AMENDED AND RESTATED BLACKROCK DISTRIBUTION, SALES SUPPORT AND GENERAL SHAREHOLDER SERVICES AGREEMENT FOR CLOSED-END FUNDS FOR CITIGROUP GLOBAL MARKETS INC.
Exhibit
99.(h)(2)(ii)
EXECUTION VERSION
AMENDED
AND RESTATED BLACKROCK DISTRIBUTION, SALES SUPPORT AND GENERAL SHAREHOLDER
SERVICES AGREEMENT FOR CLOSED-END FUNDS FOR
CITIGROUP GLOBAL MARKETS
INC.
Amended
and Restated Distribution, Sales Support and General Shareholder Services
Agreement (this “Agreement”), dated as of February __, 2009 by and between
Citigroup Global Markets Inc., a New York corporation (hereinafter referred to
as "CGM"), and BlackRock Investments, Inc. ("Company").
WHEREAS,
Company is sponsor, investment adviser, sub-adviser, distributor and/or
administrator of, and/or otherwise acts as a service provider to, certain
closed-end investment companies included in Schedule A hereto, and CGM and
Company desire to facilitate distribution of certain of such companies’ shares
to the clients of CGM (the “Clients”) (the investment companies and their shares
that Company and CGM from time to time agree will be offered to the Clients are
referred to herein as the “Funds” and “Shares” respectively) and provide ongoing
general shareholder services to such Clients; and
WHEREAS,
CGM and its affiliates will facilitate the distribution of the Shares and
perform certain services for its Clients who invest in the Funds;
and
WHEREAS,
the parties desire to amend and restate the Distribution, Sales Support and
General Shareholder Services Agreement previously entered into;
NOW,
THEREFORE, in consideration of the mutual promises contained herein, and other
good and valuable consideration, the receipt of which is hereby acknowledged,
CGM and Company agree as follows:
1.
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Transactions in the
Funds
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Subject
to the terms and conditions of this Agreement, Company will cause each Fund to
make such share classes as the parties shall mutually agree available to be
purchased, exchanged or sold by Clients pursuant to the terms of the then
effective prospectus and statement of additional information, as amended from
time to time.
2.
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General Shareholder Services
and Distribution Services and Sales Support
Services
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A
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As
the parties may agree from time to time, and subject to the particular
parameters CGM establishes, CGM (either directly or through one or more of
its affiliates or agents) will provide the following general shareholder
services:
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(i)
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Receive
Client instructions for the purchase, sale, exchange and repurchase of
Fund shares ("Instructions") and communicate such Instructions, as
directed, to the Company, the Fund or the Fund's transfer agent
(collectively, the “Receiving Party”) for the purpose of the Receiving
Party inputting and executing orders that correspond to such Instructions
on the books of the Fund, in a time frame and manner as the parties from
time to time agree upon;
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(ii)
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Maintain
records for and on behalf of each Client reflecting Instructions and
outstanding balances of Fund shares owned by the
Client;
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(iii)
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Prepare
and transmit to Clients confirmations of all transactions effected
pursuant to Instructions;
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(iv)
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Prepare
and transmit to Clients periodic consolidated account statements
indicating, with respect to shares of the Funds: the number of shares of
each Fund owned; purchases, repurchases and exchanges of Fund and other
information as determined by CGM;
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(v)
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Provide
Clients with copies of prospectuses, statements of additional information,
proxy materials, periodic and special shareholder reports and other
materials relating to the Funds, as may be provided by Company or a Fund
to CGM;
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(vi)
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In
connection with any tender
offer or repurchase offer for Shares of a Fund, deliver or cause to be
delivered to each Client to whom any such offer is made, a copy of the
repurchase offer
notice provided by the respective
Fund;
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(vii)
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Assist
with the solicitation of proxies from Clients, as requested by
Company;
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(viii)
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Provide
to Company, each Fund, each Fund’s transfer agent and/or other parties
designated by them with such other information relating to transactions in
and holdings of Fund shares by Clients as the parties agree from time to
time;
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(ix)
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Respond
to Client inquiries regarding, among other things, share prices, account
balances, dividend amounts and dividend payment
dates;
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(x)
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With
respect to each Client’s ownership of, or transactions with respect to,
any Fund, prepare and file with the appropriate federal agencies
information and reports regarding (a) dividends and other distributions
made, (b) amounts withheld on dividends and other distributions and
payments and (c) gross proceeds of sale
transactions;
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(xi)
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Provide
each Client with access to one or more CGM Financial Advisors who will
provide personal service and attention with respect to the
foregoing;
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(xii)
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Provide
such other services relating to Client holdings and transactions in Funds
as from time-to-time the parties shall mutually
agree;
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(xiii)
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Provide
cooperation with the Funds, Company and their designees (including,
without limitation, any auditors designated by the Funds), in connection
with the preparation of reports to the Board of Directors/Trustees of the
Funds concerning this Agreement and the monies paid or payable pursuant
hereto, as well as any other reports or filings that may be required by
law; and
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(xiv)
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Collect
from any Client selling to a Fund pursuant to a tender or repurchase offer
or exchanging Shares of a Fund subject to a repurchase fee such repurchase
fee in accordance with the terms and conditions of the Fund's
prospectuses, and promptly (and in accordance with any mutually agreed
upon arrangements with Company or the Fund) remit such repurchase fee to
Company for the account of the
Fund.
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B
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As
the parties may agree from time to time, and subject to the particular
parameters CGM establishes, CGM (either directly or through one or more of
its affiliates or agents) will provide distribution services and sales
support services for Shares included in Schedule B for which it receives a
distribution services and sales support services fee as included in
Schedule 1 of this Agreement.
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C
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For
purpose of Section 2A(i) above, Company hereby appoints CGM as agent for
the limited purpose of receiving Instructions from
Clients.
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D
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In
providing services hereunder, the parties acknowledge that CGM shall be
providing services to and acting solely for the benefit of Clients. The
parties further acknowledge that in connection with all purchases, sales
and exchanges of Fund shares by Clients, CGM shall be acting on an agency
basis.
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E
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Nothing
in this Agreement shall impose upon CGM any obligation to offer any
particular Fund or Funds to its Clients. CGM reserves the right to
determine, in its sole discretion, whether any particular Fund will be
made available to its Clients initially as well as whether such Fund will
continue to be made available. In addition, CGM will use such
efforts to sell Shares as it in its sole discretion determines, and will
not be required to sell any specified or minimum number of Shares of any
Fund.
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3.
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Delegation by
CGM
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CGM
may delegate some or all of its duties under this Agreement to such other
parties which in CGM's sole discretion it deems to be competent to assume such
duties; provided that CGM shall be responsible and liable for the acts and
conduct of any such delegate to the same extent as if the acts and conduct had
been performed by CGM.
4.
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No
Limitation
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The
provisions of this Agreement in no way shall limit the authority of Company or
any Fund to take such action as it or they may deem appropriate or advisable in
connection with all matters relating to the operations of the Funds and/or the
sale of Fund shares.
5.
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Fees
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A
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The
Company agrees to pay CGM or its designated affiliate (or to cause the
Funds to pay CGM or its designated affiliate) the general shareholder
services fee set forth on Schedule 1. Such payments shall be consistent
with applicable law and regulation and this Agreement. The
Company’s obligation to make payments to CGM shall continue so long as CGM
provides the general shareholder services described in Section 2 of this
Agreement.
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B
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The
Company agrees to pay CGM or its designated affiliate (or to cause the
Funds to pay CGM or its designated affiliate) the distribution services
and sales support services fee set forth on Schedule 1. Such
payments shall be consistent with applicable law and regulation and this
Agreement. The Company’s obligation to make payments to CGM
shall continue so long as CGM provides the distribution services and sales
support services described in Section 2 of this
Agreement.
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C
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For
purposes of calculating the general shareholder services and distribution
services and sales support services fees described in Schedule 1, the
value of Client assets invested in the Funds shall be determined in
accordance with the then effective prospectus(es) and statement(s) of
additional information of the Funds. Nothing in this Agreement shall
preclude CGM from crediting all or a portion of the amounts it receives
under this Section 5 to Clients in certain programs in order to reduce the
fees payable by such Clients to CGM in connection with such
programs. Further, nothing in this Agreement shall preclude CGM
from crediting all or a portion of the amounts it receives under this
Section 5 to its employees.
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D
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If
CGM and Company agree to revise the general shareholder services and/or
the distribution services and sales support services fees payable,
Schedule 1 will be amended and signed by the parties to this Agreement.
The terms of this Agreement will otherwise remain in
effect.
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6.
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Records and
Reporting
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CGM
will maintain and preserve all records as required by law in connection with its
provision of services under this Agreement. Upon the reasonable request of
Company, a Fund or the Fund's transfer agent, CGM will provide copies of:
historical records relating to Instructions involving the Fund and required to
be maintained by applicable law or regulation; written communications regarding
the Fund to or from Clients; and other materials relating to the provision of
services by CGM under this Agreement. CGM will comply with reasonable requests
for such information and documents made by Company, the board of directors or
trustees of a Fund, or any governmental body or self-regulatory
organization.
7.
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Representations; Warranties;
and Covenants
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A
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CGM
represents that: (i) this Agreement has been duly authorized by all
necessary corporate action and, when executed and delivered, shall
constitute the legal, valid and binding obligation of CGM, enforceable in
accordance with its terms; (ii) the activities of CGM contemplated by this
Agreement comply with all provisions of federal and state securities laws
applicable to such activities; (iii) CGM has obtained such registrations
and qualifications as are necessary to permit it to perform its
obligations hereunder; (iv) the arrangements provided for in this
Agreement will be disclosed to Clients; (v) CGM is duly registered as a
broker-dealer under Section 15 of the Securities Exchange Act of 1934, as
amended, and is a member of the Financial Industry Regulatory Authority
(“FINRA”); (vi) all Fund shares are and will be owned beneficially by
Clients and no Fund shares are or will be owned beneficially by CGM; and
(vii) the general shareholder services and distribution services and sales
support services fees paid to it pursuant to this Agreement are reasonable
in relation to the services that it provides and reasonably similar to the
fees it receives for equivalent services provided to other
parties.
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B
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Company
represents that: (i) this Agreement has been duly authorized by all
necessary corporate action and, when executed and delivered, shall
constitute the legal, valid and binding obligation of Company, enforceable
in accordance with its terms; (ii) shares of the Funds are registered and
authorized for sale in accordance with any and all applicable federal and
state securities laws; and (iii) the prospectus and statement of
additional information of each Fund comply in all material respects with
any and all applicable federal and state securities
laws.
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C
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Company
covenants and agrees that, for so long as this Agreement remains in
effect, it shall use its best efforts to cause shares of the
Funds to continue to be registered and/or authorized for sale in
accordance with all applicable federal and state securities laws and as
contemplated in the prospectus and shall notify CGM promptly in the event
any Fund’s shares cease to be so registered or authorized for
sale. In the event that there is a sale of Fund shares in a
jurisdiction where the Fund shares are not registered and/or authorized
for sale, Company shall promptly alert CGM Operations and request that the
transaction be reversed.
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D
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CGM
and Company each agree to comply with all provisions of federal and state
laws and the NASD Conduct Rules administered by FINRA applicable to its
respective activities under this Agreement, including but not limited to
Rule 22c-1(a) under the Investment Company Act of 1940, as amended (the
“1940 Act”) as if it were applicable to closed-end investment companies,
and all requirements to provide specific disclosures to
Clients. CGM agrees to promptly advise Company if it receives
notice of regulatory inquiry or investigation which relates to the terms
of this Agreement.
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E
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Rule
22c-2 Compliance: The parties to the Agreement hereby agree to negotiate
in good faith the terms and conditions of any additional operational
services to be provided by CGM in compliance with the applicable
provisions of Rule 22c-2 under the 1940 Act and as of the applicable
effective date under such rule, as if such Rule were applicable to
closed-end investment companies.
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F
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CGM
and Company each agree to notify the other promptly in the event that it
is, for any reason, unable to perform any of its obligations under this
Agreement.
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G
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CGM
covenants and agrees that it will not make any representations about the
Funds except to the extent such representations (i) are contained in a
Fund’s current prospectus, statement of additional information, as amended
or supplemented from time to time, or sales literature; (ii) are
consistent with information contained in such materials; or (iii) are
otherwise authorized by or on behalf of the Funds including but not
limited to any statements by senior officers, portfolio managers or sales
representatives.
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8.
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Use of
Names
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A
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Company
hereby authorizes CGM to use the names and other identifying marks of
Company and each Fund in connection with the marketing of the Shares or
the provision of services under this Agreement by CGM. Company or any Fund
may withdraw this authorization as to any particular use of any such name
or identifying marks at any time (i) upon Company’s or the Fund’s
reasonable determination that such use would have a material adverse
effect on the reputation or marketing efforts of Company or such Fund;
(ii) if Company or the Fund reasonably determines that materials using
such names and identifying marks are inaccurate or misleading; or (iii) if
CGM is no longer providing services to Clients as described in Section 2.
CGM agrees that, at the request of Company or a Fund, CGM shall discuss
with Company and/or the Fund, and consider in good faith, any standards or
specifications relating to CGM’s use (or proposed use) hereunder of the
names and other identifying marks of Company and/or the
Fund.
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B
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Except
as otherwise expressly provided for in this Agreement, neither Company nor
any Fund shall use any trademark, trade name, service xxxx or logo of CGM,
or any variation
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of
any such trademark, trade name, service xxxx or logo, without CGM's prior
written consent.
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C
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Upon
request, CGM shall provide Company with copies of all sales literature and
other marketing materials which refer to Company or any
Fund.
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9.
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No-Solicitation
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Company
agrees, at all times during the term of this Agreement and thereafter, that
neither it nor any Fund knowingly shall solicit, directly or indirectly, any
Client to invest in the Funds or in any other investment company for which
Company acts as a sponsor, adviser, administrator, distributor, or other service
provider (a “Company Fund”); provided, that this prohibition shall not apply to:
the solicitation of any Client that was an investor in a Fund or in any Company
Fund prior to the time it became a Client; or to any solicitation that Company
or a Fund engages in at the request of CGM.
10.
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Confidentiality
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A
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Company
agrees, at all times during the term of this Agreement and thereafter,
that it and each Fund shall maintain the confidentiality of, and not
disclose to any person, or otherwise make use of (directly or indirectly),
the names and addresses of, or other information relating to, Clients
(“Client Information”), except as expressly permitted under this
Agreement, as may be necessary in the ordinary course of performing the
services and transactions contemplated by this Agreement, or as may be
required by applicable law or judicial process. Notwithstanding the
foregoing, Company and the Funds shall not be prohibited from utilizing
for any purpose Client Information if they can clearly establish that such
information was (i) known to them prior to this Agreement; (ii) rightfully
acquired by them from third parties whom they reasonably believed were not
under an obligation of confidentiality to any other party to this
Agreement; or (iii) independently developed by them without breaching any
provision of this Agreement.
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B
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Each
party acknowledges and agrees that any and all technical or business
information, including without limitation financial information, business
or marketing strategies or plans or product development, but excluding
Client Information which is covered by paragraph A of this Section 10,
which is disclosed to the other party or is otherwise obtained by such
party or its affiliates or agents during the term of this Agreement (the
“Proprietary Information”) constitutes the valuable property of the other
party. Each party agrees that should it come into possession of
Proprietary Information, it will use its best efforts to hold such
information in confidence and shall refrain from using, disclosing or
distributing any such information except (i) as may be necessary in the
ordinary course of performing the services and transactions contemplated
by this Agreement; (ii) with the written consent of the other party; or
(iii) as required by law or judicial process. Proprietary Information
shall not include information a party to this Agreement can clearly
establish was (i) known to the party prior to this Agreement; (ii)
rightfully acquired by the party from third parties whom the party
reasonably believes are not under an obligation of confidentiality to any
other party to this Agreement; (iii) placed in public domain without fault
of the party or its affiliates; or (iv) independently developed by the
party without reference to or reliance upon Proprietary
Information.
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C
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Notwithstanding
anything to the contrary herein, CGM shall not be deemed to be in breach
of this Agreement (including this Section 10) by distributing to eligible
investors research reports containing (i) facts derived from and
consistent with a Fund’s current
prospectus,
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statement
of additional information, as amended from time to time, sales materials
and other publicly available documents, reports or other information
produced by the Funds and (ii) opinions deemed necessary by CGM to advise
potential Clients with regard to an investment in the
Funds.
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11.
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Provision of
Materials
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A.
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Company
shall furnish CGM, or arrange for the Funds to furnish CGM, at its or
their expense, with current prospectuses and statements of additional
information of the Funds (including any supplements thereto) during any
offering periods, and periodic reports to Fund shareholders and marketing
and other materials relating to the Funds in such quantities as CGM
reasonably requests. Company is required to mail annual and
semi-annual reports to the extent required by the 1940 Act, at its own
expense, to each Shareholder.
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B.
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Subject
to the limitations set forth in the prospectus, within the specified time
frames, Company shall furnish CGM, or arrange for the Funds to furnish
CGM, with the following
information:
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(i)
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Quarterly
fact sheets
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(ii)
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The
following quantitative data for each
Fund:
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(a)
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Quarter-end
net assets
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(b)
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Quarter-end
net asset value
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(c)
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Quarter
end portfolio manager(s)
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(d)
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Quarter-end
portfolio manager(s) tenure
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(e)
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Quarter-end
portfolio holdings (as released
publicly)
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(f)
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Quarter-end
asset allocation breakdown as detailed on quarterly fact
Sheets
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(iii)
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The
information and data provided to CGM under items (i) and (ii) above of
this Section 11.B. shall be referred to in this Agreement as “Fund Data.”
Fund Data shall be furnished in a format specified by
CGM.
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C.
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CGM
employees shall have reasonable access to the portfolio manager(s) of each
Fund for purposes of discussing Fund performance and other significant
issues.
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12.
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Liability and
Indemnification
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A.
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Company
acknowledges and agrees that neither CGM nor any other CGM Party (as
defined below) is responsible for: (i) any information contained in any
prospectus, statement of additional information, registration statement,
annual report, proxy statement or item of advertising or marketing
material of or relating to any Fund (except for advertising or marketing
materials prepared by CGM); (ii) any Fund Data provided to CGM; (iii) the
registration or qualification of any shares of any Fund under any federal
or applicable state
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laws;
or (iv) the compliance or failure to comply by any Company Party (as
defined below), with any applicable federal or state law, rule or
regulations of any self-regulatory organization with jurisdiction over any
Company Party, except to the extent that the failure to so comply is
caused by a CGM Party’s failure to comply with any of the foregoing laws,
rules, or regulations or its breach of this Agreement. For the
purpose of this Agreement, a “Company Party” shall include Company, its
affiliates and the Funds and any of their respective officers, directors,
trustees, employees and agents and a “CGM Party” shall include CGM, its
affiliates and any of their respective officers, directors, trustees,
employees and agents.
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B.
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CGM
acknowledges and agrees that neither Company nor any other Company Party
is responsible for (i) any information contained in any advertising or
marketing materials prepared by CGM, except for information provided by a
Company Party or contained in any Fund prospectus, statement of additional
information, registration statement, annual report, proxy statement or
item of advertising or marketing material prepared by a Company Party; or
(ii) the compliance or failure to comply by a CGM Party with any
applicable law, rule or regulation governing such CGM Party, except to the
extent that the CGM Party’s or such agents’ failure to comply with such
law, rule or regulation is caused by the failure of a Company Party to
comply with any applicable law, rule or regulation or its breach of this
Agreement.
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C.
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Company
shall indemnify, defend and protect each CGM Party and hold each of them
harmless from and against any and all claims, demands, actions, losses,
damages, liabilities, costs, charges, reasonable counsel fees and expenses
of any nature it or they incur (“Losses”) arising out of or from, with
respect to each Fund: (i) any actions of any Company Party relating to the
sale of Fund shares, including but not limited to any statements or
representations contained in any sales or other material relating to the
Funds that Company Parties provide to a CGM Party or any other statements
or representations, written or oral, concerning the Funds that Company
Parties make to a CGM Party, each taking into account the circumstances
under which such statements or representations were made; (ii) any
material misstatement in or omission of a material fact from a Fund’s
current prospectus, registration statement, statement of additional
information, annual report or proxy statement or any advertising or
promotional material generated by any Company Party, each taking into
account the circumstances under which such statements or omissions were
made; (iii) any Fund Data furnished to any CGM Party by or on behalf of
Company or a Fund; (iv) any failure of any Fund or its shares to be
properly registered or qualified for sale and available for sale to the
public under any applicable federal law and regulation or the applicable
laws and regulations of any state, any US territory or the District of
Columbia unless Company has notified CGM in writing that the Fund and its
shares are not qualified for sale in a particular jurisdiction and CGM
sells shares of the Fund in such jurisdiction after such notification; (v)
any material breach by any Company Party of any representation, warranty,
covenant or agreement contained in this Agreement; and (vi) the actions of
any Company Party relating to the processing of purchase, exchange and
repurchase orders and the servicing of shareholder accounts to the extent
such actions constitute willful misfeasance, bad faith or gross negligence
by a Company Party.
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D.
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CGM
shall indemnify, defend and protect each Company Party, and hold each of
them harmless from and against any and all Losses arising out of or from,
with respect to each Fund: (i) any material statements or representations
or omissions of material facts that a CGM Party makes concerning the Fund
that are inconsistent with either the Fund’s current prospectus, statement
of additional information, periodic reports to shareholders, proxy
statements or any other material any Company Party has provided in writing
to a CGM Party; (ii) any sale of
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shares
of the Fund by CGM where the Fund or its shares are not properly
registered or qualified for sale in any state, any US territory or the
District of Columbia after the Company has notified CGM in writing that
the Fund and its shares are not qualified for sale in such jurisdiction;
(iii) any material breach by CGM of any representation, warranty, covenant
or agreement contained in this Agreement; and (iv) any actions of a CGM
Party in connection with its performance of the services described in
Section 2 to the extent such actions constitute willful misfeasance, bad
faith or gross negligence by such CGM
Party.
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The
provisions of this Paragraph 12 shall survive the termination of this
Agreement.
13.
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Representations Concerning
Money Laundering Procedures
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CGM
has implemented an anti-money laundering program reasonably designed to comply
with, to the extent applicable, the Bank Secrecy Act, as amended by Section 352
of the USA PATRIOT Act; Rule 3011 of the U.S. Financial Industry Regulatory
Authority (formerly the NASD, Inc.); and Rule 445 of the New York Stock
Exchange. CGM’s anti-money laundering program
includes: (i) Anti-Money Laundering / “Know Your Customer” and
“Enhanced Due Diligence” policies and procedures; (ii) the designation of an
Anti-Money Laundering Compliance Officer; (iii) a Customer Identification
Program in accordance with applicable law and regulation; (iv) reporting of
suspicious activity to government authorities in accordance with applicable law
and regulation; (v) anti-money laundering training of appropriate employees;
(vi) independent testing for compliance with CGM’s anti-money laundering program
and applicable laws and regulations; (vii) enhanced scrutiny with respect to
accounts held for senior political figures (as defined and set forth under
Section 312 of the USA PATRIOT Act) reasonably designed to detect and report
transactions that may involve proceeds of foreign corruption; and (viii)
processes, procedures and systems reasonably designed to ensure compliance with
economic sanctions programs administered by the U.S. Department of the Treasury,
Office of Foreign Assets Control, including prohibitions set forth in the list
of specially designated nationals and blocked persons (commonly known as the
“SDN List”).
14.
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Arbitration
|
If
a dispute arises between CGM and Company with respect to this Agreement which
the parties are unable to resolve themselves, it shall be settled by arbitration
in accordance with the then-existing FINRA Code of Arbitration Procedure ("FINRA
Code"). The parties agree, that to the extent permitted by the FINRA Code, the
arbitrator(s) shall be selected from the securities industry and the arbitration
proceeding shall be held in New York City.
15.
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Term and Termination of
Agreement
|
This
Agreement shall become effective on the date first set forth above and shall
continue in effect until terminated as provided herein. This Agreement may be
terminated by either party hereto at any time upon at least ninety (90) days'
written notice. Notwithstanding the foregoing, this Agreement is terminable (i)
upon less than ninety (90) days’ notice if required by applicable law, rule,
regulation, order or instruction by a court of competent jurisdiction or a
regulatory body or self-regulatory organization with jurisdiction over the
terminating party and (ii) by any party at any time by giving 30 days’ written
notice to the other party in the event of a material breach of this Agreement by
the other party or that is not cured during such 30-day period.
16.
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Notices
|
All
notices and other communications hereunder shall be given or made in writing and
shall be delivered personally, or sent by telex, facsimile, express delivery or
registered or certified mail, postage prepaid, return receipt requested, to the
party or parties to whom they are directed at the following addresses, or at
such other addresses as may be designated by notice from such party to all other
parties.
If
to Company:
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BlackRock
Investments, Inc.
00
Xxxx 00xx Xxxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxxx Xxxxxxxx/Xxxx Xxxxxxxx
With
a copy to: Xxxxxx Xxxxxxx, Chief Compliance Officer
(000)
000-0000 (phone)
(000)
000-0000 (facsimile)
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If
to CGM:
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Citigroup
Global Markets Inc.
000
Xxxxxxxxx Xxx, 00xx Xxxxx
Xxx
Xxxx, XX 00000
Attention:
Xxxx X’Xxxxxxxx
(000)
000-0000 (phone)
(000)
000-0000 (facsimile)
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Any
notice, demand or other communication given in a manner prescribed in this
Section 16 shall be deemed to have been delivered on receipt.
17.
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Non-exclusivity
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Each
party to this Agreement acknowledges that the other party hereto may enter into
similar agreements with third parties.
18.
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Miscellaneous
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A.
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This
Agreement represents the entire agreement between the parties with regard
to the matters described herein and may not be modified or amended by
Company except by written instrument executed by CGM. CGM may
modify or amend this agreement upon notice to Company. This Agreement may
not be assigned by any party hereto without the prior written consent of
the other parties. This Agreement is made and shall be construed under the
laws of the State of New York without giving effect to principles of
conflict of laws. This Agreement supersedes all previous agreements and
understandings between the parties with respect to its subject
matter. If any provision of the Agreement shall be held or made
invalid by a statute, rule, regulation, decision of a tribunal or
otherwise, the remainder of the Agreement shall not be affected thereby.
This Agreement may be executed in any number of counterparts, all of which
taken together shall constitute one agreement, and any party hereto may
execute this Agreement by signing any such
counterpart.
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B.
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As
used in this Agreement, an “affiliate” of a party means any entity or
person controlling, controlled by or under common control with such
party.
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C.
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The
provisions of Sections 5, 9, 10, 11A, 12, 14, 15, 18 and Schedule 1 shall
survive the termination of this
Agreement.
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D.
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All
Schedules, as they may be amended from time to time, are incorporated
herein by reference and made part of this
Agreement.
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IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
as of the date first above written.
CITIGROUP
GLOBAL MARKETS INC.
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BLACKROCK
INVESTMENTS, INC.
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||
By:
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By:
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||
Name:
|
Name:
|
||
Title:
|
Title:
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SCHEDULE
A
List
of Applicable Funds under the Terms of this Agreement
Name
of Fund
|
BlackRock
Fixed Income Value Opportunites
|
SCHEDULE
B
Distribution
Services and Sales Support Services
Except
as otherwise designated in the Agreement, CGM agrees to provide distribution
services and sales support services for the Funds for which it receives a
distribution and sales support fee, which services may include some or all of
the following:
|
1)
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the
implementation of marketing and promotional activities, including direct
mail promotions;
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|
2)
|
the
distribution of sales literature;
|
|
3)
|
the
payment of expenditures for sales or distribution support services such as
for telephone facilities and in-house
telemarketing;
|
|
4)
|
the
payment of commissions, incentive compensation or other compensation to,
and expenses of, account executives or other employees of CGM,
attributable to distribution or sales support
activities;
|
|
5)
|
the
payment of travel, equipment, printing, delivery and mailing costs,
overhead and other office expenses of CGM attributable to distribution or
sales support activities, as applicable;
and
|
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6)
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the
payment of any other costs and expenses relating to distribution or sales
support activities.
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The specific services to be provided
for each Fund shall be determined by mutual agreement between CGM and the
Company.
SCHEDULE
1
FEES
Company
and/or the Funds shall pay the following amounts to CGM or its
designee:
Name
of Fund
|
Fee
Description
|
Fee
Amount
|
BlackRock
Fixed Income Value Opportunies (FIVO)
|
General
Shareholder Services
|
0.25%
of the net asset value of the common shares owned by Clients, but not to
exceed 2.29% of the total price to the public of the common shares sold by
CGM in FIVO’s initial public offering
|
Distribution
Services and Sales Support Services
|
0.25%
of the net asset value of the common shares owned by Clients, but not to
exceed 2.29% of the total price to the public of the common shares sold by
CGM in FIVO’s initial public offering
|
|
The
general shareholder services and distribution services and sales support
services fees described in this Schedule 1 will be payable to CGM within 15 days
of receipt by Company of CGM’s invoice for such fees.
This
Schedule 1 may be amended from time to time by CGM and Company executing a
revised Schedule 1 and the terms of this Agreement will otherwise remain in
effect.
CITIGROUP
GLOBAL MARKETS INC.
|
BLACKROCK
INVESTMENTS, INC.
|
||
By:
|
By:
|
||
Name:
|
Name:
|
||
Title:
|
Title:
|