Securities Lending Agent definition
Examples of Securities Lending Agent in a sentence
An exemptive order obtained from the Securities and Exchange Commission permits Lending Agent to receive a percentage of the Account Revenues for serving as Securities Lending Agent.
Details of Fund revenues arising and attendant direct and indirect operational costs and fees as well as the identity of any specific repurchase/reverse repurchase agreements counterparties and/or securities lending agents engaged by the Securities Lending Agent, on behalf of the Company, from time to time shall be included in the Company’s semi-annual and annual reports.
The Securities Lending Agent, on behalf of the Company, has determined that generally if issuer or issue credit quality of the collateral is not of the necessary quality or the collateral carries a significant level of price volatility with regard to residual maturity or other factors, a conservative haircut must be applied in accordance with more specific guidelines as will be maintained in writing by the Securities Lending Agent, on behalf of the Company, on an on-going basis.
The Securities Lending Agent, on behalf of the Company, in its discretion, may consider it appropriate in certain circumstances to resolve to accept certain collateral with more conservative, less conservative or no haircuts applied if it so determines, on an objectively justifiable basis.
The Securities Lending Agent or its delegate will liaise with the Depositary in order to manage all aspects of the counterparty collateral process.