Common use of Securities to be Loaned Clause in Contracts

Securities to be Loaned. All of the Fund’s securities held by State Street as custodian shall be subject to this securities lending program and constitute Available Securities hereunder, except those securities, which the Fund or the Investment Manager specifically identifies herein or in 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 identifying specific securities as not being Available Securities, State Street shall have no authority or responsibility for determining whether any of the Fund’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 Fund’s total portfolio assets. The foregoing authorization by the Funds to lend up to fifty percent (50%) of the Fund’s total portfolio assets is made in reliance upon the Xxxxxxx Funds, SEC No-Action Letter (pub. avail. November 25, 1997).” (d) Section 4 (Borrowers) of the Agreement is hereby deleted in its entirety and replaced with the following language:

Securities to be Loaned. All of the FundClient’s securities Available Securities held by State Street as trustee or custodian shall be subject to this securities lending program and constitute Available Securities hereunder, except (a) those securities, which the Fund Client or the Investment Manager specifically identifies herein or in notices to State Street as not being Available Securities or (b) 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 FundClient’s securities should be excluded from the securities lending program. The parties understand that the primary purpose of entering into this Agreement is to enter into Financing Transactions. Unless otherwise instructed by the Client, State Street shall use reasonable efforts to limit Client’s lending under this Agreement to Financing Transactions, including such additional lending that State Street deems to be reasonable in anticipation of future Financing Transactions. Notwithstanding the foregoing, however, State Street shall will not make any Loan if, at if such Loan would cause the time Client to exceed the Loan is made, the aggregate Market Value maximum permissible amount of the Loaned Securities would exceed fifty percent Client’s net assets that may be loaned, currently one-third (5033 1/3%) of the Fund’s total portfolio assets. The foregoing authorization by the Funds to lend up to fifty percent (50%) of the Fund’s total portfolio assets is made (or, stated another way for the purposes of clarity in reliance upon the Xxxxxxx Funds, SEC No-Action Letter (pub. avail. November 25, 1997).” , fifty percent (d) Section 4 (Borrowers50%) of the Agreement is hereby deleted in its entirety and replaced with the following language:Client’s net portfolio assets).

Securities to be Loaned. All of the Fund’s securities held by State Street as agent, trustee or custodian shall be subject to this securities lending program and constitute Available Securities hereunder, subject to applicable laws and regulations, except (i) those securities, securities which the Fund or the Investment Manager specifically identifies herein or in written notices to State Street as not being Available Securities Securities, or any (ii) securities identified as Inter-Manager Borrowed Securities (as such term is defined in the SLSA)for which sales/Loans are legally restricted. In the absence of any such identification herein or other written notices identifying specific securities as not being Available Securities, State Street shall have no authority or responsibility for determining whether any of the Fund’s securities should be excluded from the securities lending program. Notwithstanding the foregoing, however, State Street shall will not make any a Loan if, at the time the on behalf of a Fund if as a result of such Loan is made, the aggregate Market Value outstanding Loans for such Fund would be in excess of the Loaned Securities would exceed fifty percent (50%) 33 1/3% of the such Fund’s total portfolio assetsasset value, including collateral received in connection with securities lending transactions hereunder. The foregoing authorization by For the Funds avoidance of doubt, the Fund authorizes State Street to lend up to fifty percent (50%) of the Fund’s total portfolio assets is made assets, not including collateral received in connection with securities lending transactions hereunder, in reliance upon the Xxxxxxx Funds, SEC No-Action Letter (pub. avail. November 25, 1997).” (d) Section 4 (Borrowers) of the Agreement is hereby deleted in its entirety and replaced with the following language: