Common use of Timeliness and Accuracy of Noon Day Redemption Wires Clause in Contracts

Timeliness and Accuracy of Noon Day Redemption Wires. (Transfer Agent Provides Cash Management Services) ------------------------------------------------ Service Description: ------------------- Certain institutional clients input redemption trades via the Rite/Lion remote system. Trades are input up until 12:00 noon at which time Dreyfus will shut down remote access and send a merge file to the Transfer Agent. The Transfer Agent will process the trades and send redemption wires to the respective institutions. The Transfer Agent will provide Dreyfus with a report indicating the time that noon day redemption wires were sent to institutional clients. Transfer Agent's Objective: -------------------------- The Transfer Agent's objective is to manage this service so that 99.5% of redemption wires are accurate and sent within two and one-half hours following the shut down, or merge of the system. Method of Calculation: --------------------- Should the Transfer Agent fail to meet this objective it would result in a credit to total Per-Account Fees billed to the Fund each month. Using its Noon Day Redemption Wire Report, the Transfer Agent will multiply the number of late wires by the fee credit below. This credit information would then be passed to Dreyfus' Mutual Fund Accounting Department for allocation to the Fund against the fees to be paid hereunder. Fee Credits and Explanatory Letter: ---------------------------------- Per late or incorrect wire: Transfer Agent's wire transfer charge plus reimbursement for any unjust enrichment, calculated based upon the effective Federal Funds rate for the month or the current yield of the Fund, if an income fund, whichever is higher, paid to the affected client upon claim. In addition, a senior employee of the Transfer Agent will, promptly after the discovery of a late or incorrect wire, send a letter to the affected client explaining and apologizing for such error.