Common use of Securing Repayment Clause in Contracts

Securing Repayment. In order to secure repayment of each Series' obligations (whether or not matured) to the Custodian arising under this Agreement, each Fund, on behalf of each of its Series, hereby pledges and grants to the Custodian and agrees the Custodian shall have to the maximum extent permitted by law, but only to the extent of a Series' obligation and only during the period such obligation is outstanding, a continuing first lien and security interest in, and right of setoff against: (a) all of the Series' right, title and interest in and to all Accounts in the Series' name and the Securities, cash and other property now or hereafter held in such Accounts (including proceeds thereof), but only to the extent of the Series' obligation and only during the period such obligation is outstanding, and (b) any other property at any time held by the Custodian for such