Common use of Required Reserves Clause in Contracts

Required Reserves. The Fund shall, from time to time, deliver to and maintain with Custodian (and, in the Fund’s sole discretion, one or more additional custodians) qualified investments having at all times an aggregate value at least equal to the amount the Fund is required to maintain as reserves pursuant to Section 28(a) of the 1940 Act (“required reserves”), which amounts shall be set out in reports submitted by the Fund to Custodian pursuant to Section 12 hereof. The Fund acknowledges that Custodian is not responsible for ensuring the Fund’s compliance with required reserves. Custodian acknowledges that the Fund may, pursuant to the terms of this Agreement, withdraw any of its assets held hereunder at any time, provided that to the extent that qualified investments are withdrawn, the Fund either substitutes qualified investments of equal or greater value, or without such substitution, qualified investments are withdrawn only to the extent the aggregate value of the qualified investments held hereunder exceeds the required reserves, as calculated pursuant to Section 28 of the Act.

Required Reserves. The Fund shall, from time to time, deliver to and maintain with Custodian (and, in the Fund’s 's sole discretion, one or more additional custodians) qualified investments having at all times an aggregate value at least equal to the amount the Fund is required to maintain as reserves pursuant to Section 28(a) of the 1940 Act (“"required reserves”"), which amounts shall be set out in reports submitted by the Fund to Custodian pursuant to Section 12 hereof. The Fund acknowledges that Custodian is not responsible for ensuring the Fund’s 's compliance with required reserves. Custodian acknowledges that the Fund may, pursuant to the terms of this Agreement, withdraw any of its assets held hereunder at any time, provided that to the extent that qualified investments are withdrawn, the Fund either substitutes qualified investments of equal or greater value, or without such substitution, qualified investments are withdrawn only to the extent the aggregate value of the qualified investments held hereunder exceeds the required reserves, as calculated pursuant to Section 28 of the Act.