Common use of Interest on Late Settlement Clause in Contracts

Interest on Late Settlement. If Fund Company does not settle redemption orders on Settlement Date and has not contacted Schwab by 7:00 p.m. Eastern Time on trade date to discuss such extension of settlement (even if such extension is due to a systems problem unknown on trade date), then Schwab may, at its option, take any or all of the actions set forth below. (i) Charge interest on the amount of the redemption proceeds due to it, as follows: (1) For the first day, (A) Schwab may charge Fund Company interest at the Federal Funds “offered” rate for such day as published in The Wall Street Journal if the amount does not exceed $1 million, or (B) Schwab may charge Fund Company interest at the Prime Rate for such day as published in The Wall Street Journal if the amount exceeds $1 million; and (2) For each day following the first day, Schwab may charge Fund Company interest at the Prime Rate for each such day as published in The Wall Street Journal, plus 2% per annum; and (ii) Upon notice to Fund Company, on any subsequent Settlement Date and for so long as such redemption proceeds are due to it: (1) Schwab may settle purchase orders and redemption orders net of each other for such Fund; and/or (2) Schwab may net any redemption proceeds still due to it against any net or gross purchase amount due from it from such Fund.

Interest on Late Settlement. If Fund Company does not settle redemption orders on Settlement Date and has not contacted Schwab by 7:00 p.m. Eastern Time on trade date to discuss such extension of settlement (even if such extension is due to a systems problem unknown on trade date), then Schwab may, at its option, take any or all of the actions set forth below. (i) Charge interest on the amount of the redemption proceeds due to it, as follows: (1) For the first day, (A) Schwab may charge Fund Company interest at the Federal Funds “"offered” " rate for such day as published in The Wall Street Journal if the amount does not exceed $1 million, or (B) Schwab may charge Fund Company interest at the Prime Rate for such day as published in The Wall Street Journal if the amount exceeds $1 million; and (2) For each day following the first day, Schwab may charge Fund Company interest at the Prime Rate for each such day as published in The Wall Street Journal, plus 2% per annum; and (ii) Upon notice to Fund Company, on any subsequent Settlement Date and for so long as such redemption proceeds are due to it: (1) Schwab may settle purchase orders and redemption orders net of each other for such Fund; and/or (2) Schwab may net any redemption proceeds still due to it against any net or gross purchase amount due from it from Schwab to such Fund.

Interest on Late Settlement. If Fund Company does not settle redemption orders on Settlement Date and has not contacted Schwab by 7:00 p.m. Eastern Time on trade date to discuss such extension of settlement (even if such extension is due to a systems problem unknown on trade date), then Schwab may, at its option, take any or all of the actions set forth below. (i) Charge interest on the amount of the redemption proceeds due to it, as follows: (1) For the first day, (A) Schwab may charge Fund Company interest at the Federal Funds “"offered” " rate for such day as published in The Wall Street Journal if the amount does not exceed $1 million, or (B) Schwab may charge Fund Company interest at the Prime Rate for such day as published in The Wall Street Journal if the amount exceeds $1 million; and (2) For each day following the first day, Schwab may charge Fund Company interest at the Prime Rate for each such day as published in The Wall Street Journal, plus 2% per annum; and (ii) Upon notice to Fund Company, on any subsequent Settlement Date and for so long as such redemption proceeds are due to it: (1) Schwab may settle purchase orders and redemption orders net of each other for such Fund; and/or (2) Schwab may net any redemption proceeds still due to it against any net or gross purchase amount due from it from such Fund.

Interest on Late Settlement. If Fund Company does not settle redemption orders on Settlement Date and has not contacted Schwab by 7:00 p.m. Eastern Time on trade date to discuss such extension of settlement (even if such extension is due to a systems problem unknown on trade date), then Schwab may, at its option, take any or all of the actions set forth below. (i) Charge interest on the amount of the redemption proceeds due to it, as follows: (1) For the first day, (A) Schwab may charge Fund Company interest at the Federal Funds “offered” rate for such day as published in The Wall Street Journal if the amount does not exceed $1 million, or (B) Schwab may charge Fund Company interest at the Prime Rate for such day as published in The Wall Street Journal if the amount exceeds $1 million; and (2) For each day following the first day, Schwab may charge Fund Company interest at the Prime Rate for each such day as published in The Wall Street Journal, plus 2% per annum; and (ii) Upon notice to Fund Company, Company on any subsequent Settlement Date and for so long as such redemption proceeds are due to it: (1) Schwab may settle purchase orders and redemption orders net of each other for such Fund; and/or (2) Schwab may net any redemption proceeds still due to it against any net or gross purchase amount due from it from Schwab to such Fund.