Common use of Closed-End Funds Clause in Contracts

Closed-End Funds. With regard to any Fund that is a closed-end Fund, a. Whenever the Fund shall sell any shares issued by the Fund (“Shares”), it or its agent shall deliver to the Custodian Instructions specifying the amount of money and/or Securities to be received by the Custodian for the sale of such Shares and specifically allocated to an Account for the Fund. Upon receipt of such money, the Custodian shall credit such money to an Account in the name of the Fund. Whenever the Fund desires the Custodian to make payment out of the money held by the Custodian hereunder in connection with a redemption of any Shares, it or its agent shall furnish to the Custodian Instructions specifying the total amount to be paid for such Shares. The Custodian shall make payment of such total amount to the transfer agent specified in such Instructions out of the money held in an Account of the Fund. b. Whenever the Fund shall determine to pay a dividend or distribution on Shares, it or its agent shall furnish to the Custodian Instructions setting forth the date of the declaration of such dividend or distribution, the total amount payable, and the payment date. Upon the payment date specified in such Instructions, the Custodian shall pay out of the money held for the account of the Fund the total amount payable to the dividend agent of the Fund.