Common use of Securing Repayment Clause in Contracts

Securing Repayment. In order to secure repayment of the Fund’s obligations to the Custodian, to the extent of such obligations 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, security entitlement in and to and right of setoff against: (a) all of the right, title and interest in and to all of the funds, assets and Accounts of the applicable Series of the Fund recorded in the name of, and held on behalf of, such Series, and the Securities, cash and other property now or hereafter held by the Custodian for such Series (including proceeds thereof) and (b) any other property at any time held by the Custodian for the Fund or recorded as in the name of such Series at any time held for and on behalf of such Series by the Custodian for the Fund. The Fund represents, warrants and covenants that it owns the Securities in 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). 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 reimbursement (the “Security Interest Rights”). 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. Without limiting the generality of the foregoing, the Custodian shall exercise its Security Interest Rights in accordance with Section 5.5 below.

Securing Repayment. In order to secure repayment of the a Fund’s obligations to the Custodian, to the extent each Trust, on behalf of such obligations the Fund Fund, hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, but (i) subject to any agreement of which the Custodian is advised pursuant to Section 1.3(a)(viii) and (ii) only to the extent of a Fund’s obligation and only during the period such obligation is outstanding, a continuing first lien and security interest in, security entitlement in and to and right of setoff against: (a) all of the such Fund’s right, title and interest in and to all of the funds, assets and Accounts of the applicable Series of the Fund recorded in the such Fund’s name of, and held on behalf of, such Series, and the Securities, cash and other property now or hereafter held by the Custodian for in such Series Accounts (including proceeds thereof) but only to the extent of a Fund’s obligation and only during the period such obligation is outstanding and (b) any other property at any time held by the Custodian for the Fund or recorded as in the name of such Series at any time held for and Fund. Each Trust, on behalf of such Series by the Custodian for the an applicable Fund. The Fund , represents, warrants and covenants that it owns the Securities in 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). The Fund Each Trust, on behalf of an applicable Fund, shall take any additional steps required to assure the Custodian of such priority security interest, including notifying third parties or obtaining their consentconsent but only after prior notice to the Trust. The Custodian shall be entitled to collect from the Accounts of applicable Fund sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Accounts to the extent necessary to obtain reimbursement (for such Fund’s obligations; provided, however, that Custodian must first provide prompt advance notice of such potential action to the “Security Interest Rights”)Trust. 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. Without limiting The Accounts or other assets of a Fund may not be used to satisfy the generality obligations of any other Fund, nor may the Accounts or other assets of any other Fund be used to satisfy the obligations of the foregoingfirst Fund. No lien or security interest in, or right of setoff against, the Custodian Accounts or other assets of a Fund shall exercise its Security Interest Rights apply to such Fund except in accordance connection with Section 5.5 belowthe obligations of such Fund.

Securing Repayment. In order to secure repayment of the Fund’s obligations to the CustodianCustodian relating to or arising under this Agreement, to the extent of such obligations 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, security entitlement in and to and right of setoff against: (a) all of the Fund’s right, title and interest in and to all of the funds, assets and Accounts of the applicable Series of the Fund recorded in the Fund’s name of, and held on behalf of, such Series, and the Securities, cash and other property now or hereafter held by the Custodian for in such Series Accounts (including proceeds thereof) and (b) any other property at any time held by the Custodian for the Fund or recorded as Fund. The Custodian acknowledges and agrees that the property of any one Series is the property of only that Series and in no event shall any Series be liable for the name obligations of such Series at any time held for and other Series; that any person executing this Agreement has executed it on behalf of the Fund and not individually, and that the obligations of the Fund arising out of this Agreement are not binding upon such Series by the Custodian for person or the Fund’s shareholders individually, but binding upon the property and other assets of the Fund; that no shareholders, directors or officers of the Fund may be held personally liable or responsible for any obligations of the Fund arising out of this Agreement. The Fund represents, warrants and covenants that it owns the Securities in 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). 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 reimbursement (the “Security Interest Rights”)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. Without limiting the generality of the foregoing, the Custodian shall exercise its Security Interest Rights in accordance with Section 5.5 below.

Securing Repayment. In order to secure repayment of the Fund’s obligations to the Custodian, to the extent of such obligations 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, security entitlement in and to and right of setoff against: (a) all of the Fund’s right, title and interest in and to all of the funds, assets and Accounts of the applicable Series of the Fund recorded in the Fund’s name of, and held on behalf of, such Series, and the Securities, cash and other property now or hereafter held by the Custodian for in such Series Accounts (including proceeds thereof) and (b) any other property at any time held by the Custodian for the Fund or recorded as in the name of such Series at any time held for and on behalf of such Series by the Custodian for the Fund. The Fund represents, warrants and covenants that it owns the Securities in 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). Notwithstanding the foregoing, the Custodian hereby subordinates any such continuing lien and security interest in and to any Securities, cash and other property of the Fund held by in such Accounts (whether obtained by operation of law or contract), to the lien of any bank or other lending or financing institution of whatever nature (“Lender”) from which the Fund borrows money for investment (including through a derivative contract) or for temporary or emergency purposes using Securities held by the Custodian hereunder as collateral for such borrowings, provided however that when assets in excess of the amount of collateral required to be pledged by the Fund to any Lender (“Excess Assets”) are held in such Accounts, the Custodian shall have a priority security interest and right of setoff in such Excess Assets to secure any overdraft or indebtedness, provided that Custodian notifies the Lender and the Fund in writing prior to exercising any of its rights against such Excess Assets as provided in Section 5.5 below. 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, with ten (10) days’ prior written notice to the Fund (and any Lender, if applicable), sell the Securities in the Accounts to the extent necessary to obtain reimbursement (the “Security Interest Rights”)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. Without limiting the generality of the foregoing, the Custodian shall exercise its Security Interest Rights in accordance with Section 5.5 below.

Securing Repayment. In order to secure repayment of the Fund’s obligations to the Custodian, to the extent of such obligations 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, security entitlement in and to and right of setoff against: (a) all of the Fund’s right, title and interest in and to all of the funds, assets and Accounts of the applicable Series of the Fund recorded in the Fund’s name of, and held on behalf of, such Series, and the Securities, cash and other property now or hereafter held by the Custodian for in such Series Accounts (including proceeds thereof) and (b) any other property at any time held by the Custodian for the Fund or recorded as in the name of such Series at any time held for and on behalf of such Series by the Custodian for the Fund. The Fund represents, warrants and covenants that it owns the Securities in 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). Notwithstanding the foregoing, the Custodian hereby subordinates any such continuing lien and security interest in and to any Securities, cash and other property of the Fund held by in such Accounts (whether obtained by operation of law or contract), to the lien of any bank or other lending or financing institution of whatever nature (“Lender”) from which the Fund borrows money for investment (including through a derivative contract) or for temporary or emergency purposes using Securities held by the Custodian hereunder as collateral for such borrowings, provided however that when assets in excess of the amount of collateral required to be pledged by the Fund to any Lender (“Excess Assets”) are held in such Accounts, the Custodian shall have a priority security interest and right of setoff in such Excess Assets to secure any overdraft or indebtedness, provided that Custodian notifies the Lender and the Fund in writing prior to exercising any of its rights against such Excess Assets as provided in Section 5.5 below. 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, with ten (10) days’ prior written notice to the Fund (and any Lender, if applicable), sell the Securities in the Accounts to the extent necessary to obtain reimbursement (the “Security Interest Rights”)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. Without limiting the generality of the foregoing, the Custodian shall exercise its Security Interest Rights in accordance with Section 5.5 below.