Common use of Securities Lending Transactions Clause in Contracts

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 Collateral available for return to a Borrower, Lender agrees to pay Bank on demand cash in an amount equal to such deficiency. (d) Except as otherwise provided herein, all Collateral, Approved Investments and Proceeds credited to the Collateral Account shall be controlled by, and subject only to the instructions of, Bank, and Bank shall not be required to comply with any instructions of Lender with respect to the same, except that if Bank has advised Lender that an Approved Investment has a rating lower than the rating required by Schedule I, Bank shall liquidate such Approved Investment upon receipt of Written or Oral Instruction instructing Bank to do so. (e) Bank shall not purchase any Approved Investment from an entity identified by Lender as an affiliate in Written Instructions actually received by Bank.

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 ’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 ’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 Collateral available for return to a Borrower, Lender agrees to pay Bank on demand cash in an amount equal to such deficiency. (d) Except as otherwise provided herein, all Collateral, Approved Investments and Proceeds credited to the Collateral Account shall be controlled by, and subject only to the instructions of, Bank, and Bank shall not be required to comply with any instructions of Lender with respect to the same, except that if Bank has advised Lender that an Approved Investment has a rating lower than the rating required by Schedule I, Bank shall liquidate such Approved Investment upon receipt of Written or Oral Instruction instructing Bank to do so. (e) Bank shall not purchase any Approved Investment from an entity identified by Lender as an affiliate in Written Instructions actually received by Bank.

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 LenderXxxxxx'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 mark 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 Xxxxxx 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 mark its books -and records to identify LenderXxxxxx'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 Collateral available for return to a Borrower, Lender Xxxxxx agrees to pay Bank on demand cash in an amount equal to such deficiency. (d) Except as otherwise provided herein, all Collateral, Approved Investments and Proceeds credited to the Collateral Account shall be controlled by, and subject only to the instructions of, Bank, and Bank shall not be required to comply with any instructions of Lender with respect to the same, except that if Bank has advised Lender that an Approved Investment has a rating lower than the rating required by Schedule I, Bank shall liquidate such Approved Investment upon receipt of Written or Oral Instruction instructing Bank to do so. (e) Bank shall not purchase any Approved Investment from an entity identified by Lender Xxxxxx as an affiliate in Written Instructions actually received by Bank.

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 mark to market the value vxxxx 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 or 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 mark its books -and records and rxxxxds 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 Collateral available for return to a Borrower, Lender agrees to pay Bank on demand cash in an amount equal to such deficiency. (d) Except as otherwise provided herein, all Collateral, Approved Investments and Proceeds credited to the Collateral Account shall be controlled by, and subject only to the instructions of, Bank, and Bank shall not be required to comply with any instructions of Lender with respect to the same, except that if Bank has advised Lender that an Approved Investment has a rating lower than the rating required by Schedule I, Bank shall liquidate such Approved Investment upon receipt of Written or Oral Instruction instructing Bank to do so. (e) Bank shall not purchase any Approved Investment from an entity identified by Lender as an affiliate in Written Instructions actually received by Bank.