Common use of Receipt of Collateral Clause in Contracts

Receipt of Collateral. Each Fund hereby authorizes State Street (or a third party bank as described in Section 2 above) to receive and to hold, on the Fund’s behalf, Collateral from Borrowers to secure the obligations of Borrowers with respect to any Loan of Available Securities made on behalf of the Fund pursuant to the Securities Loan Agreements. Subject to Section 9 below and subject to where a third party custodian is appointed as contemplated in Section 2 above, State Street shall hold Collateral in accordance with the terms of the Master Custodian Contract between the parties hereto dated January 18, 2006 as may be amended from time to time. All investments of cash Collateral shall be for the account and at the risk of the Fund. Concurrently with or prior to the delivery of the Loaned Securities to the Borrower under any Loan, State Street shall receive from the Borrower Collateral in any of the forms listed on Schedule C. Said Schedule may be amended from time to time by State Street and the Fund. State Street may, subject to Schedule C, accept substitutions of Collateral in accordance with the applicable Securities Loan Agreement and shall credit all such substitutions to the Fund’s account.