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 United States of America (“United States”) dollars; (b) securities issued or fully guaranteed by the United States government or issued and unconditionally guaranteed by any agency thereof; or (c) irrevocable performance letters of credit issued by banks approved by the Fund, as listed on the attached Schedule 4 (which may from time to time be updated in writing) (collectively, “Collateral”). The initial Collateral received with respect to each loan shall have a market value (as determined by BBH&Co. pursuant to the applicable SLA) at least equal to the applicable specified percentage of the market value of the loaned securities (including accrued interest on loaned debt securities) that is set forth in Schedule A of the SLA that constitutes Schedule 3 of this Agreement (as determined pursuant to the applicable SLA) (the “Margin Percentage”).

Loan Collateral. For each loan of securities, the Approved Borrower shall pledge as collateral the following items: (a) cash in United States of America (“United States”) dollars; (b) securities issued or fully guaranteed by the United States government or issued and unconditionally guaranteed by any agency thereof; or (c) irrevocable performance letters of credit issued by banks approved by the Fund, as listed on the attached Schedule 4 (which may from time to time be updated in writing) (collectively, “Collateral”). The initial Collateral received with respect to each loan shall have a market value (as determined by BBH&Co. pursuant to the applicable SLA) at least equal to the applicable specified percentage of the market value of the loaned securities (including accrued interest on loaned debt securities) that is set forth in Schedule A of the SLA that constitutes Schedule 3 of this Agreement (as determined pursuant to the applicable SLA) (the “Margin Percentage”).

Loan Collateral. For each loan of securities, the Approved Borrower shall pledge as collateral the following items: (a) cash in United States of America (“United States”) dollarsU.S. dollars or foreign currency; (b) securities issued or fully guaranteed by the United States government or issued and unconditionally guaranteed by any agency agencies thereof; or (c) irrevocable performance letters of credit issued by banks approved by the Fund, as listed Fund on the attached Schedule 4 (which may from time to time be updated in writing) (collectively, “"Collateral”). The ") having an initial Collateral received with respect to each loan shall have a market value (as determined by BBH&Co. pursuant to the applicable SLA) at least equal to the applicable specified percentage 102% of the market value of the loaned securities (including accrued interest on loaned debt securities) that is set forth in Schedule A of the SLA that constitutes Schedule 3 of this Agreement (as determined pursuant to the applicable SLA) (the “Margin Percentage”).