Investment of Cash Collateral Clause Samples

Investment of Cash Collateral. (a) Each Lender shall have the right, pursuant to the SLA, to invest cash Collateral received in respect of any loan, subject to an obligation, upon the termination of the loan, to return to the borrower the amount of cash initially pledged (as adjusted for any subsequent marks-to-market). Each Lender shall direct GSAL and/or Custodian, from time to time, as to the manner and means by which such cash Collateral is to be invested and the types of permissible investments. Until contrary instructions are furnished to GSAL by Lender, GSAL is authorized and directed to cause all cash collateral to be invested in the following investments (“Permissible Investments”) (i) Capital Class Shares of JPMorgan Prime Money Market Fund;; or (ii) such investments as permitted by Schedule 5 hereto. Each Lender hereby authorizes GSAL to purchase or redeem any amounts that are held, in the applicable Lender’s collateral account to satisfy the Lender’s obligations arising to a borrower or GSAL under this Agreement. (b) Each Lender acknowledges and agrees that any income or gains and losses from investing and reinvesting any cash Collateral in Permissible Investments pursuant to an SLA shall be at Lender's risk and for Lender's account, and Lender agrees that to the extent any such losses reduce the amount of cash below the amount required to be returned to the borrower upon the termination of any loan made on Lender's behalf (after giving effect to any Cash Collateral Fee (as defined in the applicable SLA) due the borrower), Lender will, on demand of GSAL, immediately pay to GSAL (for transmission to such borrower) an equivalent amount in cash in U.S. Dollars. GSAL is hereby authorized and instructed, and GSAL agrees, to effect any required liquidation of Permissible Investments to satisfy Lender's obligation to return cash Collateral pursuant to a ▇▇▇▇ to market or upon termination of any loan of securities. All proceeds and earnings derived from such investment shall be deposited in the collateral account unless otherwise directed by Lender. Lender acknowledges that the selection of Permissible Investments is Lender’s sole responsibility without advice from, or reliance upon, input from GSAL.

Investment of Cash Collateral. (i) Chase is hereby authorized to invest and reinvest cash Collateral in accordance with the investment guidelines (and the interpretations, procedures and definitions included therewith) annexed hereto as Appendix 4. (ii) Authorized Investments are made for the account of, and at the sole risk of, Lender. In that connection, Lender shall pay to Chase on demand in cash an amount equal to any deficiency in the amount of Collateral available for return to a Borrower pursuant to an applicable MSLA.

Investment of Cash Collateral. The Collateral Agent shall invest any cash received by it pursuant to Section 6.2 of the Forward Contract in direct obligations of the United States of America maturing on or before the Exchange Date.

Investment of Cash Collateral. To the extent that a Loan is secured by cash Collateral, such cash Collateral, including money received with respect to the investment of the same, or upon the maturity, sale, or liquidation of any such investments, shall be invested by State Street, subject to the directions referred to in Section 8(d) above. State Street does not assume any market or investment risk of loss associated with any investment or change of investment in any such investments, including any cash Collateral investment vehicle designated on Schedule A.

Investment of Cash Collateral. The Collateral Agent shall invest any cash received by it pursuant to Section 6.2 of the Purchase Agreement in U.S. Treasury Securities maturing on or before _________, 2000.

Investment of Cash Collateral. To the extent that a Loan is secured by cash Collateral, such cash Collateral, including money received with respect to the investment of the same, or upon the maturity, sale, or liquidation of any such investments, shall be invested by State Street in accordance with the directions of the Funds as set forth on Schedule A under the heading “Cash Collateral Investment.” State Street does not assume any market or investment risk of loss associated with any investment of cash Collateral. If the amounts so invested are insufficient to return any and all amounts due to a Borrower pursuant to the applicable Securities Loan Agreement, the Fund shall be responsible for such shortfall.

Investment of Cash Collateral. (a) J.▇. ▇▇▇▇▇▇ is hereby authorized to invest and (subject to Section 2.6(c)) reinvest Cash Collateral in accordance with the investment guidelines annexed to this Agreement as Schedule 1. Any Cash Collateral investment which is an Authorized Investment is made for the account of, and at the sole risk of, the Lender. J.▇. ▇▇▇▇▇▇ is authorized to buy or sell Cash Collateral investments through bulk trades in which its other customers participate. Cash Collateral and additions to Cash Collateral received after the market closes shall not be invested until the next business day. (b) J.▇. ▇▇▇▇▇▇ may from time to time advance to the Lender its share of accrued earnings from Cash Collateral. By the same token, except as may be expressly Securities Lending Agreement - JPMCB New York - General - October 2009 Version set forth in the investment guidelines, earnings received from Cash Collateral shall not be invested on behalf of the Lender pending distribution under this Agreement (e.g., as Rebates to Borrowers and as lending income under Section 5.1 of this Agreement) and, therefore, no income shall be paid thereon to the Lender. J.▇. ▇▇▇▇▇▇ anticipates earning interest on such earnings pending such distribution in an amount approximately equal to the fed funds rate in effect from time to time. (c) J.▇. ▇▇▇▇▇▇ shall have no authority to sell or otherwise dispose of any Cash Collateral investment except (i) as expressly stated in Schedule 1 with respect to extension trades, (ii) in accordance with Instructions or as necessary to raise cash to return Cash Collateral to a Borrower as required under the applicable MSLA, or (iii) as provided in Section 5.3 of this Agreement. (d) If: (i) a loss is realized on a Cash Collateral investment or (ii) J.▇. ▇▇▇▇▇▇ determines that a Cash Collateral investment either is unlikely to be redeemed in accordance with its terms (as in effect at the time such Cash Collateral investment was acquired) or will need to be sold at a loss in order to raise cash to return to a Borrower upon the present or future maturity of a Loan or (iii) J.▇. ▇▇▇▇▇▇ otherwise reasonably requires the replenishment of Cash Collateral, J.▇. ▇▇▇▇▇▇ may require that the Lender transfer to it cash in an amount at least equal to the difference between the amortized cost and the fair market value of the applicable Cash Collateral investment (as determined by J.▇. ▇▇▇▇▇▇ in its reasonable discretion)., the Lender, or the Advisor on the Lender’s behalf, shall prompt...

Investment of Cash Collateral. (i) Bank is hereby authorized to invest and reinvest Cash Collateral in accordance with the investment guidelines annexed hereto as Appendix 1. Appendix 1 may be amended at any time by Lender or Adviser to delete types of permissible investments upon five Business Days’ prior notice to Bank. Appendix 1 may also be amended by written agreement between Lender or Adviser (acting in its capacity as an Authorized Person) and Bank. (ii) Authorized Investments are made for the account of, and at the sole risk of, Lender. In that connection, Lender shall pay to Bank on demand in cash an amount equal to any deficiency in the amount of Collateral available for return to a Borrower pursuant to the applicable MSLA. Bank is authorized to select brokers and dealers for the execution of trades in connection with the investment of Cash Collateral, which broker or dealer may (subject to the ‘40 Act) be an Affiliate of Bank provided that a competitive execution price is obtained.

Investment of Cash Collateral. In making the investments of cash received as collateral discussed in the Securities Lending Agreement, including income received from such collateral, the Adviser is authorized and directed to use any of the types of investments (the "Permitted Investments") checked below: A. Short term obligations of corporations, including but not limited to commercial paper, promissory notes, master variable demand notes, and private placements, whose: [ ] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally recognized securities rating organizations at the time of purchase. B. Loan participation certificates of corporations whose: [ ] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally rated securities rating organizations at the time of purchase. C. [ ] Short term obligations of banks, including, but not limited to, certificates of deposit, bankers' acceptances, and time deposits, including without limitations any such instrument issued by the Subcustodian or one of its affiliates. D. [X] Short term obligations of the United States Government or its agencies. E. [X] Repurchase agreements collateralized by securities issued or guaranteed by the United States Government or its agencies. F. [X] Money market mutual funds or other securities of any open-end or closed-end investment company or investment trust registered under the Investment Company Act of 1940, as amended, which invest solely in securities issued or guaranteed by the United States Government or its agencies and repurchase agreements collateralized by such securities. G. [ ] Collective short-term investment funds organized and operated by the Adviser or its affiliates for Employee Benefi...