Common use of Receipt of Collateral Clause in Contracts

Receipt of Collateral. The Client authorizes State Street to receive and to hold in Client's custodial account with State Street, on the Client's behalf, Collateral from Borrowers to secure the obligations of Borrowers with respect to any loan of securities made on behalf of the Client pursuant to the Securities Loan Agreements. Except as provided in Section 8(c) hereof, all investments of cash Collateral shall be made in accordance with Section 9 hereof and shall be for the account and at the risk of the Client. Concurrently with the delivery of the Loaned Securities to the Borrower under any Loan, State Street shall receive from the Borrower and shall credit to Client's custodial account, Collateral in any of the forms listed on Schedule 8.1. Said Schedule may be amended from time to time by State Street with the prior written approval of the Client. With respect to foreign cash Collateral, State Street will provide the Client with a multicurrency investment vehicle through which the foreign cash will be converted to U.S. dollars and invested pursuant to Section 9 hereof ("MCIV"). The Collateral received shall (i) in the case of Loaned Securities denominated in United States Dollars or whose primary trading market is located in the United States or sovereign debt issued by foreign governments, have a value of 102% of the Market Value of the Loaned Securities, or (ii) in the case of Loaned Securities which are not denominated in United States Dollars or whose primary trading market is not located in the United States, have a value of 105% of the Market Value of the Loaned Securities or (iii) have such other value as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded; provided, however, that in the event of the application of part (iii) above, State Street shall consult with the Client and obtain the Client's written approval. Thereafter, State Street shall take all such action as is appropriate in order to protect Client's secured position and interests with respect to the Collateral under the applicable Securities Lending

Receipt of Collateral. The Client Each Fund authorizes State Street to receive and to hold in Client's custodial account with State Streethold, on the Clientthat Fund's behalf, Collateral from Borrowers to secure the obligations of Borrowers with respect to any loan Loan of securities made on behalf of the Client a Fund pursuant to the Securities Loan Agreements. Except as provided in Section 8(c) hereof, all All investments of cash Collateral shall be made in accordance with Section 9 hereof and shall be for the account and at the risk of the ClientFund. Notwithstanding the foregoing, State Street and the Fund have agreed, as set forth in subparagraph (c) below, that in the event the value of the cash Collateral so invested is insufficient to the rebate fee (i.e., the return to the Borrower for the use of cash Collateral), the Fund and State Street shall share the responsibility for making up the amount of the shortfall in accordance with the fee split as set forth on Schedule A. Concurrently with the delivery of the Loaned Securities to the Borrower under any Loan, State Street shall receive from the Borrower and shall credit to Client's custodial account, Collateral in any of the forms listed on Schedule 8.1. B. Said Schedule may be amended from time to time by the mutual written agreement of State Street with and the prior written approval Funds. The initial Collateral received shall have a Market Value of not less than one hundred two percent (l02%) of the ClientMarket Value of the Loaned Securities in the case of Loaned Securities denominated in United States Dollars or whose primary trading market is located in the United States or sovereign debt issued by foreign governments, or one hundred five percent (105%) of the Market Value of the Loaned Securities in the case of Loaned Securities which are not denominated in United States Dollars or whose primary trading market is not located in the United States. With respect Thereafter, subject to foreign cash Collateralthe next paragraph, State Street will provide shall value all Loaned Securities in accordance with its customary practices and prevailing industry practices and take such action as is appropriate with respect to Collateral under the Client applicable Securities Loan Agreement. State Street shall value all Loaned Securities in accordance with a multicurrency investment vehicle through which its customary practice. Pursuant to the foreign cash will terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street's reasonable and customary practices and prevailing industry practices, xxxx each Loaned Security and its Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Security at the close of business on the preceding business day employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral to State Street in accordance with the above percentages in the event that at the close of business on any business day the Market Value of the Collateral delivered by such Borrower with respect to all Loaned Securities shall be converted to U.S. dollars and invested pursuant to Section 9 hereof ("MCIV"). The Collateral received shall less than (i) in the case of Loaned Securities denominated in United States Dollars or whose primary trading market is located in the United States or sovereign debt issued by foreign governments, have a value of 102101.5% of the Market Value of the Loaned Securities, Securities or (ii) in the case of Loaned Securities which are not denominated in United States Dollars or whose primary trading market is not located in the United States, have a value of 105States (other than sovereign debt issued by foreign governments) 104.5% of the Market Value of the Loaned Securities or (iii) have such other value higher percentage as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded; provided, however, that in the event of the application of part (iii) above, State Street shall consult with the Client and obtain the Client's written approval. Thereafter, State Street shall take all such action as is appropriate in order to protect Client's secured position and interests with respect to the Collateral under the applicable Securities Lending.

Receipt of Collateral. The Client authorizes State Street to receive and to hold in Client's custodial account with State Streethold, on the Client's ’s behalf, Collateral from Borrowers to secure the obligations of Borrowers with respect to any loan Loan of securities Available Securities made on behalf of the Client pursuant to the Securities Loan Agreements. Except as provided in Section 8(c) hereof, all All investments of cash Collateral shall be made in accordance with Section 9 hereof and shall be for the account and at the risk of the Client. Concurrently with or prior to the delivery of the Loaned Securities to the Borrower under any Loan, State Street shall receive from the Borrower and shall credit to Client's custodial account, Collateral in any of the forms listed on Schedule 8.1. Said Schedule may be amended from time to time by State Street with the prior written approval of the Client. With respect to foreign cash Collateral, State Street will provide the Client with a multicurrency investment vehicle through which the foreign cash will be converted to U.S. dollars and invested pursuant to Section 9 hereof ("MCIV"). The initial Collateral received shall (i) in the case of Loaned Securities denominated in United States Dollars or whose primary trading market is located in the United States or sovereign debt issued by foreign governments, have a value of at least 102% or 105% of the Market Value of the Loaned Securities (depending on the nature of the Loaned Securities and the Collateral received), or such other value, but not less than 102% of the Market Value of the Loaned Securities, or (ii) in the case of Loaned Securities which are not denominated in United States Dollars or whose primary trading market is not located in the United States, have a value of 105% of the Market Value of the Loaned Securities or (iii) have such other value as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded; provided. Pursuant to the terms of the applicable Securities Loan Agreement, howeverState Street shall, in accordance with State Street’s reasonable and customary practices, xxxx Loaned Securities and Collateral 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 ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from the Client to a Borrower of (i) US equity securities, (ii) US corporate debt securities, and (iii) non-US corporate debt securities, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the application Collateral in respect of part such Loans is less than one hundred and two percent (iii102%) aboveof the Market Value of the Loaned Securities, State Street and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall consult with have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits (but in no event in an amount less than one hundred percent (100%)), in the case of Loans from the Client and obtain to a Borrower of non-US equity securities, the Client's written approval. Thereafter, State Street shall take all such action as is appropriate Borrower will be required to deliver additional Collateral in order to protect Client's secured position and interests with respect to the event that the Market Value of the Collateral under in respect of such Loans is less than one hundred and five percent (105%) of the applicable Securities LendingMarket Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities. In the case of Loans from the Client to a Borrower of (i) US government securities (including securities issued by US agencies or instrumentalities), and (ii) sovereign debt issued by non-US governments, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred percent (100%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities.