Common use of Borrowing and Lending Instructions Clause in Contracts

Borrowing and Lending Instructions. The Adviser’s investment personnel for each participating Fund shall provide the Credit Facility Team with standing instructions as to their desire to have the Fund act as a Lender when such Fund has uninvested cash balances (“Lending Instructions”). If the designated individual or individuals in the Interfund Lending Procedures determine that a Fund has borrowing needs in accordance with the Interfund Lending Procedures, then such individual or individuals shall instruct the Credit Facility Team as to such Fund’s desire to have the Fund act as a Borrower (“Borrowing Instructions”). Such individual or individuals may revoke or change Lending Instructions or Borrowing Instructions in accordance with the Interfund Lending Procedures with respect to a Fund by notifying the Credit Facility Team.

Borrowing and Lending Instructions. The applicable Adviser’s investment personnel for each participating Fund shall provide the Credit Facility Team with standing instructions as to their desire to have the Fund act as a Lender when such Fund has uninvested cash balances (“Lending Instructions”). If the designated individual or individuals in the Interfund Lending Procedures determine that a Fund has borrowing needs in accordance with the Interfund Lending Procedures, then such individual or individuals shall instruct the Credit Facility Team as to such Fund’s desire to have the Fund act as a Borrower (“Borrowing Instructions”). Such individual or individuals may revoke or change Lending Instructions or Borrowing Instructions in accordance with the Interfund Lending Procedures with respect to a Fund by notifying the Credit Facility Team.