Common use of Reimbursement for Advances Clause in Contracts

Reimbursement for Advances. If the Fund requires the Custodian to advance cash or securities for any purpose for the benefit of a Portfolio including the purchase or sale of foreign exchange or of contracts for foreign exchange ("Advance"), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Contract, except such as may arise from its or its nominee's own negligent action, negligent failure to act or willful misconduct ("Liability") then in such event property equal in value to not more than 125% of such Advance and accrued interest on the Advance or the anticipated amount of such Liability, held at any time for the account of the appropriate Portfolio by the Custodian or sub-custodian may be held as security for such Liability or for such Advance and accrued interest on the Advance. The Custodian shall designate the security or securities constituting security for an Advance or Liability (the "Designated Securities") by notice in writing to the Fund (which may be sent by tested telefax or telex). In the event the value of the Designated Securities shall decline to less than 110% of the amount of such Advance and accrued interest on the Advance or the anticipated amount of such Liability, then the Custodian may designate in the same manner an additional security for such obligation ("Additional Securities"), but the aggregate value of the Designated Securities and Additional Securities shall not be in excess of 125% of the amount of such Advance and the accrued interest on the Advance or the anticipated amount of such Liability. At the request of the Fund, on behalf of a Portfolio, the Custodian shall agree to substitution of a security or securities which have a value equal to the value of the Designated or Additional Securities which the Fund desires be released from their status as security, and such release from status as security shall be effective upon the Custodian and the Fund agreeing in writing as to the identity of the substituted security or securities, which shall thereupon become Designated Securities. Notwithstanding the above, the Custodian shall, at the request of the Fund, on behalf of a Portfolio, immediately release from their status as security any or all of the Designated Securities or Additional Securities upon the Custodian's receipt from such of Portfolio cash or cash equivalents in an amount equal to 100% of the value of the Designated Securities or Additional Securities that the Fund desires to be released from their status as security pursuant to this Section. The applicable Portfolio shall reimburse or indemnify the Custodian in respect of a Liability and shall pay any Advances upon demand; provided, however, that the Custodian first notified the Fund on behalf of the Portfolio of such demand for repayment, reimbursement or indemnification. If, upon notification, the Portfolio shall fail to pay such Advance or interest when due or shall fail to reimburse or indemnify the Custodian promptly in respect of a Liability, the Custodian shall be entitled to dispose of the Designated Securities and Additional Securities to the extent necessary to obtain repayment, reimbursement or indemnification. Interest, dividends and other distributions paid or received on the Designated Securities and Additional Securities, other than payments of principal or payments upon retirement, redemption or repurchase, shall remain the property of the Portfolio, and shall not be subject to this Section. To the extent that the disposition of the Portfolio's property, designated as security for such Advance or Liability, results in an amount less than necessary to obtain repayment, reimbursement or indemnification, the Portfolio shall continue to be liable to the Custodian for the differences between the proceeds of the disposition of the Portfolio's property, designated as security for such Advance or Liability, and the amount of the repayment, reimbursement or indemnification due to the Custodian and the Custodian shall have the right to designate in the same manner described above an additional security for such obligation which shall constitute Additional Securities hereunder.

Reimbursement for Advances. If the Fund requires the Custodian to advance cash or securities for any purpose for the benefit of a Portfolio including the purchase or sale of foreign exchange or of contracts for foreign exchange ("Advance"), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Contract, except such as may arise from its or its nominee's own negligent action, negligent failure to act or willful misconduct ("Liability") then in such event property equal in value to not more than 125% of such Advance and accrued interest on the Advance or the anticipated amount of such Liability, held at any time for the account of the appropriate Portfolio by the Custodian or sub-sub- custodian may be held as security for such Liability or for such Advance and accrued interest on the Advance. The Custodian shall designate the security or securities constituting security for an Advance or Liability (the "Designated Securities") by notice in writing to the Fund (which may be sent by tested telefax or telex). In the event the value of the Designated Securities shall decline to less than 110% of the amount of such Advance and accrued interest on the Advance or the anticipated amount of such Liability, then the Custodian may designate in the same manner an additional security for such obligation ("Additional Securities"), but the aggregate value of the Designated Securities and Additional Securities shall not be in excess of 125% of the amount of such Advance and the accrued interest on the Advance or the anticipated amount of such Liability. At the request of the Fund, on behalf of a Portfolio, the Custodian shall agree to substitution of a security or securities which have a value equal to the value of the Designated or Additional Securities which the Fund desires be released from their status as security, and such release from status as security shall be effective upon the Custodian and the Fund agreeing in writing as to the identity of the substituted security or securities, which shall thereupon become Designated Securities. Notwithstanding the above, the Custodian shall, at the request of the Fund, on behalf of a Portfolio, immediately release from their status as security any or all of the Designated Securities or Additional Securities upon the Custodian's receipt from such of Portfolio cash or cash equivalents in an amount equal to 100% of the value of the Designated Securities or Additional Securities that the Fund desires to be released from their status as security pursuant to this Section. The applicable Portfolio shall reimburse or indemnify the Custodian in respect of a Liability and shall pay any Advances upon demand; provided, however, that the Custodian first notified the Fund on behalf of the Portfolio of such demand for repayment, reimbursement or indemnification. If, upon notification, the Portfolio shall fail to pay such Advance or interest when due or shall fail to reimburse or indemnify the Custodian promptly in respect of a Liability, the Custodian shall be entitled to dispose of the Designated Securities and Additional Securities to the extent necessary to obtain repayment, reimbursement or indemnification. Interest, dividends and other distributions paid or received on the Designated Securities and Additional Securities, other than payments of principal or payments upon retirement, redemption or repurchase, shall remain the property of the Portfolio, and shall not be subject to this Section. To the extent that the disposition of the Portfolio's property, designated as security for such Advance or Liability, results in an amount less than necessary to obtain repayment, reimbursement or indemnification, the Portfolio shall continue to be liable to the Custodian for the differences between the proceeds of the disposition of the Portfolio's property, designated as security for such Advance or Liability, and the amount of the repayment, reimbursement or indemnification due to the Custodian and the Custodian shall have the right to designate in the same manner described above an additional security for such obligation which shall constitute Additional Securities hereunder.

Reimbursement for Advances. If the Fund requires the Custodian to advance cash or securities for any purpose for the benefit of a Portfolio including the purchase or sale of foreign exchange or of contracts for foreign exchange ("Advance"), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Contract, except such as may arise from its or its nominee's own negligent action, negligent failure to act or willful misconduct ("Liability") then in such event property equal in value to not more than 125% of such Advance and accrued interest on the Advance or the anticipated amount of such Liability, held at any time for the account of the appropriate Portfolio by the Custodian or sub-custodian may be held as security for such Liability or for such Advance and accrued interest on the Advance. The Custodian shall designate the security or securities constituting security for an Advance or Liability (the "Designated Securities") by notice in writing to the Fund (which may be sent by tested telefax or telex). In the event the value of the Designated Securities shall decline to less than 110% of the amount of such Advance and accrued interest on the Advance or the anticipated amount of such Liability, then the Custodian may designate in the same manner an additional security for such obligation ("Additional Securities"), but the aggregate value of the Designated Securities and Additional Securities shall not be in excess of 125% of the amount of such Advance and the accrued interest on the Advance or the anticipated amount of such Liability. At the request of the Fund, on behalf of a Portfolio, the Custodian shall agree to substitution of a security or securities which have a value equal to the value of the Designated or Additional Securities which the Fund desires be released from their status as security, and such release from status as security shall be effective upon the Custodian and the Fund agreeing in writing as to the identity of the substituted security or securities, which shall thereupon become Designated Securities. Notwithstanding the above, the Custodian shall, at the request of the Fund, on behalf of a Portfolio, immediately release from their status as security any or all of the Designated Securities or Additional Securities upon the Custodian's receipt from such Portfolio of Portfolio cash or cash equivalents in an amount equal to 100% of the value of the Designated Securities or Additional Securities that the Fund desires to be released from their status as security pursuant to this Section. The applicable Portfolio shall reimburse or indemnify the Custodian in respect of a Liability and shall pay any Advances upon demand; provided, however, that the Custodian first notified the Fund on behalf of the Portfolio of such demand for repayment, reimbursement or indemnification. If, upon notification, the Portfolio shall fail to pay such Advance or interest when due or shall fail to reimburse or indemnify the Custodian promptly in respect of a Liability, the Custodian shall be entitled to dispose of the Designated Securities and Additional Securities to the extent necessary to obtain repayment, reimbursement or indemnification. Interest, dividends and other distributions paid or received on the Designated Securities and Additional Securities, other than payments of principal or payments upon retirement, redemption or repurchase, shall remain the property of the Portfolio, and shall not be subject to this Section. To the extent that the disposition of the Portfolio's property, designated as security for such Advance or Liability, results in an amount less than necessary to obtain repayment, reimbursement or indemnification, the Portfolio shall continue to be liable to the Custodian for the differences between the proceeds of the disposition of the Portfolio's property, designated as security for such Advance or Liability, and the amount of the repayment, reimbursement or indemnification due to the Custodian and the Custodian shall have the right to designate in the same manner described above an additional security for such obligation which shall constitute Additional Securities hereunder.

Reimbursement for Advances. If the Fund requires the Custodian to advance cash or securities for any purpose for the benefit of a Portfolio including the purchase or sale of foreign exchange or of contracts for foreign exchange ("Advance")exchange, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of Section 3 of this Contract, except such as may arise from its or its nominee's own negligent action, negligent failure to act or willful misconduct ("Liability") then in such event property equal in value misconduct, each Portfolio hereby grants to not more than 125% of such Advance and accrued interest on the Advance or the anticipated amount of such Liability, held at any time for the account of the appropriate Portfolio by the Custodian or sub-custodian may be held as a security for such Liability or for such Advance interest and accrued interest on the Advance. The Custodian shall designate the security or securities constituting security for an Advance or Liability (the "Designated Securities") by notice in writing pledges to the Fund (which may be sent by tested telefax or telex). In the event the value of the Designated Securities shall decline to less than 110% of the amount of such Advance and accrued interest on the Advance or the anticipated amount of such Liability, then the Custodian may designate in the same manner an additional security for such obligation ("Additional Securities"), but the aggregate value of the Designated Securities and Additional Securities shall not be in excess of 125% of the amount of such Advance and the accrued interest on the Advance or the anticipated amount of such Liability. At the request of the Fund, on behalf of a Portfolio, the Custodian shall agree to substitution of a security or securities which have a value equal to the value of the Designated or Additional Securities which the Fund desires be released from their status as security, and such release from status as security shall be effective upon the Custodian and the Fund agreeing in writing as to the identity of the substituted security or securities, which shall thereupon become Designated Securities. Notwithstanding the above, the Custodian shall, at the request of the Fund, on behalf of a Portfolio, immediately release from their status as security any or all of the Designated Securities or Additional Securities upon the Custodian's receipt from such of Portfolio cash or cash equivalents in an amount equal not to 100% exceed the lesser of the value dollar amounts borrowed or two percent of such Portfolio's total assets (taken at cost), the Designated Securities or Additional Securities that the Fund desires specific securities to be released designated in writing from their status as security pursuant time to this Section. The applicable time by the Portfolio shall reimburse or indemnify the Custodian in respect of a Liability and shall pay any Advances upon demandits investment adviser; provided, however, that (1) if from time to time neither the Portfolio nor its investment adviser shall have designated in writing specific securities in an amount at least equal to the lesser of the dollar amounts borrowed or two percent of such Portfolio's total assets (taken at cost), or (2) if as a result of the delivery by the Custodian first notified out of its custody, pursuant to Proper Instructions, of any securities previously so designated, the Fund on behalf remaining amount of securities so designated shall be less than the lesser of the Portfolio dollar amounts borrowed or two percent of such demand for repaymentPortfolio's total assets, reimbursement or indemnification. Ifthen the Custodian shall have a security interest in such Portfolio's securities in an amount that, upon notification, taken together with amounts of securities from time to time designated in writing by the Portfolio shall or its investment adviser that have not been delivered out of the custody of the Custodian pursuant to Proper Instructions, does not exceed the lesser of the dollar amounts borrowed or two percent of such Portfolio's total assets (taken at cost). Should the Portfolio fail to pay such Advance repay promptly any advances of cash or interest when due or shall fail to reimburse or indemnify the Custodian promptly in respect of a Liabilitysecurities, the Custodian shall be entitled to use available cash and to dispose of the Designated Securities pledged securities and Additional Securities to the extent property as is necessary to obtain repayment, reimbursement or indemnification. Interest, dividends and other distributions paid or received on the Designated Securities and Additional Securities, other than payments of principal or payments upon retirement, redemption or repurchase, shall remain the property of the Portfolio, and shall not be subject to this Section. To the extent that the disposition of the Portfolio's property, designated as security for repay any such Advance or Liability, results in an amount less than necessary to obtain repayment, reimbursement or indemnification, the Portfolio shall continue to be liable to the Custodian for the differences between the proceeds of the disposition of the Portfolio's property, designated as security for such Advance or Liability, and the amount of the repayment, reimbursement or indemnification due to the Custodian and the Custodian shall have the right to designate in the same manner described above an additional security for such obligation which shall constitute Additional Securities hereunderadvances.