Common use of Collateral substitution Clause in Contracts

Collateral substitution. For each Loan, Lending Agent shall receive and hold Letters of Credit received as Collateral and Lending Agent or a Triparty Institution shall receive and hold all other Collateral for the relevant Portfolio required by the applicable MSLA in a Collateral Account, and Lending Agent is hereby authorized and directed, without obtaining any further approval from Lender (or any Portfolio), to invest and reinvest all or substantially all Cash Collateral. A given Loan may be collateralized by more than one type of Collateral. Lending Agent shall credit, or where applicable shall have a Triparty Institution credit, all Collateral, Authorized Investments and Proceeds to a Collateral Account for the relevant Portfolio and Lending Agent shall mark its books and records to identify the relevant Portfolio's in▇▇▇▇st therein, it being understood, however, that all monies credited to a Collateral Account may for purposes of investment be commingled with cash collateral held for other lenders of securities on whose behalf Lending Agent may act. Lending Agent may, in its sole discretion, liquidate any Authorized Investment and credit the net proceeds to a Collateral Account. Lending Agent shall accept substitutions of Collateral in accordance with the applicable MSLA, and shall credit, or where applicable shall have a Triparty Institution credit, all such substitutions to a Collateral Account for the relevant Portfolio. With respect to non-U.S. Securities: (a) at the inception of a Loan, Lending Agent shall advise Custodian of Lending Agent's receipt of the applicable Collateral (which advice shall authorize Custodian to deliver the Securities to be lent to the Borrower); provided that, with respect to non-U.S. Securities, if any, as to which Custodian receives Collateral directly, no such notice from Lending Agent need be given.

Collateral substitution. For each Loan, Lending Agent shall receive and hold Letters of Credit received as Collateral and Lending Agent or a Triparty Institution shall receive and hold all other Collateral for the relevant Portfolio required by the applicable MSLA in a Collateral Account, and Lending Agent is hereby authorized and directed, without obtaining any further approval from Lender (or any Portfolio), to invest and reinvest all or substantially all Cash Collateral. A given Loan may be collateralized by more than one type of Collateral. Lending Agent shall credit, or where applicable shall have a Triparty Institution credit, all Collateral, Authorized Investments and Proceeds to a Collateral Account for the relevant Portfolio and Lending Agent shall mark ▇▇▇▇ its books and records to identify the relevant Portfolio's in▇▇▇▇st interest therein, it being understood, however, that all monies credited to a Collateral Account may for purposes of investment be commingled with cash collateral held for other lenders of securities on whose behalf Lending Agent may act. Lending Agent may, in its sole discretion, liquidate any Authorized Investment and credit the net proceeds to a Collateral Account. Lending Agent shall accept substitutions of Collateral in accordance with the applicable MSLA, and shall credit, or where applicable shall have a Triparty Institution credit, all such substitutions to a Collateral Account for the relevant Portfolio. With respect to non-U.S. Securities: (a) at the inception of a Loan, Lending Agent shall advise Custodian of Lending Agent's receipt of the applicable Collateral (which advice shall authorize Custodian to deliver the Securities to be lent to the Borrower); provided that, with respect to non-U.S. US. Securities, if any, as to which Custodian receives Collateral directly, no such notice from Lending Agent need be given.