Common use of Collections and Defaults Clause in Contracts

Collections and Defaults. The Bank will use reasonable efforts to collect any funds which may to its knowledge become collectible arising from Portfolio Securities, including dividends, interest and other income, and to transmit to the Fund notice actually received by it of any call for redemption, offer of exchange, right of subscription, reorganization or other proceedings affecting such Securities. If Portfolio Securities upon which such income is payable are in default or payment is refused after due demand or presentation, the Bank will notify the Fund in writing of any default or refusal to pay within two business days from the day on which it receives knowledge of such default or refusal. The Bank shall provide to the Fund a monthly report, in a form agreed to by the Bank and the Fund, listing, among other things, overdue or uncollected items.

Collections and Defaults. The Bank will use all reasonable efforts to collect any funds which may to its knowledge become collectible arising from Portfolio Securities, including dividends, interest and other income, and to transmit to the Fund notice actually received by it of any call for redemption, offer of exchange, right of subscription, reorganization or other proceedings affecting such Securitiessecurities. If Portfolio Securities upon which such income is payable are in default or payment is refused after due demand or presentation, the Bank will notify the Fund in writing of any default or refusal to pay within two business days from the day on which it receives knowledge of such default or refusal. The In addition, the Bank shall provide to will send the Fund a monthly report, in a form agreed to written report once each month showing any income on any Portfolio Security held by it which is more than ten days overdue on the Bank date of such report and the Fund, listing, among other things, overdue or uncollected itemswhich has not previously been reported.