Common use of Receipt of Collateral; Approved Investments Clause in Contracts

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral Collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the applicable Collateral Account or Account, as the case may be, and xxxx its books and records to identify the Fund’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the applicable Collateral Account or Account, as the case may be, shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (i) initially receive Collateral equivalent to any no less than 102% of the Market Value of the Securities loan entered into lent and (ii) thereafter shall request on behalf of a Funddaily basis as necessary additional Collateral, BTC which shall require be an amount such that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Collateral in no event be equivalent to less than 100% of the Market Value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the FundLender’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC BGI shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC BGI is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company Trust hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC BGI in order to permit BTC BGI to so act with regard to Approved Investments. BTC BGI shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s 's ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC BGI on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCBGI, and BTC BGI shall not be required to comply with any instructions of the Company Trust with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral Collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the applicable Collateral Account or Account, as the case may be, and xxxx its books and records to identify the Fund’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the applicable Collateral Account or Account, as the case may be, shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company with respect to the same. BTC acknowledges that it has control of the Cash Collateral and the security entitlements relating to the Non-Cash Collateral on behalf of the Fund. The Fund has a perfected security interest in the Cash Collateral pursuant to UCC Section 9-104(a)(5) and the security entitlements relating to the Non-Cash Collateral pursuant to UCC Section 8-106(d)(3). “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law any or all of the perfection or priority of BTC’s security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions relating to such perfection or priority and for purposes of definitions relating to such provisions.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral Collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the applicable Collateral Account or Account, as the case may be, and xxxx mark its books and records to identify the Fund’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the applicable Collateral Account or Account, as the case may be, shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company with respect to the same. BTC acknowledges that it has control of the Cash Collateral and the security entitlements relating to the Non-Cash Collateral on behalf of the Fund. The Fund has a perfected security interest in the Cash Collateral pursuant to UCC Section 9-104(a)(5) and the security entitlements relating to the Non-Cash Collateral pursuant to UCC Section 8-106(d)(3). “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law any or all of the perfection or priority of BTC’s security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions relating to such perfection or priority and for purposes of definitions relating to such provisions.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder BGI shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into no less than 102% (105% in the case of loans of foreign securities denominated in non-U.S. dollars) of the market value of the securities lent and (ii) thereafter shall request on behalf of a Funddaily basis as necessary additional Collateral, BTC which for Cash Collateral shall require be an amount such that the Borrower deliver and maintain collateral that is equal at all times during the term value of the loan Cash Collateral in no event be equivalent to at least less than 100% of the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Lending Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC BGI is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC BGI shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the FundLender’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund Lender agrees to pay BTC BGI on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCBGI, and BTC BGI shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral Collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company Client hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the applicable Collateral Account or Account, as the case may be, and xxxx mark its books and records to identify the Fund’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the applicable Collateral Account or Account, as the case may be, shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company Client with respect to the same. BTC acknowledges that it has control of the Cash Collateral and the security entitlements relating to the Non-Cash Collateral on behalf of the Fund. The Fund has a perfected security interest in the Cash Collateral pursuant to UCC Section 9-104(a)(5) and the security entitlements relating to the Non- Cash Collateral pursuant to UCC Section 8-106(d)(3). “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law any or all of the perfection or priority of BTC’s security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions relating to such perfection or priority and for purposes of definitions relating to such provisions.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall receive all Collateral required by the applicable Securities Borrowing Agreement, which for Cash Collateral shall in no event be equivalent to any Securities loan entered into on behalf less than 102% of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s Lender's ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account on behalf of the Lender shall be controlled by, and subject only to the instructions and discretion of, BTC, and BTC shall not be required to comply with any instructions of the Company with respect to the sameBank.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into no less than 102% (105% in the case of loans of foreign securities denominated in non-U.S. dollars) of the market value of the securities lent and (ii) thereafter shall request on behalf of a Funddaily basis as necessary additional Collateral, BTC which for Cash Collateral shall require be an amount such that the Borrower deliver and maintain collateral that is equal at all times during the term value of the loan Cash Collateral in no event be equivalent to at least less than 100% of the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s Lender's ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral Collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company Client hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the applicable Collateral Account or Account, as the case may be, and xxxx its books and records to identify the Fund’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the applicable Collateral Account or Account, as the case may be, shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company Client with respect to the same. BTC acknowledges that it has control of the Cash Collateral and the security entitlements relating to the Non-Cash Collateral on behalf of the Fund. The Fund has a perfected security interest in the Cash Collateral pursuant to UCC Section 9-104(a)(5) and the security entitlements relating to the Non- Cash Collateral pursuant to UCC Section 8-106(d)(3). “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law any or all of the perfection or priority of BTC’s security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions relating to such perfection or priority and for purposes of definitions relating to such provisions.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall receive all Collateral required by the applicable Securities Borrowing Agreement, which for Cash Collateral shall in no event be equivalent to any Securities loan entered into on behalf less than 102% of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s Lender's ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into no less than 102% of the market value of the securities lent and (ii) thereafter shall request on behalf of a Funddaily basis as necessary additional Collateral, BTC which for Cash Collateral shall require be an amount such that the Borrower deliver and maintain collateral that is equal at all times during the term value of the loan Cash Collateral in no event be equivalent to at least less than 100% of the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s Lender's ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC BGI shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC BGI is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC BGI in order to permit BTC BGI to so act with regard to Approved Investments. BTC BGI shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s 's ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC BGI on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCBGI, and BTC BGI shall not be required to comply with any instructions of the Company with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company Trust hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company Trust with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral Collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company Client hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the applicable Collateral Account or Account, as the case may be, and xxxx its books and records to identify the Fund’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the applicable Collateral Account or Account, as the case may be, shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company Client with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall receive all Collateral required by the applicable Securities Borrowing Agreement, which for Cash Collateral shall in no event be equivalent to any Securities loan entered into on behalf less than 102% of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the FundLender’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC BGI shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC BGI is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC BGI in order to permit BTC BGI to so act with regard to Approved Investments. BTC BGI shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC BGI on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCBGI, and BTC BGI shall not be required to comply with any instructions of the Company with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into on behalf no less than 102% of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value (plus accrued interest, if any, with respect to debt securities) of the securities lent that are issued in the U.S. and 105% for securities lent that are issued outside of the U.S. and (ii) thereafter shall demand on a daily basis as necessary additional Collateral, which for Cash Collateral shall be an amount such that the value of the Cash Collateral in no event be equivalent to less than 100% of the market value (plus accrued interest, if any, with respect to debt securities) of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the FundLender’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender, except to the extent that the Bank has breached its standard of care provided hereunder. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into no less than 100% of the market value of the securities lent and (ii) thereafter shall request on behalf of a Funddaily basis as necessary additional Collateral, BTC which for Cash Collateral shall require be an amount such that the Borrower deliver and maintain collateral that is equal at all times during the term value of the loan Cash Collateral in no event be equivalent to at least less than 100% of the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx mxxx its books and records to identify the Fund’s Lender's ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company Client hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company Client with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into no less than 100% of the market value of the securities lent and (ii) thereafter shall request on behalf of a Funddaily basis as necessary additional Collateral, BTC which for Cash Collateral shall require be an amount such that the Borrower deliver and maintain collateral that is equal at all times during the term value of the loan Cash Collateral in no event be equivalent to at least less than 100% of the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx mark its books and records to identify the Fund’s Lender's ownership thereof as xx appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s 's ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into no less than 100% of the market value of the securities lent and (ii) thereafter shall request on behalf of a Funddaily basis as necessary additional Collateral, BTC which for Cash Collateral shall require be an amount such that the Borrower deliver and maintain collateral that is equal at all times during the term value of the loan Cash Collateral in no event be equivalent to at least less than 100% of the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx mark its books and records to identify the Fund’s Lender's ownership thereof as appropriatexx xppropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into The initial Collateral received shall have (depending on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term nature of the loan to at least loaned securities and the Collateral received) a value of 102% or 105% of the market value of the loaned Securities, or such other value, but not less than 102% of the market value of the loaned Securities, as may be applicable in the jurisdiction in which such loaned Securities are customarily traded. Pursuant to the terms of the applicable Securities Borrowing Agreement, the Bank shall, in accordance with the Bank’s reasonable and customary practices, xxxx loaned Securities and any accrued interest thereonCollateral to their market value each business day based upon the market value of the Collateral and the loaned Securities at the close of business employing the most recently available pricing information and receive and deliver Collateral in order to maintain the value of the Collateral at no less than one hundred percent (100%) of the market value of the loaned Securities. If Cash Collateral is received, BTC The Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the FundLender’s ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into on behalf no less than 102% for securities denominated in US Dollars and 105% for securities issued in non-US Dollars of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned secruities lent and any accrued interest thereon. If (ii) thereafter shall request on a daily basis as necessary additional Collateral, which for Cash Collateral is receivedshall be an amount such that the value of the Cash Collateral in no event be equivalent to less than 102% for securities denominated in US Dollars and 105% for securities issued in non-US Dollars of the market value of the securities lent (as determined in accordance with the applicable Securities Borrowing Agreement), BTC and the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx mark its books and records to identify the Fund’s Lender's ownership thereof as appropriateax xxpropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (I) initially receive Cash Collateral equivalent to any Securities loan entered into no less than 102% of the market value of the securities lent and (ii) thereafter shall request on behalf of a Funddaily basis as necessary additional Collateral, BTC which for Cash Collateral shall require be an amount such that the Borrower deliver and maintain collateral that is equal at all times during the term value of the loan Cash Collateral in no event be equivalent to at least less than 100% of the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the Fund’s Lender's ownership thereof as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into no less than 100% of the market value of the securities lent and (ii) thereafter shall request on behalf of a Funddaily basis as necessary additional Collateral, BTC which for Cash Collateral shall require be an amount such that the Borrower deliver and maintain collateral that is equal at all times during the term value of the loan Cash Collateral in no event be equivalent to at least less than 100% of the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Borrowing Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx mark its books and records to identify the Fund’s Lender's ownership thereof thxxxxf as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect to any Securities loan entered into The initial Collateral received shall have (depending on behalf of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term nature of the loan to at least loaned securities and the Collateral received) a value of 102% or 105% of the market value of the loaned Securities, or such other value, but not less than 102% of the market value of the loaned Securities, as may be applicable in the jurisdiction in which such loaned Securities are customarily traded. Pursuant to the terms of the applicable Securities Borrowing Agreement, the Bank shall, in accordance with the Bank’s reasonable and customary practices, xxxx loaned Securities and any accrued interest thereonCollateral to their market value each business day based upon the market value of the Collateral and the loaned Securities at the close of business employing the most recently available pricing information and receive and deliver Collateral in order to maintain the value of the Collateral at no less than one hundred percent (100%) of the market value of the loaned Securities. If Cash Collateral is received, BTC The Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books and records to identify the FundLender’s ownership thereof as appropriate.. Securities Lending Agreement 5 (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder BGI shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into no less than 102% (105% in the case of loans of foreign securities denominated in non-U.S. dollars) of the market value of the securities lent and (ii) thereafter shall request on behalf of a Funddaily basis as necessary additional Collateral, BTC which for Cash Collateral shall require be an amount such that the Borrower deliver and maintain collateral that is equal at all times during the term value of the loan Cash Collateral in no event be equivalent to at least less than 100% of the market value of the Securities loaned lent (as determined in accordance with the applicable Securities Lending Agreement), and any accrued interest thereon. If Cash Collateral is received, BTC BGI is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC BGI shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx mark its books and records to identify the Fund’s Lender's ownership thereof as appropriatexx xppropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund Lender agrees to pay BTC BGI on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCBGI, and BTC BGI shall not be required to comply with any instructions of the Company Lender with respect to the same.

Receipt of Collateral; Approved Investments. (a) With respect For each loan hereunder the Bank shall (i) initially receive Cash Collateral equivalent to any Securities loan entered into on behalf no less than 102% for securities denominated in US Dollars and 105% for securities issued in non-US Dollars of a Fund, BTC shall require that the Borrower deliver and maintain collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned secruities lent and any accrued interest thereon. If (ii) thereafter shall request on a daily basis as necessary additional Collateral, which for Cash Collateral is receivedshall be an amount such that the value of the Cash Collateral in no event be equivalent to less than 102% for securities denominated in US Dollars and 105% for securities issued in non-US Dollars of the market value of the securities lent (as determined in accordance with the applicable Securities Borrowing Agreement), BTC and the Bank is hereby authorized and directed, without obtaining any further approval from the FundLender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending GuidelinesInvestment. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC Bank shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the Collateral Account and xxxx mark its books and records to identify the Fund’s Lender's ownership thereof thexxxx as appropriate. (b) All Approved Investments shall be for the account and risk of the FundLender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Borrowing Agreement, the Fund Lender agrees to pay BTC the Bank on demand cash in an amount equal to such deficiency. (c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the Collateral Account shall be controlled by, and subject only to the instructions of, BTCthe Bank, and BTC the Bank shall not be required to comply with any instructions of the Company Lender with respect to the same.