AMENDMENT NO. 9 SECURITIES LENDING AGREEMENT
Exhibit (h)(8)(x)
AMENDMENT NO. 9
Amendment No. 9, dated as of September 20, 2024 (“Amendment No. 9”), to the Securities Lending Agreement dated as of April 11, 2016 (“Agreement”), by and between JPMorgan Chase Bank, National Association (“▇.▇. ▇▇▇▇▇▇”) and each Equitable investment company identified in Annex A hereto (“Lender”).
WHEREAS, ▇.▇. ▇▇▇▇▇▇ and Lender desire to update the Agreement to remove references to the following Portfolios that are not participating in the Program:
| • | EQ/Large Cap Growth Managed Volatility Portfolio |
| • | EQ/MFS International Growth Portfolio |
| • | EQ/MFS International Intrinsic Value Portfolio |
| • | EQ/MFS Mid Cap Focused Growth Portfolio |
| • | EQ/MFS Technology Portfolio |
| • | EQ/MFS Utilities Series Portfolio |
NOW THEREFORE, ▇.▇. ▇▇▇▇▇▇ and ▇▇▇▇▇▇ agree to modify and amend the Agreement as follows:
| 1. | Annex A. Annex A to the Agreement is deleted and replaced in its entirety by Annex A attached hereto. |
| 2. | Schedule 4. Schedule 4 to the Agreement, setting forth the Limitations on Securities Available for Loan, Lending Accounts and Markets is deleted and replaced in its entirety by Schedule 4 attached hereto. |
| 3. | Ratification. Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms. |
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 9 as of the date first above set forth.
| 1290 Funds |
JPMorgan Chase Bank, N.A. | |||||
| On behalf of each of their series listed on Annex A | ||||||
| By: /s/ ▇▇▇▇▇ ▇▇▇▇▇ |
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇ |
|||||
| Name: ▇▇▇▇▇ ▇▇▇▇▇ Title: Chief Financial Officer Date: 9/20/24 |
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇ Title: Executive Director Date: September 20, 2024 |
|||||
ANNEX A
1290 VT Convertible Securities Portfolio
1290 VT DoubleLine Opportunistic Bond Portfolio
1290 VT Equity Income Portfolio
1290 VT GAMCO Mergers & Acquisitions Portfolio
1290 VT GAMCO Small Company Value Portfolio
1290 VT High Yield Bond Portfolio
1290 VT Micro Cap Portfolio
1290 VT Moderate Growth Allocation Portfolio
1290 VT Multi-Alternative Strategies Portfolio
1290 VT Natural Resources Portfolio
1290 VT Real Estate Portfolio
1290 VT Small Cap Value Portfolio
1290 VT SmartBeta Equity ESG Portfolio
1290 VT Socially Responsible Portfolio
ATM International Managed Volatility Portfolio
ATM Large Cap Managed Volatility Portfolio
ATM Mid Cap Managed Volatility Portfolio
ATM Small Cap Managed Volatility Portfolio
EQ/1290 VT Moderate Growth Allocation Portfolio
EQ/2000 Managed Volatility Portfolio
EQ/400 managed Volatility Portfolio
EQ/500 Managed Volatility Portfolio
EQ/AB Dynamic Aggressive Growth
EQ/AB Dynamic Growth Portfolio
EQ/AB Dynamic Moderate Growth Portfolio
EQ/AB Short Duration Government Bond Portfolio
EQ/AB Small Cap Growth Portfolio
EQ/AB Sustainable U.S. Thematic Portfolio
EQ/All Asset Growth Allocation Portfolio
EQ/American Century Mid Cap Value Portfolio
EQ/American Century Moderate Growth Allocation Portfolio
EQ/Capital Group Research Portfolio
EQ/Clearbridge Large Cap Growth ESG Portfolio
EQ/Clearbridge Select Equity Managed Volatility Portfolio
EQ/Common Stock Index Portfolio
EQ/Core Bond Index Portfolio
EQ/Core Plus Bond Portfolio
EQ/Emerging Markets Equity Plus Portfolio
EQ/Equity 500 Index Portfolio
EQ/Fidelity Institutional AM Large Cap Portfolio
EQ/Franklin Moderate Allocation Portfolio
EQ/Franklin Rising Dividends Portfolio
EQ/Franklin Small Cap Value Managed Volatility Portfolio
EQ/Global Equity Managed Volatility Portfolio
EQ/▇▇▇▇▇▇▇ ▇▇▇▇▇ Growth Allocation Portfolio
EQ/▇▇▇▇▇▇▇ ▇▇▇▇▇ Mid Cap Value Portfolio
EQ/▇▇▇▇▇▇▇ ▇▇▇▇▇ Moderate Growth Allocation
EQ/Intermediate Corporate Bond Portfolio
EQ/Intermediate Government Bond Portfolio
EQ/International Core Managed Volatility Portfolio
EQ/International Equity Index Portfolio
EQ/International Managed Volatility Portfolio
EQ/International Value Managed Volatility Portfolio
EQ/Invesco ▇▇▇▇▇▇▇▇ Portfolio
EQ/Invesco Global Portfolio
EQ/Invesco Global Real Assets Portfolio
EQ/Invesco Moderate Allocation Portfolio
EQ/Invesco Moderate Growth Allocation Portfolio
EQ/Janus Enterprise Portfolio
EQ/Large Cap Core Managed Volatility Portfolio
EQ/Large Cap Growth Index Portfolio
EQ/Large Cap Value Index Portfolio
EQ/Large Cap Value Managed Volatility Portfolio
EQ/Lazard Emerging Markets Equity Portfolio
EQ/Long Term-Bond Portfolio
EQ/▇▇▇▇▇▇ ▇▇▇▇▇▇ Growth Portfolio
EQ/Mid Cap Index Portfolio
EQ/Mid Cap Value Managed Volatility Portfolio
EQ/▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Small Cap Growth Portfolio
EQ/PIMCO Global Real Return Portfolio
EQ/PIMCO Real Return Portfolio
EQ/PIMCO Total Return ESG Portfolio
EQ/PIMCO Ultra Short Bond Portfolio
EQ/Quality Bond PLUS Portfolio
EQ/Small Company Index Portfolio
EQ/▇. ▇▇▇▇ Price Health Sciences Portfolio
EQ/Value Equity Portfolio
EQ/Wellington Energy Portfolio
Equitable Conservative Growth MF/ETF Portfolio
Equitable Growth MF/ETF Portfolio
Equitable Moderate Growth MF/ETF Portfolio
Multimanager Aggressive Equity Portfolio
Multimanager Core Bond Portfolio
Multimanager Technology Portfolio
1290 Funds
1290 Avantis U.S. Large Cap Growth Fund
1290 Diversified Bond Fund
1290 Essex Small Cap Growth Fund
1290 GAMCO Small/Mid Cap Value Fund
1290 High Yield Bond Fund
1290 ▇▇▇▇▇▇ ▇▇▇▇▇▇ Multi-Asset Income Fund
1290 Multi-Alternative Strategies Fund
1290 Retirement 2020 Fund
1290 Retirement 2025 Fund
1290 Retirement 2030 Fund
1290 Retirement 2035 Fund
1290 Retirement 2040 Fund
1290 Retirement 2045 Fund
1290 Retirement 2050 Fund
1290 Retirement 2055 Fund
1290 Smart Beta Equity Fund
EACH OF THE AXA FUND LENDERS
LISTED ON ANNEX A HERETO
SCHEDULE 4
JPMorgan Chase Bank, N.A.
Securities Lending – Limitations on Securities Available for Loan, Lending Accounts and Markets
Limitations on Securities Available for Loan
The following limitations shall apply to ▇.▇. ▇▇▇▇▇▇’▇ authority to lend Securities held in the Lending Accounts:
1. At the time of any Loan, the aggregate Market Value of Lender’s Securities on Loan after taking such Loan into account shall not exceed 30% of the aggregate Market Value of Lender’s total assets, including collateral for Loans.
2. No more than 90% of any Security held by ▇▇▇▇▇▇ may be on loan at the time the Loan is initiated.
3. At the initiation of any Loan, the maximum rebate rate must be Overnight Bank Funding Rate (OBFR) minus 25 basis points on Loans collateralized with cash; on Loans collateralized with securities, the Lender will charge Borrowers a minimum 25 basis point fee.
Lending Accounts
| Lending Account Name |
Lending Account Numbers | |||
| 1290 VT Equity Income Portfolio |
38944 | G 09834 | ||
| 1290 VT Micro Cap Portfolio - Blackrock |
G 24413 | |||
| 1290 VT Real Estate Portfolio - AllianceBernstein |
ABD65 | G 30165 | ||
| 1290 VT Small Cap Value Portfolio - Blackrock |
G 24417 | |||
| 1290 VT SmartBeta Equity ESG Portfolio |
ADF89 | P 75008 | ||
| 1290 VT Convertible Securities Portfolio - SSGA |
P 75009 | |||
| 1290 VT DoubleLine Opportunistic Bond Portfolio |
AHL95 | P 24225 | ||
| 1290 VT GAMCO Mergers & Acquisitions Portfolio |
35949 | G 09840 | ||
| 1290 VT GAMCO Small Company Value Portfolio |
43362 | G 09841 | ||
| 1290 VT High Yield Bond Portfolio - AXA Investment Managers |
G 30168 | |||
| 1290 VT High Yield Bond Portfolio - EIM |
G 23689 | |||
| 1290 VT High Yield Bond Portfolio- Post |
AEX34 | G 24420 | ||
| 1290 VT Micro Cap Portfolio - Lord ▇▇▇▇▇▇ |
G 24412 | |||
| 1290 VT Moderate Growth Allocation Portfolio |
EQP54 | P 93554 | ||
| 1290 VT Multi-Alternative Strategies Portfolio - EIM |
P 43360 | |||
| 1290 VT Natural Resources Portfolio - AB |
30497 | G 30170 | ||
| 1290 VT Small Cap Value Portfolio - Horizon |
AEX33 | G 24419 | ||
| 1290 VT Socially Responsible Portfolio - Blackrock |
38438 | G 08437 | ||
| ATM International Managed Volatility Portfolio - AllianceBernstein |
57784 | P 04048 | ||
| ATM International Managed Volatility Portfolio - Blackrock |
57785 | P 03730 | ||
| ATM Large Cap Managed Volatility Portfolio - AllianceBernstein |
P 04039 | |||
| ATM Large Cap Managed Volatility Portfolio - Blackrock |
P 03721 | |||
| ATM Mid Cap Managed Volatility Portfolio - AllianceBernstein |
P 04045 | |||
| ATM Mid Cap Managed Volatility Portfolio - Blackrock |
P 03727 | |||
| ATM Small Cap Managed Volatility Portfolio - AllianceBernstein |
P 04042 | |||
| ATM Small Cap Managed Volatility Portfolio - Blackrock |
P 03724 | |||
| EQ/ Global Equity Managed Volatility Portfolio - Invesco |
ACA07 | G 23895 | ||
| EQ/2000 Managed Volatility Portfolio - AllianceBernstein |
P 04041 | |||
| EQ/2000 Managed Volatility Portfolio - Blackrock |
P 03723 | |||
| EQ/400 Managed Volatility Portfolio - AllianceBernstein |
P 04044 | |||
| EQ/400 managed Volatility Portfolio - Blackrock |
P 03726 | |||
| EQ/500 Managed Volatility Portfolio - AllianceBernstein |
P 04038 | |||
| EQ/500 Managed Volatility Portfolio - Blackrock |
P 03720 | |||
| EQ/AB Dynamic Aggressive Growth |
EKY83 | P 43358 | ||
| EQ/AB Dynamic Growth Portfolio |
AHL94 | P 24224 | ||
| EQ/AB Dynamic Moderate Growth Portfolio |
86997 | P 13896 | ||
| EQ/AB Short Duration Government Bond Portfolio |
ABV48 | G 23857 | ||
| EQ/AB Small Cap Growth Portfolio - Active |
G 80446 | |||
| EQ/AB Small Cap Growth Portfolio - Passive |
G 80447 | |||
| EQ/AB Sustainable U.S. Thematic Portfolio |
G 43883 | |||
| EQ/All Asset Growth AllocationPortfolio |
G 80448 | |||
| EQ/American Century Mid Cap Value Portfolio |
EMR57 | P 45410 | ||
| EQ/American Century Moderate Growth Allocation Portfolio |
EQP55 | P 93555 | ||
| EQ/Capital Group Research Portfolio |
15733 | G 08239 | ||
| EQ/Clearbridge Large Cap Growth ESG Portfolio |
G 08048 | |||
| EQ/Clearbridge Select Equity Managed Volatility Portfolio |
41986 | G 11251 | ||
| EQ/Clearbridge Select Equity Managed Volatility Portfolio - Blackrock |
53048 | P 03296 | ||
| EQ/Common Stock Index Portfolio - AllianceBernstein |
29812 | G 09751 | ||
| EQ/Core Bond Index Portfolio - SSgA |
12234 | G 07195 | ||
| EQ/Core Plus Bond Portfolio – AXA Investment Mgmt |
EUR36 | G 27117 | ||
| EQ/Core Plus Bond Portfolio – Brandywine |
EUR35 | G 27122 | ||
| EQ/Core Plus Bond Portfolio – ▇▇▇▇▇▇ ▇▇▇▇▇▇ |
EUR37 | G 27123 | ||
| EQ/Emerging Markets Equity Plus Portfolio - Alliance ▇▇▇▇▇▇▇▇▇ Passive |
30500 | G 30162 | ||
| EQ/Emerging Markets Equity Plus Portfolio – EIM |
G 30161 | |||
| EQ/Emerging Markets Equity Plus Portfolio- ▇▇▇▇▇▇▇ Partners LLC |
30495 | G 30163 | ||
| EQ/Equity 500 Index Portfolio - AllianceBernstein |
5016 | G 05924 | ||
| EQ/Fidelity Institutional AM Large Cap Portfolio |
EMR58 | P 45411 | ||
| EQ/▇▇▇▇▇▇▇▇ Moderate Allocation Portfolio |
P 59483 | |||
| EQ/Franklin Rising Dividends Portfolio |
EMR59 | P 45412 | ||
| EQ/Franklin Samll Cap Value Managed Volatility Portfolio - Blackrock |
53039 | P 03287 | ||
| EQ/▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Cap Value Managed Volatility Portfolio - Franklin |
41985 | G 11250 | ||
| EQ/Global Equity Managed Volatility- Blackrock Portfolio - MSCI EAFE |
53044 | P 03292 | ||
| EQ/Global Equity Managed Volatility Portfolio - Blackrock S&P 500 |
P 03377 | |||
| EQ/Global Equity Managed Volatility Portfolio - ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ |
9919 | G 06988 |
| EQ/▇▇▇▇▇▇▇ ▇▇▇▇▇ Growth Allocation Portfolio |
EQP58 | P 93558 | ||
| EQ/▇▇▇▇▇▇▇ ▇▇▇▇▇ Mid Cap Value Portfolio |
EMR61 | P 45414 | ||
| EQ/▇▇▇▇▇▇▇ ▇▇▇▇▇ Moderate Growth Allocation |
AHM44 | P 24447 | ||
| EQ/Intermediate Corporate Bond Portfolio |
G 49012 | |||
| EQ/Intermediate Government Bond Portfolio - SSgA |
4276 | G 05334 | ||
| EQ/International Core Managed Volatility- ▇▇▇▇▇▇▇ |
AFE41 | G 24443 | ||
| EQ/International Core Managed Volatility Portfolio - Blackrock |
44730 | G 11564 | ||
| EQ/International Core Managed Volatility Portfolio – EIM |
G 11550 | |||
| EQ/International Core Managed Volatility Portfolio- Federated Investors Inc |
46927 | G 11549 | ||
| EQ/International Equity Index Portfolio - AllianceBernstein |
29813 | G 09752 | ||
| EQ/International Managed Volatility Portfolio - AllianceBernstein |
57782 | P 04047 | ||
| EQ/International Managed Volatility Portfolio - Blackrock |
57783 | P 03729 | ||
| EQ/International Value Managed Volatility Portfolio - Blackrock |
9914 | G 06983 | ||
| EQ/International Value Managed Volatility Portfolio - ▇▇▇▇▇▇ |
87030 | P 14003 | ||
| EQ/Invesco ▇▇▇▇▇▇▇▇ Portfolio |
40317 | G 10329 | ||
| EQ/Invesco Global Portfolio |
41988 | G 11253 | ||
| EQ/Invesco Global Real Assets Portfolio |
EMR62 | P 45415 | ||
| EQ/Invesco Moderate Allocation Portfolio |
AHM45 | P 24448 | ||
| EQ/Invesco Moderate Growth Allocation Portfolio |
EQP59 | P 93559 | ||
| EQ/Janus Enterprise Portfolio - Janus |
43593 | G 10330 | ||
| EQ/Large Cap Core Managed Volatility Portfolio - Capital Guardian |
AWZ88 | G 23905 | ||
| EQ/Large Cap Core Managed Volatility Portfolio - EIM |
G 11556 | |||
| EQ/Large Cap Core Managed Volatility Portfolio - GQG Partners LLC |
AFE39 | G 24441 | ||
| EQ/Large Cap Core Managed Volatility Portfolio - ▇▇▇▇▇▇ ▇▇▇▇▇▇ |
G 11555 | |||
| EQ/Large Cap Core Managed Volatility Portfolio -Blackrock |
44753 | G 11567 | ||
| EQ/Large Cap Growth Index Portfolio - AllianceBernstein |
15731 | G 08237 | ||
| EQ/Large Cap Value Index Portfolio - AB |
38463 | G 10983 | ||
| EQ/Large Cap Value Managed Volatility Portfolio - AllianceBernstein Active |
G 07193 | |||
| EQ/Large Cap Value Managed Volatility Portfolio - AllianceBernsten ATM |
52661 | G 00040 | ||
| EQ/Large Cap Value Managed Volatility Portfolio - Aristotle Capital Managment LLC |
G 23902 | |||
| EQ/Large Cap Value Managed Volatility Portfolio – EIM |
G 23903 | |||
| EQ/Lazard Emerging Markets Equity Portfolio |
EMR36 | P 45402 | ||
| EQ/Long-Term Bond Portfolio - AllianceBernstein |
EYM67 | G 38787 | ||
| EQ/▇▇▇▇▇▇ ▇▇▇▇▇▇ Growth Portfolio |
G 10224 | |||
| EQ/Mid Cap Index Portfolio - AB |
21620 | G 08812 | ||
| EQ/Mid Cap Value Managed Volatility - Blackrock |
44731 | G 11565 | ||
| EQ/Mid Cap Value Managed Volatility Portfolio - Diamond Hill |
ACA08 | G 23896 | ||
| EQ/Mid Cap Value Managed Volatility Portfolio – EIM |
G 11552 | |||
| EQ/Mid Cap Value Managed Volatility Portfolio - Wellington |
44713 | G 11551 | ||
| EQ/▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Small Cap Growth Portfolio-Blackrock |
G 24414 | |||
| EQ/▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Small Cap Growth Portoflio |
AEX32 | G 24418 | ||
| EQ/PIMCO Global Real Return Portfolio |
ABD23 | G 30167 | ||
| EQ/PIMCO Real Return Portfolio |
EMR40 | P 45406 | ||
| EQ/PIMCO Total Return ESG Portfolio |
EMR41 | P 45407 | ||
| EQ/PIMCO Ultra Short Bond Portfolio |
34376 | G 10230 | ||
| EQ/Quality Bond PLUS - PIMCO |
ACA11 | G 23899 | ||
| EQ/Quality Bond Plus Portfolio - Alliance ▇▇▇▇▇▇▇▇▇ Passive |
G 30226 | |||
| EQ/Quality Bond PLUS Portfolio - AllianceBernstein |
5320 | G 05827 |
| EQ/Small Company Index Portfolio - AllianceBernstein |
57999 | G 07196 | ||
| EQ/▇. ▇▇▇▇ Price Health Sciences Portfolio |
EMR42 | P 45408 | ||
| EQ/Value Equity Portfolio |
G 06991 | |||
| EQ/Wellington Energy Portfolio |
EMR33 | P 45399 | ||
| Equitable Conservative Growth MF/ETF Portfolio |
S 16975 | |||
| Equitable Growth MF/ETF Portfolio |
G 43882 | |||
| Equitable Moderate Growth MF/ETF Portfolio |
G 43881 | |||
| Multimanager Aggressive Equity Portfolio - AllianceBernstein - ATM |
52766 | P 02708 | ||
| Multimanager Aggressive Equity Portfolio - Scotia Institutional Asset Management US LTD |
25407 | G 09295 | ||
| Multimanager Aggressive Equity Portfolio - ▇. ▇▇▇▇ Price |
25387 | G 09275 | ||
| Multimanager Aggressive Equity Portfolio - Westfield |
25395 | G 09283 | ||
| Multimanager Core Bond Portfolio - BlackRock |
25393 | G 09281 | ||
| Multimanager Core Bond Portfolio - PIMCO |
25404 | G 09292 | ||
| Multimanager Core Bond Portfolio - SSgA |
52767 | P 02709 | ||
| Multimanager Core Bond Portfolio- Doubleline |
AHH64 | P 22045 | ||
| Multimanager Technology Portfolio - AB |
52778 | P 02720 | ||
| Multimanager Technology Portfolio – FIAM LLC |
25396 | G 09284 | ||
| Multimanager Technology Portfolio - Wellington |
25390 | G 09278 | ||
| Multimanger Technology Portfolio - EIM |
P 03700 | |||
| 1290 Funds: |
||||
| 1290 Avantis U.S. Large Cap Growth Fund |
P 67962 | |||
| 1290 Diversified Bond Fund – Brandywine |
ENH81 | P 78337 | ||
| 1290 Essex Small Cap Growth Fund |
G 45330 | |||
| 1290 GAMCO Small/Mid Cap Value Fund |
AGM33 | P 91799 | ||
| ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ |
▇ ▇▇▇▇▇ | |||
| 1290 ▇▇▇▇▇▇ ▇▇▇▇▇▇ Multi-Asset Income Fund |
FCG11 | S 16973 | ||
| 1290 Multi-Alternative Strategies Fund – |
P 33351 | |||
| 1290 Retirement 2020 Fund |
P 67954 | |||
| 1290 Retirement 2025 Fund |
P 67955 | |||
| 1290 Retirement 2030 Fund |
P 67956 | |||
| 1290 Retirement 2035 Fund |
P 67957 | |||
| 1290 Retirement 2040 Fund |
P 67958 | |||
| 1290 Retirement 2045 Fund |
P 67959 | |||
| 1290 Retirement 2050 Fund |
P 67960 | |||
| 1290 Retirement 2055 Fund |
P 67961 | |||
| 1290 Smartbeta Equity Fund |
AGM34 | P 91801 | ||
Eligible Markets
▇.▇. ▇▇▇▇▇▇ may lend Securities in the following markets:
| Number |
Lending Markets |
Lender Approves |
Additional Market Requirements | |||
| (Check All That Apply) | ||||||
| 1 |
Australia | X | Yes - refer to Addendum (I) below | |||
| 2 | Austria | X | ||||
| 3 | Belgium | X | ||||
| 4 | Brazil | Yes - An additional agreement is required. Please contact your Sales Specialist or Relationship Manager for additional information. | ||||
| 5 | Canada | X | ||||
| 6 | Czech Republic | X | ||||
| 7 | Denmark | X | ||||
| 8 | Euroclear | X |
||||
| 9 | Finland | X | ||||
| 10 | France | X | Yes - refer to Addendum (II) below | |||
| 11 | Germany | X | ||||
| 12 | Greece | X | Yes - refer to Addendum (III) below | |||
| 13 | Hong Kong | X | ||||
| 14 | Hungary | X | Yes - refer to Addendum (III) below | |||
| 15 | Ireland | X | ||||
| 16 | Israel | X | ||||
| 17 | Italy | X | ||||
| 18 | Japan | X | Yes - refer to Addendum (III) below | |||
| 19 | Malaysia | Yes - An additional agreement is required. Please contact your Sales Specialist or Relationship Manager for additional information. | ||||
| 20 | Mexico | X | Yes - refer to Addendum (III) below | |||
| 21 |
Netherlands | X | ||||
| 22 | New Zealand | X | ||||
| 23 | Norway | X | ||||
| 24 | Poland | X | Yes - refer to Addendum (IV) below | |||
| 25 | Portugal | X | ||||
| 26 | Singapore | X | Yes - refer to Addendum (III) below | |||
| 27 | South Africa | X | ||||
| 28 | South Korea | Yes - An additional agreement is required. Please contact your Sales Specialist or Relationship Manager for additional information. | ||||
| 29 | Spain | X | ||||
| 30 | Sweden | X | ||||
| 31 | Switzerland | X | ||||
| 32 | Taiwan | Yes - An additional agreement is required. Please contact your Sales Specialist or Relationship Manager for additional information. | ||||
| 33 | Thailand | X | Yes - refer to Addendum (V) below | |||
| 34 | Turkey | X | Yes - refer to Addendum (VI) below | |||
| 35 | United Kingdom | X | ||||
| 36 |
United States | X | ||||
Lender acknowledges that this Schedule 4 to the Securities Lending Agreement dated April 11, 2016 is effective as of the date specified below and that the relevant Addenda within this Schedule shall apply.
Each Lender severally and not jointly:
1290 FUNDS
on behalf of each of their series listed on Annex A
| By: |
| |
| Name: ▇▇▇▇▇ ▇▇▇▇▇ | ||
| Title: Chief Financial Officer | ||
| Date: |
Market Terms Schedule
| I. | Australia |
▇▇▇▇▇▇ acknowledges and accepts that:
| a) | with regards to any Institutional Share Offering (“ISO”) offered by an Australian issuer to Lender, ▇▇▇▇▇▇ shall be solely responsible for informing ▇.▇. ▇▇▇▇▇▇ that Lender has (a) been invited to participate in such ISO and (b) intends to, or otherwise, exercise any rights in relation to Securities on Loan; |
| b) | due to the nature of an ISO, ▇.▇. ▇▇▇▇▇▇ will be unaware of such ISO arising and will therefore rely solely on Lender’s notification provided in (a) above; |
| c) | subject to Clause 4 hereof (Instructions), ▇▇▇▇▇▇ must provide election Instructions to ▇.▇. ▇▇▇▇▇▇: |
| i. | prior to market expiry where the timing of the ISO announcement makes it reasonably practicable to permit election Instructions to be given prior to such market expiry; and |
| ii. | in all other cases, prior to the applicable Cut-Off Time. |
Such election Instructions must specify whether ▇▇▇▇▇▇ wishes to (i) take up the ISO; (ii) lapse the ISO; or (iii) lapse and take up any available cashbook build. Upon receipt, ▇.▇. ▇▇▇▇▇▇ shall use reasonable endeavours to forward such election Instructions to Borrower;
| d) | ▇.▇. ▇▇▇▇▇▇ shall not be liable to Lender in the event that: |
| iii. | ▇▇▇▇▇▇ does not provide to ▇.▇. ▇▇▇▇▇▇ any election Instructions; or |
| iv. | ▇▇▇▇▇▇ fails to provide ▇.▇. ▇▇▇▇▇▇ with timely election Instructions with respect to such an ISO, and ▇.▇. ▇▇▇▇▇▇ in its sole discretion does not take any action in relation to such election Instructions; or |
| v. | election Instructions were received by Borrower after market expiry of the ISO and ▇▇▇▇▇▇▇▇ is unable to accept such election Instructions. |
| II. | France |
▇▇▇▇▇▇ acknowledges and accepts that when lending Securities issued by French issuers (“French Securities”), any additional tax credits (including, but not limited to, Credit d’Impot) that may be due to the holder of such French Securities had they not been on Loan over record date, will not form part of the manufactured Income (as defined in the applicable MSLA) that is collected from a Borrower on behalf of the Lender.
| III. | Greece, Hungary, Japan, Mexico, Singapore |
To the extent that Lender has approved in this Schedule that the following jurisdictions are eligible markets, Lender represents and warrants that it does not have a “permanent establishment” in:
| a) | Greece |
| b) | Hungary |
| c) | Japan |
| d) | Mexico |
| e) | Singapore |
IV. Poland
▇▇▇▇▇▇ acknowledges and agrees that the following restrictions shall apply in respect of equity securities issued by Polish companies (“Polish Securities”):
| a) | the Journal of laws of Poland 2015, No.1272, which became effective in October 2015 (the “Act”) introduced pre-approval requirements from the Polish Government prior to any acquisition of significant shareholdings in certain Protected Companies (as defined by the Act and subject to change from time to time). In order to manage the transaction pre-approval requirements for the Lender, ▇.▇. ▇▇▇▇▇▇ will be limiting the securities lending program to actively lend only those Polish Securities where the Lender’s aggregate holding is less than 5%; |
| b) | as the list of Protected Companies impacted by the Act is subject to on-going change, this arrangement will be applied to all Polish Securities held through ▇.▇. ▇▇▇▇▇▇ that have been made eligible for lending in the program by the Lender. As ▇▇▇▇▇▇’s Lending Agent, ▇.▇. ▇▇▇▇▇▇ are unable to determine the Lender’s total aggregate size of holding in such Polish Securities, therefore Lender will be responsible for notifying ▇.▇. ▇▇▇▇▇▇ where Lender is either holding, or proposing to acquire a total holding of 5% or greater of voting capital in Polish Securities. Lenders are required to provide such notification to ▇.▇. ▇▇▇▇▇▇ no later than trade date of the acquisition transaction resulting in a 5% or above holding; and |
| c) | a failure to comply with the notification requirement could result in securities lending transactions being undertaken by ▇.▇. ▇▇▇▇▇▇ without Lender seeking the requisite pre-approval potentially resulting in penalties being levied against the Lender by the Polish Government for which the Lender is solely responsible. |
V. Thailand
When lending Securities issued by Thai issuers (“Thai Securities”) Lender acknowledges and consents that the amount of all cash Distributions (as defined in Clause 2.7(a) above) payable to Lender with regard to Thai Securities on Loan may be credited to ▇▇▇▇▇▇’s cash account in Dollars on the payable date of such cash Distributions. The amount of the cash Distributions will be converted into Dollars using the foreign exchange rate agreed with the Borrower and based on the reference rate provided by ▇.▇. ▇▇▇▇▇▇’▇ local subcustodian.
Lenders opting for the “Calc & Pay” service offered by ▇.▇.▇▇▇▇▇▇ in its capacity as global custodian for the treatment of capital gains tax in Thailand (such service being, the “Calc & Pay Service”), should be aware that the applicable sub-custodian in Thailand has informed ▇.▇.▇▇▇▇▇▇ (in its capacity as global custodian) that it will ignore loan and return transactions generated by the agency lending discretionary program for the purposes of any calculation required for the Calc & Pay Service.
VI. Turkey
Lender represents and warrants that all:
| a) | Turkish equities in the Lending Account were purchased after 1st January, 2006 and are not subject to the “Non Resident Investment Fund” regime; and |
| b) | Turkish bonds in the Lending Account were issued after 1st January, 2006, |
and can be made available for lending under Applicable Law.
▇▇▇▇▇▇ acknowledges that it will promptly identify to ▇.▇. ▇▇▇▇▇▇ by notice, which notice may be oral, if the above representation and warranty ceases to be true. Upon such notice, ▇.▇. ▇▇▇▇▇▇ shall restrict the lending of the relevant Turkish Securities to Borrowers. In the event Lender fails to promptly notify ▇.▇. ▇▇▇▇▇▇ that the above representation and warranty ceases to be true, ▇.▇. ▇▇▇▇▇▇ shall not be liable for any Liabilities of Lender arising as a result of continued lending of such Turkish Securities.