Integrated Account. Subject to Section 16 hereof, for purposes hereof, deposits maintained in all Principal Accounts (whether or not denominated in United States Dollars) shall collectively constitute a single and indivisible current account with respect to the Fund's obligations to the Custodian, or its assignee, and balances in such Principal Accounts shall be available for satisfaction of the Fund's obligations under this Section 7. The Custodian shall further have a right of offset against the balances in any Agency Account maintained hereunder to the extent that the aggregate of all Principal Accounts is overdrawn.
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Samples: Custodian Agreement (Lexington Silver Fund Inc), Custody Agreement (Pilgrim Mutual Funds), Custodian Agreement (Pilgrim Variable Products Trust)
Integrated Account. Subject to Section 16 hereof, for purposes hereof, deposits maintained in all Principal Accounts (whether or not denominated in United States Dollars) shall collectively constitute a single and indivisible current account with respect to the FundTrust's obligations to the Custodian, or its assignee, and balances in such Principal Accounts shall be available for satisfaction of the FundTrust's obligations under this Section 7. The Custodian shall further have a right of offset against the balances in any Agency Account maintained hereunder to the extent that the aggregate of all Principal Accounts is overdrawn.
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