Common use of Maintenance of Collateral Margin Clause in Contracts

Maintenance of Collateral Margin. In respect of loans of securities entered into on behalf of a Participating Fund, Lending Agent will xxxx-to-market on a daily basis, in accordance with the applicable MSLA, the loaned securities and all Collateral and, where applicable, Lending Agent shall, in accordance with the provisions of the applicable MSLA, request the Borrower to deliver sufficient additional Collateral to a Participating Fund to satisfy the applicable Collateral requirement. With respect to loans involving domestic securities, Collateral shall be remarked to 102% of the market value of the securities loaned (including any accrued interest). With respect to loans involving foreign securities, Collateral shall be remarked to 105% of the market value of the securities loaned (including any accrued interest). With respect to loans of U.S. Government Securities, Collateral shall be remarked to 102% of market value only if the market value of such Collateral falls below 100% of the market value of the securities loaned (including any accrued interest). If, as a result of marking-to-market, Collateral is required to be returned to the Borrower under the MSLA, Lending Agent will timely return such Collateral to the Borrower. Lending Agent is authorized to consent to any adjustment in the amount available to be drawn under any letter of credit in order to satisfy any requirement under an MSLA to return excess Collateral to a Borrower as a result of marking-to-market.