Common use of Cash Collateral Investment Clause in Contracts

Cash Collateral Investment. The Funds instruct State Street to invest cash Collateral in the State Street Navigator Securities Lending Government Money Market Portfolio. Information about the various fees and expenses charged by the State Street Navigator Securities Lending Government Money Market Portfolio is disclosed in the confidential offering memorandum, shareholder reports and/or other portfolio documents. The State Street Navigator Securities Lending Government Money Market Portfolio distributes yield daily. The daily yield will be reinvested into the vehicle until redeemed monthly to make the payments contemplated by this Agreement. The investment manager of the collective investment vehicle specified above may, to the extent consistent with the relevant investment guidelines and/or other offering documents, invest cash Collateral (including any dividends, interest payments and other money received in respect of cash Collateral as invested) in funds or investments with respect to which Sxxxx Xxxxxx xxx/xx Xxxxx Xxxxxx Affiliates provide investment management or advisory, trust, custody, transfer agency, shareholder servicing and/or other services for which they are compensated. To the extent that there is a period of time when the cash Collateral cannot be promptly invested pursuant to the direction of the Funds as set forth above, whether due to the timing of delivery of the cash Collateral by Borrower, any delay between monthly redemptions from the vehicle above and monthly payments contemplated by this Agreement, or otherwise, such cash Collateral may be held in a demand deposit account or similar account in the name of State Street or any State Street Affiliate (which account may or may not bear interest). This Schedule is attached to and made part of the Securities Lending Authorization Agreement dated the 12th day of August 2020 between each NUVEEN registered investment company listed on Schedule C, severally and not jointly (the “Funds”) and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate (collectively, “State Street”). Nuveen California High Yield Municipal Bond Fund 20-0000000 2/28 Nuveen Core Impact Bond Managed Accounts Portfolio 80-0000000 10/31 Nuveen Dividend Value Fund 20-0000000 10/31 Nuveen Emerging Markets Equity Fund 80-0000000 7/31 Nuveen Equity Long/Short Fund 20-0000000 8/31 Nuveen Equity Market Neutral Fund 40-0000000 8/31 Nuveen Global Infrastructure Fund 60-0000000 12/31 Nuveen Global Real Estate Securities Fund 80-0000000 12/31 Nuveen Credit Income Fund 20-0000000 6/30 Nuveen High Yield Municipal Bond Fund 30-0000000 3/31 Nuveen International Growth Fund 20-0000000 7/31 Nuveen Large Cap Core Fund 40-0000000 8/31 Nuveen Large Cap Growth Fund 40-0000000 8/31 Nuveen Large Cap Select Fund 40-0000000 10/31 Nuveen Large Cap Value Fund 30-0000000 8/31 Nuveen Mid Cap Growth Opportunities Fund 80-0000000 10/31 Nuveen Mid Cap Value Fund 30-0000000 10/31 Nuveen NWQ Flexible Income Fund 20-0000000 9/30 Nuveen NWQ Global Equity Income Fund 20-0000000 6/30 Nuveen NWQ International Value Fund 30-0000000 6/30 Nuveen NWQ Large-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Multi-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Small/Mid-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Small-Cap Value Fund 20-0000000 6/30 Nuveen Preferred Securities and Income Fund 20-0000000 9/30 Nuveen Real Asset Income Fund 40-0000000 12/31 Nuveen Real Estate Securities Fund 20-0000000 12/31 Nuveen Santa Bxxxxxx Dividend Growth Fund 20-0000000 7/31 Nuveen Santa Bxxxxxx Global Dividend Growth Fund 40-0000000 7/31 Nuveen Santa Bxxxxxx International Dividend Growth Fund 40-0000000 7/31 Nuveen Short Duration High Yield Municipal Bond Fund 40-0000000 3/31 Nuveen Small Cap Growth Opportunities Fund 30-0000000 10/31 Nuveen Small Cap Select Fund 30-0000000 10/31 Nuveen Small Cap Value Fund 20-0000000 10/31 Nuveen Strategic Income Fund 30-0000000 6/30 Nuveen Symphony High Yield Income Fund 20-0000000 9/30 Nuveen Wxxxxxx International Large Cap Fund 80-0000000 7/31 Nuveen Wxxxxxx International Small Cap Fund 80-0000000 7/31 Nuveen Wxxxxxx Large-Cap Growth ESG Fund 20-0000000 7/31 Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen Enhanced Yield U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen ESG Emerging Markets Equity ETF 80-0000000 10/31 Nuveen ESG High Yield Corporate Bond ETF 80-0000000 7/31 Nuveen ESG International Developed Markets Equity ETF 80-0000000 10/31 Nuveen ESG Large-Cap ETF 80-0000000 10/31 Nuveen ESG Large-Cap Growth ETF 80-0000000 10/31 Nuveen ESG Large-Cap Value ETF 80-0000000 10/31 Nuveen ESG Mid-Cap Growth ETF 80-0000000 10/31 Nuveen ESG Mid-Cap Value ETF 80-0000000 10/31 Nuveen ESG Small-Cap ETF 80-0000000 10/31 Nuveen ESG U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen Short-Term REIT ETF 80-0000000 12/31 Nuveen Closed-End Funds Nuveen Core Equity Alpha Fund 20-0000000 12/31 Nuveen Dow 30sm Dynamic Overwrite Fund 40-0000000 12/31 Nuveen Nasdaq 100 Dynamic Overwrite Fund 40-0000000 12/31 Nuveen S&P 500 Buy-Write Income Fund 20-0000000 12/31 Nuveen S&P 500 Dynamic Overwrite Fund 20-0000000 12/31 This Schedule is attached to and made part of the Securities Lending Authorization Agreement dated the 12th day of August 2020 between each NUVEEN registered investment company listed on Schedule C, severally and not jointly (the “Funds”) and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate (collectively, “State Street”). Australia Citigroup Global Markets Australia Pty Limited MacQuarie Bank Ltd. CIBC World Markets Inc. Royal Bank of Canada TD Securities Inc. National Bank of Canada Scotia Capital Inc. Toronto-Dominion Bank BNP Paribas Arbitrage SNC Societe Generale SA BNP Paribas SA Deutsche Bank AG ABN AMRO Bank N.V. ING Bank NV Skandinaviska Enskilda Banken UBS AG Bank of Nova Scotia (London Branch) BNP Paribas (London Branch) Credit Suisse Securities (Europe) Limited. HSBC Bank plc MacQuarie Bank Ltd. (London Branch) Mxxxxx Sxxxxxx & Co. International plc. UBS AG (London Branch) Barclays Bank plc Citigroup Global Markets Limited Gxxxxxx Sachs International JX Xxxxxx Securities PLC Mxxxxxx Lxxxx International NatWest Markets PLC ABN AMRO Securities (USA) LLC Bank of Nova Scotia (New York Branch) BMO Capital Markets Corp. BNP Paribas Securities Corp CIBC World Markets Corp. Commerz Markets LLC Deutsche Bank Securities Inc. HSBC Securities (USA) Inc. JX Xxxxxx Securities LLC. Mirae Asset Securities (USA) Inc. Mxxxxx Sxxxxxx & Co. LLC Natixis Securities Americas, LLC Nomura Securities International Inc. Scotia Capital (USA) Inc. Societe Generale SA (NY Branch) UBS Securities LLC Wxxxx Fargo Securities, LLC Bank of Nova Scotia (Houston Branch) Barclays Capital Inc. BNP Paribas (New York Branch) BofA Securities, Inc. Citigroup Global Markets Inc. Credit Suisse Securities (USA) LLC Gxxxxxx Sxxxx & Co. LLC ING Financial Markets LLC MacQuarie Capital (USA) Inc. Mizuho Securities USA LLC National Financial Services LLC. Natwest Market Securities Inc. RBC Capital Markets, LLC SG Americas Securities LLC TD Securities (USA) LLC Wxxxx Fargo Clearing Services, LLC This Schedule is attached to and made part of the Securities Lending Authorization Agreement dated the 12th day of August 2020 between each NUVEEN registered investment company listed on Schedule C, severally and not jointly (the “Funds”) and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate (collectively, “State Street”).

Cash Collateral Investment. The Funds instruct Each Fund hereby instructs State Street to invest cash Collateral in the State Street Navigator Securities Lending Government Money Market Prime Portfolio (hereinafter the “Prime Portfolio”). State Street: Limited Access On an annualized basis, the management/custody/fund administration/transfer agent fee for investing cash Collateral in the Prime Portfolio is not more than 5.00 basis points netted out of yield. In addition, the trustee may pay out of the assets of the Prime Portfolio all reasonable expenses and fees of the Prime Portfolio, including professional fees or disbursements, incurred in connection with the operation of the Prime Portfolio. Information about In connection with the various fees direction to State Street above to invest cash Collateral in the Prime Portfolio each Fund acknowledges that it has received and expenses charged by reviewed the updated Confidential Offering Memorandum dated April 4th 2016 (the “Prime COM”), including those provisions under the header “Portfolio’s Investment Objective and Strategies Beginning October 14, 2016” which such provisions are included here as Attachment A for ease of reference. Each Fund instructs State Street to treat the instruction above to invest cash Collateral in the Prime Portfolio as an instruction to invest such cash Collateral in the State Street Navigator Securities Lending Government Money Market Portfolio is disclosed (the “Government Portfolio”) when the Prime Portfolio changes its name to the Government Portfolio as contemplated in the confidential offering memorandumPrime COM. After the effectiveness of such name change, shareholder reports and/or other portfolio documentsreferences to the Prime Portfolio on this Schedule A or in the Agreement shall be read as the Government Portfolio. The To the extent that cash Collateral cannot be promptly invested in the Prime Portfolio pursuant to the Fund’s direction above due to the timing of delivery by Borrower, such cash Collateral may be invested as State Street Navigator Securities Lending Government Money Market Portfolio distributes yield daily. The daily yield will be reinvested into may select, including in a demand deposit account or similar account in the vehicle until redeemed monthly to make the payments contemplated by this Agreement. The name of State Street or any State Street Affiliate and/or in any short-term investment manager of the fund, mutual fund, securities lending trust or other collective investment vehicle specified above may, to the extent consistent with the relevant investment guidelines and/or other offering documents, invest cash Collateral (including any dividends, interest payments and other money received in respect of cash Collateral as invested) in funds or investments fund with respect to which Sxxxx Xxxxx Xxxxxx xxx/xx Xxxxx Xxxxxx Affiliates may provide investment management or advisory, trust, custody, transfer agency, shareholder servicing and/or other services for which they are compensated. To , provided that any such investment conforms with the extent that there is a period of time when the cash Collateral cannot be promptly invested pursuant to the direction investment guidelines of the Funds as set forth above, whether due to the timing of delivery of the cash Collateral by Borrower, any delay between monthly redemptions from the vehicle above and monthly payments contemplated by this Agreement, or otherwise, Prime Portfolio in each case until such cash Collateral may can be held invested in the Prime Portfolio pursuant to each Fund’s direction above. State Street: Limited Access In response to regulatory changes adopted by the SEC that will affect the structure and operation of money market funds, the Board of Trustees of the Trust has approved, effective as of the Modification Date (i.e., October 14, 2016), a new investment objective and new investment strategies for the Prime Portfolio, which are designed to permit the Prime Portfolio to operate as a “government money market fund” within the meaning of Rule 2a-7 under the 1940 Act, as such Rule will be in effect on October 14, 2016. The Board also approved changing the Prime Portfolio’s name to the State Street Navigator Securities Lending Government Money Market Portfolio (the “Government Money Market Portfolio”), effective as of the Modification Date. Effective as of the Modification Date, the investment objective of the Portfolio will be to seek: (i) current income to the extent consistent with the preservation of capital and liquidity; and (ii) the maintenance of a stable $1.00 per share net asset value. Consistent with qualifying as a government money market fund, the Portfolio will be required to invest 99.5 percent or more of its total assets in (i) cash; (ii) obligations issued or guaranteed as to principal and/or interest, as applicable, by the U.S. government or its agencies and instrumentalities (“U.S. Government Securities”); and (iii) repurchase agreements collateralized by cash and U.S. Government Securities. During the transition period leading up to the Modification Date, the assets of the Prime Portfolio will continue to be managed in accordance with the Prime Portfolio’s current investment objective and strategies. However, during this period the assets will also be managed in a demand deposit account or similar account in manner that will permit the name Prime Portfolio to qualify as a “government money market fund” as of the Modification Date. Accordingly, the Prime Portfolio’s exposure to non-government securities will decrease over time leading up to the Modification Date, which can be expected to impact the yield of the Prime Portfolio during the transition period. State Street or any State Street Affiliate (which account may or may not bear interest). Street: Limited Access This Schedule is attached to and made part of the Securities Lending Authorization Agreement Agreement, dated the 12th 1st day of August 2020 December, 2008, as amended to date, between THOSE REGISTERED INVESTMENT COMPANIES listed on SCHEDULE B, on behalf of each NUVEEN Series of such registered investment company companies listed on Schedule CSCHEDULE B, severally and not jointly (each such series, a “Fund” and collectively, the “Funds”) and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate (collectively, “State Street”). Nuveen California High Yield Municipal Bond Asset Allocation Fund 2079-0215179 May 31 12 basis points Blue Chip Growth Fund 00-0000000 2/28 Nuveen Core Impact Bond Managed Accounts Portfolio 80May 31 5 basis points Broad Cap Value Income Fund 00-0000000 10/31 Nuveen May 31 12 basis points Capital Conservation Fund 00-0000000 May 31 12 basis points Core Equity Fund 00-0000000 May 31 5 basis points Dividend Value Fund 20593824910 May 31 12 basis points Emerging Economies Fund 00-0000000 10/31 Nuveen Emerging Markets Equity May 31 12 basis points Foreign Value Fund 8000-0000000 7/31 Nuveen Equity Long/Short Fund 20-0000000 8/31 Nuveen Equity Market Neutral Fund 40-0000000 8/31 Nuveen Global Infrastructure Fund 60-0000000 12/31 Nuveen May 31 12 basis points Global Real Estate Fund 61-837251 May 31 12 basis points Global Social Awareness Fund 00-0000000 May 31 5 basis points Global Strategy Fund 00-0000000 May 31 12 basis points Government Securities Fund 8000-0000000 12/31 Nuveen Credit May 31 12 basis points Growth Fund 00-0000000 May 31 5 basis points Growth & Income Fund 2000-0000000 6/30 Nuveen High Yield Municipal May 31 12 basis points Health Sciences Fund 760658009 May 31 12 basis points Inflation Protection Fund 061735893 May 31 12 basis points International Equities Index Fund 00-0000000 May 31 5 basis points International Government Bond Fund 30-0000000 3/31 Nuveen 760345438 May 31 12 basis points International Growth Fund 2000-0000000 7/31 Nuveen May 31 00 xxxxx xxxxxx Xxxxx Xxxxxx: Limited Access Large Cap Core Fund 4000-0000000 8/31 Nuveen May 31 5 basis points Large Cap Capital Growth Fund 4000-0000000 8/31 Nuveen Large May 31 5 basis points Mid Cap Select Index Fund 4000-0000000 10/31 Nuveen May 31 5 basis points Mid Cap Strategic Growth Fund 00-0000000 May 31 12 basis points Nasdaq-100® Index Fund 00-0000000 May 31 5 basis points Science & Technology Fund 00-0000000 May 31 12 basis points Small Cap Aggressive Growth Fund 00-0000000 May 31 12 basis points Small Cap Fund 00-0000000 May 31 12 basis points Small Cap Index Fund 00-0000000 May 31 5 basis points Small Cap Special Values Fund 00-0000000 May 31 12 basis points Small-Mid Growth Fund 00-0000000 May 31 12 basis points Stock Index Fund 00-0000000 May 31 5 basis points Value Fund 760700142 May 31 12 basis points Capital Appreciation Fund 00-0000000 Aug 31 12 basis points Core Bond Fund 00-0000000 Aug 31 12 basis points High Yield Bond Fund 00-0000000 Aug 31 12 basis points International Opportunities Fund 00-0000000 Aug 31 12 basis points Large Cap Value Fund 3000-0000000 8/31 Nuveen Aug 31 12 basis points Mid Cap Growth Opportunities Fund 8000-0000000 10/31 Nuveen Aug 31 12 basis points Mid Cap Value Fund 3000-0000000 10/31 Nuveen NWQ Flexible Income Fund 20-0000000 9/30 Nuveen NWQ Global Equity Income Fund 20-0000000 6/30 Nuveen NWQ International Value Fund 30-0000000 6/30 Nuveen NWQ Large-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Multi-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Small/Mid-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Small-Cap Value Fund 20-0000000 6/30 Nuveen Preferred Securities and Income Fund 20-0000000 9/30 Nuveen Real Asset Income Fund 40-0000000 12/31 Nuveen Real Estate Securities Fund 20-0000000 12/31 Nuveen Santa Bxxxxxx Dividend Growth Fund 20-0000000 7/31 Nuveen Santa Bxxxxxx Global Dividend Growth Fund 40-0000000 7/31 Nuveen Santa Bxxxxxx International Dividend Growth Fund 40-0000000 7/31 Nuveen Short Duration High Yield Municipal Bond Fund 40-0000000 3/31 Nuveen Aug 31 12 basis points Small Cap Growth Opportunities Fund 3000-0000000 10/31 Nuveen Small Cap Select Fund 30-0000000 10/31 Nuveen Aug 31 12 basis points Small Cap Value Fund 2000-0000000 10/31 Nuveen Strategic Income Aug 31 12 basis points Socially Responsible Fund 3000-0000000 6/30 Nuveen Symphony High Yield Income Aug 31 5 basis points Strategic Bond Fund 2000-0000000 9/30 Nuveen Wxxxxxx International Large Cap Fund 80-0000000 7/31 Nuveen Wxxxxxx International Small Cap Fund 80-0000000 7/31 Nuveen Wxxxxxx Large-Cap Growth ESG Fund 20-0000000 7/31 Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen Enhanced Yield U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen ESG Emerging Markets Equity ETF 80-0000000 10/31 Nuveen ESG High Yield Corporate Bond ETF 80-0000000 7/31 Nuveen ESG International Developed Markets Equity ETF 80-0000000 10/31 Nuveen ESG Large-Cap ETF 80-0000000 10/31 Nuveen ESG Large-Cap Growth ETF 80-0000000 10/31 Nuveen ESG Large-Cap Value ETF 80-0000000 10/31 Nuveen ESG Mid-Cap Growth ETF 80-0000000 10/31 Nuveen ESG Mid-Cap Value ETF 80-0000000 10/31 Nuveen ESG Small-Cap ETF 80-0000000 10/31 Nuveen ESG U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen Short-Term REIT ETF 80-0000000 12/31 Nuveen Closed-End Funds Nuveen Core Equity Alpha Fund 20-0000000 12/31 Nuveen Dow 30sm Dynamic Overwrite Fund 40-0000000 12/31 Nuveen Nasdaq 100 Dynamic Overwrite Fund 40-0000000 12/31 Nuveen S&P 500 Buy-Write Income Fund 20-0000000 12/31 Nuveen S&P 500 Dynamic Overwrite Fund 20-0000000 12/31 Aug 31 12 basis points State Street: Limited Access This Schedule is attached to and made part of the Securities Lending Authorization Agreement Agreement, dated the 12th 1st day of August 2020 December, 2008, as amended to date, between THOSE REGISTERED INVESTMENT COMPANIES listed on SCHEDULE B, on behalf of each NUVEEN Series of such registered investment company companies listed on Schedule CSCHEDULE B, severally and not jointly (each such series a “Fund” and collectively the “Funds”) and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate (collectively, “State Street”). Australia Citigroup Global Markets Australia Pty Limited MacQuarie , 00 Xxxxx Xxxxxx Bank Ltd. CIBC World Markets Inc. Royal Bank and Trust Company Securities Finance State Street Financial Center, 0xx Xxxxx Xxx Xxxxxxx Xxxxxx Xxxxxx, Xxxxxxxxxxxxx 00000-0000 Attn: [Relationship Manager] Re: Implementation of Canada TD Securities Inc. National Bank of Canada Scotia Capital Inc. Toronto-Dominion Bank BNP Paribas Arbitrage SNC Societe Generale SA BNP Paribas SA Deutsche Bank AG ABN AMRO Bank N.V. ING Bank NV Skandinaviska Enskilda Banken UBS AG Bank of Nova Scotia (London Branch) BNP Paribas (London Branch) Credit Suisse Securities (Europe) Limited. HSBC Bank plc MacQuarie Bank Ltd. (London Branch) Mxxxxx Sxxxxxx & Co. International plc. UBS AG (London Branch) Barclays Bank plc Citigroup Global Markets Limited Gxxxxxx Sachs International JX Xxxxxx Securities PLC Mxxxxxx Lxxxx International NatWest Markets PLC ABN AMRO Securities (USA) LLC Bank of Nova Scotia (New York Branch) BMO Capital Markets Corp. BNP Paribas Securities Corp CIBC World Markets Corp. Commerz Markets LLC Deutsche Bank Securities Inc. HSBC Securities (USA) Inc. JX Xxxxxx Securities LLC. Mirae Asset Securities (USA) Inc. Mxxxxx Sxxxxxx & Co. LLC Natixis Securities Americas, LLC Nomura Securities International Inc. Scotia Capital (USA) Inc. Societe Generale SA (NY Branch) UBS Securities LLC Wxxxx Fargo Securities, LLC Bank of Nova Scotia (Houston Branch) Barclays Capital Inc. BNP Paribas (New York Branch) BofA Securities, Inc. Citigroup Global Markets Inc. Credit Suisse Securities (USA) LLC Gxxxxxx Sxxxx & Co. LLC ING Financial Markets LLC MacQuarie Capital (USA) Inc. Mizuho Securities USA LLC National Financial Services LLC. Natwest Market Securities Inc. RBC Capital Markets, LLC SG Americas Securities LLC TD Securities (USA) LLC Wxxxx Fargo Clearing Services, LLC This Schedule Minimum Spread Dear Ladies and Gentlemen: Reference is attached made to and made part of the Securities Lending Authorization Agreement (the “Agreement”), dated December 1, 2008 (as amended and in effect immediately prior to the 12th day date of August 2020 this Letter of Direction), between each NUVEEN registered investment company those REGISTERED INVESTMENT COMPANIES listed on Schedule CB to the Agreement, severally each a registered management investment company (organized as a Maryland corporation or Delaware statutory trust) (each, a “Company”) on behalf of each series of each such Company, as listed respectively on Schedule B (each such series a “Fund” and not jointly (collectively, the “Funds”) ), and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate Bank and Trust Company (collectively, “State Street”).. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Agreement. Each Fund hereby instructs State Street to implement the Minimum Demand Spread Test set forth below at the initiation of each Loan. Each Fund hereby acknowledges that (i) such Minimum Demand Spread Test shall not be implemented by State Street until this Letter of Direction is countersigned by State Street, and (ii) State Street shall have a reasonable time to implement the Minimum Demand Spread Test after countersigning this Letter of Direction. State Street: Limited Access

Cash Collateral Investment. The Funds instruct Except as provided in (b) below, the Fund instructs State Street to invest cash Collateral in the State Street Navigator Securities Lending Government Money Market Prime Portfolio (hereinafter the “Prime Portfolio”). The management fees for investing in the Prime Portfolio are as follows: On an annualized basis, the management/custody/fund administration/transfer agent fee for investing cash Collateral in the Prime Portfolio is not more than 5.00 basis points netted out of yield. In addition, the trustee may pay out of the assets of the Prime Portfolio all reasonable expenses and fees of the Prime Portfolio, including professional fees or disbursements, incurred in connection with the operation of the Prime Portfolio. Information about In connection with the various fees direction to State Street above to invest certain cash collateral in the Prime Portfolio the Fund acknowledges that it has received and expenses charged by reviewed the updated Confidential Offering Memorandum dated April 4, 2016 (the “Prime COM”), including those provisions under the header “Portfolio’s Investment Objective and Strategies Beginning October 14, 2016” which such provisions are included here as Attachment A for ease of reference. The Fund instructs State Street to treat the instruction above to invest certain cash Collateral in the Prime Portfolio as an instruction to invest such cash Collateral in the State Street Navigator Securities Lending Government Money Market Portfolio is disclosed (the “Government Portfolio”) when the Prime Portfolio changes its name to the Government Portfolio as contemplated in the confidential offering memorandumPrime COM. After the effectiveness of such name change, shareholder reports and/or other portfolio documentsreferences to the Prime Portfolio on this Schedule A or in the Agreement shall be read as the Government Portfolio. The State Street Navigator Securities Lending Government Money Market Portfolio distributes yield daily. The daily yield will be reinvested into the vehicle until redeemed monthly to make the payments contemplated by this Agreement. The investment manager of the collective investment vehicle specified above may, to To the extent consistent with the relevant investment guidelines and/or other offering documentsof the Prime Portfolio, State Street may invest cash Cash Collateral (including any dividends, interest payments and other or money received in respect of cash Collateral in short-term instruments, short term investment funds maintained by State Street, money market mutual funds and such other short-term investments as invested) State Street may from time to time select, including without limitation, investments in funds any short-term investment fund, mutual fund, securities lending trust or investments other collective investment fund with respect to which Sxxxx Xxxxx Xxxxxx xxx/xx Xxxxx Xxxxxx Affiliates provide investment management or advisory, trust, custody, transfer agency, shareholder servicing and/or other services for which they are compensated. To In addition, to the extent that there is a period of time when the cash Collateral cannot be promptly invested in Prime Portfolio pursuant to the Fund’s direction of the Funds as set forth above, whether above due to the timing of delivery of the cash Collateral by Borrower, any delay between monthly redemptions from the vehicle above and monthly payments contemplated by this Agreement, or otherwise, such cash Collateral may be held invested as State Street may select, including in a demand deposit account or similar account in the name of State Street or any State Street Affiliate (which account may or may not bear interest). This Schedule is attached and/or as described in the preceding sentence until such cash Collateral can be invested in Prime Portfolio pursuant to and made part of the Securities Lending Authorization Agreement dated the 12th day of August 2020 between each NUVEEN registered investment company listed on Schedule C, severally and not jointly (the “Funds”) and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate (collectively, “State Street”). Nuveen California High Yield Municipal Bond Fund 20-0000000 2/28 Nuveen Core Impact Bond Managed Accounts Portfolio 80-0000000 10/31 Nuveen Dividend Value Fund 20-0000000 10/31 Nuveen Emerging Markets Equity Fund 80-0000000 7/31 Nuveen Equity Long/Short Fund 20-0000000 8/31 Nuveen Equity Market Neutral Fund 40-0000000 8/31 Nuveen Global Infrastructure Fund 60-0000000 12/31 Nuveen Global Real Estate Securities Fund 80-0000000 12/31 Nuveen Credit Income Fund 20-0000000 6/30 Nuveen High Yield Municipal Bond Fund 30-0000000 3/31 Nuveen International Growth Fund 20-0000000 7/31 Nuveen Large Cap Core Fund 40-0000000 8/31 Nuveen Large Cap Growth Fund 40-0000000 8/31 Nuveen Large Cap Select Fund 40-0000000 10/31 Nuveen Large Cap Value Fund 30-0000000 8/31 Nuveen Mid Cap Growth Opportunities Fund 80-0000000 10/31 Nuveen Mid Cap Value Fund 30-0000000 10/31 Nuveen NWQ Flexible Income Fund 20-0000000 9/30 Nuveen NWQ Global Equity Income Fund 20-0000000 6/30 Nuveen NWQ International Value Fund 30-0000000 6/30 Nuveen NWQ Large-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Multi-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Small/Mid-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Small-Cap Value Fund 20-0000000 6/30 Nuveen Preferred Securities and Income Fund 20-0000000 9/30 Nuveen Real Asset Income Fund 40-0000000 12/31 Nuveen Real Estate Securities Fund 20-0000000 12/31 Nuveen Santa Bxxxxxx Dividend Growth Fund 20-0000000 7/31 Nuveen Santa Bxxxxxx Global Dividend Growth Fund 40-0000000 7/31 Nuveen Santa Bxxxxxx International Dividend Growth Fund 40-0000000 7/31 Nuveen Short Duration High Yield Municipal Bond Fund 40-0000000 3/31 Nuveen Small Cap Growth Opportunities Fund 30-0000000 10/31 Nuveen Small Cap Select Fund 30-0000000 10/31 Nuveen Small Cap Value Fund 20-0000000 10/31 Nuveen Strategic Income Fund 30-0000000 6/30 Nuveen Symphony High Yield Income Fund 20-0000000 9/30 Nuveen Wxxxxxx International Large Cap Fund 80-0000000 7/31 Nuveen Wxxxxxx International Small Cap Fund 80-0000000 7/31 Nuveen Wxxxxxx Large-Cap Growth ESG Fund 20-0000000 7/31 Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen Enhanced Yield U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen ESG Emerging Markets Equity ETF 80-0000000 10/31 Nuveen ESG High Yield Corporate Bond ETF 80-0000000 7/31 Nuveen ESG International Developed Markets Equity ETF 80-0000000 10/31 Nuveen ESG Large-Cap ETF 80-0000000 10/31 Nuveen ESG Large-Cap Growth ETF 80-0000000 10/31 Nuveen ESG Large-Cap Value ETF 80-0000000 10/31 Nuveen ESG Mid-Cap Growth ETF 80-0000000 10/31 Nuveen ESG Mid-Cap Value ETF 80-0000000 10/31 Nuveen ESG Small-Cap ETF 80-0000000 10/31 Nuveen ESG U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen Short-Term REIT ETF 80-0000000 12/31 Nuveen Closed-End Funds Nuveen Core Equity Alpha Fund 20-0000000 12/31 Nuveen Dow 30sm Dynamic Overwrite Fund 40-0000000 12/31 Nuveen Nasdaq 100 Dynamic Overwrite Fund 40-0000000 12/31 Nuveen S&P 500 Buy-Write Income Fund 20-0000000 12/31 Nuveen S&P 500 Dynamic Overwrite Fund 20-0000000 12/31 This Schedule is attached to and made part of the Securities Lending Authorization Agreement dated the 12th day of August 2020 between each NUVEEN registered investment company listed on Schedule C, severally and not jointly (the “Funds”) and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate (collectively, “State Street”). Australia Citigroup Global Markets Australia Pty Limited MacQuarie Bank Ltd. CIBC World Markets Inc. Royal Bank of Canada TD Securities Inc. National Bank of Canada Scotia Capital Inc. Toronto-Dominion Bank BNP Paribas Arbitrage SNC Societe Generale SA BNP Paribas SA Deutsche Bank AG ABN AMRO Bank N.V. ING Bank NV Skandinaviska Enskilda Banken UBS AG Bank of Nova Scotia (London Branch) BNP Paribas (London Branch) Credit Suisse Securities (Europe) Limited. HSBC Bank plc MacQuarie Bank Ltd. (London Branch) Mxxxxx Sxxxxxx & Co. International plc. UBS AG (London Branch) Barclays Bank plc Citigroup Global Markets Limited Gxxxxxx Sachs International JX Xxxxxx Securities PLC Mxxxxxx Lxxxx International NatWest Markets PLC ABN AMRO Securities (USA) LLC Bank of Nova Scotia (New York Branch) BMO Capital Markets Corp. BNP Paribas Securities Corp CIBC World Markets Corp. Commerz Markets LLC Deutsche Bank Securities Inc. HSBC Securities (USA) Inc. JX Xxxxxx Securities LLC. Mirae Asset Securities (USA) Inc. Mxxxxx Sxxxxxx & Co. LLC Natixis Securities Americas, LLC Nomura Securities International Inc. Scotia Capital (USA) Inc. Societe Generale SA (NY Branch) UBS Securities LLC Wxxxx Fargo Securities, LLC Bank of Nova Scotia (Houston Branch) Barclays Capital Inc. BNP Paribas (New York Branch) BofA Securities, Inc. Citigroup Global Markets Inc. Credit Suisse Securities (USA) LLC Gxxxxxx Sxxxx & Co. LLC ING Financial Markets LLC MacQuarie Capital (USA) Inc. Mizuho Securities USA LLC National Financial Services LLC. Natwest Market Securities Inc. RBC Capital Markets, LLC SG Americas Securities LLC TD Securities (USA) LLC Wxxxx Fargo Clearing Services, LLC This Schedule is attached to and made part of the Securities Lending Authorization Agreement dated the 12th day of August 2020 between each NUVEEN registered investment company listed on Schedule C, severally and not jointly (the “Funds”) and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate (collectively, “State Street”)Fund’s direction above.

Cash Collateral Investment. The Funds instruct Each Fund hereby instructs State Street to invest cash Collateral in the State Street Navigator Securities Lending Government Money Market Prime Portfolio (hereinafter the “Prime Portfolio”). On an annualized basis, the management/custody/fund administration/transfer agent fee for investing cash Collateral in the Prime Portfolio is not more than 5.00 basis points netted out of yield. In addition, the trustee may pay out of the assets of the Prime Portfolio all reasonable expenses and fees of the Prime Portfolio, including professional fees or disbursements, incurred in connection with the operation of the Prime Portfolio. Information about In connection with the various fees direction to State Street above to invest cash Collateral in the Prime Portfolio each Fund acknowledges that it has received and expenses charged by reviewed the updated Confidential Offering Memorandum dated April 4th, 2016 (the “Prime COM”), including those provisions under the header “Portfolio’s Investment Objective and Strategies Beginning October 14, 2016” which such provisions are included here as Attachment A for ease of reference. Each Fund instructs State Street to treat the instruction above to invest cash Collateral in the Prime Portfolio as an instruction to invest such cash Collateral in the State Street Navigator Securities Lending Government Money Market Portfolio is disclosed (the “Government Portfolio”) when the Prime Portfolio changes its name to the Government Portfolio as contemplated in the confidential offering memorandumPrime COM. After the effectiveness of such name change, shareholder reports and/or other portfolio documentsreferences to the Prime Portfolio on this Schedule A or in the Agreement shall be read as the Government Portfolio. The To the extent that cash Collateral cannot be promptly invested in the Prime Portfolio pursuant to the Fund’s direction above due to the timing of delivery by Borrower, such cash Collateral may be invested as State Street Navigator Securities Lending Government Money Market Portfolio distributes yield daily. The daily yield will be reinvested into may select, including in a demand deposit account or similar account in the vehicle until redeemed monthly to make the payments contemplated by this Agreement. The name of State Street or any State Street Affiliate and/or in any short-term investment manager of the fund, mutual fund, securities lending trust or other collective investment vehicle specified above may, to the extent consistent with the relevant investment guidelines and/or other offering documents, invest cash Collateral (including any dividends, interest payments and other money received in respect of cash Collateral as invested) in funds or investments fund with respect to which Sxxxx Xxxxx Xxxxxx xxx/xx Xxxxx Xxxxxx Affiliates may provide investment management or advisory, trust, custody, transfer agency, shareholder servicing and/or other services for which they are compensated. To , provided that any such investment conforms with the extent that there is a period of time when the cash Collateral cannot be promptly invested pursuant to the direction investment guidelines of the Funds as set forth above, whether due to the timing of delivery of the cash Collateral by Borrower, any delay between monthly redemptions from the vehicle above and monthly payments contemplated by this Agreement, or otherwise, Prime Portfolio in each case until such cash Collateral may can be held invested in the Prime Portfolio pursuant to each Fund’s direction above. In response to regulatory changes adopted by the SEC that will affect the structure and operation of money market funds, the Board of Trustees of the Trust has approved, effective as of the Modification Date (i.e., October 14, 2016), a new investment objective and new investment strategies for the Prime Portfolio, which are designed to permit the Prime Portfolio to operate as a “government money market fund” within the meaning of Rule 2a-7 under the 1940 Act, as such Rule will be in effect on October 14, 2016. The Board also approved changing the Prime Portfolio’s name to the State Street Navigator Securities Lending Government Money Market Portfolio (the “Government Money Market Portfolio”), effective as of the Modification Date. Effective as of the Modification Date, the investment objective of the Portfolio will be to seek: (i) current income to the extent consistent with the preservation of capital and liquidity; and (ii) the maintenance of a stable $1.00 per share net asset value. Consistent with qualifying as a government money market fund, the Portfolio will be required to invest 99.5 percent or more of its total assets in (i) cash; (ii) obligations issued or guaranteed as to principal and/or interest, as applicable, by the U.S. government or its agencies and instrumentalities (“U.S. Government Securities”); and (iii) repurchase agreements collateralized by cash and U.S. Government Securities. During the transition period leading up to the Modification Date, the assets of the Prime Portfolio will continue to be managed in accordance with the Prime Portfolio’s current investment objective and strategies. However, during this period the assets will also be managed in a demand deposit account or similar account in manner that will permit the name Prime Portfolio to qualify as a “government money market fund” as of State Street or any State Street Affiliate (the Modification Date. Accordingly, the Prime Portfolio’s exposure to non-government securities will decrease over time leading up to the Modification Date, which account may or may not bear interest)can be expected to impact the yield of the Prime Portfolio during the transition period. This Schedule is attached to and made part of the Securities Lending Authorization Agreement Agreement, dated the 12th 1st day of August 2020 December, 2008, as amended to date, between THOSE REGISTERED INVESTMENT COMPANIES listed on SCHEDULE B, on behalf of each NUVEEN Series of such registered investment company companies listed on Schedule CSCHEDULE B, severally and not jointly (each such series, a “Fund” and collectively, the “Funds”) and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate (collectively, “State Street”). Nuveen California High Yield Municipal Bond VALIC COMPANY I Asset Allocation Fund 20-0000000 2/28 Nuveen [ ] May 31 12 basis points Blue Chip Growth Fund [ ] May 31 5 basis points Broad Cap Value Income Fund [ ] May 31 12 basis points Capital Conservation Fund [ ] May 31 12 basis points Core Impact Bond Managed Accounts Portfolio 80-0000000 10/31 Nuveen Equity Fund [ ] May 31 5 basis points Dividend Value Fund 20-0000000 10/31 Nuveen [ ] May 31 12 basis points Emerging Markets Equity Economies Fund 80-0000000 7/31 Nuveen Equity Long/Short [ ] May 31 12 basis points Foreign Value Fund 20-0000000 8/31 Nuveen Equity Market Neutral Fund 40-0000000 8/31 Nuveen Global Infrastructure Fund 60-0000000 12/31 Nuveen [ ] May 31 12 basis points Global Real Estate Fund [ ] May 31 12 basis points Global Social Awareness Fund [ ] May 31 5 basis points Global Strategy Fund [ ] May 31 12 basis points Government Securities Fund 80-0000000 12/31 Nuveen Credit [ ] May 31 12 basis points Growth Fund [ ] May 31 5 basis points Growth & Income Fund 20-0000000 6/30 Nuveen High Yield Municipal [ ] May 31 12 basis points Health Sciences Fund [ ] May 31 12 basis points Inflation Protection Fund [ ] May 31 12 basis points International Equities Index Fund [ ] May 31 5 basis points International Government Bond Fund 30-0000000 3/31 Nuveen [ ] May 31 12 basis points International Growth Fund 20-0000000 7/31 Nuveen [ ] May 31 12 basis points Large Cap Core Fund 40-0000000 8/31 Nuveen [ ] May 31 5 basis points Large Cap Capital Growth Fund 40[ ] May 31 5 basis points Mid Cap Index Fund [ ] May 31 5 basis points Mid Cap Strategic Growth Fund [ ] May 31 12 basis points Nasdaq-100® Index Fund [ ] May 31 5 basis points Science & Technology Fund [ ] May 31 12 basis points Small Cap Aggressive Growth Fund [ ] May 31 12 basis points Small Cap Fund [ ] May 31 12 basis points Small Cap Index Fund [ ] May 31 5 basis points Small Cap Special Values Fund [ ] May 31 12 basis points Small-0000000 8/31 Nuveen Large Cap Select Mid Growth Fund 40-0000000 10/31 Nuveen [ ] May 31 12 basis points Stock Index Fund [ ] May 31 5 basis points Value Fund [ ] May 31 12 basis points Capital Appreciation Fund [ ] Aug 31 12 basis points Core Bond Fund [ ] Aug 31 12 basis points High Yield Bond Fund [ ] Aug 31 12 basis points International Opportunities Fund [ ] Aug 31 12 basis points Large Cap Value Fund 30-0000000 8/31 Nuveen [ ] Aug 31 12 basis points Mid Cap Growth Opportunities Fund 80-0000000 10/31 Nuveen [ ] Aug 31 12 basis points Mid Cap Value Fund 30-0000000 10/31 Nuveen NWQ Flexible Income Fund 20-0000000 9/30 Nuveen NWQ Global Equity Income Fund 20-0000000 6/30 Nuveen NWQ International Value Fund 30-0000000 6/30 Nuveen NWQ Large-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Multi-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Small/Mid-Cap Value Fund 20-0000000 6/30 Nuveen NWQ Small-Cap Value Fund 20-0000000 6/30 Nuveen Preferred Securities and Income Fund 20-0000000 9/30 Nuveen Real Asset Income Fund 40-0000000 12/31 Nuveen Real Estate Securities Fund 20-0000000 12/31 Nuveen Santa Bxxxxxx Dividend Growth Fund 20-0000000 7/31 Nuveen Santa Bxxxxxx Global Dividend Growth Fund 40-0000000 7/31 Nuveen Santa Bxxxxxx International Dividend Growth Fund 40-0000000 7/31 Nuveen Short Duration High Yield Municipal Bond Fund 40-0000000 3/31 Nuveen [ ] Aug 31 12 basis points Small Cap Growth Opportunities Fund 30-0000000 10/31 Nuveen Small Cap Select Fund 30-0000000 10/31 Nuveen [ ] Aug 31 12 basis points Small Cap Value Fund 20-0000000 10/31 Nuveen [ ] Aug 31 12 basis points Socially Responsible Fund [ ] Aug 31 5 basis points Strategic Income Bond Fund 30-0000000 6/30 Nuveen Symphony High Yield Income Fund 20-0000000 9/30 Nuveen Wxxxxxx International Large Cap Fund 80-0000000 7/31 Nuveen Wxxxxxx International Small Cap Fund 80-0000000 7/31 Nuveen Wxxxxxx Large-Cap Growth ESG Fund 20-0000000 7/31 Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen Enhanced Yield U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen ESG Emerging Markets Equity ETF 80-0000000 10/31 Nuveen ESG High Yield Corporate Bond ETF 80-0000000 7/31 Nuveen ESG International Developed Markets Equity ETF 80-0000000 10/31 Nuveen ESG Large-Cap ETF 80-0000000 10/31 Nuveen ESG Large-Cap Growth ETF 80-0000000 10/31 Nuveen ESG Large-Cap Value ETF 80-0000000 10/31 Nuveen ESG Mid-Cap Growth ETF 80-0000000 10/31 Nuveen ESG Mid-Cap Value ETF 80-0000000 10/31 Nuveen ESG Small-Cap ETF 80-0000000 10/31 Nuveen ESG U.S. Aggregate Bond ETF 80-0000000 7/31 Nuveen Short-Term REIT ETF 80-0000000 12/31 Nuveen Closed-End Funds Nuveen Core Equity Alpha Fund 20-0000000 12/31 Nuveen Dow 30sm Dynamic Overwrite Fund 40-0000000 12/31 Nuveen Nasdaq 100 Dynamic Overwrite Fund 40-0000000 12/31 Nuveen S&P 500 Buy-Write Income Fund 20-0000000 12/31 Nuveen S&P 500 Dynamic Overwrite Fund 20-0000000 12/31 [ ] Aug 31 12 basis points This Schedule is attached to and made part of the Securities Lending Authorization Agreement Agreement, dated the 12th 1st day of August 2020 December, 2008, as amended to date, between THOSE REGISTERED INVESTMENT COMPANIES listed on SCHEDULE B, on behalf of each NUVEEN Series of such registered investment company companies listed on Schedule CSCHEDULE B, severally and not jointly (each such series a “Fund” and collectively the “Funds”) and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate (collectively, “State Street”). Australia Citigroup Global Markets Australia Pty Limited MacQuarie ,20 State Street Bank Ltd. CIBC World Markets Inc. Royal Bank and Trust Company Securities Finance State Street Financial Center, 0xx Xxxxx Xxx Xxxxxxx Xxxxxx Xxxxxx, Xxxxxxxxxxxxx 00000-0000 Attn: [Relationship Manager] Re: Implementation of Canada TD Securities Inc. National Bank of Canada Scotia Capital Inc. Toronto-Dominion Bank BNP Paribas Arbitrage SNC Societe Generale SA BNP Paribas SA Deutsche Bank AG ABN AMRO Bank N.V. ING Bank NV Skandinaviska Enskilda Banken UBS AG Bank of Nova Scotia (London Branch) BNP Paribas (London Branch) Credit Suisse Securities (Europe) Limited. HSBC Bank plc MacQuarie Bank Ltd. (London Branch) Mxxxxx Sxxxxxx & Co. International plc. UBS AG (London Branch) Barclays Bank plc Citigroup Global Markets Limited Gxxxxxx Sachs International JX Xxxxxx Securities PLC Mxxxxxx Lxxxx International NatWest Markets PLC ABN AMRO Securities (USA) LLC Bank of Nova Scotia (New York Branch) BMO Capital Markets Corp. BNP Paribas Securities Corp CIBC World Markets Corp. Commerz Markets LLC Deutsche Bank Securities Inc. HSBC Securities (USA) Inc. JX Xxxxxx Securities LLC. Mirae Asset Securities (USA) Inc. Mxxxxx Sxxxxxx & Co. LLC Natixis Securities Americas, LLC Nomura Securities International Inc. Scotia Capital (USA) Inc. Societe Generale SA (NY Branch) UBS Securities LLC Wxxxx Fargo Securities, LLC Bank of Nova Scotia (Houston Branch) Barclays Capital Inc. BNP Paribas (New York Branch) BofA Securities, Inc. Citigroup Global Markets Inc. Credit Suisse Securities (USA) LLC Gxxxxxx Sxxxx & Co. LLC ING Financial Markets LLC MacQuarie Capital (USA) Inc. Mizuho Securities USA LLC National Financial Services LLC. Natwest Market Securities Inc. RBC Capital Markets, LLC SG Americas Securities LLC TD Securities (USA) LLC Wxxxx Fargo Clearing Services, LLC This Schedule Minimum Spread Dear Ladies and Gentlemen: Reference is attached made to and made part of the Securities Lending Authorization Agreement (the “Agreement”), dated December 1, 2008 (as amended and in effect immediately prior to the 12th day date of August 2020 this Letter of Direction), between each NUVEEN registered investment company those REGISTERED INVESTMENT COMPANIES listed on Schedule CB to the Agreement, severally each a registered management investment company (organized as a Maryland corporation or Delaware statutory trust) (each, a “Company”) on behalf of each series of each such Company, as listed respectively on Schedule B (each such series a “Fund” and not jointly (collectively, the “Funds”) ), and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliate Bank and Trust Company (collectively, “State Street”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Agreement. Each Fund hereby instructs State Street to implement the Minimum Demand Spread Test set forth below at the initiation of each Loan. Each Fund hereby acknowledges that (i) such Minimum Demand Spread Test shall not be implemented by State Street until this Letter of Direction is countersigned by State Street, and (ii) State Street shall have a reasonable time to implement the Minimum Demand Spread Test after countersigning this Letter of Direction.