Common use of Receipt and Disbursement of Money Clause in Contracts

Receipt and Disbursement of Money. (a) Chase shall open and maintain a custody account for the Fund, subject only to draft or order by Chase acting pursuant to the terms of this Agreement, and shall hold in such account, subject to the provisions hereof, all cash received by it from or for the Fund other than cash maintained by the Fund in a bank account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by Chase for the Fund may be deposited by Chase to the Fund's credit at Chase or in such other banks or trust companies as Chase may in its discretion deem necessary or desirable; provided, however, that every such bank or trust company shall be qualified to act as a custodian under the 1940 Act, and that each such bank or trust company shall be approved by vote of a majority of the Board of Trustees of the Fund. Such funds shall be deposited by Chase in its capacity as Custodian and shall be withdrawable by Chase only in that capacity.

Receipt and Disbursement of Money. (a) Chase shall open and maintain a custody account for the Fund, subject only to draft or order by Chase acting pursuant to the terms of this Agreement, and shall hold in such account, subject to the provisions hereof, all cash received by it from or for the Fund other than cash maintained by the Fund in a bank account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by Chase for the Fund may be deposited by Chase to the Fund's credit at Chase or in such other banks or trust companies as Chase may in its discretion deem necessary or desirable; provided, however, that every such bank or trust company shall be qualified to act as a custodian under the 1940 Act, and that each such bank or trust company shall be approved by vote of a majority of the Board of Trustees Directors of the Fund. Such funds shall be deposited by Chase in its capacity as Custodian and shall be withdrawable by Chase only in that capacity.

Receipt and Disbursement of Money. (a) Chase shall open and maintain a custody account for the Fund, subject only to draft or order by Chase acting pursuant to the terms of this Agreement, and shall hold in such account, subject to the provisions hereof, all cash received by it from or for the Fund other than cash maintained by the Fund in a bank account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by Chase for the Fund may be deposited by Chase it to the Fund's its credit at Chase in the Banking Department of Chase or in such other banks or trust companies as Chase it may in its discretion deem necessary or desirable; provided, however, that every such bank or trust company shall be qualified to act as a custodian under the 1940 Act, and that each such bank or trust company shall be approved by vote of a majority of the Board of Trustees Directors of the Fund. Such funds shall be deposited by Chase in its capacity as Custodian and shall be withdrawable by Chase only in that capacity.