Common use of Securities Loan Agreement Clause in Contracts

Securities Loan Agreement. Lending Agent is hereby authorized to execute an MSLA as each Participating Fund's agent on a disclosed basis with each Approved Borrower. Subject to Section 3.2 hereto, each Participating Fund hereby authorizes Lending Agent to revise, without notice to the Participating Fund, the terms of any MSLA with any Approved Borrower as Lending Agent deems necessary or appropriate, in its discretion, for the effectuation of any transaction contemplated hereby or thereby. Each Participating Fund agrees to be bound by the terms of MSLA's entered into by Lending Agent with Borrowers with respect to the Participating Fund's participation in the Program as though the Participating Fund were itself a party to all of such agreements. Lending Agent shall negotiate on behalf of each Participating Fund with each Approved Borrower all terms of a securities loan, including the amounts or fees to be received or paid pursuant to the applicable MSLA. Lending Agent may prepare a transactional confirmation in respect of each loan effected pursuant to an MSLA, setting forth the securities borrowed and the material terms of the loan, and may transmit the same to the Approved Borrower in accordance with such MSLA. Each Participating Fund understands and agrees that the identity of the Participating Fund will be disclosed by Lending Agent to the Approved Borrower in accordance with the MSLA.