Sale Proceeds. (i) Bank shall accept Instructions from Agent in writing (which may be electronic) of the amount of collateral to be delivered to the Borrower and shall act on such Instructions only upon or after receipt of the Securities on Loan. (ii) Bank shall advance settlement proceeds to the Lender on settlement date for the sale of a Security on Loan, even where such proceeds are not received, it being understood that Bank may reverse such advance if the sale proceeds are not received in a reasonable amount of time as determined by Bank. Agent shall pay compensation of federal funds plus 50 basis point for the first two Business Days and federal funds plus 100 basis points thereafter to Bank for any such advance, and as the same may be amended from time to time (iii) Bank shall update its records to reflect the status of such Securities as having been sold and shall provide access to such records via JPM VIEWS to enable Lender and Agent to manage on loan inventory.
Appears in 12 contracts
Samples: Securities Lending Agreement (Undiscovered Managers Funds), Securities Lending Agreement (Jp Morgan Mutual Fund Investment Trust), Securities Lending Agreement (Jp Morgan Fleming Mutual Fund Group Inc)
