Common use of Monitoring Services Clause in Contracts

Monitoring Services. The Fund will open with Mellon one or more custody accounts, each designated "Series" (each such designated custody account hereinafter referred to as a "Series Account"). Each Series Account will contain the appropriate designation in its title and will be operated subject to the terms of the Custodian Agreement. Xxxxxxx/Mellon will monitor the assets delivered to each Series Account for conformity with the guidelines set forth in Schedule A attached hereto entitled Conforming Assets Guidelines (the "Guidelines"). For purposes of this Agreement, Xxxxxxx/Mellon will only be responsible for performing conforming assets tests on assets that are traded through the Series Accounts and shall not be responsible for monitoring the continuing compliance with the Guidelines of assets held in the Series Accounts. In order to carry out the conforming assets tests, Xxxxxxx/Mellon will rely on the trade information that Mellon receives from the Fund on behalf of the Series and from broker confirmations tendered by brokers to Mellon through The Depository Trust Company's Institutional Delivery Confirmation System ("DTC ID"). Such trade information must be complete, properly formatted and provided to Mellon in a timely manner. Xxxxxxx/Mellon shall perform the conforming asset tests with respect to each asset added to the Series Account promptly after receipt of the related trade information and in any event within one business day of such receipt by Mellon. If by applying the conforming assets tests to the Series Accounts an instance of noncompliance with the Guidelines is noted, Xxxxxxx/Mellon will notify MBIA and the Fund promptly of such noncompliance in writing via facsimile transmission. Once Xxxxxxx/Mellon has notified the Fund and MBIA as to the existence of noncompliance, Xxxxxxx/Mellon shall have no further obligation or duty to the Fund, the Series or MBIA to monitor the trade, or to report its cure.

Monitoring Services. The Fund Fund, on behalf of the Series, will open with Mellon one or more a custody accounts, each account designated "Series" (each such designated custody account hereinafter referred to as a "Series Account"). Each The Series Account will contain the appropriate designation in its title and will be operated subject to the terms of the Custodian AgreementCustodial Services Agreement between Mellon and the Fund. Xxxxxxx/Mellon will monitor the assets delivered to each the Series Account for conformity with the guidelines set forth in Schedule A attached hereto entitled Conforming Assets Guidelines (the "Guidelines"). For purposes of this Agreement, Xxxxxxx/Mellon will only be responsible for performing conforming assets tests on assets that are traded settled through the Series Accounts and shall not be responsible for monitoring the continuing compliance with the Guidelines of assets held in the Series AccountsAccount. In order to carry out the conforming assets tests, Xxxxxxx/Mellon will rely on the trade information that Mellon receives received from the Fund on behalf of the Series and from broker confirmations tendered by brokers to Mellon through The Depository Trust Company's Institutional Delivery Confirmation System ("DTC ID"). Such trade information must be complete, properly formatted and provided to Mellon in a timely manner. Xxxxxxx/No broker confirmation provided through DTC ID shall be deemed valid by Mellon unless it includes the properly formatted account number for the Series Account, enabling Mellon to process the DTC ID confirmation in the normal course of business through its custody systems platform. Mellon shall perform the conforming asset tests test with respect to each asset added to the Series Account promptly after receipt of the related trade information and in any event within one business day of such receipt by Mellonreceipt. If by applying the conforming assets tests test to the Series Accounts Account an instance of noncompliance with the Guidelines is noted, Xxxxxxx/Mellon will notify MBIA and the Fund Series promptly of such noncompliance in writing via facsimile transmission. Once Xxxxxxx/Mellon has notified the Fund Series and MBIA as to the existence of noncompliance, Xxxxxxx/Mellon shall have no further obligation or duty to the Fund, the Series or and MBIA to monitor the trade, or to report its cure. 3. Notification of Event of Default/Trade Execution/Cure Notice/Obligation to Reject Trades. ------------------------------------------------------------------- If MBIA notifies Mellon, by giving a written notice to Mellon, with a copy to the Series, substantially in the format of Exhibit 1 hereto, that an Event of Default under the Financial Guaranty Agreement has occurred and remains uncured ("Event of Default Notice"), Mellon will promptly confirm receipt of such notice via phone contact and facsimile to the Series. After or concurrently with Mellon's receipt of an Event of Default Notice and until the end of the related DK Period (as defined below), MBIA shall be entitled to deliver to Mellon (with a copy to the Series) trade instructions in the format of Attachment 1 to Exhibit 1 (for manual trade instructions) or in the format of Attachment 2 to Exhibit 1 (for electronic instructions) with respect to the Series Account. Each and every set of trade instructions delivered by MBIA to Mellon shall be accompanied by a newly executed Event of Default Notice. MBIA shall deliver to Mellon, with a copy to the Fund, a written notice of the cure of such default, substantially in the format of Exhibit 2 hereto, promptly upon the occurrence of such cure (the "Cure Notice"). From 12:01 a.m. eastern time on the Business Day (defined as a day upon which the New York Stock Exchange is open for trading and is not a Saturday or Sunday, and is neither a legal holiday nor a day on which banking institutions are generally authorized or obligated by law or regulation to close) immediately following the day upon which Mellon receives an Event of Default Notice from MBIA until 12:01 a.m. eastern time on the Business Day immediately following the day upon which Mellon receives a Cure Notice from MBIA (a "DK Period"), Mellon shall reject and not act upon any trade instructions (for settlement of securities) issued directly by the Series (or its investment adviser) for the Series Account when the account number is specified in the Event of Default Notice. With respect to the Series Account, Mellon shall, upon the termination of a DK Period, revert to its normal method of accepting trade instructions from the Fund (or its investment adviser) as governed by the Custodial Services Agreement. From the time Mellon receives an Event of Default Notice through the end of the related DK Period, Mellon is irrevocably authorized and instructed (i) to act upon any and all trade instructions delivered by MBIA provided such trade instructions are accompanied by a newly executed Event of Default Notice and (ii) to execute the transactions set forth in such instructions through a broker or dealer selected by Mellon for the Series Account. Mellon will promptly notify the Series, with a copy to MBIA, of trades executed as a result of instructions received from MBIA. Such notification will be made via transmission of a trade execution file, to the extent possible (substantially in the format of Exhibit 5), by close of business on the date such trades are executed.