Common use of Appointment of Lending Agent Clause in Contracts

Appointment of Lending Agent. The Client, on behalf of each Fund, hereby authorizes and appoints the Lending Agent, as the exclusive agent for each Fund to lend U.S. Securities and Foreign Securities (each as hereinafter defined) held by each such Fund to such borrowers as may be selected by the Lending Agent for the Program (each a “Borrower”). The Client hereby acknowledges that it is independent of the Lending Agent and that it has authority to execute this Agreement with the Lending Agent on behalf of the Funds. The Lending Agent shall provide the Client with a list of the Borrowers in the Program from time to time but in no event less than five days prior to making any loan of a Fund’s securities to any borrower not previously disclosed. Exhibit A attached hereto lists the Borrowers which have been approved, as of the date hereof by the Client for the Funds. Exhibit A may be revised from time to time by the Lending Agent (i) to remove Borrowers;: or (ii) to add Borrowers with the prior written approval of the Client. In addition, the Client may, with written notice to the Lending Agent, restrict one or more Borrowers from borrowing securities from some or all of the Funds. For purposes hereof and unless otherwise specified by the Lending Agent, (i) “U.S. Securities” shall mean securities which are cleared and principally settled in the United States; and (ii) “Foreign Securities” shall mean securities which are cleared and principally settled outside of the United States. The Lending Agent shall evaluate and monitor the creditworthiness of Borrowers based upon credit quality standards and limits established by the Lending Agent for Borrowers in the Program from time to time.

Appointment of Lending Agent. The Client, on behalf of each Fund, hereby authorizes and appoints the Lending Agent, as the exclusive agent for each Fund to lend U.S. Securities and Foreign Securities (each as hereinafter defined) held by each such Fund to such borrowers as may be selected by the Lending Agent for the Program (each a “Borrower”). The Client hereby acknowledges that it is independent of the Lending Agent and that it has authority to execute this Agreement with the Lending Agent on behalf of the Funds. The Lending Agent shall provide the Client with a list of the Borrowers in the Program from time to time but in no event less than five days prior to making any loan of a Fund’s securities to any borrower not previously disclosed. Exhibit A attached hereto lists the Borrowers which have been approved, as of the date hereof by the Client for the Funds. Exhibit A may be revised from time to time by the Lending Agent (i) to remove Borrowers;: or (ii) to add Borrowers with the prior written approval of the Client. In addition, the Client may, with written notice to the Lending Agent, restrict one or more Borrowers from borrowing securities from some or all of the Funds. For purposes hereof and unless otherwise specified by the Lending Agent, (i) “U.S. Securities” shall mean securities which are cleared and principally settled in the United States; and (ii) “Foreign Securities” shall mean securities which are arc cleared and principally settled outside of the United States. The Lending Agent shall evaluate and monitor the creditworthiness of Borrowers based upon credit quality standards and limits established by the Lending Agent for Borrowers in the Program from time to time.