Borrowings; Advances Sample Clauses

Borrowings; Advances. In connection with any borrowings by a Fund, such Fund will cause to be delivered to the Custodian by a bank or broker requiring securities as collateral for such borrowings (including the Custodian if the borrowing is from the Custodian), a notice or undertaking in the form currently employed by such bank or broker setting forth the amount of collateral. A Fund shall promptly deliver to the Custodian Written Instructions specifying with respect to each such borrowing: (a) the name of the bank or broker, (b) the amount and terms of the borrowing, which may be set forth by incorporating by reference an attached promissory note duly endorsed by a Fund, or a loan agreement, (c) the date, and time if known, on which the loan is to be entered into, (d) the date on which the loan becomes due and payable, (e) the total amount payable to the Fund on the borrowing date, and (f) the description of the securities securing the loan, including the name of the issuer, the title and the number of shares or other units or the principal amount. The Custodian shall deliver on the borrowing date specified in the Written Instructions the required collateral against the lender's delivery of the total loan amount then payable, provided that the same conforms to that which is described in the Written Instructions. The Custodian shall deliver, in the manner directed by the Fund, such securities as additional collateral, as may be specified in Written Instructions, to secure further any borrowing transaction. A Fund shall cause all securities released from collateral status to be returned directly to the Custodian and the Custodian shall receive from time to time such return of collateral as may be tendered to it. Without limiting the foregoing, if in connection with this Agreement the Custodian makes an advance to facilitate settlement or otherwise for the benefit of a Fund, or if such settlement results in an overdraft of the Fund’s account with Custodian and such overdraft or advance is not evidenced by a borrowing pursuant to the foregoing, then such Fund: (i) shall have no right, title or interest in or to any securities or investments purchased with such advance until such Fund reimburses Custodian for the amount of such advance or overdraft; (ii) acknowledge that the Custodian has an automatically perfected statutory security interest in any securities or other investments purchased with any such advance or causing such overdraft pursuant to Section 9-206 of the Uniform Com...