Common use of Marking to Market Clause in Contracts

Marking to Market. The Collateral shall be marked to market each Business Day. If, at the close of trading on any Business Day, the Market Value of the Collateral previously delivered by the Borrower and held in connection with loans of a Fund’s securities is less than the Minimum Percentage of the market value of such loaned securities as of such Business Day, the Lending Agent shall demand that the Borrower deliver an amount of additional Collateral by the close of the next Business Day sufficient to cause the Market Value of all Collateral delivered in connection with such loan to equal not less than the Required Percentage of the Market Value of such loaned securities, including accrued interest. For purposes of this Agreement, (i) the term “Market Value” of cash Collateral means the value of any cash Collateral or additional cash Collateral as of the time of receipt thereof by the Lending Agent from the Borrower, unadjusted for any subsequent increases or decreases in value as a result of any investment thereof by the Lending Agent pursuant to Section 6 below; (ii) the term “Minimum Percentage” shall mean 100% or such other percentage(s) as may be otherwise mutually agreed from time to time by Addendum to this Agreement; and (iii) the term “Business Day” shall mean any day other than a Saturday, Sunday, public holiday under the laws of the Lending Agent's principal place of business or other day on which Lending Agent is authorized or obligated to close in such place and shall mean, with reference to any security (or the transfer of any security or collateral in respect thereof ) hereunder, a Business Day on which regular settlement occurs in the principal market for such security.

Marking to Market. The Collateral shall be marked to market each Business Day. If, If at the close of trading on any Business Daybusiness day, the Market Value of the Collateral previously delivered by the Borrower and held in connection with loans of a Fund’s 's securities is less than the Minimum Percentage of the market value of such loaned securities as of such Business Daybusiness day, the Lending Agent shall demand that the Borrower deliver an amount of additional Collateral by the close of the next Business Day business day sufficient to cause the Market Value of all Collateral delivered in connection with such loan to equal not less than the Required Percentage of the Market Value of such loaned securities, including accrued interest. Notwithstanding the foregoing, for Collateral held in connection with loans of Foreign Securities, it is understood and agreed that certain standard industry practices may from time-to-time preclude the Lending Agent from obtaining additional Collateral by the close of the next business day unless the Market Value of the Collateral previously delivered by the Borrower is less than 100% of the market value of such loaned securities, including accrued interest. For purposes of this Agreementhereof, (i) the term “"Market Value” " of cash Collateral means the value of any cash Collateral or additional cash Collateral as of the time of receipt thereof by the Lending Agent from the Borrower, unadjusted for any subsequent increases or decreases in value as a result of any investment thereof by the Lending Agent pursuant to Section 6 below. For purposes hereof, "Minimum Percentage" shall mean" shall mean (i) 100% with respect to U.S. Securities; (ii) 105% with respect to Foreign Securities; except in the term “case of loans of Foreign Securities which are denominated and payable in US Dollars, in which event the "Minimum Percentage” " shall mean be 100% or and (iii) such other percentage(s) as may be otherwise mutually agreed from time to time by Addendum to this Agreement; and (iii) the term “Business Day” shall mean any day other than a Saturday, Sunday, public holiday under the laws of the Lending Agent's principal place of business or other day on which Lending Agent is authorized or obligated to close in such place and shall mean, with reference to any security (or the transfer of any security or collateral in respect thereof ) hereunder, a Business Day on which regular settlement occurs in the principal market for such security.

Marking to Market. The Collateral shall be marked to market each Business Day. If, at the close of trading on any Business Day, the Market Value of the Collateral previously delivered by the Borrower and held in connection with loans of a Fund’s 's securities is less than the Minimum Percentage of the market value of such loaned securities as of such Business Day, the Lending Agent shall demand that the Borrower deliver an amount of additional Collateral by the close of the next Business Day sufficient to cause the Market Value of all Collateral delivered in connection with such loan to equal not less than the Required Percentage of the Market Value of such loaned securities, including accrued interest. For purposes of this Agreement, (i) the term “"Market Value” " of cash Collateral means the value of any cash Collateral or additional cash Collateral as of the time of receipt thereof by the Lending Agent from the Borrower, unadjusted for any subsequent increases or decreases in value as a result of any investment thereof by the Lending Agent pursuant to Section 6 below; (ii) the term “"Minimum Percentage” " shall mean 100% or such other percentage(s) as may be otherwise mutually agreed from time to time by Addendum to this Agreement; and (iii) the term “"Business Day” " shall mean any day other than a Saturday, Sunday, public holiday under the laws of the Lending Agent's principal place of business or other day on which Lending Agent is authorized or obligated to close in such place and shall mean, with reference to any security (or the transfer of any security or collateral in respect thereof ) hereunder, a Business Day on which regular settlement occurs in the principal market for such security.