Common use of Advances by Bank Clause in Contracts

Advances by Bank. The Bank may, in its sole discretion, advance funds on behalf of any Fund to make any payment permitted by this Agreement upon receipt of any proper authorization required by this Agreement for such payments by the Fund. Should such a payment or payments, with advanced funds, result in an overdraft (due to insufficiencies of the Fund’s account with the Bank, or for any other reason) this Agreement deems any such or related indebtedness, a loan made by the Bank to such Fund payable on demand and bearing interest at the current rate charged by the Bank for such loans unless the Trust shall provide the Bank with agreed upon compensating balances. Provided, however, that any such payment or payments by the Bank shall only be deemed a loan made by the Bank to a Fund to the extent such payment or payments do not exceed 10% of the value (taken at the lower of cost or current value) of such Fund’s total assets (not including the amount borrowed) at the time such payment or payments are made, and are made to facilitate the meeting of redemption requests which might otherwise require the untimely disposition of portfolio investments or for extraordinary or emergency purposes. To secure any such payments deemed to be loans in accordance with the foregoing, the Trust hereby grants to the Bank a security interest in and pledges to the Bank securities held by the Bank on behalf of the Fund on whose behalf such payments were made, in an amount not to exceed the lesser of the dollar amount deemed to constitute a loan or ten percent of such Fund’s total assets (taken at cost), the specific securities to be designated in writing from time to time by the Trust or the Manager; and provided, further, that (1) if from time to time neither the Trust nor the Manager shall have designated in writing specific securities in an amount at least equal to the lesser of the dollar amount deemed to constitute a loan or ten percent of the particular Fund’s total assets, or (2) if as a result of the delivery by the Bank out of its custody, pursuant to Proper Instructions, of any securities previously so designated, the remaining amount of securities so designated shall be less than the lesser of the dollar amount deemed to constitute a loan or ten percent of such Fund’s total assets, then the Bank shall have a security interest in the securities of such Fund, in an amount that, taken together with amounts of securities from time to time designated in writing by the Trust or the Manager that have not been delivered out of the custody of the Bank pursuant to Proper Instructions, does not exceed the lesser of the dollar amount deemed to constitute a loan or ten percent of such Fund’s total assets. Should the Trust fail to repay promptly any such advances, the Bank shall be entitled to use available cash and to dispose of pledged securities and property as is necessary to repay any such advances.

Advances by Bank. The Bank may, in its sole discretion, advance funds on behalf of any Fund to make any payment permitted by this Agreement upon receipt of any proper authorization required by this Agreement for such payments by the Fund. Should such a payment or payments, with advanced funds, result in an overdraft (due to insufficiencies of the Fund’s 's account with the Bank, or for any other reason) this Agreement deems any such or related indebtedness, a loan made by the Bank to such Fund payable on demand and bearing interest at the current rate charged by the Bank for such loans unless the Trust shall provide the Bank with agreed upon compensating balances. Provided, however, that any such payment or payments by the Bank shall only be deemed a loan made by the Bank to a Fund to the extent such payment or payments do not exceed 10% of the value (taken at the lower of cost or current value) of such Fund’s 's total assets (not including the amount borrowed) at the time such payment or payments are made, and are made to facilitate the meeting of redemption requests which might otherwise require the untimely disposition of portfolio investments or for extraordinary or emergency purposes. To secure any such payments deemed to be loans in accordance with the foregoing, the Trust hereby grants to the Bank a security interest in and pledges to the Bank securities held by the Bank on behalf of the Fund on whose behalf such payments were made, in an amount not to exceed the lesser of the dollar amount deemed to constitute a loan or ten percent of such Fund’s 's total assets (taken at cost), the specific securities to be designated in writing from time to time by the Trust or the Manager; and provided, further, that (1) if from time to time neither the Trust nor the Manager shall have designated in writing specific securities in an amount at least equal to the lesser of the dollar amount deemed to constitute a loan or ten percent of the particular Fund’s 's total assets, or (2) if as a result of the delivery by the Bank out of its custody, pursuant to Proper Instructions, of any securities previously so designated, the remaining amount of securities so designated shall be less than the lesser of the dollar amount deemed to constitute a loan or ten percent of such Fund’s 's total assets, then the Bank shall have a security interest in the securities of such Fund, in an amount that, taken together with amounts of securities from time to time designated in writing by the Trust or the Manager that have not been delivered out of the custody of the Bank pursuant to Proper Instructions, does not exceed the lesser of the dollar amount deemed to constitute a loan or ten percent of such Fund’s 's total assets. Should the Trust fail to repay promptly any such advances, the Bank shall be entitled to use available cash and to dispose of pledged securities and property as is necessary to repay any such advances. Notwithstanding anything in this Section 12.3, the Trust agrees that the Bank shall have a continuing lien and security interest to the extent of any overdraft or indebtedness by any Fund, in and to any property at any time held by it for the Fund's benefit or in which the Fund has an interest and which is then in the Bank's possession or control (or in the possession or control of any third party acting in the Bank's behalf).

Advances by Bank. The Bank may, in its sole discretion, advance funds on behalf of any Fund to make any payment permitted by this Agreement upon receipt of any proper authorization required by this Agreement for such payments by the Fund. Should such a payment or payments, with advanced funds, result in an overdraft (due to insufficiencies of the Fund’s account 's Account with the Bank, or for any other reason) this Agreement deems deems-any such or related indebtedness, a loan made by the Bank to such Fund payable on demand and bearing interest at the current rate charged by the Bank for such loans unless the Trust shall provide the Bank with agreed upon compensating balances. Provided, however, that any such payment or payments by the Bank shall only be deemed a loan made by the Bank to a Fund to the extent such payment or payments do not exceed 10% of the value (taken at the lower of cost or current value) of such Fund’s 's total assets (not including the amount borrowed) at the time such payment or payments are made, and are made to facilitate the meeting of redemption requests which might otherwise require the untimely disposition of portfolio investments or for extraordinary or emergency purposes. To secure any such payments deemed to be loans in accordance with the foregoing, the Trust hereby grants to the Bank a security interest in and pledges to the Bank securities held by the Bank on behalf of the Fund on whose behalf such payments were made, in an amount not to exceed the lesser of the dollar amount deemed to constitute a loan or ten percent of such Fund’s 's total assets (taken at cost), the specific securities to be designated in writing from time to time by the Trust or the Manager; , and provided, further, that (1) if from time to time neither the Trust nor the Manager shall have designated in writing specific securities in an amount at least equal to the lesser of the dollar amount deemed to constitute a loan or ten percent of the particular Fund’s 's total assets, or (2) if as a result of the delivery by the Bank out of its custody, pursuant to Proper Instructions, of any securities previously so designated, the remaining amount of securities so designated shall be less than the lesser of the dollar amount deemed to constitute a loan or ten percent of such Fund’s 's total assets, then the Bank shall have a security interest in the securities of such Fund, in an amount that, taken together with amounts of securities from time to time designated in writing by the Trust or the Manager that have not been delivered out of the custody of the Bank pursuant to Proper Instructions, does not exceed the lesser of the dollar amount deemed to constitute a loan or ten percent of such Fund’s 's total assets. Should the Trust fail to repay promptly any such advances, the Bank shall be entitled to use available cash and to dispose of pledged securities and property as is necessary to repay any such advances.

Advances by Bank. The Bank may, in its sole discretion, advance funds on behalf of the Fund, or any Fund series of the Fund, to make any payment permitted by this Agreement upon receipt of any proper authorization required by this Agreement for such payments by the Fund or any series of the Fund. Should such a payment or payments, with advanced funds, result in an overdraft (due to insufficiencies of the Fund’s 's or, if applicable, any series' of the Fund account with the Bank, ) or for any other reason) , this Agreement deems any such or related indebtedness, a loan made by the Bank to the Fund (or if the overdraft relates to a series of the Fund, such Fund series) payable on demand and bearing interest at the current rate charged set forth in writing by the Bank for such loans concurrently herewith (as amended from time to time) unless the Trust Fund (or, if applicable, the Fund on behalf of the series) shall provide the Bank with agreed upon compensating balances. Provided, however, The Fund agrees that any such payment or payments by the Bank shall only be deemed have a loan made by continuing lien and security interest on the Bank to assets of the Fund (or, if the overdraft is on behalf of a Fund series of the Fund, the assets of such series) to the extent of any overdraft, provided that in no event shall the amount of such payment lien exceed the lesser of (i) the amount of such overdraft or payments do not exceed (ii) 10% of the value Fund's gross assets (taken at or if the lower overdraft is on behalf of cost or current valuea series of the Fund, such series' gross assets) on the date of such Fund’s total assets (not including the amount borrowed) at the time such payment or payments are madeoverdraft, and are made provided further that to facilitate the meeting of redemption requests which might otherwise require the untimely disposition of portfolio investments or for extraordinary or emergency purposes. To secure any such payments deemed to be loans in accordance extent consistent with the foregoing, the Trust hereby grants to Bank will comply with any Proper Instructions indicating which Portfolio securities and/or which account of the Bank a security interest in and pledges to Fund (or if the Bank securities held by the Bank overdraft is on behalf of the Fund on whose behalf such payments were made, in an amount not to exceed the lesser a series of the dollar amount deemed to constitute a loan or ten percent of such Fund’s total assets (taken at cost), the specific which Portfolio securities to be designated in writing from time to time by the Trust or the Manager; and provided, further, that (1) if from time to time neither the Trust nor the Manager shall have designated in writing specific securities in an amount at least equal to the lesser and/or which account of the dollar amount deemed to constitute a loan or ten percent of the particular Fund’s total assets, or (2series) if as a result of the delivery by the Bank out of its custody, pursuant to Proper Instructions, of any securities previously so designated, the remaining amount of securities so designated shall be less than the lesser subject to such lien. If such overdraft is not repaid within a reasonable period of the dollar amount deemed to constitute a loan or ten percent of such Fund’s total assetstime, then the Bank shall have the right to exercise any rights it may have as a security interest in the securities of such Fund, in an amount that, taken together with amounts of securities from time to time designated in writing by the Trust lien holder or the Manager that have not been delivered out of the custody of the Bank pursuant to Proper Instructions, does not exceed the lesser of the dollar amount deemed to constitute a loan or ten percent of such Fund’s total assets. Should the Trust fail to repay promptly any such advances, the Bank shall be entitled to use available cash and to dispose of pledged securities and property as is necessary to repay any such advancessecured party.