Compensation to the Distributor. As compensation for providing services under this Agreement, the Distributor shall receive the following fees: (a) for each series and/or class of shares of a Trust for which a distribution plan pursuant to Section 12(b) of the 1940 Act and Rule 12b-1 promulgated thereunder (“12b-1 Plan”) is in effect, a distribution and/or service fee at the rate and under the terms and conditions described in each such 12b-1 Plan, subject to any limitations on such fees as the Board of Trustees of the applicable Trust may impose; and (b) that portion of any front-end sales load received from shareholders upon the purchase of Trust shares which is not otherwise paid out to the broker-dealer, agent or other financial intermediary involved in the sale. Additional payments to the Distributor from the Trusts’ investment adviser, Madison Asset Management, LLC (the “Adviser”), or the Trusts’ administrator may be made in accordance with applicable law. The parties to this Agreement recognize that the Distributor is a wholly-owned subsidiary of Madison Investment Holdings, Inc. (“MIH”), and all its costs and expenses hereunder not otherwise reimbursed by 12b-1 Plan payments will be borne by the Adviser, a subsidiary of MIH, pursuant to a shared services agreement between the Adviser and the Distributor. The Distributor has no employees of its own and shares all personnel and resources with the Adviser, MIH and/or their affiliates.
Compensation to the Distributor. It is understood and agreed by the parties hereto that the Distributor shall receive, in compensation for services performed by the Distributor hereunder: (a) a sales charge, if any, from certain of the Funds as are set forth in each applicable Fund's Prospectus and Statement of Additional Information (as the same may be amended or supplemented from time to time) and such other compensation as set forth on Exhibit A hereto. Payments, if any, to the Distributor for services rendered hereunder shall be made by the Trust quarterly in arrears not later than the fifth business day following the end of each calendar quarter in which said services were rendered.
Compensation to the Distributor. It is understood and agreed by the parties hereto that the Distributor shall receive, in compensation for services performed by the Distributor hereunder, such remuneration, if any, as set forth on Exhibit A hereto.
Compensation to the Distributor. For services rendered pursuant to this Agreement, the Trust shall pay to the Distributor, on a monthly basis, the fees as set forth in Exhibit B to this Agreement. This Agreement contemplates that the Firms providing services in connection with the sale and servicing of Shares will be compensated by the Distributor in accordance with the terms of this Agreement and the Prospectus. For the month and year in which this Agreement becomes effective or terminates, there shall be an appropriate proration on the basis of the number of days that the Agreement is in effect during the month and year, respectively. The net asset value per Share and the net assets of each of the Funds shall be calculated in accordance with the provisions of the Prospectus. On each day when net asset value is not calculated, the net asset value per Share shall be deemed to be the net asset value of such a Share as of the close of business on the last previous day on which such calculation was made. The fees payable to the Distributor shall be in addition to and shall not be reduced or offset by the amount of any contingent deferred sales charge received by the Distributor. The Distributor may also receive compensation from Xxxxxxx and S. Bleichroeder Advisors, Inc., the Fund's investment adviser, as the Distributor and the investment adviser may agree from time to time.
Compensation to the Distributor. As compensation for providing services under this Agreement, the Distributor shall receive for each Trust fund class for which a distribution plan pursuant to Section 12(b) of the 1940 Act and Rule 12b-1 promulgated thereunder (“12b-1 Plan”) is in effect, a distribution and/or service fee at the rate and under the terms and conditions of each such 12b-1 Plan, as such 12b-1 Plans are in effect from time to time for any of the Trusts’ shares or share classes, and subject to any further limitations on such fees as the Board may impose. Other than payments under applicable 12b-1 Plans, unless a current prospectus provides for compensation to underwriters or to persons who distribute Trust shares, the Distributor shall receive no direct compensation in connection with the activities authorized hereby. Additional payments to the Distributor from the Trusts’ investment adviser, Madison Asset Management, LLC (the “Advisor”), or the Trusts’ administrator may be made in accordance with applicable law. The parties to this agreement recognize that the Distributor is a wholly owned subsidiary of Madison Investment Advisors, Inc. and all its costs and expenses hereunder not otherwise reimbursed by 12b-1 Plan payments will be borne by the Advisor, a subsidiary of Madison Investment Advisors, Inc., pursuant to a shared services agreement between the Advisor and the Distributor. The Distributor has no employees of its own and shares all personnel and resources with the Advisor, Madison Investment Advisors, Inc. and/or their affiliates. 6.
Compensation to the Distributor. As compensation for all of its services provided and its costs assumed under this Agreement, the Distributor shall receive the following forms and amounts of compensation:
(a) The Distributor shall be entitled to receive or retain any front-end sales charge imposed in connection with sales of shares of each Fund, as set forth in the applicable current Prospectus. Up to the entire amount of such front-end sales charge may be reallowed by the Distributor to broker-dealers in connection with their sale of Fund shares. The amount of the front-end sales charge (if any) may be retained or deducted by the Distributor from any sums received by it in payment for shares so sold. If such amount is not deducted by the Distributor from such payments, such amount shall be paid to the Distributor by the Company not later than five business days after the close of any calendar quarter during which any such sales were made by the Distributor and payment received by the Company.
(b) The Distributor shall be entitled to receive or retain any contingent deferred sales charge imposed in connection with any redemption of shares of each Fund, as set forth in the applicable current Prospectus.
Compensation to the Distributor. As compensation for all of its services provided and its costs assumed under this Agreement, the Distributor shall receive the following forms and amounts of compensation:
(a) The Distributor shall be entitled to receive or retain any front-end sales charge imposed in connection with sales of shares of each Fund, as set forth in the applicable current Prospectus. Up to the entire amount of such front-end sales charge may be reallowed by the Distributor to broker-dealers in connection with their sale of Fund shares. The amount of the front-end sales charge (if any) may be retained or deducted by the Distributor from any sums received by it in payment for shares so sold. If such amount is not deducted by the Distributor from such payments, such amount shall be paid to the Distributor by the Company not later than five business days after the close of any calendar quarter during which any such sales were made by the Distributor and payment received by the Company.
(b) The Distributor shall be entitled to receive or retain any contingent deferred sales charge imposed in connection with any redemption of shares of each Fund, as set forth in the applicable current Prospectus.
(c) Pursuant to the Company's Plan of Distribution adopted in accordance with Rule 12b-1 under the 1940 Act (the "Plan"):
(i) Class A of each Fund offering shares of such class, and each Fund that does not issue multiple classes of shares, is obligated to pay the Distributor a total fee in connection with the servicing of shareholder accounts of such class or Fund and in connection with distribution-related services provided in respect of such class or Fund, calculated daily and payable quarterly, at the annual rate of .50% of the value of the average daily net assets of such class or Fund with respect to Small Company Growth Fund, Emerging Growth Fund, Growth Fund, Growth and Income Fund, Balanced Fund and Government Income Fund, and .30% of the value of the average daily net assets of such class or Fund with respect to Intermediate Bond Fund, National Tax-Exempt Fund, Minnesota Tax-Exempt Fund, Money Market Fund, Tax-Exempt Money Market Fund and U.S.Government Money Market Fund. All or any portion of such total fee may be payable as a Shareholder Servicing Fee designed to cover Shareholder Servicing Costs, and all or any portion of such total fee may be payable as a Distribution Fee designed to cover Distribution Expenses, as determined from time to time by the Company's Board of Director...
Compensation to the Distributor. Unless a current prospectus of the applicable Trust provides for compensation to underwriters or to persons who distribute its shares, the Distributor shall receive no direct compensation in connection with the activities authorized hereby. The Trusts shall reimburse to the Distributor monthly for any reimbursable costs incurred by the Distributor in connection with the affairs of the Trusts. Such "reimbursable cost" shall be limited to the reasonable costs incurred by the Distributor in connection with services rendered to the Trusts' existing shareholders approved by the Trustees of the Trusts or in connection with registration under State or Federal securities laws, taxes or other out-of-pocket charges incurred by reason of sales or redemptions of the Trusts' shares, but only to the extent the Distributor is not otherwise directly compensated for such services, sales or redemptions. The parties to this agreement recognize that the Distributor is a wholly owned subsidiary of Madison Investment Advisors, Inc. and it all its costs and expenses will be borne by Madison Investment Advisors, Inc. and its other wholly owned subsidiary, Madison Mosaic, LLC pursuant to a shared services agreement between Madison Mosaic, LLC and the Distributor.
Compensation to the Distributor. (a) As compensation for all of its services provided and its costs assumed under this Agreement for the Institutional Shares, the Fund shall reimburse the Distributor for its actual Distribution Expenses incurred in connection with sales of Institutional Shares. All such reimbursements will be separately computed for and paid by each Portfolio and will be based on the actual Distribution Expenses incurred with respect thereto. On or before the 15th day of each month, the Distributor shall provide the Fund with an itemized list of costs of distribution incurred during the preceding month with respect to distribution of Institutional Shares of each Portfolio. The Fund shall reimburse the Distributor for such costs within 30 days of receipt of such itemized list.
(b) As compensation for all of its services provided and its costs assumed under this Agreement for the Class A Shares, the Distributor shall receive the following forms and amounts of Compensation, to the extent permitted by the Plan and Rule 12b-1 of the 1940 Act.
Compensation to the Distributor. Unless a current prospectus of the Trust provides for compensation to underwriters or to persons who distribute its shares, the Distributor shall receive no direct compensation in connection with the activities authorized hereby. Except to any extent specifically otherwise authorized by the terms of a current prospectus of the Trust, the Distributor shall sell and redeem shares of the Trust at their current net asset value. The Trust shall reimburse to the Distributor monthly for any reimbursable costs incurred by the Distributor in connection with the affairs of the Trust. Such "reimbursable cost" shall be limited to the reasonable costs incurred by the Distributor in connection with services rendered to the Trust's existing shareholders approved by the Trustees of the Trust or in connection with registration under State or Federal securities laws, taxes or other out-of-pocket charges incurred by reason of sales or are redemptions of the Trust's shares, but only to the extent the Distributor is not otherwise directly compensated for such services, sales or redemptions. The "costs" which are reimbursable hereunder shall be deemed to include both the relevant direct expenditures by the Distributor (including the cost of goods and services obtained from other) and the related overhead costs, such as depreciation, interest, employee supervision, rent and like costs. Where only a portion of a specific expenditure by the Distributor is related to reimbursable costs hereunder, then the Distributor may allocate such amount between the Trust and other activities of the Distributor on a reasonable basis, which may involve the use of assumptions and approximations not subject to precise verification without undue cost, provided that majority of the Trustees, including a majority of the Trustees who are not interested persons of the Trust, approve the basis upon which such allocations are made. The Distributor may, in its discretion, defer billing to and payment by the Trust of any reimbursable costs hereunder, and no such deferment shall affect the right of the Distributor to receive reimbursement from the Trust when the reimbursable costs are billed.
