Common use of Holding and Administration of Collateral Clause in Contracts

Holding and Administration of Collateral. All Collateral consisting of cash and securities shall be received (including, if applicable, upon transfer from the Fund’s custodian to BBH&Co. following a loan of US Securities delivered by the Fund’s custodian against receipt of cash Collateral from the Borrower), held and administered by BBH&Co. (as set forth in Operational Procedures) for the benefit of the applicable Fund in the applicable Custody Account or other account established for the purpose of holding Collateral. Collateral consisting of cash shall be placed in an investment listed in the attached Schedule 5 (“Permitted Investments”) in accordance with Section 7 hereof. Collateral consisting of letters of credit shall be received, held and administered by BBH&Co. for the benefit of the applicable Fund in accordance with the terms of this Agreement and particularly of this Section 5.2.

Holding and Administration of Collateral. All Collateral consisting of cash and securities shall be received (including, if applicable, upon transfer from the Fund’s custodian to BBH&Co. following a loan of US Securities delivered by the Fund’s custodian against receipt of US dollar cash Collateral from the Borrower), held and administered by BBH&Co. (as set forth in Operational Procedures) for the benefit of the applicable Fund in the applicable Custody Account or other account established for the purpose of holding Collateral. Collateral consisting of cash shall be placed in an investment listed in the attached Schedule 5 (“Permitted Investments”) in accordance with Section 7 hereof. Collateral consisting of letters of credit shall be received, held and administered by BBH&Co. for the benefit of the applicable Fund in accordance with the terms of this Agreement and particularly of this Section 5.2.

Holding and Administration of Collateral. All Collateral consisting of cash and securities shall be received (including, if applicable, upon transfer from the Fund’s custodian to BBH&Co. following a loan of US Securities delivered by the Fund’s custodian against receipt of cash Collateral from the Borrower), held and administered by BBH&Co. (as set forth in Operational Procedures) for the benefit of the applicable Fund in the applicable Custody Account or other account established for the purpose of holding Collateral. Collateral consisting of cash shall be placed in an investment listed in the attached Schedule 5 (“"Permitted Investments”") in accordance with Section 7 hereof. Collateral consisting of letters of credit shall be received, held and administered by BBH&Co. for the benefit of the applicable Fund in accordance with the terms of this Agreement and particularly of this Section 5.2.