Collateral Security for Loans. (a) As a condition precedent to making any Loan to any Borrower or continuing any Loan made to any Borrower, the Borrower covenants and agrees that in the event that (i) the Borrower’s outstanding borrowings from all sources immediately after the Loan would exceed 10% of its total assets or (ii) the Borrower’s outstanding borrowings from all sources exceed 10% of the Borrower’s total assets for any reason (such as a decline in net asset value or because of shareholder redemptions), within one (1) Business Day (except as required by Section 3.11(b) below), the Borrower will
Appears in 9 contracts
Samples: Master Interfund Lending Agreement (Putnam Sustainable Leaders Fund), Master Interfund Lending Agreement (Putnam Funds Trust), Master Interfund Lending Agreement (Putnam Income Fund)
