Common use of Qualifications and Limits for Borrowers Clause in Contracts

Qualifications and Limits for Borrowers. The Lending Agent shall provide the Program Manager at least annually a list of its approved borrowers. The Program Manager shall review the borrower list and approve or delete borrowers from the list as he or she deems appropriate. The Program Manager may establish lending limits per borrower. Throughout the year the Lending Agent shall notify the Program Manager of any additions to or deletions from the list. No securities shall be loaned to a borrower new to the list until such time as the Program Manager has approved the borrower.