Common use of Integrated Account Clause in Contracts

Integrated Account. For purposes hereof, deposits maintained in all Principal Accounts for each Fund (whether or not denominated in 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 the 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. For avoidance of doubt, “Fund” as used herein means each series listed on Appendix A, severally and not jointly.