Common use of Earnings Credits Clause in Contracts

Earnings Credits. The Fund shall receive a credit for each calendar month against such compensation and fees of the Custodian as may be payable by the Fund in an amount equal to the aggregate of its Earnings Credit for such calendar month. In no event may such credit be transferred to, or utilized by, any other person or entity, except to the extent permitted by law, and then only to or by The Dreyfus Corporation, its affiliates and/or any investment company now or in the future for which The Dreyfus Corporation or any of its affiliates acts as the investment adviser or administrator (each, a “Permitted Transferee”). The credit shall be applied as follows and only in the specified order: (i) First, applied against the compensation and fees, including overdraft charges but not including out-of-pocket expenses, payable by the Fund to the Custodian under this Agreement for such month; (ii) Second, applied against the compensation and fees, including overdraft charges but not including out-of-pocket expenses payable by the Fund to the Custodian under this Agreement for any of the months next succeeding the calendar month to which such credit originally related ending with the last month of the calendar year, unless the application period is extended beyond calendar year-end by written agreement of the parties. (iii) Transferred to or utilized by a Permitted Transferee and applied as set forth in sub-sections (i) and (ii) above as if such Permitted Transferee were the Fund.

Earnings Credits. The Fund shall receive a credit for each calendar month against such compensation and fees of the Custodian as may be payable by the Fund in an amount equal to the aggregate of its Earnings Credit for such calendar month. In no event may such credit be transferred to, or utilized by, any other person or entity, except to the extent permitted by law, and then only to or by The Dreyfus Corporation, its affiliates and/or any investment company now or in the future for which The Dreyfus Corporation or any of its affiliates acts as the investment adviser or administrator (each, a “Permitted Transferee”). The credit shall be applied as follows and only in the specified order: (i) First, applied against the compensation and fees, including overdraft charges but not including out-of-pocket expenses, payable by the Fund to the Custodian under this Agreement for such month; (ii) Second, applied against the compensation and fees, including overdraft charges but not including out-of-pocket expenses payable by the Fund to the Custodian under this Agreement for any of the months next succeeding the calendar month to which such credit originally related ending with the last month of the calendar year, unless the application period is extended beyond calendar year-end by written agreement of the parties.. A45006-10.11.10-CLEAN (iii) Transferred to or utilized by a Permitted Transferee and applied as set forth in sub-sections (i) and (ii) above as if such Permitted Transferee were the Fund.

Earnings Credits. The Fund shall receive a credit for each calendar month against such compensation and fees of the Custodian as may be payable by the Fund in an amount equal to the aggregate of its Earnings Credit for such calendar month. In no event may such credit be transferred to, or utilized by, any other person or entity, except to the extent permitted by law, and then only to or by The Dreyfus Corporation, its affiliates and/or any investment company now or in the future for which The Dreyfus Corporation or any of its affiliates acts as the investment adviser or administrator (each, a “Permitted Transferee”). The credit shall be applied as follows and only in the specified order: (i) First, applied against the compensation and fees, including overdraft charges but not including out-of-pocket expenses, payable by the Fund to the Custodian under this Agreement for such month; (ii) Second, applied against the compensation and fees, including overdraft charges but not including out-of-pocket expenses payable by the Fund to the Custodian under this Agreement for any of the months next succeeding the calendar month to which such credit originally related ending with the last month of the calendar year, unless the application period is extended beyond calendar year-end by written agreement of the parties.. 1314 A45006-01/01/11-CL-II (iii) Transferred to or utilized by a Permitted Transferee and applied as set forth in sub-sections (i) and (ii) above as if such Permitted Transferee were the Fund.