instructions and only for the account of the Trust as set forth in Section 5 of this Agreement.