Common use of Distributions on Loaned Securities Clause in Contracts

Distributions on Loaned Securities. Except as provided in the next sentence, amounts equal to all interests, dividends, and other distributions paid with respect to loaned Securities shall be credited to the Lender's account on the date such amounts are delivered by the Borrower to the Bank. Lender acknowledges that it will be receiving a substitute payment from the Borrower in lieu of such interests, dividends, and other distributions. Any non-cash distribution on loaned Securities which is in the nature of a stock split or a stock dividend shall be added to the applicable loan (and shall be considered to constitute loaned Securities) as of the date such non-cash distribution is received by the Borrower.

Distributions on Loaned Securities. Except as provided in the next sentence, amounts equal to all interests, dividends, and other distributions paid with respect to loaned Securities shall be credited to the Lender's ’s account on the date such amounts are delivered by the Borrower to the Bank. Lender acknowledges that it will be receiving a substitute payment from the Borrower in lieu of such interests, dividends, and other distributions. Any non-cash distribution on loaned Securities which is in the nature of a stock split or a stock dividend shall be added to the applicable loan (and shall be considered to constitute loaned Securities) as of the date such non-cash distribution is received by the Borrower.