Redemptions or Repurchases Sample Clauses
The 'Redemptions or Repurchases' clause defines the terms under which a company can buy back its own shares from shareholders. Typically, this clause outlines the conditions, procedures, and pricing mechanisms for such transactions, and may specify any limitations or approvals required before shares can be redeemed or repurchased. Its core practical function is to provide a clear framework for reducing outstanding shares, which can help manage ownership structure, return capital to shareholders, or support share price stability.
Redemptions or Repurchases. Redemptions or repurchases of shares of the Funds will be made at the net asset value of such shares, less any applicable deferred sales or redemption charges, in accordance with the applicable Prospectuses of the Funds. Except as permitted by applicable law, you agree not to purchase any shares from your customers at a price lower than the net asset value of such shares next computed by the Funds after the purchase is made by you (the “Redemption/Repurchase Price”). You shall, however, be permitted to sell shares of the Funds for the account of the record owner to the Funds at the Redemption/Repurchase Price for such shares.
Redemptions or Repurchases. (a) Each Fund’s Prospectus describes the provisions whereby the Fund, under all ordinary circumstances, will redeem or repurchase Shares held by shareholders. You agree that you will not make any representations to shareholders relating to the redemption or repurchase of their Shares other than the statements contained in the applicable Fund’s Prospectus.
(b) Redemptions or repurchases of Shares will be made at the NAV of such Shares, less any deferred sales charge, early repurchase fee, redemption fee, or other applicable fee, in accordance with the applicable Funds’ Prospectuses. Except as permitted by applicable laws, rules, and regulations, you agree not to purchase any Shares from your customers at a price lower than the NAV of such Shares next computed by the Funds after the purchase is made by you (the “Redemption/Repurchase Price”). You shall, however, be permitted to sell Shares for the account of the record owner to the Funds at the Redemption/Repurchase Price for such Shares. You agree that you will not under any circumstances maintain a secondary market in such redeemed or repurchased Shares.
(c) If you hold Shares that are subject to a deferred sales charge, early repurchase fee, redemption fee, or other fee applied at the time of redemption or repurchase: (i) you agree to promptly remit, or cause your applicable affiliates to remit, any such charges or fees to us, the Funds, or our respective designees, as applicable; (ii) you represent that you or your applicable affiliates have the capability to track and account for any such charges or fees; and (iii) you further agree to administer and maintain any omnibus accounts held by you for two or more customers so that the terms and conditions of the Funds’ Prospectuses apply to each customer.