Common use of Securing Repayment Clause in Contracts

Securing Repayment. In order to secure repayment of a Fund’s obligations to the Custodian (with respect to a particular Series), the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, a continuing first lien and security interest in, and right of setoff against, all of the Fund’s right, title and interest in and to all Accounts relating to such Series and the Securities, cash and other property now or hereafter held in such Accounts (including proceeds thereof). Each Fund represents, warrants and covenants that it owns the Securities in its Accounts free and clear of all liens, claims and security interests, and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third party). Each Fund shall take any additional steps required to assure the Custodian of such priority security interest, including notifying third parties or obtaining their consent. The Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain such reimbursement. In this regard, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and regulations as then in effect.

Securing Repayment. In order to secure repayment of a the Fund’s obligations to the Custodian (with respect to a particular Series)Custodian, the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, a continuing first lien and security interest in, and right of setoff against, : (a) all of the Fund’s right, title and interest in and to all Accounts relating to such Series in the Fund’s name and the Securities, cash and other property now or hereafter held in such Accounts (including proceeds thereof)) and (b) any other property at any time held by the Custodian for the Fund. Each The Fund represents, warrants and covenants that it owns the Securities in its the Accounts free and clear of all liens, claims and security interests, and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each The Fund shall take any additional steps required to assure the Custodian of such priority security interest, including notifying third parties or obtaining their consent. The Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain such reimbursement. In this regard, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and regulations as then in effect.

Securing Repayment. In order to secure repayment of a the Fund’s obligations to the Custodian (with respect to a particular Series)Custodian, the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, a continuing first lien and security interest in, and right of setoff against, : (a) all of the Fund’s right, title and interest in and to all Accounts relating to such Series in the Fund’s name and the Securities, cash money and other property now or hereafter held in such Accounts (including proceeds thereof)) and (b) any other property at any time held by the Custodian for the Fund. Each The Fund represents, warrants and covenants represents that it owns the Securities in its Accounts the Account free and clear of all liens, claims and claims, security interests, and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims counterclaims, or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each The Fund shall take any additional steps required to assure the Custodian of such priority security interest, including notifying third parties or obtaining their consent. The Upon two days prior written notice, or without notice, if in the reasonable opinion of the Custodian there exists a risk that its ability to collect from the Accounts will be materially impacted by any delay, the Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain such reimbursement. In this regardWith respect to the limited first lien and security interest granted herein, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and or regulations as then in effect.

Securing Repayment. In order to secure repayment of a the Fund’s obligations to the Custodian (with respect to a particular Series)Custodian, the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, a continuing first lien and security interest in, and right of setoff against, against all of the Fund’s right, title and interest in and to all Accounts relating to such Series in the Fund’s name and the Securities, cash and other property now or hereafter held in such Accounts (including proceeds thereof). Each The Fund represents, warrants and covenants that it owns the Securities in its the Accounts free and clear of all liens, claims and security interestsinterests (except for those granted herein or those granted by statutes), and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each The Fund shall take any additional steps required to assure perfect and maintain the Custodian priority of such priority the Custodian’s first lien and security interest, including notifying third parties or obtaining their consent. The Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain reimbursement. Custodian agrees that it shall not realize its interest in any such reimbursementproperty without providing the Fund with reasonable advance notice to promptly designate readily marketable securities to be sold by the Custodian to discharge the Fund’s obligation. In this regard, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and regulations as then in effect.

Securing Repayment. In order to secure repayment of a the Fund’s obligations to the Custodian (with respect to a particular Series)Custodian, the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, a continuing first lien and security interest in, and right of setoff against, : (a) all of the Fund’s right, title and interest in and to all Accounts relating to such Series in the Fund’s name and the Securities, cash money and other property now or hereafter held in such Accounts (including proceeds thereof)) and (b) any other property at any time held by the Custodian for the Fund. Each The Fund represents, warrants and covenants represents that it owns the Securities in its Accounts the Account free and clear of all liens, claims and claims, security interests, and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims counterclaims, or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each The Fund shall take any additional steps required to assure the Custodian of such priority security interest, including notifying third parties or obtaining their consent. The Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain such reimbursement. In this regard, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and or regulations as then in effect.

Securing Repayment. In order to secure repayment of a Fund’s obligations to the Custodian (with respect to a particular Series)Custodian, the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, a continuing first lien and security interest in, and right of setoff against, : (a) all of the Fund’s right, title and interest in and to all Accounts relating to such Series in the Fund’s name and the Securities, cash and other property now or hereafter held in such Accounts (including proceeds thereof)) and (b) any other property at any time held by the Custodian for the Fund. Each Fund represents, warrants and covenants that it owns the Securities in its the Accounts free and clear of all liens, claims and security interests, and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each Fund shall take any additional steps required to assure the Custodian of such priority security interest, including notifying third parties or obtaining their consent. The Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain such reimbursement. In this regard, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and regulations as then in effect.

Securing Repayment. In order to secure repayment of a the Fund’s obligations to the Custodian (with respect to a particular Series)Custodian, the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, a continuing first lien and security interest in, and right of setoff against, against all of the Fund’s right, title and interest in and to all Accounts relating to such Series in the Fund’s name and the Securities, cash and other property now or hereafter held in such Accounts (including proceeds thereof). Each The Fund represents, warrants and covenants that it owns the Securities in its the Accounts free and clear of all liens, claims and security interestsinterests (except for those granted herein or those granted by statutes), and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each The Fund shall take any additional steps required to assure perfect and maintain the Custodian priority of such priority the Custodian’s first lien and security interest, including notifying third parties or obtaining their consent. The Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain such reimbursement. In this regard, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and regulations as then in effect.

Securing Repayment. In order to secure repayment of a the Fund’s obligations to the Custodian (with respect to a particular Series)Custodian, the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, a continuing first lien and security interest in, and right of setoff against, : (a) all of the Fund’s right, title and interest in and to all Accounts relating to such Series in the Fund’s name and the Securities, cash and other property now or hereafter held in such Accounts (including proceeds thereof)) and (b) any other property at any time held by the Custodian for the Fund. Each The Fund represents, warrants and covenants represents that it owns the Securities in its Accounts the Account free and clear of all liens, claims and security interests, and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each The Fund shall take any additional steps required to assure the Custodian of such priority security interest, including notifying third parties or obtaining their consent. The Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain such reimbursement. In this regardWith respect to the limited first lien and security interest granted herein, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and or regulations as then in effect.

Securing Repayment. In order to secure repayment of a Fundthe Trust’s obligations (whether or not matured) to the Custodian (with respect to a particular Series)Trustee, the Fund Company on behalf of the Trust hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, Trustee a continuing first lien and security interest in, and right of setoff against, all of the FundPlan and Trust’s right, title and interest in and to all Accounts relating to such Series the Trust Fund and the Securities, cash money and other property Property now or hereafter held in such Accounts the Trust Fund (including proceeds thereof); provided, that the Company does not grant the Trustee a security interest in any Securities issued by an affiliate of the Trustee (as defined in Section 23A of the Federal Reserve Act). Each Fund represents, warrants and covenants The Company represents that it the Trust owns the Securities in its Accounts the Trust Fund free and clear of all liens, claims and claims, security interests, and that the first lien and security interest granted herein therein shall be subject to no setoffs, counterclaims counterclaims, or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each Fund The Company shall take any additional steps required to assure the Custodian Trustee of such priority security interest, including notifying third parties or obtaining their consent. The Custodian Trustee shall be entitled to collect from the Accounts Trust Fund sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts Trust Fund to the extent necessary to obtain such reimbursement. In this regard, the Custodian Trustee shall be entitled to all the rights and remedies of a pledgee and secured creditor as if the Trust is in default under applicable laws, rules and or regulations as then in effect.

Securing Repayment. In order to secure repayment of a the Fund’s obligations to the Custodian (with respect to a particular Series)Custodian, the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, a continuing first lien and security interest in, and right of setoff against, : (a) all of the Fund’s right, title and interest in and to all Accounts relating to such Series in the Fund’s name and the Securities, cash and other property now or hereafter held in such Accounts (including proceeds thereof)) and (b) any other property held by the Custodian for the Fund. Each The Fund represents, warrants and covenants that it owns the Securities in its the Accounts free and clear of all liens, claims and security interests, and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each The Fund shall take any additional steps reasonably required to assure the Custodian of such priority security interest, including notifying third parties or obtaining their consent. The Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain such reimbursement. In this regard, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and regulations as then in effect.

Securing Repayment. In order to secure repayment of a the Fund’s 's obligations to the Custodian (with respect to a particular Series)Custodian, the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum maxi mum extent permitted by law, a continuing first lien and security Security interest in, and right of setoff against, all : ( a ) All of the Fund’s right, title and interest in and to all All Accounts relating to such Series in the Fund’s name and the SecuritiesSecurities , cash and other property now or hereafter held in such Accounts (including proceeds thereof)) and ( b ) any other property held by the Custodian for the Fund. Each The Fund represents, warrants and covenants that it owns the Securities in its the Accounts free and clear of all All liens, claims and security interests, interests and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each The Fund shall take any additional steps reasonably required to assure the Custodian of such priority security Security interest, including notifying third parties or obtaining their consent. The Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, insufficient to sell the Securities in the Accounts to the extent necessary to obtain such reimbursement. In this regard, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and regulations as then in effect.

Securing Repayment. In order to secure repayment of a the Fund’s 's obligations to the Custodian (with respect to a particular Series)Custodian, the Fund hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, a continuing first lien and security interest in, and right of setoff against, : (a) all of the Fund’s 's right, title and interest in and to all Accounts relating to such Series in the Fund's name and the Securities, cash and other property now or hereafter held in such Accounts (including proceeds thereof)) and (b) any other property at any time held by the Custodian for the Fund. Each The Fund represents, warrants and covenants that it owns the Securities in its the Accounts free and clear of all liens, claims and security interests, and that the first lien and security interest granted herein shall be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute or as otherwise agreed in writing among the Custodian, the Fund and any relevant third partystatute). Each The Fund shall take any additional steps required to assure the Custodian of such priority security interest, including notifying third parties or obtaining their consent. The Custodian shall be entitled to collect from the Accounts sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain such reimbursement. In this regard, the Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules and regulations as then in effect.