Common use of Release of Securities for Use as Collateral Clause in Contracts

Release of Securities for Use as Collateral. Upon receipt of ------------------------------------------- proper instructions, to release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to State Street of the monies borrowed, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose. Upon receipt of proper instructions, to pay such loan upon redelivery to it of the securities pledged or hypothecated therefor and upon surrender of the note or notes evidencing the loan.

Release of Securities for Use as Collateral. Upon receipt of ------------------------------------------- proper instructions, to release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to State Street the Bank of the monies borrowed, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose. Upon receipt of proper instructions, to pay such loan upon redelivery to it of the securities pledged or hypothecated therefor and upon surrender of the note or notes evidencing the loan. The Bank shall have no responsibility to determine whether any such loans are proper activities of the Fund or to determine the value of the collateral.