Common use of Establishment of Account Clause in Contracts

Establishment of Account. (a) Each Fund hereby appoints the Custodian as the custodian of all Securities and cash at any time delivered to the Custodian to be held under this Agreement. The Custodian hereby accepts such appointment and agrees to establish and maintain one or more accounts for each Series in which the Custodian will hold Securities and cash as provided herein. Such accounts (each, an “Account,” and collectively, the “Accounts”) shall be in the name of the applicable Fund. This Agreement shall constitute a separate agreement between the Custodian and each separate Fund, as if each Fund had executed a separate document with the Custodian with respect to the subject matter of this Agreement, and no Fund shall have any liability under this Agreement for the obligations of any other Fund.