TRS Long definition
TRS Long means (x) a Swap Transaction with daily settlement between the Fund and an Eligible Counterparty pursuant to which (a) the Eligible Counterparty is entitled to receive from the Fund an amount equal to (1) periodic payments based on the Notional Amount of such transaction for the term thereof at a specified rate (which may be fixed or floating) and/or (2) the decrease over the term of such transaction in the market value of a single designated Reference Security that is a debt Security and (b) the Eligible Counterparty is obligated to make payment to the Fund in an amount equal to (1) the interest, fees and other cash flows paid on such Reference Security for the term of such transaction and/or (2) the increase over the term of such transaction in the market value of such Reference Security or (c) the Eligible Counterparty and the Fund agree to pay a net amount calculated by reference to (a) and (b) above and (y) any transaction commonly referred to as a “total return swap” that is with respect to a single Reference Security that is a debt Security and that is substantially similar to the transactions described in clause (x).