Common use of Securities to be Loaned Clause in Contracts

Securities to be Loaned. All of the Client’s securities held by State Street as trustee or custodian shall be subject to this securities lending program and constitute Available Securities hereunder, except those securities which the Client or the Investment Manager specifically identifies in writing as not being Available Securities or any securities identified as Inter-Manager Borrowed Securities (as such term is defined in the SLSA). In the absence of any such identification herein or other notices specifically identifying securities as not being Available Securities, State Street shall have no authority or responsibility for determining whether any of the Client’s securities should be excluded from the lending program. Notwithstanding the foregoing, however, State Street shall not make any Loan if, at the time the Loan is made, the aggregate Market Value of the Loaned Securities would exceed fifty percent (50%) of the Client’s total portfolio assets. The foregoing authorization by the Client to lend up to fifty percent (50%) of the Client’s total portfolio assets is made in reliance upon the Xxxxxxx Funds, SEC No-Action Letter (pub. avail. November 25, 1997).

Securities to be Loaned. All of the ClientFund’s securities held by State Street as trustee or custodian shall be subject to this securities lending program and constitute Available Securities hereunder, except those securities securities, which the Client Fund or the Investment Manager specifically identifies herein or in writing notices to State Street as not being Available Securities or any securities identified as Inter-Manager Borrowed Securities (as such term is defined in the SLSA). In the absence of any such identification herein or other notices specifically identifying specific securities as not being Available Securities, State Street shall have no authority or responsibility for determining whether any of the ClientFund’s securities should be excluded from the securities lending program. Notwithstanding the foregoing, however, State Street shall not make any Loan if, at the time the Loan is made, the aggregate Market Value of the Loaned Securities would exceed fifty percent (50%) of the ClientFund’s total portfolio assets. The foregoing authorization by the Client Funds to lend up to fifty percent (50%) of the ClientFund’s total portfolio assets is made in reliance upon the Xxxxxxx Funds, SEC No-Action Letter (pub. avail. November 25, 1997).”