Common use of Replacement of Loaned Securities Clause in Contracts

Replacement of Loaned Securities. If a borrower fails, pursuant to the SLA with BBH&Co., to return loaned securities with respect to a loan when due ("Default Event"), then BBH&Co. shall be responsible to the Fund as follows: BBH&Co. shall use the Collateral or the proceeds of the liquidation of such Collateral to purchase for the affected Fund's account, for settlement in the normal course, replacement securities of the same issue, type, class and series as that of the loaned securities ("Buy-In"). If the value of the Collateral is less than the purchase cost of replacement securities (or liquidated damages calculated under Section 26.2), BBH&Co. shall be responsible for satisfying such shortfall but only to the extent that such shortfall is not due to any diminution in the Collateral Value (as defined in this Section) which is due to the reinvestment risk borne by the Fund pursuant to this Agreement. For purposes of this Section, "Collateral Value" shall be calculated in accordance with the following terms:

Replacement of Loaned Securities. If a borrower fails, pursuant to the SLA with BBH&Co., to return loaned securities with respect to a loan when due ("“Default Event"”), then BBH&Co. shall be responsible to the applicable Fund as follows: BBH&Co. shall use the Collateral or the proceeds of the liquidation of such Collateral to purchase for the affected Fund's ’s account, for settlement in the normal course, replacement securities of the same issue, type, class and series as that of the loaned securities ("“Buy-In"”). If the value of the Collateral Value, calculated as defined below, is less than the purchase cost of replacement securities (or liquidated damages calculated under Section 26.28.2), BBH&Co. shall be responsible for satisfying such shortfall but only to the extent that such shortfall is not due to any diminution in the Collateral Value (as defined in this Section) which is due to the reinvestment risk borne by the Fund pursuant to Section 7.2 of this Agreement. For purposes of this Section, "“Collateral Value" ” shall be calculated in accordance with the following terms:

Replacement of Loaned Securities. If a borrower fails, pursuant to the SLA with BBH&Co., to return loaned securities with respect to a loan when due ("“Default Event"”), then BBH&Co. shall be responsible to the Fund as follows: BBH&Co. shall use the Collateral or the proceeds of the liquidation of such Collateral to purchase for the affected Fund's ’s account, for settlement in the normal course, replacement securities of the same issue, type, class class, series, and series maturity (if applicable) as that of the loaned securities ("“Buy-In"”). If the value of the Collateral is less than the purchase cost of replacement securities (or liquidated damages calculated under Section 26.28.2), BBH&Co. shall be responsible for satisfying such shortfall but only to the extent that such shortfall is not due to any diminution in the Collateral Value (as defined in this Section) which is due to the reinvestment risk borne by the Fund pursuant to Section 7.2 of this Agreement. For purposes of this Section, "“Collateral Value" ” shall be calculated in accordance with the following terms:

Replacement of Loaned Securities. If a borrower an Approved Borrower fails, pursuant to the SLA with BBH&Co., to return loaned securities with respect to a loan when due ("“Default Event"”), then BBH&Co. shall be responsible to the Fund as follows: BBH&Co. shall use the Collateral or the proceeds of the liquidation of such Collateral to purchase for the affected Fund's ’s account, for settlement in the normal course, replacement securities of the same issue, type, class class, series and series maturity (if applicable) as that of the loaned securities ("“Buy-In"”). If the value of the Collateral is less than the purchase cost of replacement securities (or liquidated damages calculated under Section 26.28.2), BBH&Co. shall be responsible for satisfying such shortfall but only to the extent that such shortfall is not due to any diminution in the Collateral Value (as defined in this Section) which is due to the reinvestment risk borne by the Fund pursuant to Section 7.2 of this Agreement. For purposes of this Section, "Collateral Value" shall be calculated in accordance with the following terms:.

Replacement of Loaned Securities. If a borrower an Approved Borrower fails, pursuant to the SLA with BBH&Co.SLA, to return loaned securities Loaned Securities with respect to a loan Loan when due or otherwise defaults under the terms of the SLA ("a “Default Event"”), then BBH&Co. shall be responsible to the Fund as follows: BBH&Co. shall use the Collateral or the proceeds of the liquidation of such said Collateral to purchase for the affected Fund's ’s account, for settlement in the normal course, replacement securities of the same issue, type, class class, and series as that of the loaned securities Loaned Securities ("a “Buy-In"”). If the value of the Collateral Value (as defined in this Section) is less than the purchase cost of replacement securities (or liquidated damages calculated under Section 26.28.2), BBH&Co. shall be responsible for satisfying such shortfall said shortfall, but only to the extent that such said shortfall is not due to any diminution in the Collateral Value (as defined in this Section) which that is due to the reinvestment risk borne by the Fund pursuant to Section 7.2 of this Agreement. For purposes of this Section, "“Collateral Value" ” shall be calculated in accordance with the following terms:

Replacement of Loaned Securities. If a borrower fails, pursuant to the SLA with BBH&Co., to return loaned securities with respect to a loan when due ("Default Event"), then BBH&Co. shall be responsible to the Fund as follows: BBH&Co. shall use the Collateral or the proceeds of the liquidation of such Collateral to purchase for the affected Fund's account, for settlement in the normal course, replacement securities of the same issue, type, class and series as that of the loaned securities ("Buy-In"). If the value of the Collateral is less than the purchase cost of replacement securities (or liquidated damages calculated under Section 26.28.2), BBH&Co. shall be responsible for satisfying such shortfall but only to the extent that such shortfall is not due to any diminution in the Collateral Value (as defined in this Section) which is due to the reinvestment risk borne by the Fund pursuant to Section 7.2 of this Agreement. For purposes of this Section, "Collateral Value" shall be calculated in accordance with the following terms:

Replacement of Loaned Securities. If a borrower fails, pursuant to the SLA with BBH&Co., to return loaned securities with respect to a loan when due ("Default Event"), then BBH&Co. shall be responsible to the Fund as follows: BBH&Co. shall use the Collateral or the proceeds of the liquidation of such Collateral as soon as reasonably practicable to purchase for the affected Fund's account, for settlement in the normal course, replacement securities of the same issue, type, class and series as that of the loaned securities ("Buy-In"). If the value of the Collateral is less than the purchase cost of replacement securities (or liquidated damages calculated under Section 26.28.2), BBH&Co. shall be responsible for satisfying such shortfall but only to the extent that such shortfall is not due to any diminution in the Collateral Value (as defined in this Section) which is due to the reinvestment risk borne by the Fund pursuant to Section 7.2 of this Agreement. For purposes of this Section, "Collateral Value" shall be calculated in accordance with the following terms:

Replacement of Loaned Securities. If a borrower fails, pursuant to the SLA with BBH&Co., to return loaned securities with respect to a loan when due ("Default Event"), then BBH&Co. shall be responsible to the Fund as follows: BBH&Co. shall use the Collateral or the proceeds of the liquidation of such Collateral to purchase for the affected Fund's account, for settlement in the normal course, replacement securities of the same issue, type, class and series as that of the loaned securities ("Buy-In"). If the value of the Collateral is less than the purchase cost of replacement securities (or liquidated damages calculated under Section 26.28.2), BBH&Co. shall be responsible for satisfying such shortfall but only to the extent that such shortfall is not due to any diminution in the Collateral Value (as defined in this Section) which is due to the reinvestment risk borne by the Fund pursuant to Section 7.2 of this Agreement. For purposes of this Section, "“Collateral Value" ” shall be calculated in accordance with the following terms:

Replacement of Loaned Securities. If a borrower fails, pursuant to the SLA with BBH&Co., to return loaned securities with respect to a loan when due ("“Default Event"”), then BBH&Co. shall be responsible to the Fund as follows: BBH&Co. shall use the Collateral or the proceeds of the liquidation of such Collateral as soon as reasonably practicable to purchase for the affected Fund's ’s account, for settlement in the normal course, replacement securities of the same issue, type, class and series as that of the loaned securities ("“Buy-In"”). If the value of the Collateral is less than the purchase cost of replacement securities (or liquidated damages calculated under Section 26.28.2), BBH&Co. shall be responsible for satisfying such shortfall but only to the extent that such shortfall is not due to any diminution in the Collateral Value (as defined in this Section) which is due to the reinvestment risk borne by the Fund pursuant to Section 7.2 of this Agreement. For purposes of this Section, "“Collateral Value" ” shall be calculated in accordance with the following terms:

Replacement of Loaned Securities. If a borrower fails, pursuant to the SLA with BBH&Co., to return loaned securities with respect to a loan when due ("“Default Event"”), then BBH&Co. shall be responsible to the Fund as follows: BBH&Co. shall use the Collateral or the proceeds of the liquidation of such Collateral to purchase for the affected Fund's ’s account, for settlement in the normal course, replacement securities of the same issue, type, class and series as that of the loaned securities ("“Buy-In"”). If the value of the Collateral is less than the purchase cost of replacement securities (or liquidated damages calculated under Section 26.28.2), BBH&Co. shall be responsible for satisfying such shortfall but only to the extent that such shortfall is not due to any diminution in the Collateral Value (as defined in this Section) which is due to the reinvestment risk borne by the Fund pursuant to Section 7.2 of this Agreement. For purposes of this Section, "“Collateral Value" ” shall be calculated in accordance with the following terms: