Securities Lending Authorization Sample Clauses

Securities Lending Authorization. This Agreement (this “Agreement”) made as of the 20th day of July, 2007, by and between each investment company listed on Schedule 1 attached hereto (referred to herein, individually, as a “Client” and, collectively, as the “Clients”) on behalf of one or more of its series funds listed below such investment company on Schedule 1 attached hereto (referred to herein, individually, as a “Fund” and, collectively, as the “Funds”), and MELLON BANK, N.A. (referred to herein as the “Lending Agent”). As a matter of administrative convenience, this Agreement is entered into by and between the Lending Agent and multiple Clients, each on behalf of their respective Funds. Nevertheless, this Agreement shall be construed to constitute a separate Agreement between each Client on behalf of its Funds and the Lending Agent.

Securities Lending Authorization. In the event that a Fund’s Investment Objectives include securities lending, the Investing Fiduciary acknowledges that State Street, in its capacity as Trustee and Investment Manager, is authorized under the Declaration of Trust to lend securities of any Fund and that any such securities lending and related compensation arrangements are as described in the Fund Declaration of each affected Fund pursuant to DOL Prohibited Transaction Class Exemptions 2006-16 (“PTE 2006-16”), and 2002-30 (“PTE 2002-30”) and any other applicable statutory or administrative exemption. The Investing Fiduciary acknowledges receipt of the (i) State Street’s Notice of Intent to Participate in Agency Securities Lending Program in Accordance with PTE 2006-16, (ii) State Street’s Notice of Intent to Participate in Equilend Securities Lending Platform in Accordance with PTE 2002- 30, (iii) SSGA Securities Lending Program Disclosure and (iv) US Cash Collateral Strategy Disclosure Document. The Investing Fiduciary hereby authorizes State Street, in its capacity as Trustee and Investment Manager, to lend securities, as agent, on behalf of the Funds, provided that State Street uses reasonable efforts to ensure that such loans of Fund securities are made in compliance with the requirements of PTE 2006-16 promulgated by the DOL and to utilize EquiLend or its successor in connection with its securities lending program. The Investing Fiduciary hereby further authorizes the arrangements under which compensation for securities lending services is paid to State Street as described in the Fund Declaration of each affected Fund.