Common use of Advances by Bank Clause in Contracts

Advances by Bank. The Bank may, in its sole discretion, advance funds on behalf 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. 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 overdraft or related indebtedness, a loan made by the Bank to the Fund payable on demand and bearing interest at the current rate charged by the Bank for such loans unless the Fund shall provide the Bank with agreed upon compensating balances. The Fund agrees that the Bank shall have a continuing lien and security interest to the extent of any overdraft or indebtedness, 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 on the Bank's behalf). The Fund authorizes the Bank, in its sole discretion, at any time to charge any overdraft or indebtedness, together with interest due thereon against any balance of account standing to the credit of the Fund on the Bank's books.

Advances by Bank. The Bank may, in its sole discretion, advance funds on behalf of any Portfolio of the Fund Trust to make any payment permitted by this Agreement upon receipt of any proper authorization required by this Agreement for Proper Instructions from the Portfolio authorizing such payments by the Fundpayments. Should such a payment or payments, with advanced funds, result in an overdraft (due to insufficiencies of the FundPortfolio's account with the Bank, or for any other reason) this Agreement deems any such overdraft or related indebtedness, indebtedness shall be deemed a loan made by the Bank to the Fund Portfolio payable on demand and bearing interest at the current rate charged by the Bank for such loans unless the Fund Portfolio shall provide the Bank with agreed upon compensating balances. The Fund Portfolio agrees that the Bank shall have a continuing lien and security interest to the extent of any overdraft or indebtedness, in and to any property at any time held by it for the FundPortfolio's benefit or in which the Fund Portfolio 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 on the Bank's behalf). The Fund Portfolio authorizes the Bank, in its sole discretion, at any time to charge any overdraft or of indebtedness, together with interest due thereon against any balance of account standing to the credit of the Fund Portfolio on the Bank's books.

Advances by Bank. The Bank may, in its sole discretion, advance funds on behalf of the Fund Company to make any payment permitted by this Agreement upon receipt of any proper authorization required by this Agreement for such payments by the FundCompany. Should such a payment or payments, with advanced funds, result in an overdraft (due to insufficiencies of the FundCompany's account with the Bank, or for any other reason) this Agreement deems any such overdraft or related indebtedness, a loan made by the Bank to the Fund Company payable on demand and bearing interest at the current rate charged by the Bank for such loans unless the Fund Company shall provide the Bank with agreed upon compensating balances. The Fund Company agrees that the Bank shall have a continuing lien and security interest to the extent of any overdraft or indebtedness, in and to any property at any time held by it for the FundCompany's benefit or in which the Fund Company 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 on the Bank's behalf). The Fund Company authorizes the Bank, in its sole discretion, at any time to charge any overdraft or indebtedness, together with interest due thereon against any balance of account standing to the credit of the Fund Company on the Bank's books.