Common use of Overdrafts Clause in Contracts

Overdrafts. If Custodian shall in its sole discretion advance funds to the account of the Fund which results in an overdraft because the monies held by Custodian on behalf of the Fund are insufficient to pay the total amount payable upon a purchase of securities as specified in Fund's instructions or for some other reason, the amount of the overdraft shall be payable by the Fund to Custodian upon demand and shall bear an interest rate determined by Custodian from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in the amount of any outstanding overdraft.

Appears in 14 contracts

Samples: Custody Agreement (Seligman High Income Fund Series), Custody Agreement (Seligman Pennsylvania Municipal Fund Series), Custody Agreement (Seligman Communications & Information Fund Inc)

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Overdrafts. If Custodian shall in its sole discretion advance funds to the account of the Fund which results in an overdraft because the monies held by Custodian on behalf of the Fund are insufficient to pay the total amount payable upon a purchase of securities as specified in a Fund's instructions or for some other reason, the amount of the overdraft shall be payable by the Fund to Custodian upon demand and shall bear an interest rate determined by Custodian from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in the amount of any outstanding overdraft.

Appears in 10 contracts

Samples: Custody Agreement (Composite Cash Management Co Inc), Custody Agreement (Sierra Trust Funds), Custody Agreement (Composite United States Government Securities Inc)

Overdrafts. If Custodian shall in its sole discretion advance funds to the account of the Fund a Portfolio which results in an overdraft because the monies held by Custodian on behalf of the Fund such Portfolio are insufficient to pay the total amount payable upon a purchase of securities as specified in Fund's instructions or for some other reason, the amount of the overdraft shall be payable by out of the Fund account of the Portfolio to Custodian IFTC upon demand de mend and shall bear an interest rate determined by Custodian from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in the amount of any outstanding overdraft.

Appears in 1 contract

Samples: Custody Agreement (Cowen Funds Inc)

Overdrafts. If Custodian shall may in its sole discretion advance funds to the account of the Fund which results in an overdraft because the monies held by Custodian on behalf of the Fund are insufficient to pay the total amount payable upon a purchase of securities as specified in Fund's instructions or for some other reason, the . The amount of the overdraft shall be payable by the Fund to IFTC upon demand. Fund agrees to leave on deposit in the Account such amount which Custodian upon demand and shall bear an interest rate determined by Custodian from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in under this subparagraph X for the amount of any outstanding overdrafttime such monies remained unpaid to IFTC.

Appears in 1 contract

Samples: Custody Agreement (Seligman Portfolios Inc/Ny)

Overdrafts. If Custodian shall in its sole discretion advance funds to the account of the Fund which results in an overdraft because the monies held by Custodian on behalf of the Fund are insufficient to pay the total amount payable upon a purchase of securities as specified in Fund's instructions or for some other reason, the amount of the overdraft shall be payable by the Fund to Custodian First Western Bank & Trust upon demand and shall bear an interest rate determined by Custodian from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in the amount of any outstanding overdraft.

Appears in 1 contract

Samples: Custodial Agreement (Ranson Managed Portfolios)

Overdrafts. If Custodian shall in its sole discretion advance funds to the account of the Fund a Portfolio which results in an overdraft because the monies held by Custodian on behalf of the Fund such Portfolio are insufficient to pay the total amount payable upon a purchase of securities as specified in the Fund's instructions or for some other reason, the amount of the overdraft shall be payable by the Fund to Custodian upon demand and shall bear an interest rate determined by Custodian from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in the amount of any outstanding overdraft.

Appears in 1 contract

Samples: Custody Agreement (Janus Aspen Series)

Overdrafts. If Custodian shall in its sole discretion advance funds to the account of the Fund which results in an overdraft because the monies held by Custodian on behalf of the Fund are insufficient to pay the total amount payable upon a purchase of securities as specified in Fund's instructions or for some other reason, the amount of the overdraft shall be payable by the Fund to Custodian upon demand and shall bear an interest rate determined by Custodian from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in the amount of any outstanding overdraft.

Appears in 1 contract

Samples: Custody Agreement (Piper Institutional Funds Inc)

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Overdrafts. If Custodian shall in its sole discretion advance funds to the account of the Fund which results in an overdraft because the monies held by Custodian on behalf of the Fund are insufficient to pay the total amount payable upon 13 a purchase of securities as specified in Fund's instructions or for some other reason, the amount of the overdraft shall be payable by out of the account of the Fund to Custodian IFTC upon demand and shall bear an a reasonable interest rate determined by Custodian from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in the amount of any outstanding overdraft.

Appears in 1 contract

Samples: Custody Agreement (Cowen Standby Tax Exempt Reserve Fund Inc)

Overdrafts. If Custodian shall in its sole discretion advance funds to the account of the Fund which results in an overdraft because the monies held by Custodian on behalf of the Fund are insufficient to pay the total amount payable upon a purchase of securities as specified in Fund's instructions or for some other reason, the amount of the overdraft shall be payable by the Fund to Custodian upon demand and shall bear an the interest rate determined by Custodian set forth on the Fee Schedule attached hereto as Exhibit B from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in the amount of any outstanding overdraft.date

Appears in 1 contract

Samples: Custody Agreement (One Fund Inc)

Overdrafts. If Custodian shall in its sole discretion advance funds to the account of the Fund which results in an overdraft because the monies held by Custodian on behalf of the Fund are insufficient to pay the total amount payable upon a purchase of securities as specified in Fund's instructions or for some other reason, the amount of the overdraft shall be payable by out of the account of the Fund to Custodian IFTC upon demand and shall bear an a reasonable interest rate determined by Custodian from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in the amount of any outstanding overdraft.12 V.

Appears in 1 contract

Samples: Custody Agreement (Cowen Income Plus Growth Fund Inc)

Overdrafts. If Custodian shall in its sole discretion advance funds to the account of the Fund which results in an overdraft because the monies held by Custodian on behalf of the Fund are insufficient to pay the total amount payable upon a purchase of securities as specified in Fund's ’s instructions or for some other reason, the amount of the overdraft shall be payable by the Fund to Custodian upon demand and shall bear an interest rate determined by Custodian from the date advanced until the date of payment. Custodian shall have a lien on the assets of the Fund in the amount of any outstanding overdraft.

Appears in 1 contract

Samples: Custodian Agreement (Diversified Real Asset Income Fund)

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