Common use of Loan Opportunities Clause in Contracts

Loan Opportunities. (a) The Lender acknowledges and agrees that the Bank administers lending programs for other customers of the Bank. The Bank does not represent or warrant that any amount or percentage of the Securities will in fact be loaned to Borrowers and the Bank shall have the right to decline to make any loans of Securities under any Securities Borrowing Agreement and to discontinue lending under any Securities Borrowing Agreement in its sole discretion and without notice to the Lender. The Lender agrees that it shall have no claim against the Bank based on, or relating to, loans made for other customers or for the Bank’s own account, or loan opportunities refused hereunder, whether or not the Bank has made fewer or more loans for any other customer or for the Bank’s own account than for the Lender, and whether or not any loan for another customer or for the Bank’s own account, or the opportunity refused, could have resulted in loans made hereunder. (b) In accordance with the agency lending disclosure guidelines of the Securities Industry and Financial Markets Association, the Bank is required to disclose the identity and other information of each principal on whose behalf it serves as securities lending agent and will provide to Borrowers information for the purpose of identifying Lender, which may include taxpayer identification number and financial status. Prior to effecting any loan pursuant hereto, the Lender shall furnish the Bank with (i) the most recent available audited statement of Lender’s financial condition, (ii) the most recent available unaudited statement of Lender’s financial condition, if more recent than the audited statement, and (iii) any other financial information or statements reasonably requested . (c) The Lender authorizes the Bank, as its agent, to enter into fee for holds arrangements with respect to Securities. The Bank will, in return for a fee from the Borrower, hold and reserve certain Securities and refrain from lending such Securities to any third party without the Borrower’s permission, provided, however, that the fee for holds arrangements shall not restrict or otherwise affect the Lender’s ownership rights with regard to the Securities, including the right to sell the Securities. The fee from the Borrower shall be allocated between the Bank and the Lender in accordance with Section 5.7 hereof. (d) The Bank shall not be responsible for any statements, representations, warranties or covenants made by any Borrower or for Borrower’s performance of or failure to perform the terms of any loan , including the failure to make any required payments, except as otherwise expressly provided herein and except with respect to any SSB Borrower.