Common use of Redemption and Payment Clause in Contracts

Redemption and Payment. Under this Agreement, the following provisions shall apply with respect to the redemption of and payment for Shares of any class redeemed at net asset value less a contingent deferred sales charge (collectively "CDSC Shares") as described in the prospectuses of any Portfolios identified on Schedule G hereto (collectively, the "CDSC Portfolios" and individually, a "CDSC Portfolio"): (a) Distributor shall have the right to redeem CDSC Shares from the public on behalf of the CDSC Portfolios at net asset value less the applicable contingent deferred sales charge. (b) Distributor may retain so much of any contingent deferred sales charge as is not allowed by Distributor to dealers as a concession.

Redemption and Payment. Under this Agreement, the following provisions shall apply with respect to the redemption of and payment for Shares of any class redeemed at net asset value less a contingent deferred sales charge (collectively "CDSC Shares") as described in the prospectuses of any Portfolios Funds identified on Schedule G hereto (collectively, the "CDSC PortfoliosFunds" and individually, individually a "CDSC PortfolioFund"): (a) Distributor shall have the right to redeem CDSC Shares from the public on behalf of the CDSC Portfolios Funds at net asset value less the applicable contingent deferred sales charge. (b) Distributor may retain so much of any contingent deferred sales charge as is not allowed by Distributor back to dealers as a concession.