Common use of Late Dividend Gain/Loss Reimbursement Clause in Contracts

Late Dividend Gain/Loss Reimbursement. USBFS shall reimburse the applicable Series within thirty (30) calendar days for any material late dividend loss amount for which USBFS is responsible. Late dividend gain/loss is defined as an increase or decrease in a Series dividend or distribution amounts to be paid, resulting from any “as-of” trading activity after the Series’ distribution ex-dividend date (ex-date). A late dividend loss amount is considered material if the cumulative net gain/loss balance is greater than or equal to the lesser value of $0.005 per outstanding share or $25,000 over an accumulation period. USBFS will not be responsible for accrual gain/loss results from any “as-of” trade activity in a daily dividend accrual fund.