Common use of Application of Income Clause in Contracts

Application of Income. The Classes of Units in each Sub-Fund may either distribute or reinvest the proportion of the Sub-Fund’s earnings to which these Classes are entitled. By convention, Class A is usually a distributing Class, while other Classes are usually reinvesting Classes. Whether the relevant Class is a distributing or a reinvesting Class is set out in the respective Annex A. With respect to the distributing Classes, the Management Company may, at such times as it thinks fit, declare such dividends as appear to the Management Company to be justified by the profits in respect of such Classes being all or some portion of the net income and/or all or some portion of the net realized gains, subject to that no more than 10% of the net income of the Class can be carried forward on an annual basis. Additionally, the Management Company may, at such times as it thinks fit and in accordance with the requirements of the FMA, also declare such dividends on any distributing Class out of the capital of the relevant Sub-Fund to which such Class is entitled. Further information specific to distributing Classes is disclosed in Annex A. No interest will be paid on declared distributions after their due date.

Application of Income. The Classes of Units in each Sub-Fund may either distribute or reinvest the proportion of the Sub-Fund’s earnings to which these Classes are entitled. By convention, Class A is usually a distributing Class, while other Classes are usually reinvesting Classes. Whether the relevant Class is a distributing or a reinvesting Class is set out in the respective Annex A. With respect to the distributing Classes, the Management Company may, at such times as it thinks fit, declare such dividends as appear to the Management Company to be justified by the profits in respect of such Classes being all or some portion of the net income and/or all or some portion of the net realized gains, subject to that no more than 10% of the net income of the Class can be carried forward on an annual basis. Additionally, the Management Company may, at such times as it thinks fit and in accordance with the requirements of the FMA, also declare such dividends on any distributing Class out of the capital of the relevant Sub-Fund to which such Class is entitled. Further information specific to distributing Classes is disclosed in Annex A. No interest will be paid on declared distributions after their due date.

Application of Income. ‌ The Classes of Units in each Sub-Fund may either distribute or reinvest the proportion of the Sub-Fund’s earnings to which these Classes are entitled. By convention, Class A is usually a distributing Class, while other Classes are usually reinvesting Classes. Whether the relevant Class is a distributing or a reinvesting Class is set out in the respective Annex A. With respect to the distributing Classes, the Management Company may, at such times as it thinks fit, declare such dividends as appear to the Management Company to be justified by the profits in respect of such Classes being all or some portion of the net income and/or all or some portion of the net realized gains, subject to that no more than 10% of the net income of the Class can be carried forward on an annual basis. Additionally, the Management Company may, at such times as it thinks fit and in accordance with the requirements of the FMA, also declare such dividends on any distributing Class out of the capital of the relevant Sub-Fund to which such Class is entitled. Further information specific to distributing Classes is disclosed in Annex A. No interest will be paid on declared distributions after their due date.