Common use of Limits on Return of Loaned Securities Clause in Contracts

Limits on Return of Loaned Securities. Each Participating Fund acknowledges that, under the applicable MSLA, Borrowers will not be required to return loaned securities immediately upon notice from Lending Agent terminating the applicable loan, but instead will be required to return such loaned securities within the earlier of: (i) the standard settlement period for trades of the loaned securities entered into on the date of such notice in the principal market therefor; or (ii) in the case of corporate securities, three business days (as defined in the MSLA) from the giving of such notice or, in the case of securities of the U.S. Government, its agencies or instrumentalities ("U.S. Government Securities"), no later than the next business day from the giving of such notice.