Common use of SERVICE ACCOUNTS Clause in Contracts

SERVICE ACCOUNTS. In connection with demand deposit accounts or cash management accounts that PNC may establish in its own name for the benefit of the Funds at third party institutions, including without limitation institutions that may be an affiliate or client of PNC (“Third Party Institution”), for the purpose of administering the funds received by PNC in the course of performing its services hereunder (“Service Accounts”), PNC may receive (i) investment earnings from sweeping certain assets of the Funds in Service Accounts into investment accounts at Third Party Institutions; (ii) balance credits with respect to the funds in the Service Accounts not swept as described in clause (i), and (iii) other benefits, to the extent not already described in (i) and (ii) above, including commissions or returns on float paid to PNC for balances transferred from the Service Accounts to Third Party Institutions (collectively, the items described in (i), (ii) and (iii), “Income”). PNC shall pay any bank charges or banking service fees (“Bank Charges”) payable for the establishment and/or maintenance of Service Accounts. To the extent in each successive period of twelve calendar months (each, a “Contract Year”), Income with respect to the Service Accounts exceeds the aggregate Bank Charges for the Service Accounts for all the Funds listed in Exhibit A (such excess being “Net Income”): (i) PNC shall be entitled to retain Net Income up to $250,000 for such Contract Year, and (ii) PNC shall pay to each Fund, its ratable share (according to Written Instructions from all affected Funds) of the amount, if any, by which Net Income exceeds $250,000 for such Contract Year.