DISTRIBUTION THROUGH APPROVED DEALERS Sample Clauses

DISTRIBUTION THROUGH APPROVED DEALERS. LFL will pay the Selling Commissions based on sales of Deferred Sales Charge Shares only through Approved Dealers, and LFL will not itself directly or indirectly promote, market or sell any Shares or accept orders for the purchase of Shares. All Deferred Sales Charge Shares will be sold at a price equal to the Net Asset Value per Share at the time of purchase, without a sales charge payable by investors. TGSS will advise LFL upon the execution hereof and regularly as required thereafter so long as LFL is entitled hereunder to act as Commission Payer and receive fees hereunder of the names of all Approved Dealers through whom the Deferred Sales Charge Shares may be sold. The Distributors agree not to knowingly accept purchase orders from Persons with respect to the sale of Deferred Sales Charge Shares in any jurisdiction in which the Deferred Sales Charge Shares are not registered, qualified for sale or otherwise exempt from the need to qualify for sale under applicable securities legislation. In respect of any such purchase orders which are unknowingly accepted by the Distributors, the Deferred Sales Charge Shares sold pursuant to such orders will be subject to this Agreement unless the trade in such Shares is subsequently reversed, in which case such Deferred Sales Charge Shares shall not be subject to this Agreement and the Distributors, will forthwith, following the trade reversal and out of the proceeds of the trade reversal, refund to LFL the amount of the Selling Commissions paid by it, if any, in respect of such Shares.