EXHIBIT K2
AGREEMENT
FOR DIRECT DEPOSIT (AUTOMATED CLEARING HOUSE)
DIVIDEND DISBURSEMENT SERVICES
BETWEEN
"THE NEW AMERICA HIGH INCOME FUND, INC."
AND
STATE STREET BANK & TRUST
This Agreement sets forth the terms and conditions under which State
Street Bank & Trust. (State Street) will provide the following Direct Deposit
Automated Clearing House ("ACH") Dividend Disbursement Services to "The New
America High Income Fund, Inc." (hereinafter referred to as "New America").
A. FEES FOR AUTOMATED CLEARING HOUSE DIVIDEND DISBURSEMENT SERVICES:
For the ACH services as stated in Section C provided by Boston
EquiServe under this Agreement, The New America High Income Fund, Inc.
will be charged as follows:
$ 2,500.00 Initial Set-up Fee
$ 1.50 Per Account for Initial Mailing
of Material (One Time Only)
$ 150.00 Monthly Processing Fee
B. AUTOMATED CLEARING HOUSE (ACH) DIVIDEND DISBURSEMENT SERVICES
As Dividend Disbursing Agent, State Street agrees to perform the
following ACH related services to The New America High Income Fund,
Inc. in accordance with the fees set forth in Section B hereinabove.
- Preparing Sub-Attached Authorization Card and Return Envelope with
one (1) additional enclosure to all Company Name shareholders.
- Reviewing cards for accuracy and identifying cards with incomplete
information.
- Mailing cure letter to shareholders with incomplete cards.
- Identifying cards received after the cut off date.
- Coding accounts for ACH and performing pre-note test.
- Identifying rejected ACH transmissions and mail dividend checks.
- Responding to shareholder inquiries concerning the ACH Program.
- Coding cards received after cut off date.
- Calculating on a monthly basis the share breakdown for ACH vs.
other dividend payments and notifying Company Name of funding
amount for ACH transmissions and other payable date funds.
- Crediting ACH designated bank accounts automatically on dividend
payable date.
- Ongoing maintenance of ACH participant file, including coding new ACH
accounts.
- Processing termination requests.
C. ITEMS NOT COVERED
All out-of-pocket expenses such as telephone line charges associated
with toll free telephone calls, overprinting of authorization cards,
stationery, facsimile charges, cost of disposal of excess material,
etc. will be billed as incurred.
ALL SERVICES NOT SPECIFICALLY COVERED UNDER THIS AGREEMENT WILL BE
BILLED IN ACCORDANCE BY STATE STREET.
D. FUNDING
Dividend funds to cover ACH payments must be received by State Street
one (1) business day prior to the dividend payable date.
E. CONTACT ACCEPTANCE
In witness whereof, the parties hereto have caused this Agreement to be
executed by their respective officers, hereunto duly agreed and
authorized, as of the effective day of this Agreement.
XXXXX XXXXXX XXXX & XXXXX "XXX XXX XXXXXXX HIGH INCOME FUND, INC."
By: /s/ Xxxxxxx Xxxxx By: /s/ Xxxxx X. Xxxxx
Title: Title: Vice President
Date: Date: 2/7/00
