Common use of Eligibility of Underlying Funds and Eligible Money Market Funds Clause in Contracts

Eligibility of Underlying Funds and Eligible Money Market Funds. (a) An Underlying Fund listed on Schedule F hereto, as such Schedule F may be amended from time to time, shall cease to be eligible as an Underlying Fund following a determination by the Warranty Provider, in its reasonable discretion, that a material change in the investment objective, fundamental policies, fundamental investment restrictions or principal investment strategies of an Underlying Fund would have an Adverse Effect on the Fund, the Adviser or the Warranty Provider. The Warranty Provider shall notify the Fund and the Adviser promptly upon making such a determination and the Underlying Fund that is the subject of such determination shall be removed from Schedule F and shall cease to be an Underlying Fund as of the date such notice is given; provided that such removed Underlying Fund shall not be considered an Ineligible Investment for purposes of compliance with Article III and Section 4.1(a) hereof until the second Exchange Business Day following the day such notice is given by the Warranty Provider if the Adviser has taken affirmative steps to eliminate its holdings of shares of such Underlying Fund. (b) An Eligible Money Market Fund listed on Schedule C hereto, as such Schedule C may be amended from time to time, shall cease to be eligible as an Eligible Money Market Fund following a determination by the Warranty Provider, in its reasonable discretion, that any of the following is true: (A) the Warranty Provider does not have access to the portfolio holdings of such Eligible Money Market Fund through the State Street System or similar custodial system for more than 5 Exchange Business Days; (B) the Eligible Money Market Fund holds (including as collateral under a repurchase agreement) any “Asset Backed Securities”(as such term is defined in Rule 2a-7 under the Investment Company Act) regardless of their credit rating or any commercial paper that is not issued or guaranteed by an operating company and not a “Special Purpose Entity” (as such term is defined in Rule 2a-7 under the Investment Company Act); (C) the Eligible Money Market Fund is redeeming its shares at less than $1 per share; (D) the Eligible Money Market Fund is using fair value or other special accounting procedure(s) to value any of the portfolio holdings of the Eligible Money Market Fund; or (E) a material change in the investment objective, fundamental policies, fundamental investment restrictions or principal investment strategies of the Eligible Money Market Fund would have an Adverse Effect on the Fund, the Adviser or the Warranty Provider. The Warranty Provider shall notify the Fund and the Adviser promptly upon making such a determination and such Eligible Money Market Fund that is the subject of such determination shall be removed from Schedule C and shall cease to be an Eligible Money Market Fund as of the date such notice is given; provided that such removed Eligible Money Market Fund shall not be considered an Ineligible Investment for purposes of compliance with Article III and Section 4.1(a) hereof until the second Exchange Business Day following the day such notice is given by the Warranty Provider if the Adviser has taken affirmative steps to eliminate its holdings of shares of such Eligible Money Market Fund.

Eligibility of Underlying Funds and Eligible Money Market Funds. (a) An Underlying Fund listed on Schedule F hereto, as such Schedule F may be amended from time to time, shall cease to be eligible as an Underlying Fund following a determination by the Warranty Provider, in its reasonable discretion, that a material change in the investment objective, fundamental policies, fundamental investment restrictions or principal investment strategies of an Underlying Fund would have an Adverse Effect on the Fund, the Adviser or the Warranty Provider. The Warranty Provider shall notify the Fund and the Adviser promptly upon making such a determination and the Underlying Fund that is the subject of such determination shall be removed from Schedule F and shall cease to be an Underlying Fund as of the date such notice is given; provided that such removed Underlying Fund shall not be considered an Ineligible Investment for purposes of compliance with Article III and Section 4.1(a) hereof until the second Exchange Business Day following the day such notice is given by the Warranty Provider if the Adviser has taken affirmative steps to eliminate its holdings of shares of such Underlying Fund. (b) An Eligible Money Market Fund listed on Schedule C hereto, as such Schedule C may be amended from time to time, shall cease to be eligible as an Eligible Money Market Fund following a determination by the Warranty Provider, in its reasonable discretion, that any of the following is true: (A) the Warranty Provider does not have access to the portfolio holdings of such Eligible Money Market Fund through the State Street System or similar custodial system for more than 5 Exchange Business Days; (B) the Eligible Money Market Fund holds (including as collateral under a repurchase agreement) any “Asset Backed Securities”(as such term is defined in Rule 2a-7 under the Investment Company Act) regardless of their credit rating or any commercial paper that is not issued or guaranteed by an operating company and not a “Special Purpose Entity” (as such term is defined in Rule 2a-7 under the Investment Company Act); (C) the Eligible Money Market Fund is redeeming its shares at less than $1 1.00 per share; (D) the Eligible Money Market Fund is using fair value or other special accounting procedure(s) to value any of the portfolio holdings of the Eligible Money Market Fund; or (E) a material change in the investment objective, fundamental policies, fundamental investment restrictions or principal investment strategies of the Eligible Money Market Fund would have an Adverse Effect on the Fund, the Adviser or the Warranty Provider. The Warranty Provider shall notify the Fund and the Adviser promptly upon making such a determination and such Eligible Money Market Fund that is the subject of such determination shall be removed from Schedule C and shall cease to be an Eligible Money Market Fund as of the date such notice is given; provided that such removed Eligible Money Market Fund shall not be considered an Ineligible Investment for purposes of compliance with Article III and Section 4.1(a) hereof until the second Exchange Business Day following the day such notice is given by the Warranty Provider if the Adviser has taken affirmative steps to eliminate its holdings of shares of such Eligible Money Market Fund.

Eligibility of Underlying Funds and Eligible Money Market Funds. (a) An Underlying Fund listed on Schedule F hereto, as such Schedule F may be amended from time to time, shall cease to be eligible as an Underlying Fund following a determination by the Warranty Provider, in its reasonable discretion, that a material change in the investment objective, fundamental policies, fundamental investment restrictions or principal investment strategies of an Underlying Fund would have an Adverse Effect on the Fund, the Adviser or the Warranty Provider. The Warranty Provider shall notify the Fund and the Adviser promptly upon making such a determination and the Underlying Fund that is the subject of such determination shall be removed from Schedule F and shall cease to be an Underlying Fund as of the date such notice is given; provided that such removed Underlying Fund shall not be considered an Ineligible Investment for purposes of compliance with Article III and Section 4.1(a) hereof until the second Exchange Business Day following the day such notice is given by the Warranty Provider if the Adviser has taken affirmative steps to eliminate its holdings of shares of such Underlying Fund. (b) An Eligible Money Market Fund listed on Schedule C hereto, as such Schedule C may be amended from time to time, shall cease to be eligible as an Eligible Money Market Fund following a determination by the Warranty Provider, in its reasonable discretion, that any of the following is true: (A) the Warranty Provider does not have access to the portfolio holdings of such Eligible Money Market Fund through the State Street System or similar custodial system for more than 5 Exchange Business Days; (B) the Eligible Money Market Fund holds (including as collateral under a repurchase agreement) any “Asset Backed Securities”(as Securities” (as such term is defined in Rule 2a-7 under the Investment Company Act) regardless of their credit rating or any commercial paper that is not issued or guaranteed by an operating company and not a “Special Purpose Entity” (as such term is defined in Rule 2a-7 under the Investment Company Act); (C) the Eligible Money Market Fund is redeeming its shares at less than $1 per share; (D) the Eligible Money Market Fund is using fair value or other special accounting procedure(s) to value any of the portfolio holdings of the Eligible Money Market Fund; or (E) a material change in the investment objective, fundamental policies, fundamental investment restrictions or principal investment strategies of the Eligible Money Market Fund would have an Adverse Effect on the Fund, the Adviser or the Warranty Provider; or (F) during the period commencing thirty (30) calendar days prior to the Maturity Date and ending on the Maturity Date (which period shall include the Maturity Date), the Adviser fails to transmit to the Warranty Provider, the Calculation Agent and the Persons listed on Schedule 2 hereto, on a daily basis, the report required by Section 3.4(e) hereto. The Warranty Provider shall notify the Fund and the Adviser promptly upon making such a determination and such Eligible Money Market Fund that is the subject of such determination shall be removed from Schedule C and shall cease to be an Eligible Money Market Fund as of the date such notice is given; provided that such removed Eligible Money Market Fund shall not be considered an Ineligible Investment for purposes of compliance with Article III and Section 4.1(a) hereof until the second Exchange Business Day following the day such notice is given by the Warranty Provider if the Adviser has taken affirmative steps to eliminate its holdings of shares of such Eligible Money Market Fund.