Common use of Securities Borrowing and Lending Clause in Contracts

Securities Borrowing and Lending. In the event that we apply Securities or Securities Collateral in accordance with Clause 8.1(a) of this Section, we may either: (a) act as your agent in entering into a securities borrowing and lending agreement with any person on such terms as we think fit, provided that (subject to any other written agreement between you and us): (i) we agree to pay to you such fee as is set out in accordance with our fee schedule; (ii) your rights in Clause 28.3(a) of Section A continue to apply but your rights in Clause 28.3(b) of Section A cease to apply; and (iii) we shall not be liable to you for any fee, dividend, distribution or other payment or return of any Securities or Securities Collateral lent if an event of default occurred in relation to the borrower of such Securities or Securities Collateral; or (b) (subject to you and us having entered into a securities borrowing and lending agreement) act as principal in entering into a securities borrowing and lending agreement with any person for the purposes of on- lending those Securities or Securities Collateral.

Securities Borrowing and Lending. In the event that we apply Securities or Securities Collateral in accordance with Clause 8.1(a) of this Section, we may either: (a) act as your agent in entering into a securities borrowing and lending agreement with any person on such terms as we think fit, provided that (subject to any other written agreement between you and us): (i) we agree to pay to you such fee as is set out in accordance with our fee schedule; (ii) your rights in Clause 28.3(a) of Section A continue to apply but your rights in Clause 28.3(b) of Section A cease to apply; and (iii) we shall not be liable to you for any fee, dividend, distribution or other payment or return of any Securities or Securities Collateral lent if an event of default occurred in relation to the borrower of such Securities or Securities Collateral; or (b) (subject to you and us having entered into a securities borrowing and lending agreement) act as principal in entering into a securities borrowing and lending agreement with any person for the purposes of on- lending those Securities or Securities Collateral.. - 00 - XXX-000-X/00

Securities Borrowing and Lending. In the event that we apply Securities or Securities Collateral in accordance with Clause 8.1(a) of this Section, we may either: (a) act as your agent in entering into a securities borrowing and lending agreement with any person on such terms as we think fit, provided that (subject to any other written agreement between you and us): (i) we agree to pay to you such fee as is set out in accordance with our fee schedule; (ii) your rights in Clause 28.3(a) of Section A continue to apply but your rights in Clause 28.3(b) of Section A cease to apply; and (iii) we shall not be liable to you for any fee, dividend, distribution or other payment or return of any Securities or Securities Collateral lent if an event of default occurred in relation to the borrower of such Securities or Securities Collateral; or (b) (subject to you and us having entered into a securities borrowing and lending agreement) act as principal in entering into a securities borrowing and lending agreement with any person for the purposes of on- lending those Securities or Securities Collateral.. - 39 - ESD-001-E/07