Exhibit (b)(3)
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
THIS THIRD AMENDED AND RESTATED CREDIT AGREEMENT (the "Restated Credit
Agreement"), dated as of November 29, 2002, among certain borrowers set forth on
the signature pages hereto (each, a "Borrower"), the various financial
institutions parties thereto (collectively, the "Banks"), The Bank of New York,
as syndication agent, State Street Bank and Trust Company and JPMorgan Chase
Bank, as co-documentation agents and Bank One, NA as administrative agent.
WHEREAS, the Borrowers (other than the New Borrower (as defined below)),
the Banks, the Administrative Agent and various other agents entered into a
Second Amended and Restated Credit Agreement dated as of November 30, 2001,
amending the Amended and Restated Credit Agreement dated as of December 1, 2000,
among certain Borrowers and certain Banks (together, the "Credit Agreement";
terms defined in the Credit Agreement are, unless otherwise defined or the
context otherwise requires, used herein as defined therein); and
WHEREAS, the parties hereto desire to amend and restate the Credit
Agreement in its entirety as hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), the parties hereto agree as follows:
SECTION 1 AMENDMENT. Effective as of the date hereof, the Credit Agreement
shall be amended in accordance with Sections 1.1 through 1.8 below.
1.1 Definition. The definition of "Termination Date" in Section 1.1 of the
Credit Agreement is hereby amended by the deletion of the date "November 29,
2002" and the substitution of the date "November 28, 2003."
1.2 Aggregate Commitment Amounts. On the effective date of this amendment,
the aggregate Commitment Amounts shall equal $500,000,000.
1.3 New Borrower. Merrill Lynch Variable Series Funds, Inc., not in its
individual capacity, but on behalf of the following series thereof, Merrill
Lynch Focus Twenty V.I. Fund (the "New Borrower"), by its execution of this
Amendment hereby, agrees that effective the date hereof, New Borrower shall be a
Borrower under the Credit Agreement. Merrill Lynch Variable Series Fund, Inc.,
not in its individual capacity, but on behalf of Merrill Lynch Focus Twenty V.I.
Fund, agrees to be bound by the terms and conditions of the Credit Agreement as
a Borrower.
Merrill Lynch Variable Series Fund, Inc., not in its individual capacity,
but on behalf of the New Borrower, hereby represents as to such New Borrower
that as of the date hereof and after giving effect hereto: (i) the
representations and warranties set forth in Article IV of the Credit Agreement
with respect to such New Borrower are true and correct; (ii) the New Borrower is
in compliance in all material respects with all of the terms and provisions set
forth in
the Credit Agreement on its part to be observed or performed; and (iii) no
Default or Event of Default with respect to such New Borrower has occurred and
be continuing.
1.4 Swing Line Advances. Section 2.1(b) of the Credit Agreement is hereby
amended to state in its entirety as follows:
"(b) Notwithstanding the provisions of clause (a) of this Section
2.1, and subject to the terms and conditions of this Agreement, each Swing
Line Lender agrees to make an amount equal to its Commitment Amount
available by making Loans (each, a "Swing Line Advance," and,
collectively, the "Swing Line Advances") to any Borrower and each Borrower
may borrow, repay and reborrow such Swing Line Advances, from time to time
during the Revolving Credit Period, upon notice by any Borrower to the
Administrative Agent in accordance with Section 2.2(c), in an aggregate
principal amount at any time outstanding not to exceed the aggregate
Commitment Amounts of the Swing Line Lenders (after giving effect to all
Swing Line Advances requested); provided that the aggregate amount of all
Loans outstanding from each Swing Line Lender (after giving effect to all
Swing Line Advances requested) shall not exceed the respective Swing Line
Lender's Commitment Amount. All Swing Line Advances shall be made by the
Swing Line Lenders on a pro rata basis. Swing Line Advances may be Federal
Funds Rate Loans or Base Rate Loans. Each Borrower promises to pay each
Swing Line Advance made to such Borrower, together with any and all
accrued and unpaid interest thereon, on the earlier of (A) ten (10) days
after the date such Swing Line Advance was made, (B) the date of the next
Loan made to such Borrower by the Banks pursuant to clause (a) of this
Section, and (C) the Termination Date. If (x) any Swing Line Advance
remains outstanding to any Borrower more than ten (10) days from the date
of the advance thereof, (y) Loans are not requested pursuant to clause (a)
of this Section by such Borrower prior to the Termination Date, or (z) the
Administrative Agent so requests at any time in its sole and absolute
discretion, then each Bank (including each of the Swing Line Lenders in
its respective capacity as a Bank) shall fund its pro rata share (based
upon such Bank's Commitment Percentage) of the principal amount of such
Swing Line Advance with a Committed Loan, which Committed Loan shall
initially be a Base Rate Loan. Each Bank's obligation to make such
payments to the Administrative Agent for account of the Swing Line Lenders
under this paragraph (b), and the Swing Line Lenders' rights to receive
the same, shall be absolute and unconditional and shall not be affected by
any circumstance whatsoever, including, without limitation, the failure of
any other Bank to make its payment under this paragraph (b), the financial
condition of any Borrower, the existence of any Default or Event of
Default, the failure of any of the conditions set forth in Article III to
be satisfied, or the termination of the Commitments. Each such payment to
the Swing Line Lenders shall be made without any offset, abatement,
withholding or reduction whatsoever. Each Bank agrees to fund its pro rata
share of such outstanding Swing Line Advances on (i) the Business Day on
which demand therefore is made by the Swing Line Lenders as aforesaid,
provided that notice of such demand is given not later than 1:00 P.M.
(Chicago time) on such Business Day or (ii) the first Business Day next
succeeding such demand if notice of such demand is given after such time.
If and to the extent that any Bank shall not have so made the amount of
such Swing Line Advance available to the Administrative Agent, such Bank
agrees to pay to the Administrative Agent for the account of the Swing
Line Lenders forthwith on demand such amount together with interest
thereon, for each day from the date of demand by the Swing Line Lenders
until the date such amount is paid to the Administrative Agent, at the
Federal Funds Rate."
2
1.5 Confidentiality. Section 8.11(f) of the Credit Agreement, and the
portion of Section 8.11 immediately following Section 8.11(f), are hereby
amended to state as follows:
"(f) to any assignee or participant (or prospective assignee or
participant) or any other Person acquiring an interest in this Agreement
by operation of law or any direct or indirect contractual counterparty (or
its advisors) to any swap, hedge, securitizations or other derivative
transactions (each a "Transferee") so long as such assignee or participant
(or prospective assignee or participant) or Transferee first agrees in
writing to be bound by the terms of this Section 8.11; provided, further,
that unless specifically prohibited by applicable law or court order, each
Bank and the Administrative Agent shall, prior to disclosure thereof,
notify the Borrowers of any request for disclosure of any such non-public
information (i) by any governmental agency or representative thereof
(other than any such request in connection with an examination of the
financial condition of such Bank by such governmental agency) or (ii)
pursuant to legal process."
1.6 Schedule 1. Schedule 1 to the Credit Agreement is hereby amended to
state as set forth as Schedule 1 to this Restated Credit Agreement.
1.7 Schedule 4.9. Schedule 4.9 to the Credit Agreement is hereby amended
to state as set forth as Schedule 4.9 to this Restated Credit Agreement.
1.8 Schedule 5.20. Schedule 5.20 to the Credit Agreement is hereby amended
to state as set forth as Schedule 5.20 to this Restated Credit Agreement.
SECTION 2 CONDITIONS PRECEDENT. This Restated Credit Agreement shall
become effective when each of the conditions precedent set forth in this Section
2 shall have been satisfied.
2.1 Receipt of Amendment. This Restated Credit Agreement shall have been
duly executed by the Borrowers, the Administrative Agent and the Banks.
2.2 Receipt of Other Documents. The Administrative Agent shall have
received from the New Borrower:
(a) a manually signed certificate from the Secretary of the New
Borrower, in form and substance satisfactory to the Administrative Agent
and dated the date of this Amendment, as to (i) the incumbency of, and
bearing manual specimen signatures of, the Authorized Signatories of such
New Borrower, and (ii) certifying and attaching copies of (A) such New
Borrower's Organization Documents as then in effect, (B) duly authorized
resolutions of such New Borrower's board of directors or trustees
authorizing the transactions contemplated hereby, (C) the Prospectus of
such New Borrower and (D) all amendments to such New Borrower's investment
objectives, policies and restrictions since the date of such Prospectus;
and
(b) an opinion of counsel to such New Borrower in form satisfactory
to the Administrative Agent.
3
2.3 Compliance with Warranties, No Default, etc. Both before and after
giving effect to the effectiveness of this Restated Credit Agreement, the
following statements by each Borrower and, to the extent such Borrower is a
series of a Trust or a Maryland corporation, such Trust or Maryland corporation,
not in its individual capacity, but on behalf of such Borrower, shall be true
and correct (and each Borrower, and, to the extent such Borrower is a series of
a trust or a Maryland corporation, such Trust or Maryland corporation, not in
its individual capacity, but on behalf of such Borrower, by its execution of
this Restated Credit Agreement, hereby severally represents and warrants to the
Banks with respect to itself that such statements are true and correct as at
such times):
(a) the representations and warranties with respect to such Borrower
set forth in Article IV of the Credit Agreement, as amended and restated
hereby, shall be true and correct with the same effect as if then made
(unless stated to relate solely to an earlier date, in which case such
representations and warranties shall be true and correct as of such
earlier date); and
(b) no Default or Event of Default shall have then occurred and be
continuing with respect to such Borrower.
2.4 Receipt of Allocation Notice. The Administrative Agent shall have
received an Allocation Notice from the Borrowers.
SECTION 3 REPRESENTATIONS AND WARRANTIES. To induce the Banks to enter
into this Restated Credit Agreement, each Borrower and, to the extent such
Borrower is a series of a Trust or a Maryland corporation, such Trust or
Maryland corporation, not in its individual capacity, but on behalf of such
Borrower, severally represents and warrants with respect to itself to each Bank
as follows:
3.1 Due Authorization, Non-Contravention, etc. The execution, delivery and
performance by such Borrower or, to the extent such Borrower is a series of a
Trust or a Maryland corporation, such Trust or Maryland corporation on behalf of
such Borrower, of this Restated Credit Agreement is within such Borrower's, or
to the extent such Borrower is a series of a Trust or a Maryland corporation,
such Trust's or such Maryland corporation's trust or corporate powers, as the
case may be, have been duly authorized by all necessary trust or corporate
action, as applicable, on the part of such Borrower or, to the extent such
Borrower is a series of a Trust or Maryland corporation, such Trust or such
Maryland corporation, and do not
(a) conflict with such Borrower's, or to the extent such Borrower is
a series of a Trust or a Maryland corporation, such Trust's or Maryland
corporation's, Organization Documents;
(b) conflict with the most recent Prospectus or the most recent SAI
(if applicable) of, any law applicable to, material agreement binding
upon, or court or administrative order or decree applicable to, such
Borrower; or
(c) result in, or require the creation or imposition of, any Lien on
any of such Borrower's assets.
4
3.2 Government Approval, Regulation, etc. No authorization or approval or
other action by, and no notice to or filing with, any Governmental Authority or
regulatory body or other Person is required for the due execution, delivery or
performance of this Restated Credit Agreement by such Borrower, or to the extent
Borrower is a series of a Trust or a Maryland corporation, such Trust or such
Maryland corporation.
3.3 Validity, etc. This Restated Credit Agreement constitutes the legal,
valid and binding obligation of such Borrower enforceable in accordance with its
terms except as enforceability may be limited by bankruptcy, insolvency,
reorganization, receivership, fraudulent conveyance, fraudulent transfer,
moratorium or other similar laws of general application affecting the
enforcement of creditors' rights or by general principles of equity (regardless
of whether considered in a proceeding in equity or at law).
SECTION 4 MISCELLANEOUS.
4.1 Amendment and Restatement. Upon the effectiveness hereof, the Credit
Agreement shall be restated in its entirety to read as set forth in the Credit
Agreement, as amended hereby, and all rights and obligations of the parties
shall be as set forth in the Restated Credit Agreement as amended and restated
hereby (except that any provision of the Credit Agreement which by its terms
survives termination thereof shall remain in full force and effect).
4.2 Payment of Costs and Expenses. Each Borrower severally agrees to pay
on demand its pro rata share of all reasonable out-of-pocket expenses of the
Administrative Agent (including the reasonable fees and out-of-pocket expenses
of counsel to the Administrative Agent) in connection with the negotiation,
preparation, execution and delivery of this Restated Credit Agreement.
4.3 Severability. Any provision of this Restated Credit Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Restated
Credit Agreement or affecting the validity or enforceability of such provision
in any other jurisdiction.
4.4 Headings. The various headings of this Restated Credit Agreement are
inserted for convenience only and shall not affect the meaning or interpretation
of this Restated Credit Agreement or any provisions hereof.
4.5 Execution in Counterparts. This Restated Credit Agreement may be
executed by the parties hereto in several counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and
the same agreement.
4.6 Governing Law. THIS RESTATED CREDIT AGREEMENT SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.
4.7 Successors and Assigns. This Restated Credit Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns.
5
IN WITNESS WHEREOF, the parties hereto have caused this Restated Credit
Agreement to be executed by their respective officers thereunto duly authorized
as of the day and year first above written.
Mercury Variable Trust, on behalf of the following
series:
*Mercury International Value V.I. Fund
Master Large Cap Series Trust, on behalf of each
of the following series:
*Master Large Cap Growth Portfolio
*Master Large Cap Value Portfolio
*Master Large Cap Core Portfolio
Quantitative Master Series Trust, on behalf of
each of the following series:
*Master Enhanced International Series
*Master International (Cap Weighted) Series
*Master Enhanced S&P 500 Series
*Master Extended Market Index Series
*Master MidCap Series
Fund Asset Management Master Trust, on behalf of
each of the following series:
*Total Return Bond Master Portfolio
*Low Duration Master Portfolio
Mercury Funds II, on behalf of the following
series:
*Mercury International Value Fund
The Corporate Fund Accumulation Program, Inc.
Mercury V.I., Funds, Inc., on behalf of the
following series:
*Merrill Lynch Large Cap Growth V.I. Fund
Merrill Lynch Short Term U.S. Government Fund,
Inc.
Merrill Lynch Emerging Markets Debt Fund, Inc.
The Asset Program, Inc., on behalf of each of the
following series:
*Merrill Lynch Mid Cap Value Fund
*Mercury Growth Opportunity Fund
Merrill Lynch Balanced Capital Fund, Inc.
Merrill Lynch Bond Fund, Inc., on behalf of each
of the following series:
*High Income Portfolio
*Intermediate Term Portfolio
*Core Bond Portfolio
Merrill Lynch Developing Capital Markets Fund,
Inc.
Merrill Lynch Disciplined Equity Fund, Inc.
Merrill Lynch Dragon Fund, Inc.
Merrill Lynch Fundamental Growth Fund, Inc.
Merrill Lynch Global Allocation Fund, Inc.
Merrill Lynch Global Growth Fund, Inc.
Mercury Global Holdings, Inc.
Merrill Lynch Global Small Cap Fund, Inc.
Merrill Lynch Global Technology Fund, Inc.
Merrill Lynch Utilities and Telecommunications
Fund, Inc.
Merrill Lynch Global Value Fund, Inc.
Merrill Lynch Healthcare Fund, Inc.
Merrill Lynch Latin America Fund, Inc.
Merrill Lynch Municipal Bond Fund, Inc., on behalf
of each of the following series:
*The Insured Portfolio
*The National Portfolio
Merrill Lynch Pacific Fund, Inc.
Merrill Lynch Focus Value Fund, Inc.
Merrill Lynch Senior Floating Rate Fund, Inc.
Merrill Lynch Series Fund, Inc., on behalf of each
of the following series:
*Large Cap Core Strategy Portfolio
*Global Allocation Strategy Portfolio
*Fundamental Growth Strategy Portfolio
*High Yield Portfolio
*Intermediate Government Bond Portfolio
*Core Bond Strategy Portfolio
*Balanced Capital Strategy Portfolio
*Natural Resources Portfolio
Merrill Lynch Variable Series Funds, Inc., on
behalf of each of the following series:
*Merrill Lynch American Balanced V.I. Fund
*Merrill Lynch Basic Value V.I. Fund
*Merrill Lynch Developing Capital Markets V.I.
Fund
*Merrill Lynch Global Growth V.I. Fund
*Merrill Lynch Global Allocation V.I. Fund
*Merrill Lynch Utilities and Telecommunications
V.I. Fund
*Merrill Lynch Government Bond V.I. Fund
*Merrill Lynch Index 500 V.I. Fund
*Merrill Lynch Large Cap Core V.I. Fund
*Merrill Lynch Large Cap Value V.I. Fund
*Merrill Lynch Small Cap Value V.I. Fund
*Merrill Lynch High Current Income V.I. Fund
*Merrill Lynch Core Bond V.I. Fund
*Merrill Lynch Fundamental Growth V.I. Fund
*Merrill Lynch Focus Twenty V.I. Fund
Merrill Lynch World Income Fund, Inc.
The Municipal Fund Accumulation Program, Inc.
Merrill Lynch California Municipal Series Trust,
on behalf of each of the following series:
*Merrill Lynch California Insured Municipal Bond
Fund
Merrill Lynch EuroFund
Merrill Lynch U.S. Government Mortgage Fund
Merrill Lynch Global Bond Fund for Investment and
Retirement
Merrill Lynch Natural Resources Trust
Merrill Lynch International Equity Fund
Merrill Lynch Multi-State Municipal Series Trust,
on behalf of each of the following series:
*Merrill Lynch Florida Municipal Bond Fund
*Merrill Lynch New Jersey Municipal Bond Fund
*Merrill Lynch New York Municipal Bond Fund
*Merrill Lynch Pennsylvania Municipal Bond Fund
Merrill Lynch Municipal Series Trust a/k/a Merrill
Lynch Municipal Intermediate Term Fund
Merrill Lynch Equity Income Fund
Global Financial Services Master Trust, on behalf
of the following series:
*Global Financial Services Portfolio
Quantitative Master Series Trust, on behalf of
each of the following series:
*Master Aggregate Bond Index Series
*Master S&P 500 Index Series
*Master Small Cap Index Series
Master Basic Value Trust
Master Focus Twenty Trust
Master Senior Floating Rate Trust
Master Small Cap Value Trust
Master U.S. High Yield Trust
Mercury Master Trust, on behalf of each of the
following series:
*Mercury Master Global Balanced Portfolio
*Mercury Master International Portfolio
*Mercury Master Pan-European Growth Portfolio
*Mercury Master U.S. Small Cap Growth Portfolio
By:___________________________________________
Title ________________________________________
BANK ONE, NA,
Individually and as Administrative Agent
By:___________________________________________
Title ________________________________________
STATE STREET BANK AND TRUST COMPANY,
Individually and as Co-Documentation Agent
By:___________________________________________
Title ________________________________________
JPMORGAN CHASE BANK,
Individually and as Co-Documentation Agent
By:___________________________________________
Title ________________________________________
THE BANK OF NEW YORK
Individually and as Syndication Agent
By:___________________________________________
Title ________________________________________
CITIBANK, N.A.
By:___________________________________________
Title ________________________________________
BROWN BROTHERS HARRIMAN & CO.
By:___________________________________________
Title ________________________________________
BNP PARIBAS
By:___________________________________________
Title ________________________________________
By:___________________________________________
Title ________________________________________
ABN AMRO BANK N.V.
By:___________________________________________
Title ________________________________________
By:___________________________________________
Title ________________________________________
MELLON BANK, N.A.
By:___________________________________________
Title ________________________________________
HSBC BANK USA
By:___________________________________________
Title ________________________________________
BANK OF AMERICA, N.A.
By:___________________________________________
Title ________________________________________
PNC BANK, NATIONAL ASSOCIATION
By:___________________________________________
Title ________________________________________
DANSKE BANK A/S
By:___________________________________________
Title ________________________________________
By:___________________________________________
Title ________________________________________
Schedule 1
ADDRESSES FOR NOTICES AND
COMMITMENT AMOUNTS
Bank One, NA Commitment Amount: $75,000,000
1 Bank One Plaza Commitment Percentage: 15%
Chicago, IL 60670
Attention: Nicole Holzapfel
Telephone: (212) 373-1126
Facsimile: (212) 373-1393
ABN AMRO Bank N.V. Commitment Amount: $30,000,000
500 Park Avenue Commitment Percentage: 6%
New York, NY 10022
Attention: Mr. Giovanni Fallone
Telephone: 212-446-4111
Facsimile: 212-446-4335
The Bank of New York Commitment Amount: $60,000,000
One Wall Street Commitment Percentage: 12%
New York, NY 10286
Attention: Mr. Andrew S. Demko
Telephone: 212-635-6872
Facsimile: 212-809-9566
BNP Paribas Commitment Amount: $25,000,000
787 7th Avenue Commitment Percentage: 5%
28th Floor
New York, NY 10019
Attention: Mr. Laurent Vanderzyppe
Telephone: 212-841-2927
Facsimile: 212-841-2533
Schedule 1 - 1
JPMorgan Chase Bank Commitment Amount: $60,000,000
270 Park Avenue Commitment Percentage: 12%
New York, NY 10017
Attention: Ms. Maria Dell'Aquila
Telephone: 212-270-7527
Facsimile: 212-270-1511
HSBC Bank USA Commitment Amount: $25,000,000
452 5th Ave. Commitment Percentage: 5%
25th Floor
New York, NY 10018
Attention: Mr. Paul Lopez
Telephone: 212-525-6662
Facsimile: 212-525-8370
Bank of America, N.A. Commitment Amount: $25,000,000
335 Madison Ave Commitment Percentage: 5%
5th Floor
New York, NY 10017
Attention: Ms. Maryanne Fitzmaurice
Telephone: 212-503-8343
Facsimile: 212-503-7027
Brown Brothers Harriman & Co. Commitment Amount: $25,000,000
40 Water Street Commitment Percentage: 5%
Boston, MA 02109
Attention: Mr. Michael McDonald
Telephone: 617-772-1364
Facsimile: 617-772-1138
Schedule 1 - 2
Citibank, N.A. Commitment Amount: $30,000,000
399 Park Ave. Commitment Percentage: 6%
12th Floor Zone 11
New York, NY 10043
Attention: Ms. Gabriella DePonte
Telephone: 212-559-4624
Facsimile: 212-371-6309
Mellon Bank, N.A. Commitment Amount: $25,000,000
One Mellon Bank Center Commitment Percentage: 5%
Room 4425
Pittsburgh, PA 15258-0001
Attention: Ms. Marla De Yulis
Telephone: 412-236-9141
Facsimile: 412-234-9047
State Street Bank and Trust Company Commitment Amount: $60,000,000
Mutual Fund Lending Commitment Percentage: 12%
Lafayette Corporate Center
2 Avenue de Lafayette
2nd Floor
Boston, MA 02111
Attention: Mr. Charles Garrity
Telephone: 617-662-1282
Facsimile: 617-662-2325
PNC Bank, National Association Commitment Amount: $25,000,000
70 E. 55th St., 24th Floor Commitment Percentage: 5%
New York, NY 10022
Attention: Don Davis
Telephone: 212-303-0034
Facsimile: 212-303-0064
Schedule 1 - 3
Danske Bank A/S Commitment Amount: $35,000,000
299 Park Avenue, 14th Floor Commitment Percentage: 7%
New York, NY 10171
Attention: George Neofitides
Telephone: 212-984-8439
Facsimile: 212-984-9568
Schedule 1 - 4
Schedule 4.9
Master Senior Floating Rate Trust
Merrill Lynch Short Term U.S. Government Fund, Inc.
Merrill Lynch California Municipal Series Trust,
on behalf of the following series:
*Merrill Lynch California Insured Municipal Bond Fund
Merrill Lynch U.S. Government Mortgage Fund
Merrill Lynch Global Bond Fund for Investment and Retirement
Merrill Lynch Multi-State Municipal Series Trust,
on behalf of each of the following series:
*Merrill Lynch Florida Municipal Bond Fund
*Merrill Lynch New Jersey Municipal Bond Fund
*Merrill Lynch New York Municipal Bond Fund
*Merrill Lynch Pennsylvania Municipal Bond Fund
Merrill Lynch Municipal Bond, Inc.,
on behalf of each of the following series:
*The Insured Portfolio
*The National Portfolio
Merrill Lynch Municipal Series Trust
a/k/a Merrill Lynch Municipal Intermediate
Term Fund
Merrill Lynch Senior Floating Rate Fund, Inc.
Merrill Lynch Series Funds, Inc.,
on behalf of the following series:
*Intermediate Government Bond Portfolio
Merrill Lynch Variable Series Funds, Inc.,
on behalf of the following series:
*Merrill Lynch Government Bond V.I. Fund
The Municipal Fund Accumulation Program, Inc.
Schedule 4.9 - 1
Schedule 5.20
- --------------------------------------------------------------------------------
NAME OF BORROWER NAME OF CUSTODIAN*
- ---------------- ------------------
- --------------------------------------------------------------------------------
Mercury Variable Trust, Brown Brothers
on behalf of each of the following series:
*Mercury International Value V.I. Fund
- --------------------------------------------------------------------------------
Fund Asset Management Master Trust, Brown Brothers
on behalf of each of the following series:
*Total Return Bond Master Portfolio
*Low Duration Master Portfolio
- --------------------------------------------------------------------------------
Mercury Funds II, Brown Brothers
on behalf of the following series:
*Mercury International Value Fund
- --------------------------------------------------------------------------------
Maryland Corporations:
- --------------------------------------------------------------------------------
The Corporate Fund Accumulation Program, Inc. BONY
- --------------------------------------------------------------------------------
Mercury V.I., Funds, Inc., Brown Brothers
on behalf of the following series:
*Merrill Lynch Large Cap Growth V.I. Fund
- --------------------------------------------------------------------------------
Merrill Lynch Short Term U.S. Government Fund, Inc. BONY
- --------------------------------------------------------------------------------
Merrill Lynch Emerging Markets Debt Fund, Inc. Brown Brothers
- --------------------------------------------------------------------------------
The Asset Program, Inc., BONY
on behalf of each of the following series:
*Merrill Lynch Mid Cap Value Fund
*Mercury Growth Opportunity Fund
- --------------------------------------------------------------------------------
Merrill Lynch Balanced Capital Fund, Inc. BONY
- --------------------------------------------------------------------------------
Merrill Lynch Bond Fund, Inc., State Street
on behalf of each of the following series:
*High Income Portfolio
*Intermediate Term Portfolio
*Core Bond Portfolio
- --------------------------------------------------------------------------------
Merrill Lynch Developing Capital Markets Fund, Inc. Brown Brothers
- --------------------------------------------------------------------------------
Merrill Lynch Disciplined Equity Fund, Inc. JPMorgan Chase
- --------------------------------------------------------------------------------
Merrill Lynch Dragon Fund, Inc. Brown Brothers
- --------------------------------------------------------------------------------
Merrill Lynch Fundamental Growth Fund, Inc. JPMorgan Chase
- --------------------------------------------------------------------------------
Schedule 5.20 - 1
- --------------------------------------------------------------------------------
NAME OF BORROWER NAME OF CUSTODIAN*
- ---------------- ------------------
- --------------------------------------------------------------------------------
Merrill Lynch Global Allocation Fund, Inc. Brown Brothers
- --------------------------------------------------------------------------------
Merrill Lynch Global Growth Fund, Inc. State Street
- --------------------------------------------------------------------------------
Mercury Global Holdings, Inc. JPMorgan Chase
- --------------------------------------------------------------------------------
Merrill Lynch Global Small Cap Fund, Inc. Brown Brothers
- --------------------------------------------------------------------------------
Merrill Lynch Global Technology Fund, Inc. Brown Brothers
- --------------------------------------------------------------------------------
Merrill Lynch Utilities and Telecommunications
Fund, Inc. JPMorgan Chase
- --------------------------------------------------------------------------------
Merrill Lynch Global Value Fund, Inc. Brown Brothers
- --------------------------------------------------------------------------------
Merrill Lynch Healthcare Fund, Inc. JPMorgan Chase
- --------------------------------------------------------------------------------
Merrill Lynch Latin America Fund, Inc. Brown Brothers
- --------------------------------------------------------------------------------
Merrill Lynch Municipal Bond Fund, Inc., BONY
on behalf of each of the following series:
*The Insured Portfolio
*The National Portfolio
- --------------------------------------------------------------------------------
Merrill Lynch Pacific Fund, Inc. Brown Brothers
- --------------------------------------------------------------------------------
Merrill Lynch Focus Value Fund, Inc. JPMorgan Chase
- --------------------------------------------------------------------------------
Merrill Lynch Senior Floating Rate Fund, Inc. BONY
- --------------------------------------------------------------------------------
Merrill Lynch Series Fund, Inc., BONY
on behalf of each of the following series:
*Large Cap Core Strategy Portfolio
*Global Allocation Strategy Portfolio
*Fundamental Growth Strategy Portfolio
*High Yield Portfolio
*Intermediate Government Bond Portfolio
*Core Bond Strategy Portfolio
*Balanced Capital Strategy Portfolio
*Natural Resources Portfolio
- --------------------------------------------------------------------------------
Schedule 5.20 - 2
- --------------------------------------------------------------------------------
NAME OF BORROWER NAME OF CUSTODIAN*
- ---------------- ------------------
- --------------------------------------------------------------------------------
Merrill Lynch Variable Series Funds, Inc., All BONY, except as noted
on behalf of each of the following series:
*Merrill Lynch American Balanced V.I. Fund
*Merrill Lynch Basic Value V.I. Fund
*Merrill Lynch Developing Capital Markets V.I. Fund *Brown Brothers
*Merrill Lynch Global Growth V.I. Fund
*Merrill Lynch Global Allocation V.I. Fund
*Merrill Lynch Utilities and Telecommunications V.I.
Fund
*Merrill Lynch Government Bond V.I. Fund
*Merrill Lynch Index 500 V.I. Fund
*Merrill Lynch Large Cap Core V.I. Fund
*Merrill Lynch Large Cap Value V.I. Fund
*Merrill Lynch Small Cap Value V.I. Fund
*Merrill Lynch High Current Income V.I. Fund
*Merrill Lynch Core Bond V.I. Fund
*Merrill Lynch Fundamental Growth V.I. Fund
*Merrill Lynch Focus Twenty V.I. Fund
- --------------------------------------------------------------------------------
Merrill Lynch World Income Fund, Inc. State Street
- --------------------------------------------------------------------------------
The Municipal Fund Accumulation Program, Inc. BONY
- --------------------------------------------------------------------------------
Massachusetts Business Trusts:
- --------------------------------------------------------------------------------
Merrill Lynch California Municipal Series Trust, BONY
on behalf of the following series:
*Merrill Lynch California Insured Municipal Bond Fund
- --------------------------------------------------------------------------------
Merrill Lynch EuroFund Brown Brothers
- --------------------------------------------------------------------------------
Merrill Lynch U.S. Government Mortgage Fund BONY
- --------------------------------------------------------------------------------
Merrill Lynch Global Bond Fund for Investment and
Retirement State Street
- --------------------------------------------------------------------------------
Merrill Lynch Natural Resources Trust BONY
- --------------------------------------------------------------------------------
Merrill Lynch International Equity Fund Brown Brothers
- --------------------------------------------------------------------------------
Merrill Lynch Multi-State Municipal Series Trust, State Street
on behalf of each of the following series:
*Merrill Lynch Florida Municipal Bond Fund
*Merrill Lynch New Jersey Municipal Bond Fund
*Merrill Lynch New York Municipal Bond Fund
*Merrill Lynch Pennsylvania Municipal Bond Fund
- --------------------------------------------------------------------------------
Schedule 5.20 - 3
- --------------------------------------------------------------------------------
NAME OF BORROWER NAME OF CUSTODIAN*
- ---------------- ------------------
- --------------------------------------------------------------------------------
Merrill Lynch Municipal Series Trust State Street
a/k/a Merrill Lynch Municipal Intermediate Term Fund
- --------------------------------------------------------------------------------
Merrill Lynch Equity Income Fund State Street
- --------------------------------------------------------------------------------
Delaware Business Trusts:
- --------------------------------------------------------------------------------
Global Financial Services Master Trust, Brown Brothers
on behalf of the following series:
*Global Financial Services Portfolio
- --------------------------------------------------------------------------------
Quantitative Master Series Trust All Merrill Lynch Global
on behalf of each of the following series: Custody except as noted
*Master Aggregate Bond Index Series
*Master S&P 500 Index Series
*Master Small Cap Index Series
*Master Enhanced International Series JPMorgan Chase
*Master International (Cap Weighted) Series JPMorgan Chase
*Master Enhanced S&P 500 Series JPMorgan Chase
*Master Extended Market Index Series JPMorgan Chase
*Master MidCap Series JPMorgan Chase
- --------------------------------------------------------------------------------
Master Basic Value Trust BONY
- --------------------------------------------------------------------------------
Master Focus Twenty Trust BONY
- --------------------------------------------------------------------------------
Master Senior Floating Rate Trust BONY
- --------------------------------------------------------------------------------
Master Small Cap Value Trust BONY
- --------------------------------------------------------------------------------
Master U.S. High Yield Trust State Street
- --------------------------------------------------------------------------------
Mercury Master Trust, Brown Brothers
on behalf of each of the following series:
*Mercury Master Global Balanced Portfolio
*Mercury Master International Portfolio
*Mercury Master Pan-European Growth Portfolio
*Mercury Master U.S. Small Cap Growth Portfolio
- --------------------------------------------------------------------------------
Master Large Cap Series Trust, on behalf of each of Brown Brothers
the following series:
*Master Large Cap Core Portfolio
*Master Large Cap Growth Portfolio
- --------------------------------------------------------------------------------
Schedule 5.20 - 4
- --------------------------------------------------------------------------------
NAME OF BORROWER NAME OF CUSTODIAN*
- ---------------- ------------------
- --------------------------------------------------------------------------------
*Master Large Cap Value Portfolio
- --------------------------------------------------------------------------------
*
o "BONY" = The Bank of New York
o "Brown Brothers" = Brown Brothers Harriman & Co.
o "JPMorgan Chase" = JPMorgan Chase Bank
o "State Street" = State Street Bank and Trust Company
Schedule 5.20 - 5