Common use of Receipt of Collateral Clause in Contracts

Receipt of Collateral. Each Fund authorizes State Street to receive and to hold, on the that Fund's behalf, Collateral from Borrowers to secure the obligations of Borrowers with respect to any Loan of securities made on behalf of a Fund pursuant to the Securities Loan Agreements. All investments of cash Collateral shall be for the account and at the risk of the Fund. Notwithstanding the foregoing, State Street and the Fund have agreed, as set forth in subparagraph (c) below, that in the event the value of the cash Collateral so invested is insufficient to the rebate fee (i.e., the return to the Borrower for the use of cash Collateral), the Fund and State Street shall share the responsibility for making up the amount of the shortfall in accordance with the fee split as set forth on Schedule A. Concurrently with 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 B. Said Schedule may be amended from time to time by the mutual written agreement of State Street and the Funds. The initial Collateral received shall have a Market Value of not less than one hundred two percent (l02%) of the Market Value of the Loaned Securities in the case of Loaned Securities denominated in United States Dollars or whose primary trading market is located in the United States or sovereign debt issued by foreign governments, or one hundred five percent (105%) of the Market Value of the Loaned Securities in the case of Loaned Securities which are not denominated in United States Dollars or whose primary trading market is not located in the United States. Thereafter, subject to the next paragraph, State Street shall value all Loaned Securities in accordance with its customary practices and prevailing industry practices and take such action as is appropriate with respect to Collateral under the applicable Securities Loan Agreement. State Street shall value all Loaned Securities in accordance with its customary practice. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street's reasonable and customary practices and prevailing industry practices, ▇▇▇▇ each Loaned Security and its Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Security at the close of business on the preceding business day employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral to State Street in accordance with the above percentages in the event that at the close of business on any business day the Market Value of the Collateral delivered by such Borrower with respect to all Loaned Securities shall be less than (i) in the case of Loaned Securities denominated in United States Dollars or whose primary trading market is located in the United States or sovereign debt issued by foreign governments, 101.5% of the Market Value of the Loaned Securities or (ii) in the case of Loaned Securities whose primary trading market is not located in the United States (other than sovereign debt issued by foreign governments) 104.5% of the Market Value of the Loaned Securities or (iii) such higher percentage as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded.

Receipt of Collateral. Each Fund The Client authorizes State Street to receive and to holdhold in Client's custodial account with State Street, on the that FundClient's behalf, Collateral from Borrowers to secure the obligations of Borrowers with respect to any Loan loan of securities made on behalf of a Fund the Client pursuant to the Securities Loan Agreements. All Except as provided in Section 8(c) hereof, all investments of cash Collateral shall be made in accordance with Section 9 hereof and shall be for the account and at the risk of the FundClient. Notwithstanding the foregoing, State Street and the Fund have agreed, as set forth in subparagraph (c) below, that in the event the value of the cash Collateral so invested is insufficient to the rebate fee (i.e., the return to the Borrower for the use of cash Collateral), the Fund and State Street shall share the responsibility for making up the amount of the shortfall in accordance with the fee split as set forth on Schedule A. Concurrently with the delivery of the Loaned Securities to the Borrower under any Loan, State Street shall receive from the Borrower and shall credit to Client's custodial account, Collateral in any of the forms listed on Schedule B. 8.1. Said Schedule may be amended from time to time by the mutual written agreement of State Street with the prior written approval of the Client. With respect to foreign cash Collateral, State Street will provide the Client with a multicurrency investment vehicle through which the foreign cash will be converted to U.S. dollars and the Fundsinvested pursuant to Section 9 hereof ("MCIV"). The initial Collateral received shall have a Market Value of not less than one hundred two percent (l02%) of the Market Value of the Loaned Securities in the case of Loaned Securities denominated in United States Dollars or whose primary trading market is located in the United States or sovereign debt issued by foreign governments, or one hundred five percent (105%) of the Market Value of the Loaned Securities in the case of Loaned Securities which are not denominated in United States Dollars or whose primary trading market is not located in the United States. Thereafter, subject to the next paragraph, State Street shall value all Loaned Securities in accordance with its customary practices and prevailing industry practices and take such action as is appropriate with respect to Collateral under the applicable Securities Loan Agreement. State Street shall value all Loaned Securities in accordance with its customary practice. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street's reasonable and customary practices and prevailing industry practices, ▇▇▇▇ each Loaned Security and its Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Security at the close of business on the preceding business day employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral to State Street in accordance with the above percentages in the event that at the close of business on any business day the Market Value of the Collateral delivered by such Borrower with respect to all Loaned Securities shall be less than (i) in the case of Loaned Securities denominated in United States Dollars or whose primary trading market is located in the United States or sovereign debt issued by foreign governments, 101.5have a value of 102% of the Market Value of the Loaned Securities Securities, or (ii) in the case of Loaned Securities which are not denominated in United States Dollars or whose primary trading market is not located in the United States (other than sovereign debt issued by foreign governments) 104.5States, have a value of 105% of the Market Value of the Loaned Securities or (iii) have such higher percentage other value as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded.; provided, however, that in the event of the application of part (iii) above, State Street shall consult with the Client and obtain the Client's written approval. Thereafter, State Street shall take all such action as is appropriate in order to protect Client's secured position and interests with respect to the Collateral under the applicable Securities Lending

Receipt of Collateral. Each Fund The Client authorizes State Street to receive and to hold, on the that Fund's Client’s behalf, Collateral from Borrowers to secure the obligations of Borrowers with respect to any Loan of securities Available Securities made on behalf of a Fund the Client pursuant to the Securities Loan Agreements. All investments of cash Collateral shall be for the account and at the risk of the FundClient. Notwithstanding the foregoing, State Street and the Fund have agreed, as set forth in subparagraph (c) below, that in the event the value of the cash Collateral so invested is insufficient to the rebate fee (i.e., the return to the Borrower for the use of cash Collateral), the Fund and State Street shall share the responsibility for making up the amount of the shortfall in accordance with the fee split as set forth on Schedule A. 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 B. Said Schedule may be amended from time to time by the mutual written agreement of State Street and the FundsCollateral. The initial Collateral received shall have a Market Value value of not less than one hundred two percent (l02%) at least 102% or 105% of the Market Value of the Loaned Securities in (depending on the case nature of the Loaned Securities denominated in United States Dollars or whose primary trading market is located in and the United States or sovereign debt issued by foreign governmentsCollateral received), or one hundred five percent (105%) such other value, but not less than 102% of the Market Value of the Loaned Securities Securities, as may be applicable in the case of jurisdiction in which such Loaned Securities which are not denominated in United States Dollars or whose primary trading market is not located in the United States. Thereafter, subject to the next paragraph, State Street shall value all Loaned Securities in accordance with its customary practices and prevailing industry practices and take such action as is appropriate with respect to Collateral under the applicable Securities Loan Agreement. State Street shall value all Loaned Securities in accordance with its customary practicecustomarily traded. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street's ’s reasonable and customary practices and prevailing industry practices, ▇▇▇▇ each Loaned Security Securities and its Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Security Securities at the close of business on the preceding business day employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from the Client to a Borrower of (i) US equity securities, (ii) US corporate debt securities, and (iii) non-US corporate debt securities, the Borrower will in accordance with the above percentages each case be required to deliver additional Collateral in the event that at the close of business on any business day the Market Value of the Collateral delivered by in respect of such Borrower with respect to all Loaned Securities shall be Loans is less than one hundred and two percent (i102%) in the case of Loaned Securities denominated in United States Dollars or whose primary trading market is located in the United States or sovereign debt issued by foreign governments, 101.5% of the Market Value of the Loaned Securities or Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (ii102%) in the case of Loaned Securities whose primary trading market is not located in the United States (other than sovereign debt issued by foreign governments) 104.5% of the Market Value of the Loaned Securities or Securities. Unless market practice otherwise permits (iii) such higher percentage as may be applicable but in no event in an amount less than one hundred percent (100%)), in the jurisdiction case of Loans from the Client to a Borrower of non-US equity securities, the Borrower will be required to deliver additional Collateral in which the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities are customarily tradedSecurities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities. In the case of Loans from the Client to a Borrower of (i) US government securities (including securities issued by US agencies or instrumentalities), and (ii) sovereign debt issued by non-US governments, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred percent (100%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities.