Common use of Loan Collateral Clause in Contracts

Loan Collateral. For each loan of securities, the Approved Borrower shall pledge as collateral the following items: (a) cash in U.S. dollars or foreign currency; (b) securities issued or fully guaranteed by the United States government or issued and unconditionally guaranteed by any agencies thereof or issued or fully guaranteed by a foreign sovereign; or (c) irrevocable performance letters of credit issued by banks approved by the Fund on the attached Schedule 4 (which may from time to time be updated in writing) (collectively, "Collateral") having an initial market value (as determined by BBH&CO pursuant to the applicable SLA) at least equal to the market value of the loaned securities (as determined pursuant to the applicable SLA).

Loan Collateral. For each loan of securities, the Approved Borrower shall pledge as collateral the following items: (a) cash in U.S. dollars or foreign currencydollars; (b) securities issued or fully guaranteed by the United States government or issued and unconditionally guaranteed by any agencies or instrumentalities thereof or issued or fully guaranteed by a foreign sovereign; or (c) irrevocable performance letters of credit issued by banks approved by the Fund on the attached Schedule 4 (which may from time to time be updated in writing) (collectively, "“Collateral"”) having an initial market value (as determined by BBH&CO BBH&Co. pursuant to the applicable SLA) at least equal to the market value of the loaned securities (as determined pursuant to the applicable SLA).

Loan Collateral. For each loan of securities, the Approved Borrower shall pledge transfer as collateral the following items: (a) cash in U.S. dollars or foreign currency; (b) securities issued or fully guaranteed by the United States government or issued and unconditionally guaranteed by any agencies or instrumentalities thereof or issued or fully guaranteed by a foreign sovereign; or (c) irrevocable performance letters of credit issued by banks approved by the Fund on the attached Schedule 4 (which may from time to time be updated in writing) (collectively, "“Collateral"”) having an initial market value (as determined by BBH&CO BBH&Co. pursuant to the applicable SLA) at least equal to the market value of the loaned securities (as determined pursuant to the applicable SLA).