payments with respect to securities loans

(A)The term “payments with respect to securities loans” includes all amounts received in respect of a security (as defined in section 1236(c)) transferred by the owner to another person in a transaction to which section 1058 applies (whether or not title to the security remains in the name of the lender) including— (i)amounts in respect of dividends, interest, or other distributions, (ii)fees computed by reference to the period beginning with the transfer of securities by the owner and ending with the transfer of identical securities back to the transferor by the transferee and the fair market value of the security during such period, (iii)income from collateral security for such loan, and (iv)income from the investment of collateral security. (B)Subparagraph (A) shall apply only with respect to securities transferred pursuant to an agreement between the transferor and the transferee which provides for— (i)reasonable procedures to implement the obligation of the transferee to furnish to the transferor, for each business day during such period, collateral with a fair market value not less than the fair market value of the security at the close of business on the preceding business day, (ii)termination of the loan by the transferor upon notice of not more than 5 business days, and (iii)return to the transferor of securities identical to the transferred securities upon termination of the loan.


26 USC § 512(a)(5)(A)

Scoping language

For purposes of this title
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