Securities Lending Transactions. Loan Initiation. From time to time the Bank may lend Securities to --------------- Borrowers and deliver such Securities against receipt of Collateral in accordance with the applicable Securities Borrowing Agreement. The Bank shall deliver to the Lender a Receipt in connection with each loan made hereunder, prior to settlement of such loan. If instructed by the Client in writing, Bank will refrain from lending a particular security or from making loans to a particular Borrower.
Securities Lending Transactions. This Twelfth Amendment (“Amendment”) to Agency Agreement for Securities Lending Transactions effective as of March 6, 2014, by and between CITIBANK, N.A., a national banking organization (the “Bank”) and each of the registered investment companies listed on Exhibit B to the Agency Agreement (as defined below), as amended (each such company, a “Customer” or “Fund”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned thereto in the Agency Agreement.
Securities Lending Transactions l LOAN INITIATION. From time to time the Bank may lend Securities to Borrowers and deliver such Securities against receipt of Collateral in accordance with the applicable Securities Borrowing Agreement. The Bank shall deliver to the Lender a Receipt in connection with each loan made hereunder, prior to settlement of such loan.
Securities Lending Transactions. 1. GENERAL BANK RESPONSIBILITIES. Bank shall enter Loans pursuant to the Securities Borrowing Agreement and take all actions deemed necessary or appropriate in order to perform on Lender's behalf thereunder, including receiving Collateral having a Market Value of not less than the Collateral Requirement, collecting Distributions, and demanding additional Collateral from the appropriate Borrowers when the Market Value of Collateral received by Bank from such Borrowers is less than the then current Market Value of all of the Loaned Securities. The Bank shall on each Business Day xxxx to market the value of all Loaned Securities and demand from each Borrower additional Collateral when the Market Value of Collateral received by Bank from such Borrower is less than the current Market Value of all Loaned Securities loaned to such Borrower. Whenever Bank demands additional Collateral pursuant to the foregoing, such additional Collateral together with the Collateral then held by Bank in connection with Loans shall have a Market Value of not less than the Collateral Requirement.
2. APPROVED INVESTMENTS.
(a) Bank is hereby authorized and directed, without obtaining any further approval from Lender, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investment in accordance with the priorities set forth in Schedule I hereto (which may be amended from time to time by execution by Lender of a revised Schedule I, I-A or I-B). If during a Business Day an officer or employee in New York of the security lending department of Bank obtains actual knowledge that a rating(s) of an Approved Investment is less than the minimum ratings specified in Schedule I, Bank shall promptly give notice of such rating(s) to Lender. Bank shall credit all Collateral, Approved Investments and Proceeds received with respect to Collateral and Approved Investments to the Collateral Account and xxxx its books -and records to identify Lender's interest therein as appropriate. Bank reserves the right, in its sole discretion, to liquidate any Approved Investment and credit the net proceeds to the Collateral Account.
(b) Lender may deliver to Bank Written Instructions from time to time instructing Bank not to make Approved Investments with particular financial institutions or issuers.
(c) All Approved Investments shall be for the account and risk of Lender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Co...
Securities Lending Transactions. 1. Receipt of Non-U.S. Collateral; Approved Non-U.S. Investments. Upon entering Loans, the Bank shall receive all Collateral and Non-U.S. Collateral in accordance with the Global Securities Borrowing Supplement, or Overseas Securities Borrowing Agreement, as appropriate, in such amount that the Market Value of such Collateral and Non-U.S. Collateral is not less than the Collateral Requirement. Subject to Schedule I hereto and any restrictions set forth by the Lender in a Certificate, the Bank is hereby authorized and directed to invest and reinvest all or substantially all of the Collateral represented by cash and Non-U.S. Cash Collateral in any Approved Investment or Approved Non-U.S. Investment.
2. Distributions on Loaned Non-U.S. Securities. Unless otherwise agreed, cash distributions paid on Loaned Securities which are Non-U.S. Securities shall be credited to the Account in the currency in which such distributions are paid on the Business Day following receipt from the Borrower.
Securities Lending Transactions. Lending Transactions....
Securities Lending Transactions. 1. General Bank Responsibilities. Bank shall enter Loans pursuant to the Securities Borrowing Agreement and take all actions deemed necessary or appropriate in order to perform on Lender's behalf thereunder, including receiving Collateral having a Market Value of not less than the Collateral Requirement, collecting Distributions and applicable Securities Loan Fees, and demanding additional Collateral from the appropriate Borrowers when the Market Value of Collateral received by Bank from such Borrowers is less than the then current Market Value of all of the Loaned Securities. Whenever Bank demands additional Collateral pursuant to the foregoing, such additional Collateral together with the Collateral then held by Bank in connection with Loans shall have a Market Value of not less than the Collateral Requirement.
Securities Lending Transactions l Loan Initiation. From time to time the Bank may lend Securities to Borrowers and deliver such Securities against receipt of Collateral in accordance with the applicable Securities Borrowing Agreement. The Bank shall deliver to the Lender a Receipt in connection with each loan made hereunder, prior to settlement of such loan. If instructed by the Client in writing, Bank will refrain from lending a particular security or from making loans to a particular Borrower.
Securities Lending Transactions. (a) If and to the extent that the necessary funds and securities have been entrusted to it under this Agreement, and subject to X.X. Xxxxxx’x rights pursuant to Section 4.3 below, X.X. Xxxxxx, as agent of Customer, shall from time to time make from the Accounts the transfers of funds and deliveries of securities that Customer has agreed to make pursuant to the Securities Loan Agreement and shall receive for the Accounts the transfers of funds and deliveries of Securities that the borrower under the Securities Loan Agreement is required to make pursuant thereto. X.X. Xxxxxx shall make and receive such transfers and deliveries pursuant to, and subject to the terms and conditions of, the Securities Loan Agreement.
(b) Customer shall not issue any orders or Instructions to transfer Account Assets out of any Accounts (and X.X. Xxxxxx shall have no obligations to follow any such orders or Instructions) unless such transfer accords with Customer’s obligations under Section 4.2 of the Securities Loan Agreement.
(c) X.X. Xxxxxx shall daily xxxx to market, in the manner provided for in the Securities Loan Agreement, all loans of securities that may from time to time be outstanding thereunder. In performing such marks to market, X.X. Xxxxxx shall use securities prices determined in such manner as X.X. Xxxxxx may from time to time approve. X.X. Xxxxxx shall, without further instruction from Customer, exercise the right of Customer under the Securities Loan Agreement to call upon X.X. Xxxxxx Clearing Corp. to deliver to Customer such additional funds and/or Securities as may be required pursuant to the Securities Loan Agreement to be delivered by X.X. Xxxxxx Clearing Corp as a result of such xxxx-to-market.
(d) X.X. Xxxxxx shall promptly notify Customer of any failure or inability to deliver or receive Securities or funds under the Securities Loan Agreement of which it has actual knowledge.
(e) X.X. Xxxxxx hereby acknowledges its receipt from Customer of a copy of the Securities Loan Agreement in effect on the date hereof. Customer shall provide X.X. Xxxxxx, prior to the effectiveness thereof, with a copy of any amendment to the Securities Loan Agreement.
(f) X.X. Xxxxxx may rely upon a recognized pricing service or a recognized credit rating service in determining the value or credit rating of any Securities, as applicable, and shall in no circumstances be liable for any errors made by such service or its equivalent.
Securities Lending Transactions. 1. Loans; Securities Loan Agreement. Principal hereby authorizes Bank, as agent for Principal, to lend, from time to time in its discretion, securities of Principal at any time on deposit with or held by Bank. Principal acknowledges and agrees that any securities lending agreement (each, a "Securities Lending Agreement") may take the form of a master agreement covering a series of securities loan transactions between a borrower and Bank as lender on behalf of Principal and other accounts administered through Bank's Trust Department. There can be no assurance that the activities of any such other account pursuant to any such agreement, or by Bank in respect of any such other account, will not have an adverse effect on Principal or on the rights of Principal in respect of any securities loan. Bank shall not in any event be liable to Principal or anyone else in respect of any delay or failure of any other person (including Borrower or any other lender) to comply with the provisions of the Securities Lending Agreement unless such failure is the result of circumstances reasonably likely to result in such failure and which were known to Bank at the time at which the loan was made.
