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<br />(1) the value of securities loaned under the program <br /> <br />must be not less than 100 percent collateralized, including accrued <br /> <br />income; <br /> <br />(2) a loan made under the program must allow for <br /> <br />termination at any time; <br />(3) a loan made under the program must be secured by: <br /> <br />(A) pledged securities described by Section <br /> <br />2256.009; <br /> <br />(B) pledged irrevocable letters of credit issued by <br /> <br />a bank that 1S: <br /> <br />(i) organized and existing under the laws of <br />the United States or any other state; and <br />(ii) continuously rated by at least one <br />nationally recognized investment rating firm at not less than A or <br />its equivalent; or <br />(C) cash invested in accordance with Section: <br /> <br />(i) <br />(ii) <br />(iii) <br />(iv) <br /> <br />2256.009; <br />2256.013; <br />2256.014; <br />2256.016; <br /> <br />or <br /> <br />(4) the terms of a loan made under the program must <br /> <br />require that the securities being held as collateral be: <br /> <br />(A) pledged to the investing entity; <br />(B) held in the investing entity's name; and <br /> <br />Page -23 - <br />