No more than 20% of the Aggregate Principal Balance of Collateral Obligations may be subject to Securities Lending Agreements at any one time. The tern of Securities Lending Agreements may not extend beyond the Stated Maturity of the Notes and shall be 90 days or less: provided that any such agreements may be renewable. A Securities Lending Counterpany is required to pledge cash or direct Registered debt obligations of the United States with a maturity not greater than five years or. if shorter, the Stated Maturity of the Notes to secure its obligation to return the Collateral Obligations ("Securities Lending Collateral"). Such Securities Lending Collateral will be maintained at all times with the Trustee in an amount required under the applicable Securities Lending Agreement If cash collateral is received by the Trustee, it will be invested in investments of the type described in the definition of "Eligible Investments" in accordance with the Securities Lending Agreement (as directed by the Investment Manager) and the Issuer will be entitled to a portion of the interest on any such investments. Alternatively, if securities are delivered to the Trustee as security for the obligations of the Securities Lending Counterparty under the related Securities Lending Agreement the Investment Manager on behalf of the Issuer will negotiate with the Securities Lending Counterparty a rate for the loan fee to be paid to the Issuer for lending the loaned Collateral Obligations. If either Rating Agency downgrades a Securities Lending Counterpart). such that each related Securities Lending Agreement is no longer in compliance with the rating requirements applicable to the Securities Lending Counterparty, then the Issuer, within 10 Business Days thereof. will take one of the following actions: • terminate each Securities Lending Agreement with such Securities Lending Counterpart: • require the Securities Lending Counterparty (at such countcrpany's expense) to obta