Common use of Proper Instruction Clause in Contracts

Proper Instruction. Proper Instructions as used throughout this Contract means a writing signed or initialed by two persons as the Board shall have from time to time authorized. Each such writing shall set forth the specific transaction or type of transaction involved, including a specific statement of the purpose for which such action is requested. Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a person authorized to give such instructions with respect to the transaction involved. The Fund shall cause all oral instructions to be confirmed in writing, provided that the fact that such confirming written instructions are not received by the Custodian shall in no way invalidate the enforceability of transactions authorized by oral instructions. For purposes of this Section, Proper Instructions shall include instructions received by the Custodian pursuant to any three - party agreement which requires a segregated asset account in accordance with Sections 2.12, 3.7(j), 3.8(e) and 3.20.

Proper Instruction. Proper Instructions as used throughout this Contract Agreement means a writing signed or initialed by two persons as the Board shall have from time to time authorized. Each such writing shall set forth the specific transaction or type of transaction involved, including a specific statement of the purpose for which such action is requested. Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a person authorized to give such instructions with respect to the transaction involved. The Fund shall cause all oral instructions to be confirmed in writing, provided that the fact that such confirming written instructions are not received by the Custodian shall in no way invalidate the enforceability of transactions authorized by oral instructions. For purposes of this Section, Proper Instructions shall include instructions received by the Custodian pursuant to any three - party agreement which requires a segregated asset account in accordance with Sections 2.12, 3.7(j), 3.8(e) and 3.20.