Common use of DEFERRED COMPENSATION LEDGER ACCOUNT Clause in Contracts

DEFERRED COMPENSATION LEDGER ACCOUNT. A. Prior to the beginning of each calendar year while this Agreement is in force, the Participant may make an irrevocable written election (attached to and made a part of this Agreement) to defer receipt of all or any portion of such Participant's Compensation from the Funds that would otherwise be received during the next succeeding calendar year. B. An irrevocable written election to defer receipt of Compensation may also be made at the time of the Participant's election to the board of trustees of any of the Funds (or appointment to a consulting committee thereof, as applicable) and the election to defer receipt of Compensation shall be effective for the remaining portion of the calendar year in which such Participant was elected or appointed, as the case may be. C. Any Compensation deferred under the terms of this Agreement shall be controlled solely by the terms of this Agreement. D. The irrevocable written election of the Participant to defer receipt of Compensation shall be effective only as to the Compensation for the year specified in such election. E. Any amounts of Compensation deferred by the Participant shall be credited to a Deferred Compensation Ledger Account established for such Participant and maintained by the Deferral Account Agent (as hereafter defined). Any payments of Deferred Compensation based upon such Deferred Compensation Ledger Account shall only be made at the time and under the occurrences set forth in Part II of this Agreement. F. At the time of the Participant's election to defer Compensation and once each calendar quarter thereafter, the Participant may designate in writing that amounts deferred be deemed to be invested in one of the funds set forth in Exhibit 1 (each of the foregoing a "Deemed Investment Option" and collectively, the "Deemed Investment Options"). In the event that any Deemed Investment Option shall cease to be offered, the Deferral Account Agent shall notify the Participant that such Deemed Investment Option is no longer available. A Participant will not be able to select a Deemed Investment Option if the actual purchase thereof would violate sections 12(d)(1) or 13(a)(3) of the Investment Company Act of 1940, as amended. G. The election to designate deemed investments as described above shall be subject to restrictions as to minimum and maximum amounts as announced from time to time by the Funds. The Funds shall have the right at any time to add new Deemed Investment Options, cease to offer or withdraw any or all of the Deemed Investment Options and alter or adjust the basis or method of calculating any earnings for any of the Deemed Investment Options outlined above. H. Unless otherwise instructed, the Funds will designate one or more agents ("Deferral Account Agent") to maintain a Deferred Compensation Ledger Account for the benefit of each Participant. The Deferral Account Agent shall periodically measure the hypothetical investment performance of the Participant's Deferred Compensation Ledger Account. The value of a Deferred Compensation Ledger Account will be equal to the value such account would have had if the Compensation had been invested and reinvested in shares of the Deemed Investment Options. Each Deferred Compensation Ledger Account will be credited or charged with book adjustments representing all interest, dividends and other earnings and all gains and losses that would have been realized had the amounts credited to such account actually been invested in each Deemed Investment Option. Any amounts deemed to be invested in the Deemed Investment Options shall be subject to all applicable provisions as set forth in the applicable Prospectus. I. The Funds and/or the Deferral Account Agent reserves the right to debit the Deferred Compensation Ledger Account by the amount of any federal or state taxes which they may incur as a result of investment earnings on amounts held under this Agreement. J. The Funds shall be under no obligation to actually make any investments as described in Paragraph F. In any event, if any investments are made, the Deferral Account Agent shall be named the owner and shall have all of the rights and privileges conferred by any instrument evidencing such investments. In no event shall Deferred Compensation Ledger Account investments be segregated, set aside or held in trust or escrow. The sums represented by the Deferred Compensation Ledger Account shall be subject to the claims of general creditors of the Deferral Account Agent.