Common use of Payment of Dividends by the Transfer Agent Clause in Contracts

Payment of Dividends by the Transfer Agent. The Transfer Agent will, on the designated payment date, automatically reinvest all dividends in additional Shares at net asset value (determined on the record date of such dividend with respect to Shareholders who have elected such reinvestment), and promptly mail to each Shareholder at his address of record, or such other address as the Shareholder may have designated, a statement showing the number of full and fractional Shares (rounded to three decimal places) then currently owned by the Shareholder and the net asset value of the Shares so credited to the Shareholder's account. All other dividends shall be paid in cash, or by check, to Shareholders of their designees, for shareholders who have so elected.

Payment of Dividends by the Transfer Agent. The Transfer Agent will, on the designated payment date, automatically reinvest all dividends in additional Shares at net asset value (determined on the record date of such dividend with respect to Shareholders who have elected such reinvestment), and promptly mail to each Shareholder at his address of record, or such other address as the Shareholder may have designated, a statement showing the number of full and fractional Shares (rounded to three decimal places) then currently owned by the Shareholder and the net asset value of the Shares so credited to the Shareholder's account. All other dividends shall be paid in cash, or by check, to Shareholders of or their designees, for shareholders who have so elected.