  The role of spin polarized reservoirs in quantum tunneling of magnetization
and relaxation processes in a single molecular magnet (SMM) is investigated
theoretically. The SMM is exchange-coupled to the reservoirs and also subjected
to a magnetic field varying in time, which enables the quantum tunneling of
magnetization (QTM). The spin relaxation times are calculated from the Fermi
golden rule. The exchange interaction with tunneling electrons is shown to
affect the spin reversal due to QTM. Furthermore, it is shown that the
switching is associated with transfer of a certain charge between the leads.
