Common use of ISDA Master Agreement Clause in Contracts

ISDA Master Agreement. Where VKAM permits MSIM under the Investment Guidelines to enter into derivative transactions, these may be of the type that may be governed by the ISDA Master Agreement. The ISDA Master Agreement is a standard agreement commonly used in the derivatives market which sets forth key provisions governing the contractual relationship between the parties to such agreement, including each of their rights, liabilities and obligations. If MSIM enters into derivative transactions on VKAM's behalf, MSIM may also enter into a Credit Support Annex. The Credit Support Annex is an annex to the ISDA Master Agreement and is used to document bilateral credit support arrangements between parties for transactions governed by an ISDA Master Agreement. On each date on which a derivatives transaction is entered into, VKAM will be deemed to have given various representations and undertakings to each counterparty with whom MSIM enters into an ISDA Master Agreement on VKAM's behalf. In certain circumstances, VKAM may be required to pay an additional amount or receive a payment from which an amount is required to be deducted or withheld, in each case in respect of any deduction or withholding for on account of any tax, or be required to pay any stamp tax levied or imposed in respect of the execution or performance of the ISDA Master Agreement. Markets and exchanges require that anyone trading in derivatives must advance collateral as security for initial and variation margin requirements. MSIM has been authorized to instruct the VKAM's custodian to advance cash or other collateral acceptable to the counterparty or broker to an account designated by the counterparty or broker to meet margin payments as required by the rules and regulations of any market or exchange on which derivatives are dealt by MSIM as the VKAM's agent. If, under the rules and regulations of any exchange or market, adverse price movements occur and margin calls are made and insufficient funds are available in the Portfolio to meet such margin calls, MSIM may request that the VKAM make additional funds immediately available until assets can be realized to cover the related margin call. If the VKAM fails to makes such funds available, the VKAM's positions may be closed out and liquidated, resulting in a loss to the Portfolio for which MSIM shall not be liable.

ISDA Master Agreement. Where VKAM the Investment Manager permits MSIM under the Investment Guidelines to enter into derivative transactions, these may be of the type that may be governed by the ISDA Master Agreement. The ISDA Master Agreement is a standard agreement commonly used in the derivatives market which sets forth key provisions governing the contractual relationship between the parties to such agreement, including each of their rights, liabilities and obligations. If MSIM enters into derivative transactions on VKAM's the Investment Manager’s behalf, MSIM may also enter into a Credit Support Annex. The Credit Support Annex is an annex to the ISDA Master Agreement and is used to document bilateral credit support arrangements between parties for transactions governed by an ISDA Master Agreement. On each date on which a derivatives transaction is entered into, VKAM the Investment Manager will be deemed to have given various representations and undertakings to each counterparty with whom MSIM enters into an ISDA Master Agreement on VKAM's the Investment Manager’s behalf. In certain circumstances, VKAM the Investment Manager may be required to pay an additional amount or receive a payment from which an amount is required to be deducted or withheld, in each case in respect of any deduction or withholding for on account of any tax, or be required to pay any stamp tax levied or imposed in respect of the execution or performance of the ISDA Master Agreement. Markets and exchanges require that anyone trading in derivatives must advance collateral as security for initial and variation margin requirements. MSIM has been authorized authorised to instruct the VKAM's Investment Manager’s custodian to advance cash or other collateral acceptable to the counterparty or broker to an account designated by the counterparty or broker to meet margin payments as required by the rules and regulations of any market or exchange on which derivatives are dealt by MSIM as the VKAM's Investment Manager’s agent. If, under the rules and regulations of any exchange or market, adverse price movements occur and margin calls are made and insufficient funds are available in the Portfolio to meet such margin calls, MSIM may request that the VKAM Investment Manager make additional funds immediately available until assets can be realized realised to cover the related margin call. If the VKAM Investment Manager fails to makes such funds available, the VKAM's Investment Manager’s positions may be closed out and liquidated, resulting in a loss to the Portfolio for which MSIM shall not be liable.

ISDA Master Agreement. Where VKAM the Investment Adviser permits MSIM under the Investment Guidelines to enter into derivative transactions, these may be of the type that may be governed by the ISDA Master Agreement. The ISDA Master Agreement is a standard agreement commonly used in the derivatives market which sets forth key provisions governing the contractual relationship between the parties to such agreement, including each of their rights, liabilities and obligations. If MSIM enters into derivative transactions on VKAM's the Investment Adviser’s behalf, MSIM may also enter into a Credit Support Annex. The Credit Support Annex is an annex to the ISDA Master Agreement and is used to document bilateral credit support arrangements between parties for transactions governed by an ISDA Master Agreement. On each date on which a derivatives transaction is entered into, VKAM the Investment Adviser will be deemed to have given various representations and undertakings to each counterparty with whom MSIM enters into an ISDA Master Agreement on VKAM's the Investment Adviser’s behalf. In certain circumstances, VKAM the Investment Adviser may be required to pay an additional amount or receive a payment from which an amount is required to be deducted or withheld, in each case in respect of any deduction or withholding for on account of any tax, or be required to pay any stamp tax levied or imposed in respect of the execution or performance of the ISDA Master Agreement. Markets and exchanges require that anyone trading in derivatives must advance collateral as security for initial and variation margin requirements. MSIM has been authorized authorised to instruct the VKAM's Investment Adviser’s custodian to advance cash or other collateral acceptable to the counterparty or broker to an account designated by the counterparty or broker to meet margin payments as required by the rules and regulations of any market or exchange on which derivatives are dealt by MSIM as the VKAM's Investment Adviser’s agent. If, under the rules and regulations of any exchange or market, adverse price movements occur and margin calls are made and insufficient funds are available in the Portfolio to meet such margin calls, MSIM may request that the VKAM Investment Adviser make additional funds immediately available until assets can be realized realised to cover the related margin call. If the VKAM Investment Adviser fails to makes such funds available, the VKAM's Investment Adviser’s positions may be closed out and liquidated, resulting in a loss to the Portfolio for which MSIM shall not be liable.

ISDA Master Agreement. Where VKAM the Investment Manager permits MSIM under the Investment Guidelines to enter into derivative transactions, these may be of the type that may be governed by the ISDA Master Agreement. The ISDA Master Agreement is a standard agreement commonly used in the derivatives market which sets forth key provisions governing the contractual relationship between the parties to such agreement, including each of their rights, liabilities and obligations. If MSIM enters into derivative transactions on VKAMthe Investment Manager's behalf, MSIM may also enter into a Credit Support Annex. The Credit Support Annex is an annex to the ISDA Master Agreement and is used to document bilateral credit support arrangements between parties for transactions governed by an ISDA Master Agreement. On each date on which a derivatives transaction is entered into, VKAM the Investment Manager will be deemed to have given various representations and undertakings to each counterparty with whom MSIM enters into an ISDA Master Agreement on VKAMthe Investment Manager's behalf. In certain circumstances, VKAM the Investment Manager may be required to pay an additional amount or receive a payment from which an amount is required to be deducted or withheld, in each case in respect of any deduction or withholding for on account of any tax, or be required to pay any stamp tax levied or imposed in respect of the execution or performance of the ISDA Master Agreement. Markets and exchanges require that anyone trading in derivatives must advance collateral as security for initial and variation margin requirements. MSIM has been authorized authorised to instruct the VKAMthe Investment Manager's custodian to advance cash or other collateral acceptable to the counterparty or broker to an account designated by the counterparty or broker to meet margin payments as required by the rules and regulations of any market or exchange on which derivatives are dealt by MSIM as the VKAMthe Investment Manager's agent. If, under the rules and regulations of any exchange or market, adverse price movements occur and margin calls are made and insufficient funds are available in the Portfolio to meet such margin calls, MSIM may request that the VKAM the Investment Manager make additional funds immediately available until assets can be realized realised to cover the related margin call. If the VKAM the Investment Manager fails to makes such funds available, the VKAMthe Investment Manager's positions may be closed out and liquidated, resulting in a loss to the Portfolio for which MSIM shall not be liable.

ISDA Master Agreement. Where VKAM the Investment Manager permits MSIM under the Investment Guidelines to enter into derivative transactions, these may be of the type that may be governed by the ISDA Master Agreement. The ISDA Master Agreement is a standard agreement commonly used in the derivatives market which sets forth key provisions governing the contractual relationship between the parties to such agreement, including each of their rights, liabilities and obligations. If MSIM enters into derivative transactions on VKAMthe Investment Manager's behalf, MSIM may also enter into a Credit Support Annex. The Credit Support Annex is an annex to the ISDA Master Agreement and is used to document bilateral credit support arrangements between parties for transactions governed by an ISDA Master Agreement. On each date on which a derivatives transaction is entered into, VKAM the Investment Manager will be deemed to have given various representations and undertakings to each counterparty with whom MSIM enters into an ISDA Master Agreement on VKAMthe Investment Manager's behalf. In certain circumstances, VKAM the Investment Manager may be required to pay an additional amount or receive a payment from which an amount is required to be deducted or withheld, in each case in respect of any deduction or withholding for on account of any tax, or be required to pay any stamp tax levied or imposed in respect of the execution or performance of the ISDA Master Agreement. Markets and exchanges require that anyone trading in derivatives must advance collateral as security for initial and variation margin requirements. MSIM has been authorized authorised to instruct the VKAMInvestment Manager's custodian to advance cash or other collateral acceptable to the counterparty or broker to an account designated by the counterparty or broker to meet margin payments as required by the rules and regulations of any market or exchange on which derivatives are dealt by MSIM as the VKAMInvestment Manager's agent. If, under the rules and regulations of any exchange or market, adverse price movements occur and margin calls are made and insufficient funds are available in the Portfolio to meet such margin calls, MSIM may request that the VKAM Investment Manager make additional funds immediately available until assets can be realized realised to cover the related margin call. If the VKAM Investment Manager fails to makes such funds available, the VKAMInvestment Manager's positions may be closed out and liquidated, resulting in a loss to the Portfolio for which MSIM shall not be liable.