Common use of Collateral Movement and Investment Clause in Contracts

Collateral Movement and Investment. At Loan initiation, Securities are delivered via DTC against payment of initial collateral. Marks to markets are performed by Agent and Additional Collateral is received by the Custodian and immediately credited to the Collateral Agent’s account for the Lender. On the third Business Day of each month, all earnings on cash collateral held by Bank are to be credited to Agent’s Account. Agent shall pay Borrowers any rebates owed. Agent shall also deduct its agency fees after approval by JPMorgan Funds administration, and forward the amounts owed to the Lenders to the Bank by the third Business Day and Bank shall receive it on behalf of each Lender by the third Business Day. Agent shall instruct the Bank to deliver the Securities to be lent to Borrowers delivery versus payment by the earlier of 4:00 p.m. or the close of the market in which the security is traded. Agent shall advise Bank of the termination of a Loan by the earlier of 5:00 p.m. or the close of the JPMorgan Prime Money Market Fund on each Business Day, and of the amount of Collateral to deliver the Borrower in exchange for the return of the Security on Loan. Agent shall serve as Collateral Agent and shall ensure that the ownership interest in Collateral belonging to each Lender identified on Agent’s books and records is being held in a separate Collateral Account in the name of and on behalf of each such Lender. Bank shall have no responsibility or liability whatsoever for such investments other than to hold the same in custody. Lender shall assure (by way of liquidation, maturity proceeds or otherwise) that there is sufficient cash in the Collateral Account to enable Bank to return the same to the Borrower. In the event that there is insufficient cash in the Collateral Account, the Collateral Agent shall notify the Lender by the earlier of 5:00 p.m. or the close of the JPMorgan Prime Money Market Fund on the same Business Day.

Collateral Movement and Investment. At Loan initiation, Securities are delivered via DTC against payment of initial collateral. Marks to markets are performed by Agent and Additional Collateral is received by the Custodian and immediately credited to the applicable Collateral Agent’s account for the Lender. On the third Business Day of each month, all earnings on cash collateral held by Bank are to be credited to Agent’s Account. Agent shall pay Borrowers any rebates owed. Agent shall also deduct its agency fees after approval by JPMorgan Funds administration, and forward the amounts owed to the Lenders to the Bank by the third Business Day and Bank shall receive it on behalf of each Lender by the third Business Day. Agent shall instruct the Bank to deliver the Securities to be lent to Borrowers delivery versus payment by the earlier of 4:00 p.m. or the close of the market in which the security is traded. Agent shall advise Bank of the termination of a Loan by the earlier of 5:00 p.m. or the close of the JPMorgan Prime Money Market Fund on each Business Day, and of the amount of Collateral to deliver the Borrower in exchange for the return of the Security on Loan. Except for Lenders for which the Bank serves as Collateral Agent which Lenders are designated on Appendix 4, Agent shall serve as Collateral Agent and shall ensure that the ownership interest in Collateral belonging to each Lender identified on Agent’s books and records is being held in a separate Collateral Account in the name of and on behalf of each such Lender. Except as provided in the Collateral Agency Agreement, Bank shall have no responsibility or liability whatsoever for such investments other than to hold the same in custody. Lender shall assure (by way of liquidation, maturity proceeds or otherwise) that there is sufficient cash in the Collateral Account to enable Bank to return the same to the Borrower. In the event that there is insufficient cash in the Collateral Account, the Collateral Agent shall notify the Lender by the earlier of 5:00 p.m. or the close of the JPMorgan Prime Money Market Fund on the same Business Day.or