Common use of Release of Securities for Use as Collateral Clause in Contracts

Release of Securities for Use as Collateral. Upon receipt of Proper Instructions and subject to the Declaration of Trust and By-Laws of the Fund, release securities belonging to the Portfolio to any bank or trust company for the purpose of pledge, mortgage or hypothecation to secure any loan incurred by a Portfolio; provided, however, that securities shall be released only upon payment to Provident of the monies borrowed, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization from the Fund, further securities may be released for that purpose. Upon receipt of Proper Instructions, Provident shall pay such loan upon redelivery to it of the securities pledged or hypothecated therefor and upon surrender of the note or notes evidencing the loan.

Release of Securities for Use as Collateral. Upon receipt of Proper Instructions and subject to the Declaration Articles of Trust Incorporation and By-Laws of the Fund, release securities belonging to the Portfolio to any bank or trust company for the purpose of pledge, mortgage or hypothecation to secure any loan incurred by a Portfolio; provided, however, that securities shall be released only upon payment to Provident of the monies borrowed, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization from the Fund, further securities may be released for that purpose. Upon receipt of Proper Instructions, Provident shall pay such loan upon redelivery to it of the securities pledged or hypothecated therefor and upon surrender of the note or notes evidencing the loan.