Common use of Initial Sales Loads Payable to Financial Institution Clause in Contracts

Initial Sales Loads Payable to Financial Institution. (a) On each order accepted by Distributor, in exchange for the performance of sales services and/or distribution services, Financial Institution will be entitled to receive the applicable dealer concession set forth in the then current prospectus or statement of additional information ("SAI") of the applicable Fund or applicable Fund Exhibit, whichever contains more recent information, subject to any adjustment in the rate of such concession referred to below, from the amount paid by Financial Institution's customer. The initial sales loads for any Fund shall be those set forth in its prospectus. The rate of the dealer concession payable to Financial Institution may be changed at any time at Distributor's sole discretion upon written notice to Financial Institution. (b) Transactions may be settled by Financial Institution: (1) by payment of the full purchase price less an amount equal to Financial Institution's applicable percentage of the initial sales load, or (2) by payment of the full purchase price, in which case Financial Institution shall receive, not less frequently than monthly, the aggregate fees due it on orders received and settled. Upon request, Financial Institution shall provide Distributor with a report detailing the amounts retained by Financial Institution under subparagraph (b)(1). (c) It shall be the obligation of the Financial Institution either: (i) to provide Distributor with all necessary information regarding the application of the appropriate initial sales load to each transaction, or (ii) to assess the appropriate initial sales load for each transaction and to forward the public offering price, net of the amount of the initial sales load to be reallowed to the Financial Institution, to the appropriate Fund. Neither the Fund nor Distributor shall have any responsibility to correct the payment or assessment of an incorrect initial sales load due to the failure of the Financial Institution to fulfill the foregoing obligation.

Initial Sales Loads Payable to Financial Institution. (a) On each order accepted by Distributor, in exchange for the performance of sales services and/or distribution services, Financial Institution will be entitled to receive the applicable dealer concession set forth in the then current prospectus or statement of additional information ("SAI") of the applicable Fund or applicable Fund Exhibit, whichever contains more recent information, subject to any adjustment in the rate of such concession referred to below, from the amount paid by Financial Institution's customer. The initial sales loads for any Fund shall be those set forth in its prospectus. The rate of the dealer concession payable to Financial Institution may be changed at any time at Distributor's sole discretion upon written notice to Financial Institution. (b) Transactions may be settled by Financial Institution: (1i) by payment of the full purchase price less an amount equal to Financial Institution's applicable percentage of the initial sales load, or (2ii) by payment of the full purchase price, in which case Financial Institution shall receive, not less frequently than monthly, the aggregate fees due it on orders received and settled. Upon request, Financial Institution shall provide Distributor with a report detailing the amounts retained by Financial Institution under subparagraph (b)(14(b)(i). (c) It shall be the obligation of the Financial Institution either: (i) to provide Distributor with all necessary information regarding the application of the appropriate initial sales load to each transaction, or (ii) to assess the appropriate initial sales load for each transaction and to forward the public offering price, net of the amount of the initial sales load to be reallowed to the Financial Institution, to the appropriate Fund. Neither the Fund nor Distributor shall have any responsibility to correct the payment or assessment of an incorrect initial sales load due to the failure of the Financial Institution to fulfill the foregoing obligation.