AMENDED AND RESTATED ACCOUNTING SERVICES AGREEMENT
EXHIBIT
(h)(2)
AMENDED AND RESTATED ACCOUNTING SERVICES AGREEMENT
THIS AGREEMENT is made as of January 1, 2009 by and between MERIDIAN FUND, INC., a
Maryland corporation (the “Fund”) and PNC GLOBAL INVESTMENT SERVICING (U.S.) INC., a
Massachusetts corporation (“PNC”). Capitalized terms not otherwise defined shall have the
meanings set forth in Appendix A.
BACKGROUND
A. The Fund is registered as an open-end management investment company under the
Investment Company Act of 1940, as amended (the “1940 Act”).
B. PNC (formerly, PFPC Inc.) and the Fund are parties to an Accounting Services
Agreement dated as of February 5, 1994, as amended to date (the “Superseded Agreement”)
which is terminated as of the date set forth above; and
C. The Fund wishes to continue to retain PNC to provide accounting services, and PNC
wishes to furnish such services to the Fund’s investment portfolios listed on Exhibit A
attached hereto and made a part hereof (each, a “Portfolio”) and as such Exhibit A may be
amended from time to time.
NOW, THEREFORE in consideration of the premises and the mutual covenants herein
contained, and intending to be legally bound hereby the parties hereto agree as follows:
1. Appointment. The Fund hereby appoints PNC to provide accounting services to each of
the Portfolios, in accordance with the terms set forth in this Agreement. PNC accepts such
appointment and agrees to furnish such services. PNC shall be under no duty to take any action
hereunder on behalf of the Fund or any Portfolio except as specifically set forth herein or as
may be specifically agreed to by PNC and the Fund in a written amendment hereto. PNC shall not
bear, or otherwise be responsible for, any fees, costs or expenses charged by any third party
service providers engaged by the Fund or by any other third party service provider to the Fund.
2. Instructions.
(a) Unless otherwise provided in this Agreement, PNC shall act only upon Oral
Instructions or Written Instructions.
(b) PNC shall be entitled to rely upon any Oral Instructions or Written Instructions it
receives from an Authorized Person pursuant to this Agreement. PNC may assume that any Oral
Instructions or Written Instructions received hereunder are not in any way inconsistent with
the provisions of organizational documents of the Fund or this Agreement or of any vote,
resolution or proceeding of the Fund’s Board of Directors or of the Fund’s shareholders, unless
and until PNC receives Written Instructions to the contrary.
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(c) The Fund may forward to PNC Written Instructions confirming Oral Instructions as
circumstances warrant so that PNC receives the Written Instructions by the close of business on the
same day that such Oral Instructions are received. The fact that such confirming Written
Instructions are not received by PNC or differ from the Oral Instructions shall in no way
invalidate the transactions or enforceability of the transactions authorized by the Oral
Instructions or PNC’s ability to rely upon such Oral Instructions.
3. Right to Receive Advice.
(a) Advice of the Fund. If PNC is in doubt as to any action it should or should not
take, PNC may request directions or advice, including Oral Instructions or Written Instructions,
from the Fund.
(b) Advice of Counsel. If PNC shall be in doubt pertaining to any action it should or
should not take with respect to a legal requirement under the Securities Laws, PNC may, at its
expense, request advice from counsel of its own choosing (who may be counsel for the Fund, the
Fund’s investment adviser or PNC, at the option of PNC).
(c) Conflicting Advice. In the event of a conflict between directions or advice or
Oral Instructions or Written Instructions PNC receives from the Fund, and the advice it receives
from counsel, PNC may rely upon and follow the advice of counsel, unless such advice
materially conflicts with the advice given by the Fund’s Counsel as to a legal requirement under
the Securities Laws. If practical under the circumstance, PNC shall notify the Fund prior to taking
or not taking any action as a result of such conflicting advice.
(d) No Obligation to Seek Advice. Nothing in this section shall be construed so as to
impose an obligation upon PNC (i) to seek such directions or advice or Oral Instructions or Written
Instructions, or (ii) to act in accordance with such directions or advice or Oral Instructions or
Written Instructions.
4. Records; Visits.
(a) The books and records pertaining to the Fund and the Portfolios that are in the possession
or under the control of PNC shall be the property of the Fund. The Fund and Authorized Persons
shall have access to such books and records at all times during PNC’s normal business hours. Upon
the reasonable request of the Fund, copies of any such books and records shall be provided by PNC
to the Fund or to an Authorized Person at the Fund’s expense.
(b) PNC shall keep the following records and for the periods prescribed under the 1940 Act,
rules thereunder and other applicable law:
(i) | all books and records with respect to the Fund’s books of account; | ||
(ii) | records of each Portfolio’s securities transactions; | ||
(iii) | all other records required to be maintained by PNC on the Fund’s behalf under this Agreement pursuant to Rules 31a-l and 31a-2 under the 1940 Act; |
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(c) Upon termination of this Agreement, PNC shall, at the Fund’s expense and reasonable
request and in accordance with Written Instructions, deliver a copy of the books and records
pertaining to the Fund or Portfolios that are in possession of or under the control of PNC, to the
Fund or any other person designated by the Fund.
5. Confidentiality. Each party shall keep confidential certain information relating to
the other party’s business, comprising: (a) any data or information that is competitively sensitive
material, and not generally known to the public, including, but not limited to, information about
product plans, marketing strategies, finances, operations, customer relationships, customer
profiles, customer lists, sales estimates, business plans, and internal performance results
relating to the past, present or future business activities of the Fund or PNC, their respective
subsidiaries and affiliated companies; (b) any scientific or technical information, design,
process, procedure, formula, or improvement that is commercially valuable and secret in the sense
that its confidentiality affords the Fund or PNC a competitive advantage over its competitors; (c)
all confidential or proprietary concepts, documentation, reports, data, specifications, computer
software, source code, object code, flow charts, databases, inventions, know-how, and trade
secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential
(collectively, “Confidential Information”). Notwithstanding the foregoing, information shall not be
Confidential Information and shall not be subject to a duty of confidentiality if it: (a) is
already known to the receiving party at the time it is obtained; (b) is or becomes publicly known
or available through no wrongful act of the receiving party; (c) is rightfully received from a
third party who, to the best of the receiving party’s knowledge, is not under a duty of
confidentiality; (d) is released by the protected party to a third party without restriction; (e)
is requested or required to be disclosed by the receiving party pursuant to a court order,
subpoena, governmental or regulatory agency request or law; (f) is Fund information provided by PNC
in connection with an independent third party compliance or other review; (g) is relevant to the
defense of any claim or cause of action asserted against the receiving party; (h) is necessary or
desirable for PNC to release such information in connection with the provision of services under
this Agreement; or (i) has been or is independently developed or obtained by the receiving party.
The provisions of this Section 5 shall survive termination of this Agreement for a period of three
(3) years after such termination.
6. Liaison with Accountants. PNC shall act as liaison with the Fund’s independent public
accountants and shall provide account analyses, fiscal year summaries, and other audit-related
schedules with respect to each Portfolio. PNC shall take all reasonable action in the performance
of its duties under this Agreement to assure that the necessary information is made available to
such accountants for the expression of their opinion, as required by the Fund.
7. PNC System. PNC shall retain title to and ownership of any and all data bases, computer
programs, screen formats, report formats, interactive design techniques, derivative works,
inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents,
copyrights, trade secrets, and other related legal rights utilized by PNC in connection with the
services provided by PNC to the Fund.
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8. Disaster Recovery. PNC shall enter into and shall maintain in effect with appropriate
parties one or more agreements making reasonable provisions for emergency use of electronic data
processing equipment to the extent appropriate equipment is available. In the event of equipment
failures, PNC shall, at no additional expense to the Fund, take reasonable steps to minimize
service interruptions. PNC shall have no liability with respect to the loss of data or service
interruptions caused by equipment failure provided such loss or interruption is not caused by PNC’s
own intentional misconduct, bad faith, negligence or reckless disregard of its duties or
obligations under this Agreement.
9. Compensation.
(a) As compensation for services rendered by PNC during the term of this Agreement, the Fund,
on behalf of each Portfolio, will pay to PNC a fee or fees as may be agreed to in writing by the
Fund and PNC.
(b) The undersigned hereby represents and warrants to PNC that (i) the terms of this
Agreement, (ii) the fees and expenses associated with this Agreement, and (iii) any benefits
accruing to PNC or to the adviser or sponsor to the Fund in connection with this Agreement,
including but not limited to any fee waivers, conversion cost reimbursements, up front payments,
signing payments or periodic payments made or to be made by PNC to such adviser or sponsor or any
affiliate of the Fund relating to this Agreement have been fully disclosed to the Board of
Directors of the Fund and that, if required by applicable law, such Board of Directors has approved
or will approve the terms of this Agreement, any such fees and expenses, and any such benefits.
(c) Notwithstanding the limitation of liability provisions of this Agreement or the
termination of this Agreement, the Fund shall remain responsible for paying to PNC the fees set
forth in the applicable fee letter.
10. Standard of Care/Limitations of Liability.
(a) Subject to the terms of this Section 10, PNC shall be liable to the Fund (or any
person or entity claiming through the Fund) for damages only to the extent caused by PNC’s own
intentional misconduct, bad faith, negligence or reckless disregard of its duties under this
Agreement (“Standard of Care”).
(b) PNC’s liability to the Fund and any person or entity claiming through the Fund o for any
loss, claim, suit, controversy, breach or damage of any nature whatsoever (including but not
limited to those arising out of or related to this Agreement) and regardless of the form of action
or legal theory (“Loss”) shall not exceed $8,000,000; provided, however, that the aggregate
liability of PNC and PFPC Trust Company for all losses, claims, suits, controversies, breaches or
damages of any nature whatsoever arising out of or related to this Agreement or any other agreement
for services by and between the Fund and PNC and/or PFPC Trust Company
(including without limitation the Amended and Restated Administration Assistance Services
Agreement) shall not exceed $8,000,000.
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(c) PNC shall not be liable for damages (including without limitation damages caused by
delays, failure, errors, interruption or loss of data) occurring directly or indirectly by reason
of circumstances beyond its reasonable control, including without limitation acts of God; action or
inaction of civil or military authority; national emergencies; public enemy; war; terrorism; riot;
fire; flood; catastrophe; sabotage; epidemics; labor disputes; civil commotion; interruption, loss
or malfunction of utilities, transportation, computer or communications capabilities; insurrection;
elements of nature; non-performance by a third party; failure of the mails; or functions or
malfunctions of the internet, firewalls, encryption systems or security devices caused by any of
the above, provided that PNC has acted in accordance with the standard set forth in section 10(a)
above.
(d) PNC shall not be under any duty or obligation to inquire into and shall not be liable for
the validity or invalidity, authority or lack thereof, or truthfulness or accuracy or lack thereof,
of any instruction, direction, notice, instrument or other information which PNC reasonably
believes to be genuine. PNC shall not be liable for any damages that are caused by actions or
omissions taken by PNC in accordance with Written Instructions. PNC shall not be liable for any
damages arising out of any action or omission to act by any prior service provider of the Fund or
for any failure to discover any such error or omission.
(e) Neither PNC nor its affiliates shall be liable for any consequential, incidental,
exemplary, punitive, special or indirect damages, whether or not the likelihood of such damages was
known by PNC or its affiliates.
(f) Each party shall have a duty to mitigate damages for which the other party may become
responsible.
(g) This Section 10 shall survive termination of this Agreement.
11. Indemnification. Absent PNC’s failure to meet its Standard of Care (defined in
Section 10 above), the Fund on behalf of each Portfolio agrees to indemnify, defend and hold
harmless PNC and its affiliates and their respective directors, trustees, officers, agents and
employees from all claims, suits, actions, damages, losses, liabilities, obligations, costs and
reasonable expenses (including attorneys’ fees and court costs, travel costs and other reasonable
out-of-pocket costs related to dispute resolution) arising directly or indirectly from: (a) any
action or omission to act by any prior service provider of the Fund; and (b) any action taken or
omitted to be taken by PNC at the request or direction of, or in reliance on, the advice of the
Fund or in accordance with Written Instructions in connection with the provision of services to the
Fund. This Section 11 shall survive termination of this Agreement. Any amounts payable by the Fund
hereunder shall be satisfied only against the relevant portfolio assets and not against the assets
of any other investment portfolio of the Fund. PNC shall give written notice to the Fund within
thirty days of receipt by PNC of notice of any claim that may be subject to indemnification.
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12. Description of Accounting Services on a Continuous Basis.
(a) PNC will perform the following accounting services with respect to each Portfolio:
(i) | Journalize cash investment, portfolio capital share and income and expense activities; | ||
(ii) | Verify investment securities transaction information when received from the investment adviser for a Portfolio (the “Adviser”) and transmit such information to the Fund’s custodian (the “Custodian”) for proper trade settlement; | ||
(iii) | Maintain individual ledgers for investment securities reflecting daily market values; | ||
(iv) | Maintain historical tax lots for each security; | ||
(v) | Reconcile cash and investment balances with the Custodian, and provide the Adviser with the daily beginning cash balance available for investment purposes; | ||
(vi) | Update the cash availability throughout the day as required by the Adviser; | ||
(vii) | Post to and prepare the Statement of Assets and Liabilities and the Statement of Operations; | ||
(viii) | Verify and record various contractual expenses (e.g., advisory and custody fees); | ||
(ix) | Monitor the expense accruals set by the Fund and notify an officer of the Fund of any proposed adjustments; | ||
(x) | Process all disbursements and authorize such disbursements upon Written Instructions; | ||
(xi) | Determine capital gains and losses; | ||
(xii) | Determine net income; | ||
(xiii) | Obtain security market quotes from independent pricing services approved by the Adviser, or if such quotes are unavailable, then obtain such prices from the Adviser, and in either case calculate the market value of each Portfolio’s investments on a daily basis and maintain a daily record of each portfolios valuation; | ||
(xiv) | Transmit or make available a copy of the daily portfolio valuation to the Adviser; | ||
(xv) | Determine net asset value; |
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(xvi) | As appropriate, assist the Fund with the computation of yields, total return, expense ratios, portfolio turnover rate, and, if required, portfolio average dollar-weighted maturity; | ||
(xvii) | Monitor securities held for timely posting of corporate actions and collection of dividends and interest; | ||
(xviii) | Verify and record daily interest income accruals and amortizations for fixed income debt securities; | ||
(xix) | As appropriate, provide foreign currency exchange rate realized and unrealized gains/losses detail; | ||
(xx) | Maintain dividend calculation and payment schedules; | ||
(xxi) | Maintain broker commission reporting ledger; | ||
(xxii) | Supply auditors with schedules supporting securities and shareholder transactions, income and expense accruals, etc. during the year in accordance with standard audit assistance requirements; | ||
(xxiii) | As applicable, provide N-SAR information reporting assistance; | ||
(xxiv) | Reconcile Accounting asset listing to Custodian asset listing and Custodian statements; | ||
(xxv) | Reconcile Fund share transactions to the Transfer Agent reports and enter in the accounting system; | ||
(xxvi) | Post entries and reconcile transactions, as applicable, to general ledger in order to maintain and keep current the daily Trial Balance; | ||
(xxvii) | Provide monthly Average Daily Net Assets report; | ||
(xxviii) | Provide daily reports to the Fund, as applicable, including Trial Balance and NAV Calculation Report; | ||
(xxix) | Provide monthly reports to the Fund, as applicable, including Security Purchase/Sales Journal, Interest and Maturity Report, Brokers Ledger (Commission Report), Security Ledger Transaction Report with Realized Gains/Losses, Security Ledger Tax Lot Holdings Report, and other reports as applicable. |
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(b) Nothing contained in this Agreement is intended to or shall require PNC, in any capacity
hereunder, to perform any functions or duties on any holiday, day of special observance or any
other day on which the New York Stock Exchange is not open for regular trading. Functions or duties
normally scheduled to be performed on such days shall be performed on, and as of, the next
succeeding business day on which the New York Stock Exchange is open.
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13. Duration and Termination.
(a) This initial term of this Agreement will be for the period of three (3) years (the “Initial
Term”), commencing on the date hereinabove first written (the “Effective Date”) and will continue
thereafter subject to termination by either party as set forth below. Upon expiration of the
Initial Term, the Agreement shall automatically renew for a term of one (1) year (“Renewal Term”)
each, unless the Fund or PNC provides written notice to the other party of its intent not to renew.
Either of the parties hereto may terminate this Agreement by giving the other party a notice in
writing specifying the date of such termination, which shall not be less than 90 days after the
date of giving such notice. The fees agreed to between the Fund and PNC will be fixed for three (3)
years commencing on the Effective Date of this Agreement and will continue thereafter subject to
their review and any adjustment as may be agreed in writing by the Fund and PNC. In the event the
Fund gives notice of termination, all expenses associated with movement (or duplication) of records
and materials and conversion thereof to a successor services provider (and any other service
provider(s)), and all trailing expenses incurred by PNC, will be borne by the Fund and paid to PNC
prior to any such conversion. Subject to the foregoing, upon termination of this Agreement, PNC
shall (i) at the Fund’s reasonable request and in accordance with Written Instructions, deliver a
copy of the books and records pertaining to the Fund or Portfolios that are under the possession or
control of PNC, to the Fund or any other person designated by the Fund; and (ii) in the event that
the Fund moves services described in this Agreement to a successor provider and notice of
termination was timely provided, PNC will use commercially reasonable efforts to facilitate the
conversion by the termination date. Should the Fund terminate this Agreement because of a material
breach by PNC, PNC agrees that all reasonable expenses or costs associated with the movement (or
duplication) of records and materials and conversion thereof to a successor service provider,
including all trailing expenses incurred by PNC, will be borne by PNC.
(b) If a party hereto is guilty of a material failure to perform its duties and obligations
hereunder (a “Defaulting Party”) the other party (the “Non-Defaulting Party”) may give written
notice thereof to the Defaulting Party, and if such material breach shall not have been remedied
within thirty (30) days after such written notice is given, then the Non-Defaulting Party may
terminate this Agreement by giving thirty (30) days written notice of such termination to the
Defaulting Party. In all cases, termination by the Non-Defaulting Party shall not constitute a
waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or
otherwise against the Defaulting Party.
14. Notices. Notices shall be addressed (a) if to PNC, at 000 Xxxxxxxx Xxxxxxx,
Xxxxxxxxxx, Xxxxxxxx 00000, Attention: President (or such other address as PNC may inform the Fund
in writing); (b) if to the Fund, at 00 X. Xxx Xxxxxxx Xxxxx Xxxx., Xxxxx 000, Xxxxxxxx, XX 00000,
Attention: President (or such other address as the Fund may inform PNC in writing) or (c) if to
neither of the foregoing, at such other address as shall have been given by like notice to the
sender of any such notice or other communication by the other party. If notice is sent by
confirming telegram, cable, telex, facsimile sending device, or other communication device capable
of delivering instantaneous written communications, it shall be deemed to have been given
immediately. If notice is sent by first-class mail, it shall be deemed to have been given
three days after it has been mailed. If notice is sent by messenger, it shall be deemed to
have been given on the day it is delivered.
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15. Amendments. This Agreement or any term thereof, may not be altered or amended
except by an instrument in writing executed by both parties.
16. Delegation; Assignment. This Agreement shall not be assignable by either party without
the written consent of the other party, provided, however, that PNC may assign its rights and
delegate its duties hereunder to any majority-owned direct or indirect subsidiary of PNC or of The
PNC Financial Services Group, Inc., provided that PNC gives the Fund thirty (30) days’ prior
written notice of such assignment or delegation.
17. Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same
instrument.
18. Further Actions. Each party agrees to perform such further acts and execute such
further documents as are necessary to effectuate the purposes hereof.
19. Miscellaneous.
(a) Notwithstanding anything in this Agreement to the contrary, the Fund agrees not to make
any modifications to its registration statement or adopt any policies which would affect materially
the obligations or responsibilities of PNC hereunder without the prior written approval of PNC,
which approval shall not be unreasonably withheld or delayed. The scope of services to be provided
by PNC under this Agreement shall not be increased as a result of new or revised regulatory or
other requirements that may become applicable with respect to the Fund, unless the parties hereto
expressly agree in writing to any such increase.
(b) During the term of this Agreement and for one year thereafter, the Fund shall not (with
the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for
employment or hire any of PNC’s employees, and the Fund shall cause the Fund’s sponsor and the
Fund’s affiliates not to (with the exceptions noted in the immediately succeeding sentence)
knowingly solicit or recruit for employment or hire any of PNC’s employees. To “knowingly” solicit,
recruit or hire within the meaning of this provision does not include, and therefore does not
prohibit, solicitation, recruitment or hiring of a PNC employee by the Fund, the Fund’s sponsor or
an affiliate of the Fund if the PNC employee was identified by such entity solely as a result of
the PNC employee’s response to a general advertisement by such entity in a publication of trade or
industry interest or other similar general solicitation by such entity.
(c) Except as expressly provided in this Agreement, PNC hereby disclaims all representations
and warranties, express or implied, made to the Fund or any other person, including, without
limitation, any warranties regarding quality, suitability, merchantability, fitness for a
particular purpose or otherwise (irrespective of any course of dealing, custom or usage of trade),
of any services or any goods provided incidental to services provided under this
Agreement. PNC disclaims any warranty of title or non-infringement except as otherwise set forth in
this Agreement.
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(d) This Agreement embodies the entire agreement and understanding between the parties and
supersedes all prior agreements (including the Superseded Agreement) and understandings relating to
the subject matter hereof, provided that the parties may embody in one or more separate documents
their agreement, if any, with respect to delegated duties. The captions in this Agreement are
included for convenience of reference only and in no way define or delimit any of the provisions
hereof or otherwise affect their construction or effect. Notwithstanding any provision hereof, the
services of PNC are not, nor shall they be, construed as constituting legal advice or the provision
of legal services for or on behalf of the Fund or any other person.
(e) This Agreement shall be deemed to be a contract made in Delaware and governed by Delaware
law, without regard to principles of conflicts of law.
(f) If any provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Except as may be explicitly stated in this Agreement,
(i) this Agreement is not for the benefit of any other person or entity and (ii) there shall be no
third party beneficiaries hereof.
(g) The Fund will provide such information and documentation as PNC may reasonably
request in connection with services provided by PNC to the Fund.
(h) The facsimile or other electronically reproduced signature of any party to this
Agreement shall constitute the valid and binding execution hereof by such party.
(i) To help the U.S. government fight the funding of terrorism and money laundering
activities, U.S. Federal law requires each financial institution to obtain, verify, and record
certain information that identifies each person who initially opens an account with that financial
institution on or after October 1, 2003. Certain of PNC’s affiliates are financial institutions,
and PNC may, as a matter of policy, request (or may have already requested) the Fund’s name,
address and taxpayer identification number or other government-issued identification number, and,
if such party is a natural person, that party’s date of birth. PNC may also ask (and may have
already asked) for additional identifying information, and PNC may take steps (and may have already
taken steps) to verify the authenticity and accuracy of such information.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day
and year first above written.
PNC GLOBAL INVESTMENT SERVICING (U.S.) INC. |
||||
By: | /s/ Xxx X. Xxxxxxxx | |||
Name: | Xxx X. Xxxxxxxx | |||
Title: | Senior Vice President | |||
MERIDIAN FUND, INC. |
||||
By: | /s/ Xxxxxxx X. Xxxxx, Xx. | |||
Name: | Xxxxxxx X. Xxxxx, Xx. | |||
Title: | President |
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EXHIBIT A
Portfolios
THIS EXHIBIT A, dated as of January 1, 2009, is Exhibit A to that certain Amended and Restated
Accounting Services Agreement dated as of January 1, 2009 between PNC GLOBAL INVESTMENT SERVICING
(U.S.) INC. and MERIDIAN FUND, INC.
Meridian Equity Income Fund
Meridian Growth Fund
Meridian Value Fund
Meridian Growth Fund
Meridian Value Fund
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APPENDIX A
Definitions
As used in this Agreement:
(a) | “1933 Act” means the Securities Act of 1933, as amended. |
||
(b) | “1934 Act” means the Securities Exchange Act of 1934, as amended. | ||
(c) | “Authorized Person” means any officer of the Fund and any other person duly authorized by the Fund’s Board of Directors to give Oral Instructions and Written Instructions on behalf of the Fund. An Authorized Person’s scope of authority may be limited by setting forth such limitation in a written document signed by both parties hereto. | ||
(d) | “Oral Instructions” mean oral instructions received by PNC from an Authorized Person or from a person reasonably believed by PNC to be an Authorized Person. PNC may, in its sole discretion in each separate instance, consider and rely upon instructions it receives from an Authorized Person via electronic mail as Oral Instructions. | ||
(e) | “SEC” means the Securities and Exchange Commission. | ||
(f) | “Securities Laws” mean the 1933 Act, the 1934 Act and the 1940 Act. |
||
(g) | “Shares” mean the shares of beneficial interest of any series or class of the Fund. | ||
(h) | “Written Instructions” mean (i) written instructions signed by an Authorized Person (or a person reasonably believed by PNC to be an Authorized Person) and received by PNC or (ii) trade instructions transmitted (and received by PNC) by means of an electronic transaction reporting system access to which requires use of a password or other authorized identifier. The instructions may be delivered electronically (with respect to sub-item (ii) above) or by hand, mail, telegram, cable, telex, facsimile, or other electronic communications sending device. |
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