Common use of Trade Settlement Clause in Contracts

Trade Settlement. Transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. The Fund understands that when the Custodian is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment therefor may not be completed simultaneously. The Fund assumes full responsibility for all risks involved in connection with the Custodian’s delivery of Securities pursuant to Authorized Instructions in accordance with local market practice, except to the extent Custodian is acting in bad faith, or engaging in willful misconduct or fraud, or does not follow current market practice.

Trade Settlement. Transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. The Fund understands that when the Custodian is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment therefor may not be completed simultaneously. The Fund assumes full Custodian shall have no responsibility for all risks involved in connection with the Custodian’s non-receipt of payment or late payment, or non-delivery of Securities pursuant to Authorized Instructions in accordance with local market practiceor late delivery of Securities, except to the extent where Custodian is negligent, acting in bad faith, or engaging in willful misconduct or fraud, or does not follow current market practice.

Trade Settlement. Transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. The Fund Client understands that when the Custodian is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment therefor may not be completed simultaneously. The Fund Client assumes full responsibility for all risks involved in connection with the Custodian’s delivery of Securities pursuant to Authorized Instructions in accordance with local market practice, except to the extent Custodian is acting in bad faith, or engaging in willful misconduct or fraud, or does not follow current market practice.